（文/罗叶馨梅）10月9日，TCL科技（000100.SZ）发布公告称，公司通过控股子公司TCL华星光电技术有限公司完成收购LG Display Co.,Ltd.及其关联方持 有的乐金显示（中国）有限公司80%股权、乐金显示（广州）有限公司100%股权的交易。 公告显示，本次股权收购已全部完成，交易完成后，TCL华星将正式控股LG Display在中国的两家主要子公司。该交易的顺利落地，标志着TCL科技在全球 显示面板产业链中的整合与布局迈出关键一步。 TCL科技表示，本次收购将有助于公司进一步提升高端显示面板的产能与技术实力，加强与全球显示龙头企业的合作。通过整合LG Display在华的研发、制 造与销售资源，公司将在新型显示技术和产业生态方面实现协同效应。 业内分析认为，LG Display此次出售在华资产属于全球显示产业结构调整的一部分，而TCL科技通过收购可在OLED与LCD技术领域进一步增强市场影响 力。这将助推TCL在全球显示供应链中占据更高份额。 近年来，TCL华星在高端显示面板、Mini LED和柔性OLED等领域持续发力。此次收购的完成，不仅巩固了TCL科技在中高端面板市场的领先地位，也为 ...

Investment Highlights - The global smartphone market is expected to grow by 7% in 2024, reaching 1.22 billion units, with a shift in focus towards hardware innovations like foldable screens [3] - The high-end smartphone market continues to expand, with a 6% increase in sales despite an overall decline in smartphone sales in 2023 [8] - China is projected to maintain a dominant position in the foldable smartphone market, accounting for approximately 40% of global market share [11] - Huawei has surpassed Samsung to become the global leader in foldable smartphone shipments as of Q1 2024 [13] - The average price of foldable smartphones is significantly higher than traditional flagship models, with Huawei's average price reaching 12,999 yuan [15] Industry Trends - The bill of materials (BOM) for foldable smartphones has increased significantly, with costs rising nearly 70% compared to non-foldable models [20] - Key components such as display modules, mechanical structures, and batteries have seen BOM value increases of over 50% [20][21] - The flexible OLED market is crucial for foldable smartphones, with a shift from traditional OLED to flexible solutions due to their superior properties [22][24] - The UTG (Ultra Thin Glass) market is expanding rapidly, with a projected CAGR of 50.9% from 2024 to 2030 [28] - The hinge market for foldable smartphones is expected to exceed 7.8 billion yuan by 2024, with a CAGR of 24.71% from 2023 to 2028 [36] Key Companies - Pengding Holdings is positioned to benefit from the PCB industry upgrade, offering a diverse range of PCB products [44] - Luxshare Precision has established deep ties with major clients in consumer electronics, enhancing its market position [46] - Changying Precision is a leading manufacturer of precision components, expected to accelerate the adoption of hinges in foldable devices [48]

Core Viewpoint - The ongoing patent disputes between Samsung and BOE have intensified, with BOE filing for the invalidation of seven Samsung patents in response to Samsung's accusations of patent infringement [1][3][4]. Group 1: Legal Actions - BOE submitted an invalidation request for seven Samsung display patents to the U.S. Patent and Trademark Office (PTAB) [1]. - Samsung filed additional patent infringement lawsuits against BOE in Texas, claiming that BOE's OLED screens for the Nubia Z60 Ultra phone violated its patents [1][3]. - The legal battle has escalated since 2022, with Samsung removing BOE from its supplier list and filing multiple complaints against BOE for patent and trade secret infringements [3][4]. Group 2: Market Position and Impact - According to Sigmaintell, BOE is projected to ship approximately 180 million a-Si LCD panels and 71 million flexible OLED panels in the first half of 2025, capturing a market share of 24.2% [5]. - Samsung ranks second with over 170 million total shipments and a market share of 15.7%, including approximately 84.4 million rigid OLED and 86.6 million flexible OLED panels [5]. - In the iPhone panel supply market, BOE has increased its share to 22.7%, surpassing LG Display for the first time, while Samsung holds a 56% share [5].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the global display industry and growth potential from new technologies [4][6]. Core Insights - In the first half of 2025, the company achieved revenue of 101.28 billion yuan, a year-on-year increase of 8.45%, and a net profit attributable to shareholders of 3.25 billion yuan, up 42.15% year-on-year [1]. - The company continues to strengthen its leading position in the semiconductor display sector, with a significant increase in flexible OLED shipments and a steady improvement in high-end flagship products [2]. - The company is committed to innovation, with successful market expansions across various segments, including smart terminals, MLED, and sensor products, alongside a robust patent application strategy [3]. Financial Performance - The company forecasts net profits of 7.90 billion yuan, 10.07 billion yuan, and 13.30 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 20, 16, and 12 [4][5]. - Revenue is projected to grow from 224.94 billion yuan in 2025 to 281.99 billion yuan in 2027, reflecting a compound annual growth rate of approximately 11.4% [5][10]. - The company’s gross margin is expected to improve from 15.97% in 2025 to 17.76% in 2027, indicating enhanced profitability [10]. Market Dynamics - The upcoming peak season is anticipated to boost the utilization rate of large-size LCD panels, with a projected increase to 86% in the third quarter [4]. - The demand for LCD TV panels is expected to recover, driven by competitive dynamics among leading brands and increased procurement from manufacturers [4].

