Concept tracking | The mainstream direction of future display technology! It was revealed that the first MicroLED Apple Watch will be launched in 2025, and large-scale commercialization is expected to accelerate implementation (with concept stocks)

Zhitong Finance · Jan 12, 2023 08:32

智通财经APP获悉，据显示屏供应链分析师罗斯·杨(Ross Young)消息，苹果将于2025年春季发布采用MicroLED显示屏的Apple Watch，用于该设备的面板将于2024年底开始生产。国海证券研报指出，MicroLED具备多项优势，被公认为未来显示技术的主流方向，新兴应用市场需求增长驱动下，大规模商业化有望加速落地。

自2018年以来，一直有传言称，苹果公司正在开发MicroLED技术。就在一周前，同样有类似的传言流出，海通国际证券分析师杰夫·普(Jeff Pu)表示，苹果将在2024年推出带有MicroLED显示屏的Apple Watch。除此之外，还有美国知名科技博主爆料，苹果已经开始测试MicroLED显示屏。等到各项技术全面成熟后，苹果的MicroLED自研屏幕将拥有更出色的清晰度和更明亮的画质。

据了解，与目前主流显示技术对比，MicroLED具有更高亮度、高分辨率、高对比度、高可靠性、低功耗、长寿命等优势，加上高透明、无缝自由拼接等独特优势，可实现从小屏到超大尺寸显示全域覆盖。

经过近几年的前瞻布局，再加上海内外大厂的积极推动和新兴应用市场需求增长的驱动，Micro LED开始逐渐应用在大型显示器、电视、智能穿戴设备等领域。尤其是在大尺寸显示器领域，Micro LED已正式进入量产模式。

国内相关企业方面，利亚德作为Micro LED领域的先行者之一，已率先实现Micro LED的研发、量产、规模化商用落地。据了解，2021年其新签Micro LED订单就已达到3.2亿元，产能实现800KK/月。雷曼光电在重磅发布了基于COB技术的Micro LED巨幕产品之后，也正式从B端延伸至C端，走上开拓消费级应用市场之路。

产业链方面，乾照光电募投项目“Mini/Micro、高光效LED芯片研发及制造项目”达产后，每年将新增636万片的Mini LED BLU、Mini LED GB、Micro LED芯片、高光效LED芯片生产能力。国星光电作为LED封装龙头，近年来一直积极推进Micro LED业务的发展。2022年7月推出新型MIP(Micro LED in Package)封装器件方案。聚飞光电为某政府机关单位打造的Micro LED超高清显示设备正式投入使用。瑞丰光电在Mini/Micro LED领域历经六年的深耕发展，拥有4K/8K超高清Mini/Micro LED显示应用解决方案。

产业规模方面，据Yole预测，全球Micro LED显示屏出货量将从2019年的约610万片增长至2025年的3.29亿片，年均复合增长率为94.38%，显示市场规模将从2019年的6亿美元增长至2025年的205亿美元，年均复合增长率高达80.1%。可以期待，在全球最具影响力的消费电子品牌大力推动下，Mini/Micro显示新势力将有望带领沉寂已久的LED重返聚光灯下。

国海证券研报指出，Micro LED具备多项优势，被公认为未来显示技术的主流方向，新兴应用市场需求增长驱动下，大规模商业化有望加速落地。随着LED芯片尺寸的缩小，单位面积LED数量成倍增长，如何实现99.9999%的转移良率，且将每颗芯片的精准度控制在±0.5μm以内，是巨量转移技术的主要难点，使其成为制约Micro LED量产的关键。激光剥离转移技术是目前巨量转移技术中最有潜力的技术路线。

国海证券测算，2022-2024年全球Micro LED需求量分别为44.25/276.10/568.76万亿颗，对应巨量转移设备需求量分别为63/394/812台。目前我国巨量转移设备主要依赖进口，多家国内企业正积极布局并取得进展。建议关注巨量转移相关上市公司先导智能、海目星、大族激光、利亚德、德龙激光等。

相关概念股：

利亚德(300296.SZ)：全球LED显示应用行业龙头企业，2022年6月30日，利亚德正式推出“黑钻”系列MicroLED电视(P0.9-1.8)，以及P1.0以下Nin1 Micro LED显示产品，覆盖80%室内小间距产品。截至2022年10月17日，Micro LED新签订单约3亿元。

德龙激光(688170.SH)：主要产品有Micro LED激光剥离设备、MicroLED激光修复设备等，公司MicroLED激光巨量转移技术取得突破，已经通过客户测试验证。

乾照光电(300102.SZ)：公司募投项目“Mini/Micro、高光效LED芯片研发及制造项目”达产后，每年将新增636万片的Mini LED BLU、Mini LED GB、Micro LED芯片、高光效LED芯片生产能力。

国星光电(002449.SZ)：LED封装龙头，近年来一直积极推进Micro LED业务的发展。2022年7月推出新型MIP(Micro LED in Package)封装器件方案。聚飞光电为某政府机关单位打造的Micro LED超高清显示设备正式投入使用。

瑞丰光电(300241.SZ)：公司在Mini/Micro LED领域历经六年的深耕发展，拥有4K/8K超高清Mini/Micro LED显示应用解决方案。

According to Ross Young, a display supply chain analyst, Apple Inc will launch an Apple Watch with a MicroLED display in the spring of 2025, and production of panels for the device will begin by the end of 2024, Zhitong Financial APP has learned. Guohai Securities Research News pointed out that MicroLED has many advantages and is recognized as the mainstream direction of display technology in the future. Driven by the growth of demand in the emerging application market, large-scale commercialization is expected to accelerate the landing.

