来源：《理财周刊》 半导体显示面板行业潮起潮落，身处其中的惠科股份，资本市场闯关之路却走得格外坎坷。从创业板IPO主动撤回，到转战主板后因 财务资料过期中止审核，几番起落间，公司始终站在上市关口反复试探。 如今，惠科股份再度冲刺深交所主板IPO，拟募资85亿元投向新型显示项目与补充流动资金，看似是企业迈向资本市场的正常布局， 却在光鲜的申报材料背后，藏着业绩周期波动、公司治理集中、资本对赌压顶等多重争议。 结合最新招股书、深交所审核问询及行业现实来看，这场资本闯关的成色，远没有表面看上去那般稳妥。 业绩高度绑定行业周期 盈利质量存忧 公司营收与利润深度依赖LCD面板景气度，呈现强周期特征。2022年行业下行期归母净利润亏损14.21亿元，2023~2024年随面板价格 回暖分别实现25.82亿元、33.20亿元盈利。但2025年1~9月，公司的营业收入出现了-0.36%的负增长，这让深交所也对其业绩稳定性提 出了更深层次的质疑。 图片来源：惠科股份官方招股书 盈利结构上，政府补助贡献显著，报告期内（2022年至2025年1~6月）计入当期损益的政府补助累计达53.75亿元，非经常性损益对利 润支撑明显。 财务 ...

谢尔曼 长江证券电子分析师: 好的，各位投资人，大家下午好。也是祝大家这个新的一年开工大吉。我是长江长江证券 电子研究小组的研究员谢尔曼。然后今天的话是我们这个第一场开门红的线上电话会议。 我们也是邀请到了这个 TCL 科技的 AR 总监王总来跟大家这个交流公司的，包括行业的一 些。近况，因为最近的话，包括节前我们看到涨价的这个方向，市场这关注度是非常高的 然后股价表现也都不错。之前的话，我们这个也是联合其他行业写了一个这个涨价的报告 像电子这边，相关的方向，包括存储、不同板、面板还有元器件，其实我们觉得往后看的 话，机会都还是比较好的。 所以说这个涨价的方向的话，这个今天很荣幸的邀请到了这个王总过来跟，是大家去交流 一下这个对于后后续的一个展望。那我们还是首先把这个时间交给王总这边吧。请王总这 边，然后简单跟各位投资人介绍一下公司的一个近况，然后我们再进入一个 QA 环节。 TCL 科技 AR 总监王总: 好，谢谢长江电子团队，还有谢谢谢总帮忙组织这样一个会议。然后也感谢各位投资人宝 贵的时间，然后今年确实是一个开门红，一个比较好的一个日子。然后整个 LCD 这一块 的话，其实整个价格今年来看，我认为还是非 ...

2月24日消息，Omdia最新研究显示，平板显示器(FPD)制造设备的折旧速度正在加快，这将缓解OLED 和LCD面板厂商的成本压力。Omdia预测，2021至2028年间折旧将以9.3%的复合年增长率增长，全球已 完全折旧的FPD制造产能在此期间几乎翻倍，从约1.6亿平方米增至近3亿平方米。 Omdia显示研究首席分析师Charles Annis表示："OLED行业也呈现类似趋势，尤其是韩国的白光 OLED(WOLED)和量子点OLED(QD OLED)生产设施。这些工厂预计到 2028 年将接近完全折旧，大幅 降低运营成本，使其大尺寸OLED电视和显示器业务实现可持续盈利。" Omdia表示， 6代及更小基板的RGB精细金属掩膜(FMM)OLED产能，主要用于智能手机面板，同样将 从2021年不足 10% 的折旧比例增加至 2028 年超过 60%。 (思瀚) (责任编辑：毕安吉) Omdia表示，折旧的LCD产能约占所有FPD产能的三分之二，预计在2021至2028年间将增长60%。这一 增长主要由2017至2022年间快速建设的10.5代工厂推动。到2028年，折旧的10.5代资产将从2024年的零 ...

Omdia最新显示研究，平板显示器（FPD）制造设备的折旧速度正在加快，这将缓解OLED和LCD面板 厂商的成本压力。Omdia预测，2021至2028年间折旧将以9.3%的复合年增长率增长，全球已完全折旧的 FPD制造产能在此期间几乎翻倍，从约1.6亿平方米增至近3亿平方米。（第一财经） ...

