BOE(000725)2024-12-17 00:56Group 1: Industry Overview - The LCD industry has seen a gradual release of capacity, with a significant increase in the concentration of production among Chinese manufacturers, leading to improved supply dynamics [1] - The overall health of the global LCD industry, particularly in the TV sector, has improved, resulting in reduced volatility and steady enhancement of profitability for manufacturers [1] Group 2: Demand and Market Trends - Since Q3 2024, the "trade-in" policy has stimulated domestic TV consumption, particularly for large-screen TVs (75 inches and above), with significant sales growth [2] - The IT sector's demand remains relatively flat, but is expected to see year-on-year growth driven by e-sports demand and the "trade-in" policy [2] - The smartphone market is recovering, with increasing penetration of flexible AMOLED products and sustained growth in high-end foldable devices [2] Group 3: Pricing and Production Efficiency - LCD TV prices stabilized in October 2024, with potential price increases for certain large-screen products due to the "trade-in" policy [2] - The industry utilization rate for LCD production decreased in Q3 but rebounded to over 80% in November, reflecting a gradual recovery in end-user demand [2] Group 4: Depreciation and Future Projections - The depreciation of OLED production lines is expected to increase slightly due to the completion of several production line transitions, with minimal fluctuations anticipated in 2024 and 2025 [3] - Starting in 2026, overall depreciation is projected to decline as the company continues to optimize product structure and improve operational efficiency [3]