Group 1 - The report highlights that the black electrical appliance industry is adopting a more aggressive pricing strategy, particularly in the offline market, with significant price reductions observed from Q4 2024 to Q1 2025 [6][21][33] - Mini LED technology is experiencing rapid penetration, with a projected global shipment increase of 40% to 8.6 million units in 2025, driven by cost reduction pathways and structural upgrades in product offerings [7][9][55] - Major brands like Hisense and TCL are focusing on the Mini LED segment to enhance their market share in both global and high-end markets, with a notable increase in their product offerings [6][9][55] Group 2 - The report indicates that the pricing strategy for Mini LED products is significantly downward, with offline average prices dropping from nearly 20,000 yuan in December 2022 to approximately 11,500 yuan by April 2025 [9][36] - The competitive landscape in overseas markets, particularly North America and Eastern Europe, is intensifying, with local brands employing aggressive pricing strategies that have led to a decline in average prices [8][41] - The report suggests that the impact of the current pricing strategies on profitability for manufacturers is relatively limited due to the dual support of cost reduction and product structure upgrades [9][67]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, specifically recommending "Buy" for Hisense Visual and TCL Electronics [9]. Core Insights - The report highlights the impact of display technology iterations on the black electrical landscape and profitability, emphasizing that Chinese companies are well-positioned to enhance their profitability and global market share during the current Mini LED technology upgrade [3][6][7]. Summary by Sections Previous Display Technology Changes - The evolution of black electrical display technology is summarized as "CRT → Rear Projection → PDP → LCD (LED Backlight) → OLED → Mini/Micro-LED." Historically, Japanese companies dominated the global black electrical industry until the late 1990s, when Korean companies like Samsung and LG began to invest heavily in LCD technology, ultimately surpassing Japanese firms by 2006 [5][27][32]. Current Mini LED Upgrade Outlook - Mini LED is identified as the next major display technology, with global shipments expected to reach 6.2 million units in 2024, a 100% increase year-on-year, capturing 2.9% of the market share. In China, Mini LED TV sales are projected to reach 5.56 million units, accounting for 18.0% of the overall TV market [6][7]. Investment Recommendations - The report suggests capitalizing on structural upgrades and profitability improvements among leading black electrical companies. It notes that the ongoing shift of panel production capacity to China, combined with continuous investment in Mini LED technology by companies like TCL and Hisense, supports the sustainable enhancement of profitability and market share for Chinese black electrical enterprises [7][9].

Group 1 - OLED technology is recognized as a benchmark in display technology due to its self-emissive characteristics, offering infinite contrast, pure blacks, wide color gamut, and flexible design possibilities [2] - Despite its technical advantages, OLED TVs are facing a market struggle, with global shipments projected at only 7.09 million units in 2024, accounting for less than 4% of the overall TV market [2] - The high price of OLED TVs is a primary barrier to widespread adoption, with the average price of mainstream 75-inch OLED models expected to remain around 18,000 yuan in 2025, compared to Mini LED TVs priced around 5,000 yuan [2] Group 2 - The price disparity between OLED and LCD is attributed to the maturity of the LCD supply chain, which has developed a complete ecosystem over decades, while OLED production remains reliant on LGD and Samsung's technology, leading to high equipment depreciation and material costs [3] - Unlike the plasma era, where a closed supply chain strategy led to its downfall, the current environment for OLED is different, with Chinese panel manufacturers like BOE and Huaxing Optoelectronics establishing OLED production lines, expected to achieve over 50% self-sufficiency by 2025 [3] - The trend towards larger screens is benefiting OLED, with over 40% annual growth in shipments of TVs larger than 75 inches, and a market share of over 52% for OLED TVs priced above $1,500 in the European and American markets [4] Group 3 - The challenges faced by OLED TVs are primarily due to a lag in market acceptance compared to technological maturity, with the potential for OLED to avoid the pitfalls that led to plasma's decline through material innovation and an open supply chain [4] - Although Mini LED technology poses a competitive threat to OLED, if OLED can address cost and burn-in issues, it may secure a leading position in defining the next generation of display standards [4]