BOE's annual results in line with expectations, LCD production capacity to release growth, the company Q4 single-quarter net profit of 10.2-13.2 billion yuan Qoq Q3 single-quarter 2.17 billion yuan, a more substantial decline, mainly in the fourth quarter of 2017 medium-sized LCD Panel prices continue to decline due to stand at the moment, TV manufacturers inventory is not high, and the Mid-World Cup and other major events will soon pull large-size TV demand, LCD panel upstream, the need to advance stocking is expected LCD panel will gradually enter the pull-good season.
From the supply side, the new production capacity mainly in the second half of 2018, the first half of 2018 industry capacity increase is mainly due to the production line capacity ramp up in 2017, new supply is limited, LCD panel supply and demand will gradually return to balance. Size, 32-inch and 55-inch panel has stabilized, only 43-inch slight decline in small and medium size has been stabilized in advance.Company level, in 2018, Fuzhou, 8.5 and Hefei, 10.5 generation line will gradually increase production capacity, overlay depreciation of some of the end of the line Contribution to the incremental profits, as well as subsidies increase, we expect that in 2018, profit is still expected to maintain 30-40% growth.
The OELD production line in Chengdu has started mass production and delivered the first batch of products to customers such as Huawei, OPPO, vivo, Xiaomi, ZTE, Nubia, etc. The company started its operation from the production line and the current rate of yield climb exceeded the expectation. In the field of OLED card position is far superior to the LCD era, the next 2-3 years, flexible OLED will be in short supply pattern, will help significantly reduce the cycle of production to profit .2011 Chengdu line capacity is expected to reach 30K / month, 2019 Will achieve full production, superposition follow-up Mianyang line relay, we expect the company OLED business from 2018-2020 is expected to contribute 110,250,400 billion yuan, the new flexible OLED engine speed up.