智通财经APP获悉，Omdia最新研究显示，平板显示器(FPD)制造设备的折旧速度正在加快，这将缓解OLED和LCD面板厂商的成本压力。Omdia预测，2021 至2028年间折旧将以9.3%的复合年增长率增长，全球已完全折旧的FPD制造产能在此期间几乎翻倍，从约1.6亿平方米增至近3亿平方米。 6代及更小基板的RGB精细金属掩膜(FMM)OLED产能，主要用于智能手机面板，同样将从2021年不足 10% 的折旧比例增加至 2028 年超过 60%。 由于FPD工厂需要数十亿美元投资，折旧成本可占各类应用总制造成本的三分之一，从6代OLED智能手机模组到10.5代75英寸LCD电视均适用。近年来新建 LCD 和OLED工厂投资放缓，使厂商尚未折旧的资产快速下降，从而能够以较低利用率运营工厂、生产更多样化的产品，并在极具成本竞争力的市场中维持 盈利。 "目前在韩国和中国建设的新8.6代RGB OLED工厂是该趋势中的显著例外。这些工厂在2030年之前几乎无法受益于折旧。这将促使厂商多元化生产，并保持 较高的产能利用率，以在更多面板上分摊高额固定成本。" 折旧的LCD产能约占所有FPD产能的三分之二，预计在202 ...

2025年下半年以来，全球半导体市场因AI服务器与HPC（高性能计算）需求的爆发式增长， 导致 存储芯片 出现缺货状况， 价格飙升至历史高位。 根据TrendForce集邦咨询的数据，2025年9月以来，存储芯片领域两大主要产品类别DRAM与 NAND闪存现货价格累计上涨超过300%。 而针对 2026年第一季度，而 TrendForce集邦咨询 最新 预测，NAND闪存产品 合约 价格将 季 增55 %— 60 %，一般型DRAM 合约 价格将上涨 90 %— 95 %。 | | 4025 | 1Q26E revised | | --- | --- | --- | | PC DRAM | DDR4&DDR5 blended: up 38~43% | DDR4&DDR5 blended: up 105~110% | | Server DRAM | DDR4&DDR5 blended: up 53~58% | DDR4&DDR5 blended: up 88~93% | | Mobile DRAM | LPDDR4X: up 48~53% | LPDDR4X: up 88~93% | | | LPDDR5X: ...

Core Insights - The global display panel market is entering a "stock competition" phase by 2025, characterized by "supply and demand pressure, pattern optimization, and technological breakthroughs" [1] - The total shipment volume of global display panels is projected to be approximately 164 million units in 2025, reflecting a year-on-year growth of 2.1%, with a significant slowdown in growth rate [1] - Key growth drivers include the demand for commercial replacements driven by the end of Windows 10 support and domestic policies, as well as the gaming monitor demand fueled by domestic subsidies [1] Market Dynamics - The market is facing challenges from tariff policy adjustments and structural changes in the supply chain due to overseas manufacturers scaling back their LCD operations [1] - By 2026, the commercial replacement demand and ongoing policies are expected to support the market, although shortages and price increases in storage chips may hinder growth in the gaming and all-in-one markets [1] Technology Trends - Despite weak overall growth, technological upgrades remain the core focus of industry development, with significant differentiation in sub-segments [3] - LCD continues to dominate the market, while OLED is rapidly penetrating the mid-to-high-end market, becoming a key growth point [3] LCD Panel Insights - LCD panels will account for 98% of the market share in 2025, with IPS panels increasing their penetration rate to 73% [4] - VA panels are losing market share due to competition from OLED in the high-end market and weaker performance in the mid-to-low-end market [4] OLED Panel Insights - OLED panel shipments are expected to reach approximately 3.35 million units in 2025, with a market penetration rate exceeding 2% [5] - By 2026, OLED shipments are projected to grow to 5.1 million units, driven by brand investments in high-end gaming and commercial models [5] Gaming Panel Insights - The global gaming monitor panel shipment is expected to reach 38 million units in 2025, with a market penetration rate of 23% [8] - However, potential constraints from storage chip shortages and price increases may impact growth in this segment [8] Oxide Panel Insights - Oxide panels are projected to have a shipment volume of approximately 12.6 million units in 2025, with a market penetration rate of about 7.8% [11] - Despite ample production capacity, the overall utilization rate is only around 60%, indicating significant growth potential [11] Competitive Landscape - Chinese manufacturers are expected to solidify their dominant position in the global display panel market, with market share projected to exceed 70% by 2026 [13] - Major players include BOE, CSOT, and HKC, with BOE maintaining a 30% market share and CSOT experiencing rapid growth [16][17] Manufacturer Performance - LGD is reducing its LCD business, with shipments expected to decline to 25.4 million units in 2025, resulting in a market share drop to 16% [19] - Taiwanese manufacturers are shifting focus to high-margin segments, with Innolux and AUO showing stable performance despite market pressures [20] Future Market Outlook - The display panel market will continue to experience stock competition, with structural opportunities becoming the focal point for manufacturers [22] - The ongoing penetration of OLED panels and the need for improved profitability will shape market strategies moving into 2026 [23]

