1. BOE A executives team collective holdings;
BOE A (5.530, 0.00, 0.00%), which pushed the strategic transformation and upgrading under the leadership of the founder Wang Dongsheng and the entire senior management team, achieved good performance in 2017. The company's share price also ushered in a round of ' Lord Sheng Lang '.Not only investors, BOE A senior management team recently also adopted generous holdings of ways to express optimistic about the company's future business development prospects.
The latest disclosure of the Shenzhen Stock Exchange revealed that BOE A senior management team represented by its chief executive, Chen Yanshun, continued to hold 'own shares' since February 1, after passing the performance forecast window 'Window.' At 2 During the period from January 1 to September 9, BOE A executives implemented a total of 16 over-allotment transactions during the bidding transaction, during which the total holdings of shares reached 768,000 shares, totally costing a total of 4.2564 million yuan.
The largest number of single holdings of the case when the BOE CEO Chen Yan Shun, its on February 1 to 5.80 yuan / share average price increased by 240,000 shares, the number of direct shares bought since then also increased to 50 Million shares, while another company executives Zhang Zhaohong buy attitude is also more resolute, on February 1 to 5.70 yuan / share price to buy 6.8 million shares, but also continued to hold on February 7 11.07 In addition, Xie Zhongdong, Liu Hongfeng, Yue Zhanqiu and other executives during the simultaneous holdings, BOE A related executives overweight buy average price from 5.17 yuan / share to 6.03 yuan / share, the overall Buy average price of about 5.542 yuan per share, slightly higher than the BOE A in February 13 the latest closing price of 5.53 yuan per share.
In 2017, BOE continued to promote strategic transformation and upgrade under the backdrop of maintaining a high degree of prosperity in the semiconductor industry. The BOE continued to maintain a relatively high market share of traditional products with the enhancement of its core technology innovation capability In addition, the Company continued to strengthen its lean management and upgrade the import and delivery of high value-added products with overall profitability stabilized at a relatively high level. BOE A previously expected a net profit of RMB7.5 billion to RMB7.8 billion in 2017.
In fact, based on the sound operation of the LCD business, the outside world is also very optimistic about the BOE A profit prospects in the OLED field.After the brokerage research report pointed out that BOE A Chengdu 6th generation flexible AMOLED production line climbing smoothly, the yield steadily improved, Is expected to accelerate the introduction of domestic and foreign customers.According to the brokerage estimates, Chengdu OLED production line at full yield and reasonable yield and price levels, annual net profit of about 5 billion to 9 billion yuan range, with greater flexibility of performance. Shanghai Securities News
2.OLED progress is slow: Japan shows manufacturers JDI net loss for the fourth consecutive quarter;
SAN FRANCISCO, Feb 14 (Reuters) - Japan Display Inc. (JDI) reported a net loss for the fourth consecutive quarter on Wednesday as Japan's display maker JDI turned to OLED technology at a slower pace, resulting in losses from its largest customer, Apple Inc. Fewer orders.
JDI's products are still dominated by LCD panels, which reported a net loss of 32.6 billion yen ($ 304 million) for the quarter from October to December, compared with a net profit of 7.3 billion yen for the same period last year .
According to the Thomson Reuters survey, four analysts on average expect JDI loss for the quarter to 303.2 billion yen.
JDI has been losing money for the past three years, and half of the company's revenue comes from sales of LCD panels for Apple.
However, Apple's high-end iPhone X has turned to OLED panels, with only Samsung launching production of smartphones OLED panels.
In response to the sales downturn, JDI is cutting costs, and the company plans to streamline the production line and lay off 30% of its workforce, resulting in an additional loss of 170 billion yen this fiscal year.
The company is also considering seeking financing from new investors to catch up with its competitors in the OLED space, which JDI plans to mass-produce its smartphones' OLED panels from 2019. (Li Li)
3. Last year, large-size panel shipments are growing;
Despite the weak demand in end consumer markets such as LCD TVs, monitors and laptops in 2017, panel prices have dropped, but the overall number of large-size panel shipments, shipping area and shipping volume are still paying off the growth of transcripts. Agency IHS Markit statistics show that in 2017 9-inch large-size panel shipments grew 4%, shipping area grew 6%, while shipments grew as much as 13%.
