BOE(SZ:000725)2023-07-06 12:11Group 1: Industry Overview - The LCD industry has experienced significant fluctuations from Q2 2022 to Q1 2023, influenced by both internal development patterns and external uncertainties [1] - The demand surge in 2021 has led to a preemptive consumption, causing rapid and large fluctuations in demand [1] - Global instability has tightened consumer sentiment and willingness to spend, but as uncertainties are gradually digested, the industry is expected to return to healthy growth [1] Group 2: Market Demand and Pricing - Since Q1 2023, the market supply-demand relationship has stabilized, with LCD TV panel prices starting to rise due to improved terminal inventory and promotional demand from domestic brands [2] - The average operating rate in the industry is cautiously increasing, with expectations for the trend of larger TV products to resume in 2023, driving panel demand growth [2] - Mainstream TV panel prices have been rising since March 2023, with expectations for continued increases in Q3 [2] Group 3: AMOLED Business Progress - In 2022, the company shipped nearly 80 million flexible AMOLED panels, achieving over 30% year-on-year growth, with a significant increase in high-end product ratios [3] - The flexible AMOLED business is under short-term pressure due to weak terminal consumption and price competition in entry-level products, but is expected to continue growing in 2023 [3] - The target for flexible AMOLED shipments in 2023 is over 120 million panels, with Q1 shipments nearing 30 million [3] Group 4: MLED Business Development - MLED technology is positioned as a key part of the company's IoT transformation strategy, focusing on high brightness, color gamut, and dynamic contrast [4] - The MLED business aims to create a Mini/Micro LED ecosystem, covering various applications including education, conferences, and consumer electronics [4] - The company has announced plans to control Huacan Optoelectronics, leveraging core technologies to develop Mini LED direct display and backlight solutions [4] Group 5: Supply Chain Advantages - The company emphasizes supply chain security and collaborative development, promoting local supply chain initiatives to enhance competitiveness [4] - Strong relationships with suppliers and joint development platforms with customers and research institutions help mitigate supply risks [4] - The company has supported the rapid growth of dozens of upstream material and equipment partners through its own and industry fund initiatives [4]