According to Zhicheng Finance APP, Eastern Fortune issued a research report stating that mobile phone and tablet panel prices remained stable in June, while IT and TV panel prices slightly increased. With the upcoming traditional peak season and large-scale events, there is a strong demand for terminal stocking. After experiencing a round of price increases since 2024, the prices of LCD and OLED panels have temporarily stabilized, and the industry is in a period of prosperity. We recommend paying attention to panel industry-related companies such as BOE Technology Group (000725.SZ), TCL Technology (000100.SZ), Visionox Technology Inc. (002387.SZ), Tianma Microelectronics (000050.SZ), and Caihong Display Devices (600707.SH).
The main viewpoints of East Money Information are as follows:
Mobile phone and tablet panel prices remained stable in June.
According to crowdsourcing data, in June 2024, a-Si LCD panel demand rebounded slightly due to market promotions and peak season stocking, and the tight supply led to fluctuations in the price of low-price cells, while module prices continued to decline due to new project mass production. LTPS LCD panels are in weak demand and prices are lowered. Rigid OLED panel prices are stable, while FOLED panel demand is slowing down and prices will go through a period of stability. Tablet panel demand has picked up due to the release of new models, and prices remain stable, benefiting from diverse supply and brand cost control.
IT and TV panel prices slightly increased in June.
In June, (1) the demand side of the monitor panel market cooled down as promotion stocking ended, but commercial demand remained stable, and the supply side was relatively stable, with market supply and demand in balance. In terms of prices, according to WitsView data, 27"WFHDLED rose by 0.3 US dollars to 62.9 US dollars compared with May. (2) As for notebook panels, education and commercial demand picked up, but there was fierce competition among technology and manufacturers, and prices were somewhat under pressure. According to WitsView data, 14.0"WHDFlat-LED increased by 0.1 US dollars to 26.9 US dollars compared with May. (3) As for TV panels, in June, the global LCD TV panel market entered a seasonal demand slump, with weakened procurement demand from whole machine manufacturers, and the principle of supplier production control and stabilization remained unchanged. Top panel manufacturers began to cut production, and prices, according to WitsView data, increased by 1 US dollar to 130 US dollars for the 55" WUHD Open-Cell compared with May.
With the upcoming traditional peak season and large-scale events, there is a strong demand for terminal stocking.
According to media reports, TSMC experts said that the iPhone 16 stock quantity has been revised up by 12 million units to 95-96 million units. According to Korean website Naver, citing industry sources, Samsung Display and LG Display have been approved to produce OLED panels for the Apple iPhone 16 series models, with Samsung's display order reaching about 90 million pieces and LG Display having nearly 43 million pieces. Since Apple's AI is only available for the iPhone 15 Pro series, the bank predicts that the new models have the opportunity to spark a wave of replacements. As for TV panels, according to Daxian Consultancy data, the global TV OEM market shipped about 9.8 million units in May, a year-on-year increase of 4%, and TV panel stocking demand remains strong, supported by overseas events such as the European Cup.
After experiencing a round of price increases since 2024, the prices of LCD and OLED panels have temporarily stabilized.
From the perspective of supply and demand, (1) a-Si LCD panels have some main production lines in full production due to strong market promotions and stocking demand, but module prices have dropped due to competition; (2) LTPS LCD panels have a relatively loose mainstream LTPS production line operating rate due to the shrinking demand for smartphones, but the mass production of new projects at the end of the year may bring about a turn for LTPS demand; (3) after a period of price increases, flexible AMOLED panel prices are gradually stabilizing, but panel manufacturers have strict cost control demands and may have loss pressure. The bank predicts that flexible AMOLED panel prices will continue to rise in the short term as the traditional peak season for consumer electronics approaches in the third quarter, driving up demand for stocking terminals. (4) Rigid AMOLED panel prices are relatively stable, and the bank predicts that this status will continue.
Risk warning: AI applications and consumer electronics terminal demand fall short of expectations; technology research and development progress is worse than expected; geopolitical risk.