Supply Side - The oligopoly structure has formed, with mainland Chinese manufacturers achieving absolute dominance in the LCD sector, leading to stable profitability due to cyclical weakening [2] - The reduction in supply from panel manufacturers during the Spring Festival will further support the upward trend in panel prices [3] Demand Side - The World Cup events in North America and Mexico are driving demand, while rising storage costs are accelerating the trend towards larger TV sizes, with BOM cost for storage in TVs expected to rise from 2.5-3% to 6-7% [3] - TCL Electronics' acquisition of Sony's TV division poses a challenge to Samsung's global TV leadership, with projected shipments in 2025 showing only a 1 million unit difference between TCL+Sony and Samsung [3] Upstream Panels - Mainland China's LCD panel global market share is 72%, with TCL Huaxing and BOE holding over 50% market share [4] - The depreciation peak for TCL Huaxing's panel lines has passed, releasing profit elasticity, with overall depreciation expected to decline from 2026 onwards [4] Downstream TVs - The global shipment of MiniLED TVs is expected to exceed 20 million units by 2026, with a penetration rate surpassing 10%, which will indirectly reduce panel cost proportions [5] - The combination of MiniLED technology and larger sizes is expected to alleviate cost pressures, with TCL Electronics and Hisense Visual continuing to be favored for their global strategies and technological leadership [5]

Core Viewpoint - LG Display achieved a significant turnaround in 2025, reporting a total sales of 25.81 trillion KRW (approximately 125.18 billion RMB) and an operating profit of 517 billion KRW (approximately 2.51 billion RMB), marking its first annual profit in four years despite a 3% decline in sales compared to the previous year [1][3]. Group 1: Financial Performance - In 2025, LG Display's sales decreased by 3% from 26.61 trillion KRW to 25.81 trillion KRW, but operating profit improved by approximately 1 trillion KRW from a loss of 5.606 trillion KRW in the previous year [1]. - The fourth quarter of 2025 saw sales of 72.008 trillion KRW (approximately 349.24 billion RMB), an 8% year-on-year decline, while operating profit surged by 103% to 1.685 trillion KRW (approximately 81.7 million RMB) [1]. - EBITDA for 2025 was reported at 11.62 trillion KRW (approximately 563.6 million RMB), reflecting an 11% year-on-year decline [1]. Group 2: Strategic Transition - LG Display increased the proportion of OLED products in total sales to a record 61% in 2025, up from 32% in 2020 and 40% in 2022, indicating a strong shift from LCD to OLED technology [3]. - The company plans to exit the large-size LCD business to accelerate its strategic transition towards OLED [3]. - By 2026, LG Display aims to enhance its technology and cost competitiveness through AI transformation and improve operational efficiency to establish a sustainable profit structure [4]. Group 3: Product Segmentation - In terms of product categories, TV panels accounted for 19% of annual revenue, IT device panels (including monitors, laptops, and tablets) made up 37%, mobile and other device panels constituted 36%, and automotive panels represented 8% [3]. - The company intends to focus on high-end markets in the IT sector while reducing low-margin products to enhance competitiveness [4]. - LG Display plans to expand its OLED product line for TVs and gaming, leveraging advanced technologies such as RGB Tandem 2.0 and high-refresh-rate gaming OLED panels [4].

Group 1 - The core viewpoint of the article highlights that Tianlu Technology's reflective polarizing enhancement film is primarily used in LCD panels, which have a strong downstream market in mainland China [2] - According to market data, the global shipment volume of LCD panels is expected to exceed 200 million square meters in 2024, with mainland Chinese panel manufacturers holding over 70% market share globally, providing robust support for the development of upstream raw materials [2] - The company currently has not signed long-term supply agreements with downstream customers [2]