Core Viewpoint - The company is making significant progress in its overseas production base in Vietnam, which is expected to achieve mass production by Q3 this year, enhancing its global supply chain and manufacturing capabilities [1]. Group 1: Strategic Expansion - The Vietnam project is a key part of the company's "strategic layout + technological layout" dual-driven strategy, with subsidiaries established in Hong Kong, Japan, and other regions, covering markets in China, Europe, the US, Japan, South Korea, and Southeast Asia [1]. - The global supply network has effectively improved the company's risk resistance and customer service efficiency in international markets [1]. Group 2: Technological Advancements - The company is actively expanding its technology portfolio in response to the rapid development of AI technologies, focusing on integrated touch, 3D display, dynamic privacy protection, and low-power display technologies [3]. - The company sees significant growth potential in Mini LED technology and has launched several products in automotive, gaming, and laptop sectors, while also expanding applications in medical and gaming markets [3]. - The company maintains industry leadership in dynamic privacy protection displays, with its laptop products holding a leading market share in the global high-end business sector, and has extended this technology to mobile phones, automotive, and medical applications [3]. - The company is also increasing its investment in electronic paper display technology, which is gaining traction in various fields due to its low power consumption and environmental benefits [3]. Group 3: Market Outlook and Financial Performance - The company has established a complete R&D and service system in the automotive display sector, collaborating with several leading domestic and international automotive manufacturers and Tier 1 suppliers [4]. - The company anticipates that the small and medium-sized display panel market is in a recovery phase, driven by the acceleration of AI applications and increased demand for high-end products like gaming laptops [4]. - Despite a projected revenue decline of 9.77% to 3.413 billion yuan in 2024, the net profit attributable to shareholders is expected to improve by 31.64%, indicating a recovery in profitability through product optimization and efficiency improvements [4]. - The company plans to continue focusing on emerging technologies, overseas expansion, and customized services to build a strong competitive moat [4].

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Core Viewpoint - The panel prices in May are expected to remain stable, with varying trends across different segments such as TV, monitor, and laptop panels [1][5]. TV Panels - Demand for TV panels has weakened in May, leading brand customers to adjust orders and negotiate for price reductions to offset rising costs from tariffs [2]. - Panel manufacturers are implementing capacity adjustments to stabilize prices, anticipating ongoing negotiations between buyers and sellers [2]. Monitor Panels - Monitor panel prices are expected to rise due to the ongoing tariff issues, with brand customers increasing inventory ahead of a three-month tariff exemption expiration [3]. - Specific price forecasts for May include an increase of $0.2 for Open Cell panels and $0.1 for 21.5-inch and 27-inch modules, with a $0.2 increase for the 23.8-inch panels due to strong demand [3]. Laptop Panels - Despite ongoing tariff discussions, urgent orders from some brand customers have emerged, but overall demand remains stable and is not expected to fluctuate significantly [4]. - Manufacturers are cautious about raising prices due to uncertainties surrounding tariff policies and potential cost increases from relocating production, prioritizing stable relationships with clients [4].

根据TrendForce集邦咨询旗下显示器研究中心《TrendForce2025面板价格预测月度报告》最新调研数据，2025年5 月，电视面板价格与笔电面板价格继续保持稳定，显示器面板价格小涨。 | 应用别 | 尺寸 | 分辨率 | 出货型态 | | | 液晶显示屏价格 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ARE | 를 | म्येश | 与前月差异(%) | | | 电视 | ee .. M | 3840x2160 | Open-Cell | 173 | 182 | 177 | 0.0 | 0.0% | | | SE... M | 3840x2160 | Open-Cell | 122 | 130 | 127 | 0.0 | 0.0% | | | 43"W | 1920x1080 | Open-Cell | રવ | 67 | રેર | 0.0 | 0.0% | | | 32"W | 1366x768 | Open-Cell | 35.0 | 37.0 | 36.0 | 0.0 | 0.0% | ...

Core Viewpoint - The global flat panel display industry is transitioning into a supply stock era after two years of market reshuffling, with a focus on on-demand production and high-end product upgrades driven by government policies [1][2]. Industry Overview - The industry is moving from competition based on scale and market share to a focus on high profitability applications, high value-added products, advanced technologies, and strong brands [2]. - The average size of flat panel TVs in China is projected to reach 65.1 inches in 2024, significantly larger than the global average of 51.4 inches [2]. - The compound annual growth rate for shipments of TV panels larger than 65 inches is expected to be 59% from 2020 to 2026 [2]. - The OLED screen market share for Chinese manufacturers reached 50% in 2024, indicating a significant increase in domestic production capabilities [6]. Company Performance - BOE Technology Group achieved a revenue of 198.38 billion yuan in 2024, a year-on-year increase of 13.66%, with a net profit of 5.323 billion yuan, up 108.97% [4]. - In Q1 2024, BOE reported a revenue of 50.599 billion yuan, marking a 10.27% increase year-on-year, and a net profit of 1.614 billion yuan, up 64.06% [4]. - The gross margin for BOE is projected to rise to 15% in 2024, maintaining industry-leading levels [5]. Strategic Initiatives - BOE's "Screen IoT" strategy aims to integrate more functions into screens and establish a diverse ecosystem based on semiconductor displays and IoT innovations [4]. - The company is actively pursuing the automotive display market, with its subsidiary achieving over 10 billion yuan in revenue in 2024, reflecting a 25% year-on-year growth [7]. Shareholder Returns - BOE has implemented a shareholder return mechanism, with a cash dividend of 1.87 billion yuan planned for 2024, representing 35% of the net profit attributable to shareholders [9]. - The company has consistently paid cash dividends for ten years, totaling nearly 22 billion yuan, and has a buyback plan of 1.5 to 2 billion yuan for A-shares in 2024 [9].

