Core Viewpoint - The acquisition of a 30% stake in Rainbow Optoelectronics by BOE Technology Group reflects the strategic needs of both parties in the current industry landscape, aiming to enhance competitive advantages and optimize business structures [4][10]. Group 1: Company Overview - Rainbow Holdings announced that BOE Technology Group won the right to acquire a 30% stake in its subsidiary, Rainbow Optoelectronics, for approximately 484.86 million yuan [1]. - Rainbow Optoelectronics operates a G8.6 TFT-LCD panel production line, which was built with an investment of 28 billion yuan, primarily producing high-resolution LCD TV panels [2][6]. - After the transfer, Rainbow Holdings will retain a 69.79% stake in Rainbow Optoelectronics, maintaining its status as the controlling shareholder [3]. Group 2: Financial Performance - In 2024, Rainbow Holdings is projected to achieve total revenue of 11.664 billion yuan, a year-on-year increase of 1.73%, with LCD panel business revenue of 10.291 billion yuan, up 0.33% [6]. - The net profit attributable to the parent company is expected to reach 1.24 billion yuan, reflecting a significant year-on-year growth of 87.55% [6]. - Despite positive performance, the company faces structural risks due to its heavy reliance on the G8.6 production line and concentration in the TV panel market [6][7]. Group 3: Industry Context - The LCD panel industry has reached a dynamic balance in supply and demand, with Chinese manufacturers dominating the market [6]. - The acquisition by BOE is part of a broader trend of consolidation in the LCD industry, as companies seek to enhance their market positions through strategic mergers and acquisitions [10][11]. - The ongoing trend of resource concentration among leading companies is expected to reshape the industry landscape, with potential for further acquisitions as firms pivot towards OLED production lines [10][11].

行业研究丨深度报告丨家用电器 [Table_Title] 如何看显示技术迭代对黑电格局和盈利的影 响？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 复盘上一轮显示技术变迁（从 CRT 升级至 LCD），全球市场来看，韩企三星、LG 通过逆周期 投资 LCD 面板实现对日企的超越， 2006 年三星液晶电视销量和销额市占率均为全球第一。中 国市场来看，海信视像准确把握 LCD 技术渗透契机，优化产品结构，实现电视业务毛利率提 升。本轮 Mini LED 升级趋势明确，中国企业在 Mini LED 技术研发上持续加码。大陆面板厂份 额扩大，叠加 Mini LED 电视产品面板成本占比较普通 LCD 产品更低。基于此，我们认为中国 黑电企业在本轮技术迭代中盈利能力和全球份额的提升具备可持续性。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_Titl ...

这种价差主要来源于产业链成熟度的差异，LCD产业经过数十年发展，已形成从玻璃基板到整机制造的完整生态，规模效应显著；而OLED面板生产仍高度 依赖LGD与三星显示的4堆叠结构技术，设备折旧与材料成本居高不下。 实际上，等离子时代的溃败不仅因技术缺陷和价格战失利，更多的是源于其封闭的产业链策略。当时松下等日企垄断面板供应，导致三星、TCL等品牌转向 推广液晶技术，最终孤立无援。 至少就目前而言，尽管挑战严峻，但OLED与等离子所处环境仍存在本质差异。 在高端电视市场，OLED技术因其自发光特性带来的极致画质——无限对比度、纯净黑场、广色域以及柔性设计的可能性，被业界誉为显示技术的标杆。然 而，与当年等离子电视（PDP）的境遇相似，OLED电视正面临"技术领先却市场遇冷"的尴尬局面。 这一现象不禁令人担忧：OLED是否会重蹈等离子电视的覆辙？ 从技术特性上看，等离子电视曾凭借自发光技术碾压液晶（LCD），其色彩准确性、微秒级延迟和护眼特性被冠以"外行买液晶，内行选等离子"的美誉。然 而，烧屏、寿命短、功耗大等缺陷，叠加高昂售价，最终导致其退出市场。 反观OLED电视，其采用有机发光材料，像素级控光使其在暗场表现、 ...