（文章来源：证券日报） 证券日报网12月25日讯 ，和辉光电在接受投资者提问时表示，公司成立于2012年10月，是国内领先的 专注于高解析AMOLED面板研发、生产及销售的企业，是高新技术企业、国务院国资委"科改示范企 业"，荣膺"上海知识产权创新奖"等荣誉和奖项。公司服务国家战略，拥有第4.5代和第6代两座现代化 AMOLED生产工厂，分别于2014年和2015年开始量产首款智能手机和智能穿戴类AMOLED半导体显示 面板产品，于2020年第二季度开始量产首款平板电脑类AMOLED半导体显示面板产品。公司始终通过 持续的新技术研发投入和行业领先的产品创新，不断量产更多尺寸、更高规格的AMOLED显示面板产 品，以满足市场和客户多样化的需求。公司自主研发生产的智能穿戴、智能手机、平板、笔记本电脑、 车载及航空等百余款刚性和柔性高端AMOLED显示屏产品已实现向众多国内外一线品牌稳定供货。 ...

Core Viewpoint - The demand for pixel circuits is growing in tandem with the increasing need for high-resolution and high-contrast displays in various sectors such as smartphones, tablets, automotive electronics, and medical devices. The market size of China's pixel circuit industry is projected to reach approximately 141.736 billion yuan in 2024, reflecting a year-on-year growth of 9.90% [1][7]. Industry Overview - Pixel circuits are the core units of modern display technology, controlling the light emission of individual pixels through independent circuit systems. They are primarily categorized into active matrix and passive matrix types based on their driving methods [2]. Industry Supply Chain - The upstream of the pixel circuit industry includes raw materials such as silicon wafers, photoresists, electronic specialty gases, and target materials, as well as production equipment like cleaning machines and exposure machines. The midstream involves the manufacturing of pixel circuits, while the downstream applications span consumer electronics, automotive electronics, industrial control, medical, and media sectors [4]. Market Size - The pixel circuit industry in China is expected to grow significantly, with a market size of approximately 141.736 billion yuan in 2024, marking a 9.90% increase from the previous year [7][8]. Key Companies' Performance - BOE Technology Group, a leading player in the display panel industry, holds over 5,000 patents in the pixel circuit field. The company reported a revenue of 101.278 billion yuan in the first half of 2025, a year-on-year increase of 8.45%, with a net profit of 3.247 billion yuan, up 42.15% [8][9]. - Visionox Technology focuses on AMOLED pixel circuit innovations and reported a revenue of 4.121 billion yuan in the first half of 2025, reflecting a 4.79% year-on-year growth, although it faced a net loss of 1.062 billion yuan [9][10]. Industry Development Trends 1. **Technological Innovation**: The pixel circuit industry is expected to experience rapid growth driven by technological advancements, with companies like BOE and Visionox leading the way in developing new technologies that enhance display performance and reduce power consumption [10][11]. 2. **Self-sufficiency in Supply Chain**: The industry is accelerating domestic substitution in response to foreign technology barriers, with significant advancements in silicon wafer production and other upstream materials [11]. 3. **Integration with Emerging Technologies**: Pixel circuits are increasingly integrating with AI, IoT, and 5G technologies, creating new application scenarios that enhance functionality beyond traditional display capabilities [12].

Core Viewpoint - OLED technology is becoming a critical area of competition among display companies, with TCL Technology Group announcing a significant investment in a new production line to enhance its market position and product offerings [1][2]. Group 1: TCL Technology's Investment - TCL Technology, along with its subsidiary TCL Huaxing, has signed a project cooperation agreement with the Guangzhou government to build an 8.6-generation printed OLED display panel production line, with a total investment of approximately 29.5 billion yuan [1]. - The project, referred to as the "t8 project," will involve a joint capital contribution of 14.75 billion yuan, with TCL Huaxing contributing 8.85 billion yuan and local government entities contributing 5.9 billion yuan [1]. - The t8 project is expected to commence construction in November 2023, with a planned construction period of 24 months, aiming for a monthly processing capacity of about 22,500 glass substrates [2]. Group 2: Advantages of Printed OLED Technology - Printed OLED technology allows for high-precision application of liquid light-emitting materials, resulting in superior color performance, high resolution, and lower energy consumption and manufacturing costs [2]. - TCL Huaxing has been investing in printed OLED research since 2013, and the technology used in the t8 project is proprietary to the company [2]. Group 3: Market Trends and Competitors - The global competition in the display panel industry is increasingly focused on high-end OLED technology, with major players like BOE Technology Group and Visionox also announcing significant investments in similar production lines [2][3]. - BOE announced a 63 billion yuan investment in an 8.6-generation AMOLED production line, targeting the mid-size market, with plans to start product output by late 2024 [2]. - Samsung Display plans to invest 4.1 trillion won in an 8th generation IT OLED production line by 2026, indicating a competitive landscape dominated by Chinese and Korean companies [3].