Core Viewpoint - TCL Huaxing has made significant advancements in gaming display technology, showcasing its new MNT display technologies at the 2025 ChinaJoy exhibition, emphasizing the importance of player experience and evolving demands in the gaming industry [1][4]. Group 1: Technology Innovations - TCL Huaxing introduced the HVA Fast, HVA Black, and HFS Shoot display technologies, which cater to different gaming needs, achieving a response time of 1ms and offering a wide range of screen sizes from 34 inches to 57 inches [3]. - The HVA Black technology boasts an industry-leading native contrast ratio of 5000:1, providing cinematic-level color and light reproduction, and supports refresh rates of up to 500Hz [3]. - HFS Shoot technology combines high resolution, high refresh rate, and high image quality, addressing the needs of various FPS gamers while allowing for easy switching between 2D and 3D displays [3]. Group 2: Market Trends and Player Demands - The gaming display market is shifting from performance-driven to experience-oriented demands, with players seeking personalized features such as image quality, eye protection, and eco-friendliness [6]. - TCL Huaxing's APEX brand focuses on enhancing visual experiences, ensuring visual health, promoting sustainability, and fostering future innovations in display technology [6][7]. - The company aims to leverage its technological advantages in image quality, eye care, and green initiatives to meet the evolving needs of gamers and stimulate growth in the gaming display industry [7]. Group 3: Partnerships and Collaborations - TCL Huaxing collaborated with major brands like Samsung, Lenovo, ASUS, and others to showcase a variety of gaming products at ChinaJoy, highlighting the integration of its display technologies [1][6]. - The partnership with Samsung introduced new models in the Gyeonggi series, which utilize TCL Huaxing's display solutions, further solidifying its position in the gaming display market [6].

Core Insights - The 22nd ChinaJoy was held from August 1 to 4 in Shanghai, highlighting the growth opportunities in the gaming and display sectors, particularly for TCL Technology [1] Group 1: Market Growth - The global retail market for gaming monitors is expected to grow by 34% year-on-year this year, while the retail market for gaming laptops is projected to grow by 15% in the first half of the year, indicating a strong demand in the esports sector [1] - TCL Huaxing has maintained its leading position in the esports display market, being the top provider for three consecutive years from 2022 to 2024, with one in every three gaming monitors globally using TCL Huaxing screens [1] Group 2: Strategic Focus - TCL Huaxing plans to focus on medium-sized OLED displays as a significant industrial opportunity in the coming years, with a strategic emphasis on printed OLED technology for applications in laptops, monitors, tablets, and automotive displays [1]

Core Insights - The SID Display Week highlighted two major trends in the display industry: the iteration of new display technologies by leading manufacturers and the acceleration of globalization among panel manufacturers [1] - The focus on OLED technology is increasing, with significant growth expected in the mid-size market, particularly in laptops and automotive displays [4][5] Group 1: Industry Trends - The display industry is witnessing a shift towards new display technologies such as printed OLED, AMOLED, and Micro LED, with OLED penetrating various end-user markets [1] - Manufacturers are expanding their global footprint despite fluctuating trade environments, moving towards a model of "globalization + regionalization" to better meet local market demands [1] - TCL's factories in India and Vietnam are set to enhance local production capabilities, with the Vietnam factory expected to achieve mass production by September [1] Group 2: OLED Market Growth - OLED's penetration in the smartphone market is projected to reach 61.1% by 2025, while its penetration in the PC monitor segment is expected to grow to 1.9% [2] - The demand for OLED PC monitors is anticipated to reach 3 million units in 2025, representing a 49% year-on-year growth, and further increasing to 4.2 million units in 2026, with a 41% growth rate [2] Group 3: Product Innovations - TCL showcased its APEX technology brand and a full range of printed OLED products, covering sizes from 6.5 inches to 65 inches, including various display products [3] - BOE presented over 30 new products supported by its display technology brands, aiming for an OLED shipment target of 170 million units by 2025 [3] - Visionox introduced its ViP AMOLED technology, which boasts improvements in lifespan, brightness, and resolution for devices like smartwatches and laptops [3] Group 4: Market Dynamics - The demand for OLED in mid-size applications, such as laptops and automotive displays, is seen as a significant growth opportunity, with expectations of rapid growth in the next three to five years [4] - TCL is focusing on both mature evaporation OLED technology for high-end devices and printed OLED technology for mainstream mid-size products, with a projected 20% cost advantage for printed OLED [5] - The global panel industry experienced a demand recovery in Q1, but a potential phase of adjustment is anticipated in Q2 due to regional demand fluctuations and preemptive customer purchases [6][7] Group 5: Supply Chain and Production Strategies - The LCD TV panel market is currently balanced, with a supply-demand ratio of 5.7% in Q2, but price adjustments are expected due to external cost pressures [7] - TCL's acquisition of LGD's Guangzhou LCD production line aims to enhance cost efficiency and product diversification, with plans to introduce IT products alongside TV and commercial display products [7] - The industry may see further consolidation in LCD capacity, which could help mitigate market volatility, although the long-term market fundamentals remain crucial [7]

