1. Winning Apple? VueReal said it has solved the three major manufacturing problems of Micro LED;
The Micro LED display is a screen consisting of a tiny version of a GaN chip. The efficacy of the Micro LED is twice or three times that of current OLED and LCD screens, and the brightness is several orders of magnitude higher. Therefore, many new startups and not Small and large equipment manufacturers are competing to produce the first commercial Micro LED display.
Most start-ups choose to develop so-called monolithic displays that combine in the form of a single chip or two chips. This may be a shortcut to success, but it may only work for very small screens. For example, the AR device needs a monitor.
Apple has sufficient financial resources and started earlier. It is facing higher technical difficulty. In the vision of Apple, Micro LED can be used in smart watches, and eventually used in a wider range. There is a start-up company that can be comparable to Apple, It may even defeat Apple to develop a Micro LED smart phone screen.
Reza Chaji, chief executive of VueReal, a startup company based in Waterloo, Ontario, Canada, said that if the current usage model is adopted, the smart phone can be used for at least two days without charging. However, he said that at UHD resolution, the smart phone The application has the most demanding requirements for Micro LED. If the Micro LED smartphone can be used normally, then a large screen of any size can be manufactured with the same or even less difficulty, which is why VueReal currently focuses on smartphones.
Unlike monolithic displays, the screen pixels that VueReal and Apple are exploring consist of a single LED chip. This presents three manufacturing issues.
First of all, LEDs are very efficient when they appear in the size of the light, but reducing them to the micron level will reduce the efficiency. And the LED has a wider area, allowing current to flow through the light. As the chip gets smaller, the ratio of the border to the light is close to 1 : 1, efficiency will drop.
Second, the monitor cannot tolerate “mistakes.” The 99% yield may sound very good, but on the display screen, the effect will be very poor. For UHD resolution, this means more than 250,000 bad spots, and consumers must Will notice.
Finally, there is the question of how to transfer 20 million LEDs to the screen in less than a few weeks.
According to Chaji, VueReal solves the above three problems. But the last question is the most critical. Observers believe that this is in stark contrast to what Apple is doing. Although Apple did not talk about Micro LED display screen manufacturing technology, Chaji and others concerned with Apple’s patents believe that Apple is developing a rapid “Pick and Place” massive transfer technology to transfer LEDs in bulk.
Chaji did not disclose how VueReal's technology operates, but he said: "The technology can carry out a large number of concurrent transfers... Therefore, it can be placed on a TV in 10 minutes." He said, more like photocopying or File Print. "Apple may be earlier than us because they started early, but in the long run, our solutions will exceed the pick-and-place technology."
VueReal is planned to be fully operational in 2021 and will provide technology, equipment and materials to display screen manufacturing partners. LEDinside
2. Pass LGD modified Nanjing factory to grab China's high-end LCD market;
China's panel makers continue to increase production of LCD panels, but South Korean panel maker LG Display (LGD) is not worried, and believes that demand for high-end LCD panels remains strong. It is reported that the capacity of the company's production capacity in China will increase by 20 million units.
BusinessKorea, Investor reported on the 30th, Sources said that LGD's plasma panel module production line in Nanjing, China, was converted into a liquid crystal panel module production line. The project has been completed and will be tested first. Production will start in the second quarter. LGD There are already three liquid crystal module factories in China, namely N1, N2, and N3. The annual production capacity reaches 50 million sets. With the newly established N4 plant, the production capacity will increase by 20 million to 70 million sets.
Industry observers said that although LGD's long-term development focus is on OLED panels, LCD panels are still the company’s main source of revenue, with 90% of its revenue coming from LCD panels. It is believed that the addition of LGD’s new plant is to further expand the Chinese market, despite the Panels are gradually oversupply in China, but demand for high-order LCDs continues to increase. In 2016, LGD’s total revenue was 70% from China, and in 2017 the company also expanded its production capacity in Guangzhou.
The cost of building a new LCD plant was as high as 1 trillion won, and LGD converted the N4 Guangzhou factory. The in-plant production equipment was also shipped from the South Korean factory to save money.
3.BOE A: LCD panel leader A new chapter of forward-looking strategy spectrum;
The core view
The leading position of LCD panels is prominent, and sustainable profitability can be expected: At present, the global LCD panel industry has become increasingly competitive, and the transfer of industrial centers to mainland China has become increasingly obvious. With the limited capacity for new production in the future each year, the trend toward large-scale downstream demand can be realized. Effectively consuming new capacity, the overall supply and demand is expected to maintain a stable level, accompanied by seasonal fluctuations. The company's TFT-LCD products have become the world's absolute leader after years of continuous and deep cultivation. The production line layout is perfect and the product structure is reasonable. Fuzhou 8.5 Generation Line In addition, the Hefei 10.5-generation line production market is in short supply. Along with the trend of large-size TV and high-definition TV, the profit outlook is optimistic. At the same time, depreciation of the Hefei 6th Generation Line and Beijing 8.5th Generation Line will be completed in the near future. It is expected that Profit generates a considerable positive contribution.
Flexible OLEDs are expected to break through the monopoly of South Korean manufacturers: Flexible OLEDs are the direction of innovation for smartphones. According to third-party agencies, this year's global smart phone OLED panel market will reach US$33.7 billion, and will further double by 2022. The company has spared no effort to establish its layout. Flexible OLED technology and production capacity, Chengdu Flexible OLED production line has been ramping up smoothly since volume production at the end of last year. Meanwhile, two flexible OLED production lines in Mianyang and Chongqing will be successively produced in 19 and 20 years. The three lines will be planned for 144k months. The production capacity will leap to the second place in the world, and it is expected to break the monopoly of South Korean manufacturers. With significant profitability, the company's overall performance will benefit from the OLED development trend for a long time.
