20240314-东兴证券-OLED显示行业_全面渗透与国产化_中大尺寸布局加速_19页_1mb

Summary of OLED Display Industry

Report Overview:
This report analyzes the OLED (Organic Light-Emitting Diode) display industry, focusing on its comprehensive penetration, domestication, and large-size application acceleration. Key points include:

• Industry Growth: OLED technology is growing rapidly due to its advantages, such as high resolution, color accuracy, low power consumption, flexibility, and durability. Omdia predicts a 20% global OLED panel capacity growth rate for 2024, with worldwide market size projected to reach $25,967 billion by 2032 (CAGR 211%). China's OLED market showed $39.3 billion in 2022, expected to grow to $42.6 billion by 2023.

• Market Applications: OLED panels dominate 76% of smartphone revenue share by 2024. Samsung holds 41% of global share, but Chinese firms like BOE and Visionox are increasing, with Omdia foreseeing multi-brand competition.

• Domestic Advances: China's OLED capacity expanded to 27 km² by 2023 (a 603% YoY increase). Domestic towns now focus on 86/85th generation lines for large-size applications, promoting self-reliance and innovation.

• Investment Insights: Recommended stocks for OLED panels include Visionox, BOE, and SDT; for materials, see JME, Jingzhida, Aolaid, and Light Photon. Notes include risks like price volatility and trade tensions.

Core Analysis:

• Technology Trends: AMOLED excels in devices like smartphones and foldable screens due to its flexibility and superior performance over LCD.
• Future Outlook: Emerging areas, such as foldable phones (e.g., OPPO’s 20% market share), drive new growth. By 2027, global foldable phone shipments could exceed 1 billion units.
• Risk Factors: Market volatility, competition, and external events are highlighted.