Robin Wu, an analyst at IHS Markit, said the growth of large-size panel growth came from large-size and high-end products in 2017. Average shipments increased for all applications and high-end specifications like high resolution, wide viewing angle and narrow bezel And so the proportion of high-standard panel shipments have risen, while large-size, high-end panel shipments larger, higher shipping prices. 2017 large-size panel shipments reached 63.7 billion US dollars (more than NT 1.9 trillion Yuan).
Shipments from the number of view, 2017 9-inch panel computer panel shipments of more than 9,560 million, an increase of 15.88%, the monitor panel shipments of about 140 million pieces, and the previous year, the laptop panel Shipments of about 180 million, an increase of 7.13%, TV panel shipments of about 265 million, slightly higher than the previous year. The overall large-size panel shipments of about 706 million, an annual growth of 3.9%.
From the shipping area, the TV panel shipments grew 6% last year, accounting for the overall proportion of large-size panel shipments up to 78% .Although the television panel prices fell in the second half of last year, but worship 4K and 55 inches over the large Increased size panel shipments and double-digit growth in TV panel shipments for the full year 2017 TV panel shipments in 4K reached 92 million units in 2017 with an annual growth rate of 46%, reaching the overall TV panel market penetration rate 35%. OLED TV panel shipments reached 1.8 million, an annual growth rate of 102%.
BOE sprang up in 2017 and became the world's largest supplier of large-size panels for the first time. With a market share of 21%, the market share of LGD is about 20% Third, the market share of about 16% .But the television panel, LGD still standout, market share of 19%, BOE ranked second with 17% market share.Korean panel makers locked in large size, high-end Product line, in terms of shipments, LGD and Samsung are still ranked in the top two markets with a market share of 23% and 17% respectively (Source: Business Times - Yuan Tingting / Taipei)
4. global LCD TV panel supply surplus market 'tripartite confrontation' intense competition;
Data show that in 2017 China's LCD panel production in mainland China has ranked first in the world, the rapid development of independent core technology, global industry voice continued to increase.
Global panel industry overcapacity gradually increased
According to statistics from Sigmaintell, shipments of global TV panels totaled 262 million units in 2017, an increase of 1.6% over the same period of the previous year, with an area of 138 million square meters, an increase of 6.1% over the same period of last year, mainly due to mainland China Increase.
In 2018, CIDREX's 8.6-generation line in Xianyang and Chengdu will be mass-produced. BOE will be the world's first 10.5-unit production line in the world. Coupled with the new production capacity expansion and production expansion in 2017, QSGC anticipates that 2018 The global TV panel production capacity will increase significantly by 10.5%. In particular, the supply of oversize panels such as 50 ", 65" and 75 "will increase significantly and competition will intensify and be festered.
However, the panel industry also need to prevent overcapacity.According to international authorities predict that by 2021, the global demand for LCD panels will reach 215 million square meters, while the supply of LCD panels will reach 245 million square meters, showing the trend of overcapacity nowadays LCD panel industry Of the over-investment has also caused the concern of the countries concerned, to guard against duplication of construction now, the domestic panel industry to speed up industrial upgrading, from 'mentioning' to 'upgrade' at the same time in the downstream to expand the emerging display applications, and Not a low level of duplication.
According to IDC, the share of MN (twisted nematic panel) in MNT products has been declining year by year, and the gradual increase of penetration rate of IPS (Planar Conversion Panel) will be the trend in the future. In addition, MNT panel also has a large size And HD development trend, while the curved panel MNT market has become the new darling.
Qunzhi Consulting believes that the R & D and application of a new generation of flexible screen and 8K ultra-high definition display technology will become the future global industrial high ground. At present, LG vigorously develops frameless technology and Samsung promotes curved surface technology, all moving toward ultra-high definition and flexible screen High-end product direction layout.
Market competition intensified
With the rapid rise of Chinese manufacturers and Japan's exit in the field of large-size panels, the display panel industry in the world has undergone major changes in the past two to three years. For a long time to come, there will be a 'three-legged' competition in mainland China, South Korea and Taiwan Will be more intense.
In 2017, the number of TV panels shipped by panel makers in mainland China reached 94.7 million units, accounting for 36.1% of the global total, surpassing that of South Korea and ranking the first in the world. In 2018, the additional production lines are also mainly concentrated in mainland China. The TV manufacturers in China The number of goods is expected to exceed 100 million units, accounting for nearly 40%. With the mass production of the G10.5 generation line, Chinese manufacturers will enter the large size market of 65 'and above and further enhance their competitiveness in the global TV panel market.