Core Insights - TCL Technology's subsidiary, TCL Huaxing, showcased innovative products at SID 2025, emphasizing advanced display technologies and a commitment to user experience and sustainability [1][4] Group 1: Display Technology Innovations - APEX Ultra-High Definition (UHD) display technology focuses on enhancing user experience through a combination of technology and application scenarios, aiming for superior visual quality and health [1][2] - The introduction of a 36:9 MLED display with high contrast and a Micro LED PHUD display designed for automotive applications highlights TCL Huaxing's commitment to high-performance displays [2] - The company is advancing eye-care technology with a lightweight display that balances brightness and eye health, alongside energy-efficient displays achieving A-grade energy efficiency [2] Group 2: Product Development and Market Strategy - TCL Huaxing's printed OLED technology has achieved mass production, with the first 21.6-inch 4K professional display set to launch in November 2024, marking a significant step in commercializing this technology [3] - The company is pursuing a multi-technology strategy, focusing on diverse applications across various sectors, including TV, IT, automotive, and specialized displays [3] - TCL Huaxing aims to create a comprehensive display ecosystem by expanding its product lines and offering personalized, intelligent display solutions to meet diverse market needs [3][4] Group 3: Future Vision and Brand Development - The company is committed to becoming a global leader in display solutions, leveraging its extensive manufacturing and R&D capabilities to transform advanced technologies into brand strength [4] - TCL Huaxing emphasizes the integration of quality, health, and sustainability into its brand values, aiming for a comprehensive upgrade in the display industry from scale expansion to value reconstruction [4]

Core Insights - The LCD industry has a high concentration, and there is potential for further capacity consolidation in the future [11] - The SID Display Week highlighted new display technologies such as OLED and Micro LED, with domestic panel manufacturers increasing their market share in the smartphone OLED segment [1][4] - Domestic panel manufacturers are competing with Korean manufacturers in both small and medium-sized display markets [1][7] Industry Trends - Domestic panel manufacturers' share in the smartphone AMOLED market rose to 45% last year, with expectations for rapid growth in OLED applications and domestic screen production rates by 2025 [1][5] - The OLED technology being widely adopted is the FMM OLED technology, while domestic manufacturers are attempting to surpass this with self-developed technologies [4][5] - TCL's printed OLED technology began mass production at the end of last year, aiming to address the high costs and challenges of FMM OLED technology [5][8] Market Dynamics - The demand for LCD panels is stabilizing, with manufacturers adopting a production strategy based on demand to manage seasonal fluctuations [9][10] - In the first quarter, several domestic panel manufacturers reported improved performance, with BOE's revenue increasing by 10.27% and net profit by 64.06% [9] - Analysts predict a decline in panel demand due to high inventory levels among brand manufacturers and a shift to conservative stocking strategies [10][11] Future Outlook - The penetration rate of AMOLED panels in smartphones is expected to exceed 8.7 billion units by 2025, with a projected market penetration of 68% by 2028 [7] - The focus is shifting towards medium-sized products, including IT devices and automotive displays, as the OLED market matures [7][8] - There are ongoing discussions about potential acquisitions and consolidations within the LCD sector, with companies like BOE considering expanding their scale through integration [11]

