面板行业专家会议 20251210 摘要 品牌厂商第三季度维持高位采购，中国大陆厂商第四季度采购量与去年 持平，达 2,300 万片，反映出厂商对未来市场需求的积极预期，尽管当 前终端销售数据并不理想，库存有所积累。 明年上半年需求端存在多重利好因素，包括中国大陆补贴政策可能延续、 618 购物节促销以及海外市场世界杯、冬奥会等事件刺激，若美国政府 再次发放补贴，将进一步提振消费需求，预计需求将保持强劲。 春节假期较晚导致工厂复工延迟，品牌厂商可能提前在 12 月和 1 月进 行采购，预计采购高峰将持续至明年 4 月或 5 月初，需关注春节期间面 板厂是否能协调一致控制产量，这将直接影响一季度价格上涨幅度。 面板厂认为当前价格已接近底线，自 11 月起开始涨价，小客户已感受 到压力，大客户将在 1 月开始协商涨价。面板厂稼动率偏高，品牌厂库 存增加，春节期间面板厂是否能够一致行动控制产量，将决定价格上涨 幅度。 2025 年全球面板出货量预计为 2.46 亿至 2.47 亿片，2026 年可能略 有增长，出货面积预计增长 2%左右，中小尺寸面板出货维持较高水平， 平均尺寸增长并不显著，2025 年底全球平均尺 ...

Core Viewpoint - The article discusses the sale of a 10% stake in LG Display (China) by Skyworth Group to LG Display (Guangzhou) for 1.3 billion yuan, marking Skyworth's exit from the investment, which is perceived as a "fire sale" given the significant undervaluation of the asset [1][5][13]. Group 1: Transaction Details - Skyworth's subsidiary signed an agreement to sell a 10% stake in LG Display (China) for 1.3 billion yuan, after which Skyworth will no longer hold any shares in the company [1][5]. - The sale price represents a significant discount, with the book value of the shares being approximately 740 million yuan, indicating a sale at about 55.5% and 62.7% of their book value [13][14]. - Skyworth aims to use the proceeds from the sale to improve liquidity and fund other business operations [14]. Group 2: Industry Context - LG Display's Guangzhou factory is a critical asset in the Chinese panel industry, with a total investment of 4 billion USD and a production capacity of 180K, contributing to 4% of the global TV panel market [10][11]. - The factory's operational challenges, including a drop in utilization rates to around 50%, have led to speculation about its future, with TCL and BOE expressing interest in acquiring the asset [8][10]. - The sale of the factory is seen as a reflection of the broader struggles within the global panel industry, where LG Display is shifting focus towards OLED and MLED technologies [10][11]. Group 3: Company Performance - Skyworth's revenue declined by 6.6% year-on-year to 29.83 billion yuan in the first half of the year, despite a slight increase in gross profit [19][21]. - The company has reduced its workforce by 3,000 employees while simultaneously increasing investment in facilities and equipment by over 60% to 342 million yuan [21]. - Skyworth's reliance on its home appliance segment, particularly TVs, has increased, with this segment accounting for 51.7% of total revenue, while other segments like new energy have seen significant declines [21][22].