Core Viewpoint - The mobile display panel market is experiencing a differentiated pricing trend, with a-Si panels seeing an increase in both volume and price due to a recovery in the smart terminal market, while flexible AMOLED production lines are facing slight declines in utilization rates due to U.S. tariff policies and price reduction demands from terminal manufacturers [2]. Group 1: a-Si Panels - The demand for a-Si panels continues to grow, supported by strong demand from tablet and laptop products, with main production lines operating at full capacity [2]. - In the South China market, to capture production capacity, mobile product prices have been slightly increased, although module prices provided to brands have not risen, indicating strict cost control by brand clients [2]. Group 2: LTPS Panels - The sustained growth in demand for automotive displays has kept the LTPS production lines of major manufacturers like BOE and Tianma operating at full capacity, with Tianma's LTPS lines expected to remain fully loaded until the end of the year [2]. Group 3: AMOLED Panels - Due to adjustments in product strategies by domestic mobile brands, the demand for rigid AMOLED has been continuously shrinking, leading manufacturers to accelerate the shift towards flexible AMOLED [2]. - Some flexible AMOLED production lines have seen a slight decline in utilization rates from previous full production status, and terminal manufacturers are requesting price reductions due to U.S. tariff impacts [2]. - To maintain production line utilization and secure more orders, some flexible AMOLED products (such as LTPO types) have seen slight price reductions, although the prices of the lowest-priced products have not been further lowered to protect profit margins [2].

Core Viewpoint - CINNO Research indicates that the panel supply-demand relationship remains balanced in May, with stable panel prices expected across various sizes compared to April [1][4]. Group 1: Panel Price Stability - The prices for mainstream panels ranging from 32" to 85" are projected to remain unchanged from April, with prices at $35, $67, $97, $121, $173, $231, and $312 respectively [2][1]. - The overall price trend is expected to be flat in the second quarter due to improved capacity optimization by panel manufacturers [1]. Group 2: Domestic Market Dynamics - In April, the U.S. tariff situation led to a slowdown in inventory buildup in the overseas TV market, shifting procurement strategies from aggressive to more cautious [4]. - Domestic demand has started to decline as the effects of previous policies and early demand release are felt, transitioning the panel price cycle from expansion to a plateau phase [4]. - The proactive inventory buildup by brand manufacturers has resulted in increased stock levels, leading to reduced enthusiasm for further inventory accumulation [4]. Group 3: International Market Influences - The U.S. retail market has seen an 18% decline in port throughput during the tariff transition period, reducing the urgency for brands to stock up [5]. - The combination of excess inventory and weakened terminal demand for LCD TVs has contributed to a collective stagnation in panel prices [5]. - Panel manufacturers are implementing production control strategies to stabilize prices, with average utilization rates expected to drop to 75% in May [5].

Group 1 - The core viewpoint of the article indicates that TV panel prices are expected to remain stable, while monitor panel prices are anticipated to continue rising, and laptop panel prices are expected to stay flat [1] Group 2 - The report was released by TrendForce on May 5, providing a forecast for panel prices in early May [1] - The stability in TV panel prices suggests a balanced supply and demand situation in that segment [1] - The anticipated increase in monitor panel prices may indicate a growing demand or supply constraints in that market [1] - The flat pricing for laptop panels suggests a lack of significant changes in market dynamics for that category [1]

Group 1 - The core viewpoint of the article indicates that TV panel prices are expected to remain stable in early May, while monitor panel prices are anticipated to continue rising, and laptop panel prices are expected to stay flat [1] Group 2 - TrendForce's report highlights the stability of TV panel prices in early May [1] - The report suggests a positive outlook for monitor panel prices, indicating a potential increase [1] - Laptop panel prices are projected to remain unchanged, reflecting a stable market condition [1]

Core Viewpoint - The panel prices for televisions are expected to remain stable, while monitor panel prices are anticipated to continue rising, and laptop panel prices are expected to stay flat [3]. Television Panels - The average price for a 65-inch television panel is $177, with a minimum price of $173 and a maximum of $182 [4]. - The average price for a 55-inch television panel is $127, with a minimum price of $122 and a maximum of $130 [5]. - The average price for a 43-inch television panel is $66, with a minimum price of $64 and a maximum of $67 [6]. - The average price for a 32-inch television panel is $36, with a minimum price of $35 and a maximum of $37 [7]. Monitor Panels - The average price for a 27-inch IPS monitor panel is $63, which represents an increase of $0.1 or 0.2% from the previous month, with a minimum price of $57.6 and a maximum of $65.8 [8]. - The average price for a 23.8-inch IPS monitor panel is $49.9, which is an increase of $0.2 or 0.4% from the previous month, with a minimum price of $47.1 and a maximum of $51.4 [8]. Laptop Panels - The average price for a 17.3-inch TN laptop panel remains stable at $38.3, with a minimum price of $37.7 and a maximum of $39.8 [9]. - The average price for a 15.6-inch Value IPS laptop panel is expected to be $40.3, unchanged from the previous month, with a minimum price of $38.6 and a maximum of $41.9 [9]. - The average price for a 14.0-inch TN laptop panel has been stable at $26.9, with a minimum price of $26.4 and a maximum of $28.1 [9].