In recent years, global panel investment gathered in China in the global panel industry more competitive competition in the background, the scale of industries in China showed soaring, the Mainland has eight 8.5-generation production line, there are eight high-generation line under construction It is estimated that by 2019 all projects will be completed and will become the largest country in the world in terms of production capacity.
However, it is noteworthy that, in the current hot OLED, especially in the field of AMOLED raw material core technology is still firmly in control of South Korea and Japan, the domestic panel industry has not been able to effectively deal with the large-scale application of AMOLED, ultra-high definition, flexible Screen and other high-end flat panel display localization rate will decline again, so the domestic panel industry chain enterprises a long way to go.
LCD panel usher in new opportunities for investment
It can be said that China's LCD panel industry is ushering in a new period of rapid development, will become the future global industry Heights. The current BOE panel companies in mainland China in the field of TFT-LCD has entered the global echelon of the industry, a new generation AMOLED technology, 8K ultra-high definition display technology research and development are also constantly breaking in the world's leading level, and has a huge market demand advantages.Ultra-HD display technology is not only used in the television industry, but also will drive the medical display, digital signage, security monitoring, Car networking and other industries, the prospects are bright.
We can focus on the following related stocks: BOE (000725, SZ), Chengdu 6th generation flexible AMOLED production line, marking China's panel technology to break the monopoly of South Korea beyond LG as the world's second flexible OLED panel can produce Chinese enterprises; Shenzhen Tianma (000050, SZ) Wuhan G6 production line recently put into operation with good prospects; Black Cattle Food (002387, SZ) to raise funds to set aside by 18 billion into AMOLED display area, AMOLED panel production is about to enter the outbreak; Zhongying Electronics (300327 , SZ): a few domestic AMOLED driver chip production company
5. Apple iPhone X or South Korea will reduce the short-term impact of small components is not
However, although the short-term, Apple reduced iPhone X panel and related components orders, but there are estimates of South Korea also plant Will join the ranks of Apple OLED panel handset providers in 2018. In addition, the industry in South Korea pointed out that the short-term iPhone X production cuts have little impact on the semiconductor, but in the long run, if the overall smart phone industry shrinks, I am afraid non-industry According to a report by Korean News Agency (ET News), although the Korean industry has repeatedly reported iPhone X production cuts recently, many Korean manufacturers are quite looking forward to the launch of the new OLED panel mobile phone in 2018. In general, the new iPhone Components production schedule About from May onwards, Apple's new iPhone will be expected to follow the example in the fall of 2018. Previously the Korean industry came the news that 2018 Apple plans to launch 5.85-inch and 6.46 inch two OLED mobile phones, in addition to OLED panels are available for Samsung Display, and LG Display (LGD) is expected to join Apple OLED panels as well. With the addition of two models, it is also expected to expand the supply of related components such as RFPCB, etc. Since the mobile phone is equipped with an OLED panel, the motherboard is also replaced with a Substrate-Like PCB (SLP) The battery will also change.A few days ago, LG Chem (LG Chem) also signed an agreement with Apple, will be at the Nanjing plant in mainland China The addition of an L-shaped cell line is expected to move into the production equipment in the near future, and in addition to the OLED panel, South Korea's semiconductor will not be hit by the iPhone X. However, in view of the current memory demand is good, so in the short to medium term, iPhone X orders To reduce the impact is not large.SK Hynix recently told the earnings briefing at the earnings briefing, iPhone X sales downturn has little effect on the DRAM market.Korean industry believes that due to the recent CPU security problems, many people think Will drive the server, cloud storage market increased, although the current smart phone production cuts, but the estimated impact on memory will not be too large.In addition, similar to the memory, laminated ceramic capacitors (MLCC) head But also tight supply. As for the foundry industry, due to the recent surge in demand for dedicated ASICs for bitcoin expansion, the foundry's operating rate has also risen. Samsung has also begun to snatch the pie in the medium and short term Overall, the iPhone X cut may even stop production cuts, medium and short-term impact on the Korean semiconductor industry, but in the long run, if the overall decline in the smart phone industry, it is afraid of the semiconductor industry See DIGITIMES