Core Viewpoint - BOE Technology Group is shifting its capital strategy focus from scale expansion to shareholder value creation, with a commitment to cash dividends and share buybacks [1][5][6] Group 1: Financial Performance and Shareholder Returns - From 2015 to 2024, BOE has implemented cash dividends for ten consecutive years, totaling nearly 22 billion RMB [1][6] - The company has announced a shareholder return plan that includes a commitment to distribute at least 35% of net profit as cash dividends annually and to allocate no less than 1.5 billion RMB for share buybacks each year [5][7] - As of 2023, BOE has completed share buybacks worth approximately 5.6 billion RMB for A-shares and nearly 1 billion HKD for B-shares [6] Group 2: Industry Position and Technology Outlook - BOE maintains a leading position in the LCD panel market, with a market share exceeding 90% and a focus on large-size, high-resolution products [2][3] - The company predicts that LCD technology will continue to dominate the market for the next decade, despite the emergence of new display technologies [2][3] - BOE is also investing in flexible OLED technology and has established the first 8.6-generation AMOLED production line in China [3] Group 3: Strategic Initiatives and Future Growth - The company is pursuing a "1+4+N" ecosystem strategy, focusing on display technology, glass-based processing, and large-scale intelligent manufacturing capabilities [3][4] - BOE has introduced the "N Curve" theory to explore new business growth areas, including glass-based innovation and perovskite photovoltaic devices [3] - The company is actively engaging in capital operations, including acquisitions and independent listings of subsidiaries to enhance its competitive edge [7]

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (京东方 A) [5][7] Core Viewpoints - The company emphasizes that LCD will remain the mainstream display technology in the medium to long term, while the flexible OLED market is rapidly growing. The industry is transitioning from competition based on scale and market share to high-value-driven competition [2] - BOE is advancing its "N Curve" growth strategy, focusing on new business growth areas such as perovskite photovoltaic devices and glass-based packaging, which are expected to support future growth [3] - The company's profitability is expected to improve as it transitions its capital strategy towards value creation, with significant capital expenditures and depreciation peaks anticipated in 2025, leading to a more favorable environment for shareholder returns [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at CNY 215.996 billion, CNY 239.566 billion, and CNY 264.058 billion, respectively. Corresponding net profits are projected to be CNY 9.415 billion, CNY 13.410 billion, and CNY 15.513 billion [5][6] - The report indicates a significant recovery in net profit growth rates, with expected year-on-year increases of 76.9% in 2025 and 42.4% in 2026 [6] Financial Metrics - The report provides key financial metrics, including a projected P/E ratio of 15.9 for 2025 and a P/B ratio of 1.0, indicating a favorable valuation relative to earnings and book value [6][7] - The company's return on equity (ROE) is expected to improve from 6.6% in 2025 to 9.6% in 2027, reflecting enhanced profitability [6]

Core Viewpoint - BOE Technology Group is shifting its capital strategy focus from scale expansion to shareholder value creation, with a new development phase expected to enhance profitability and provide sustainable returns to shareholders [1][2]. Group 1: Business Strategy - The company introduced its "Screen-Internet of Things" strategy and highlighted its "N-th Curve" theory, focusing on display technology, glass substrate processing capabilities, and large-scale integrated intelligent manufacturing to create new business growth areas [2]. - BOE has made significant progress in the perovskite photovoltaic sector, establishing the largest pilot line in the industry, marking an important step towards industrialization [2]. - The flexible OLED market is rapidly growing, with technological innovations penetrating IT and automotive sectors, driving the OLED industry forward [1]. Group 2: Financial Outlook - BOE plans to reach a peak in capital expenditure and depreciation by 2025, after which it is expected to enter a phase of improved profitability [1]. - The company has launched its first comprehensive shareholder return plan, committing to a minimum annual cash dividend of 35% of net profit attributable to shareholders and a total of at least 1.5 billion yuan for share buybacks each year [2]. - The chairman emphasized the company's capability and commitment to providing stable and predictable returns to investors as it enters a new development stage [2].