Core Viewpoint - The mid-size OLED market is emerging as a new battleground for manufacturers after years of rapid growth in the display industry, with TCL Huaxing leading the charge in printing OLED technology [1][4]. Industry Trends - The display industry is witnessing a shift from LCD expansion to OLED, particularly in the mid-size segment, which is expected to be the only industrial trend in the next five years [1][4]. - OLED penetration in mid-size products, including laptops, tablets, and automotive displays, is anticipated to grow rapidly in the coming years [1][4]. Company Developments - TCL Huaxing has launched multiple display products featuring printing OLED technology, marking a significant milestone for Chinese enterprises in commercializing new display technologies [1][4]. - The company reported a 24.6% year-on-year revenue growth in its semiconductor display business for 2024, reaching 104.3 billion yuan, following a net profit of 6.23 billion yuan [5][6]. Market Dynamics - In the small screen segment, OLED penetration in smartphones is slowing, with a projected shipment of 661 million units in 2024 and a penetration rate of 55% [3]. - The large-size market remains dominated by LCD technology, with OLED's market share in this segment expected to stay below 5% [3][4]. Competitive Landscape - Major players in the OLED market include Samsung Display, which is betting on QD-OLED technology, and LGD, which is pursuing WOLED technology [4]. - The competitive landscape in OLED technology is characterized by distinct technological routes, including FMM-OLED and TCL Huaxing's printing OLED technology, which is the only domestically led initiative [4]. Technological Advantages - Printing OLED technology offers advantages such as high material utilization rates and simpler manufacturing processes, which can lead to cost reductions of approximately 25% compared to traditional OLED technologies [9][10]. - The technology is designed to be adaptable across various sizes, with TCL Huaxing's printing OLED achieving a resolution of 326 PPI, suitable for mid-size applications [10]. Future Outlook - TCL Huaxing plans to focus on productization and mass production of printing OLED technology, with expectations for rapid development in the mid-size market [9][10]. - The company aims to address challenges related to yield rates and performance efficiency to enhance the competitiveness of printing OLED in the market [10].

Core Insights - TCL Technology reported a revenue of 164.8 billion yuan and a net profit of 1.56 billion yuan for the year 2024 [1] - In Q1 2024, TCL Technology achieved a revenue of 40.1 billion yuan, a year-on-year increase of 0.4%, and a net profit of 1.01 billion yuan, a significant increase of 322% [1] - The semiconductor display business generated a revenue of 104.3 billion yuan in 2024, reflecting a 25% year-on-year growth, with a net profit of 6.23 billion yuan, an increase of 62.4 billion yuan [1] Company Performance - The semiconductor display business reported a revenue of 27.5 billion yuan in Q1 2024, up 18% year-on-year, and a net profit of 2.33 billion yuan, which is a 329% increase [1] - The quarterly revenue and net profit for the display business reached a three-year high [1] - TCL Technology's operating cash flow net amount was 12.1 billion yuan, an 83% year-on-year increase [1] Industry Trends - The display industry is experiencing an improved supply-side structure, with demand driven by larger sizes and AI applications, leading to enhanced panel demand and value growth [1] - The overall supply-demand relationship in the industry is improving, with mainstream product prices on the rise [1] R&D and Acquisitions - TCL Technology invested 8.87 billion yuan in R&D in 2024, accounting for 5.4% of its revenue [2] - The company accelerated innovation in MLED and successfully achieved mass production of printed OLED [2] - TCL Technology completed the acquisition of LGD's Guangzhou panel and module factory, which will contribute to revenue and profit from Q2 2024 onwards [2]