Since 2018, it has been rumored that Apple Inc is developing MicroLED technology. Just a week ago, similar rumors emerged when Jeff Pu, an international securities analyst at Haitong, said Apple Inc would launch an Apple Watch with a MicroLED display in 2024. In addition, a well-known American technology blogger revealed that Apple Inc has begun to test the MicroLED display screen. When the technology is fully mature, Apple Inc's MicroLED self-developed screen will have better definition and brighter picture quality.

It is understood that, compared with the current mainstream display technology, MicroLED has higher brightness, high resolution, high contrast, high reliability, low power consumption, long life and other advantages, coupled with unique advantages such as high transparency and seamless free splicing, can achieve full-domain coverage from small screen to super-large display.

After the forward-looking layout in recent years, coupled with the active promotion of large manufacturers at home and abroad and driven by the growth of demand in the emerging application market, Micro LED has been gradually used in large displays, televisions, smart wearable devices and other fields. Especially in the field of large-size displays, Micro LED has officially entered the mass production mode.

In terms of relevant domestic enterprisesLead.As one of the forerunners in the field of Micro LED, it has taken the lead in realizing the research and development, mass production and large-scale commercial landing of Micro LED. It is understood that in 2021, its newly signed Micro LED order has reached 320 million yuan, the production capacity to achieve 800KK/ month.Lehman optoelectronicsAfter the massive release of Micro LED giant screen products based on COB technology, it has also officially extended from the B side to the C side, and embarked on the road to open up the consumer application market.

In terms of industrial chainDry photovoltaicAfter the fund-raising project "Mini/Micro, High Light efficiency LED Chip R & D and Manufacturing Project" reaches production, it will add 6.36 million pieces of Mini LED BLU, Mini LED GB, Micro LED chip and high light efficiency LED chip production capacity every year.National Star OptoelectronicsAs the leader of LED packaging, it has been actively promoting the development of Micro LED business in recent years. A new MIP (Micro LED in Package) package device scheme was launched in July 2022.Jufei photoelectricThe Micro LED ultra-high definition display equipment built for a government unit has been officially put into use.Ruifeng optoelectronicsAfter six years of deep development in the field of Mini/Micro LED, it has 4K/8K ultra-high definition Mini/Micro LED display application solution.

In terms of industrial scale, according to Yole, global Micro LED display shipments will grow from about 6.1 million in 2019 to 329 million in 2025, with an average annual compound growth rate of 94.38%, indicating that the market size will grow from US $600 million in 2019 to US $20.5 billion in 2025, with an average annual compound growth rate of 80.1%. It can be expected that, driven by the world's most influential consumer electronics brands, Mini/Micro shows that new forces are expected to lead the long-silent LED back into the spotlight.

Guohai Securities Research Daily pointed out that Micro LED has many advantages.Recognized as the mainstream direction of display technology in the future.Driven by the growth of demand in the emerging application market, large-scale commercialization is expected to accelerate the landing. With the reduction of the size of LED chips, the number of LED per unit area increases exponentially. How to achieve a transfer yield of 99.9999% and control the accuracy of each chip within ±0.5 μ m is the main difficulty of mass transfer technology, which makes it the key to restrict the mass production of Micro LED. Laser stripping transfer technology is the most potential technology route in the mass transfer technology at present.

Guohai Securities estimates that the global demand for Micro LED from 2022 to 2024 is 44.25 Micro LED 276.10 / 568.76 trillion respectively, and the corresponding demand for huge transfer equipment is 63,94max 812. At present, a large amount of transfer equipment in China mainly depends on imports, and a number of domestic enterprises are actively laying out and making progress. It is suggested that we should pay attention to the pilot intelligence of listed companies related to mass transfer, Hellstar, clan laser, Liad, Delong laser and so on.

Related concept stocks:

300296.SZ: the leading company in the global LED display application industry. On June 30th, 2022, Liad officially launched the "Black Diamond" series of MicroLED TVs (P0.9-1.8), as well as Nin1 MicroLED display products under P1.0, covering 80% indoor small spacing products. As of October 17, 2022, Micro LED has signed new orders of about 300 million yuan.

De long Laser (688170.SH): the main products are MicroLED laser stripping equipment, MicroLED laser repair equipment and so on. The company has made a breakthrough in MicroLED laser massive transfer technology, which has been tested and verified by customers.

Dry Photoelectricity (300102.SZ): after the company's fundraising project "Mini/Micro, High Light efficiency LED Chip R & D and Manufacturing Project" reaches production, it will add 6.36 million pieces of Mini LED BLU, Mini LED GB, Micro LED chip and high light efficiency LED chip production capacity every year.

National Star Optoelectronics (002449.SZ): LED packaging leader, in recent years has been actively promoting the development of Micro LED business. A new MIP (Micro LED in Package) package device scheme was launched in July 2022. The Micro LED ultra-high definition display equipment built by Jufei Optoelectronics for a government unit has been officially put into use.

Ruifeng Optoelectronics (300241.SZ): after six years of deep development in the field of Mini/Micro LED, the company has 4K/8K ultra-high definition Mini/Micro LED display application solution.

The translation is provided by third-party software.

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概念追踪 | 未来显示技术主流方向！曝首款MicroLED苹果手表将于2025年推出 大规模商业化有望加速落地(附概念股)

Concept tracking | The mainstream direction of future display technology! It was revealed that the first MicroLED Apple Watch will be launched in 2025, and large-scale commercialization is expected to accelerate implementation (with concept stocks)

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概念追踪 | 未来显示技术主流方向！曝首款MicroLED苹果手表将于2025年推出大规模商业化有望加速落地(附概念股)