Core Insights - Flexible display technology is revolutionizing the display industry by enabling devices to be curved, folded, and rolled, breaking the traditional rigid display limitations [1][17] - The global flexible display market is projected to grow from $23.2 billion in 2024 to over $173 billion by 2031, driven by advancements in 5G, AI, and VR technologies [1][17] - The flexible OLED segment is expected to see significant growth, with global shipments estimated at approximately 617 million units in 2024, reflecting a year-on-year increase of 21.5% [21] Industry Overview - Flexible displays are made from soft materials and are characterized by low energy consumption, lightweight, durability, and shape variability [2][7] - The main types of flexible displays include bendable, foldable, rollable, and stretchable displays, with bendable and foldable displays already seeing large-scale applications in consumer electronics [2][4] Technology Landscape - The leading technology for flexible displays is flexible OLED, known for its high contrast, wide viewing angles, and rapid response times [4][6] - Other technologies include flexible LCD, electronic paper, quantum dot LEDs, and Micro-LEDs, with flexible OLED being the most widely adopted [4][6] Market Dynamics - The Asia-Pacific region dominates the flexible display market, accounting for over 65% of the global market share, with China, South Korea, and Japan as key contributors [17] - The flexible AMOLED market share in smartphones is expected to rise from 28% in 2022 to 40% in 2024, driven by the demand for high-end smartphone models [19][21] Competitive Landscape - Samsung is the leading global supplier of flexible OLED displays, while BOE Technology Group is the largest producer in China, having broken the international monopoly in 2017 [23] - Chinese companies like BOE, Visionox, Tianma, and TCL Huaxing have made significant technological advancements, enhancing their competitiveness and gradually reducing Samsung's market dominance [23]

Core Insights - The conference held by the China Automotive Industry Association focused on the latest technologies and future trends in the automotive smart display industry, showcasing advancements in OLED and Micro LED technologies by BOE [1][6] - The meeting emphasized the importance of collaboration within the industry to drive the smart transformation of the automotive sector [1][6] Group 1: Industry Trends and Challenges - The automotive smart display industry is experiencing significant growth, with electric vehicle penetration exceeding 35% and smart cockpit installation rates reaching 68%, alongside an annual compound growth rate of over 21% for automotive displays [6] - The industry is facing challenges such as price wars and the need for technological innovation, with a consensus among industry leaders to prioritize product quality and long-term strategies over short-term gains [5][9] Group 2: Strategic Initiatives and Collaborations - The conference highlighted the need for original technology incubation and the formation of industry alliances to share technological achievements and reduce R&D costs [7] - Companies are encouraged to embrace global markets and participate in national standard formulation to enhance competitiveness [7] Group 3: Technological Innovations - Discussions included advancements in display technologies such as Mini/Micro LED and AR HUD, with a focus on overcoming environmental light interference and achieving deep integration with autonomous driving systems [9][10] - The importance of high-end technology to break through price competition and the need for ecological collaboration to address cross-industry competition were emphasized [10] Group 4: Future Outlook - The automotive smart display industry is expected to continue its evolution towards a "China manufacturing" to "global intelligent manufacturing" transition, driven by technological advancements and collaborative efforts [10] - The conference concluded with a commitment to strengthen technology exchange and cooperation, accelerate standard formulation, and promote innovation and industrial upgrades for the prosperity of the Chinese automotive industry [15]

Group 1: Company Performance - BOE Technology Group announced a flexible OLED shipment target of 170 million units for this year, representing a year-on-year growth of 21.4% [2] - The company's revenue for 2024 reached nearly 198.4 billion yuan, a year-on-year increase of 13.66%, with a net profit of 5.323 billion yuan, more than doubling from the previous year [2] - Despite strong financial results, BOE's stock price did not see significant recovery, trading at 3.85 yuan, up 1.32%, but still below the 4 yuan mark commonly seen in Q1 [2] Group 2: OLED Market Insights - The display device business, including TFT-LCD and AMOLED, accounted for 83.18% of BOE's total revenue, with OLED shipments last year at 140 million units, representing only 27% of the revenue but growing at a much faster rate than LCD [3] - The market for foldable screens and mid-sized IT products is a significant driver for BOE's OLED shipment target, with foldable screen shipments exceeding 7 million units last year, a growth of over 40% [3] - The global share of flexible OLED shipments increased from 13% in 2022 to 19% last year, with projections to reach 29% by 2031, indicating a 9% annual growth rate [3] Group 3: Production and Capacity Challenges - BOE did not meet its OLED shipment target of 160 million units last year due to production challenges and a competitive market environment, which affected overseas orders [5] - The company has invested in multiple production lines for flexible AMOLED, with plans for a new 8.6-generation line in Chengdu, expected to start production by the end of 2026 [4] Group 4: LCD Market Dynamics - LCD panels, which account for over 70% of BOE's display revenue, remain a key profit source, despite a decline in demand expected in the second quarter [6] - The average utilization rate for the LCD industry has been above 80% but is anticipated to adjust downward due to falling demand [6] - Tariff fluctuations are identified as a potential risk to LCD panel demand, impacting inventory and production strategies [7] Group 5: Market Position and Strategic Moves - Industry consolidation continues, with BOE potentially looking to acquire stakes in other companies to enhance its competitive position [8] - The management team has initiated a shareholder return plan, committing to distribute at least 35% of net profit as cash dividends annually and to repurchase shares worth 1.5 to 2 billion yuan [10] - BOE has launched several technology brands and a sustainable development brand, indicating a focus on innovation and environmental responsibility [11]