Forward-looking layout leads the long-term development direction: The company proactively proposes '8425 Strategy', which means 'to promote 8K, popularize 4K, replace 2K, use 5G', and build an ultra-high-definition industry ecosystem with upstream and downstream manufacturers, and continue to lead the display industry. The development direction. At the same time, we will vigorously expand the smart system and health service business groups to establish a new strategy for the DSH business. The company is moving in the direction of 'software and hard integration, application integration, service transformation', with the help of display, sensing and other core advantages. Cross-border innovation in technology, smart intelligence system and health services, the future with the Internet of Things, 5G, artificial intelligence and other emerging technologies gradually mature, the company's emerging smart services and health services are expected to usher in rapid development opportunities.
Financial forecasts and investment advice
We predict that the company's EPS in 17-19 will be 0.22, 0.30 and 0.39 yuan respectively. According to the comparable company, the company will give the company 25-fold PE valuation for 18 years, corresponding to a target price of 7.50 yuan, and give a Buy rating for the first time.
risk warning
Risk of price fluctuations in LCD panels; Flexible OLED new product expansion does not meet expectations. Orient Securities
4.4K Ultra HD will reshape the industrial ecological chain. How will China's color TV companies deal with it?
On March 29th, the China Ultra High-Definition Video (4K) Industrial Development Conference was held in Guangzhou. The conference was hosted by the Ministry of Industry and Information Technology, the State Administration of Radio, and the People’s Government of Guangdong Province, the Guangdong Provincial Commission of Economy and Information Technology, Guangdong News Publication of Radio and Television Bureau, Guangdong Communications Administration, Guangzhou Municipal People’s Government, China Electronic Information Industry Development Institute and China Ultra High Definition Video Industry Alliance. TCL Chairman, CEO Li Dongsheng, General Manager of BOE Technology Group Co., Ltd. Chen Yanshun, Skyworth Digital Chairman of the Board of Directors Lai Weide attended the meeting and delivered keynote speeches on the status quo of the ultra-high-definition industry. Lai Weide: China's color TV industry already has the conditions to upgrade to 4K.
By making up for the weaknesses in the construction of transmission channels and insufficient content of 4K programs, 4K industry applications will usher in a rapid development period. The television industry is one of the industries with the greatest changes in China. In the early days of reform and opening up, China's TV industry is almost zero, but after more than 40 years of development, China's color TV industry has now become one of the largest, fastest growing, most market-oriented, most globally competitive electronic information pillar industries. Ultra-high-definition video 4K technology After the digitization and high-definition, the new round of major technological iterations of the global television industry will reshape the industry chain of color TV. From a broader perspective, with the development of high-speed Internet and the development of ultra-high definition video technology. , not only will have a huge impact on the end product, but will also create a new industrial chain. Enterprises participating in the exhibition area of China Ultra High Definition Video (4K) Industry Development Conference are not only traditional TV manufacturers, but also include three major operations. Businesses, Internet applications companies, etc. These leading companies will play an increasingly important role in the 4K industry, making the industry chain constantly improve and apply The value has rapidly increased. Currently, 4K TVs in China are becoming more and more popular. Last year, sales of 4K TVs in China reached 28 million units, and this year it is likely to further increase to 33 million. By 2020, the popularity of 4K TVs in the Chinese market will be More than 75%. In the past few years, China’s broadband and network have achieved full coverage. Even some of the bordering townships and regions have been touched. These high-speed network coverage has created the basic conditions for the rapid development of the 4K industry and the prosperity of 4K applications. In fact, 4K applications based on broadband Internet are being greatly promoted. In addition to applications in video, 4K applications can be widely applied in different fields, including online government affairs, smart communities, online services, and online services. Digital government, digital home, etc. Li Dongsheng believes that there will be a lot of new technological innovations and new products. The 4K HD industry has a very huge market prospect. From the development history of mobile communications, it was introduced more than 20 years ago. When communicating products, the price of a big brother needs more than 10,000 yuan, and it can only be called. After years of development, the network technology has continuously upgraded, from 2G, From 3G to 4G, to the coming 5G, you can see that mobile communications have formed a huge industry. From the simple call function evolved into thousands of new applications, the value brought by the mobile Internet is enormous, and also spawned. Tencent, Huawei and a large number of leading companies worldwide. Compared with the mobile Internet, the television industry has lagging behind, but as the country continues to promote the development of high-definition video industry, it will create a huge opportunity for the development of this industry. The video industry, combined with artificial intelligence and big data, will promote the rapid upgrading of industrial applications. Televisions are not just a television network. It also has many new applications. These new applications will create a huge pillar for the improvement of the value of the industry chain, and will also spawn Many new technologies and new formats. Yanyan Chen: Strive to become the world's most important supplier of ultra-high-definition screens
5. Content is the biggest bottleneck in the development of the 4K industry. How can this be broken?
On March 29th, the China Ultra High-Definition Video (4K) Industrial Development Conference was held in Guangzhou. The conference was hosted by the Ministry of Industry and Information Technology, the State Administration of Radio, and the People's Government of Guangdong Province, Guangdong Provincial Economic and Information Committee, Guangdong News Publication of the Bureau of Broadcasting and Television, Communications Administration of Guangdong Province, People's Government of Guangzhou, China Institute of Electronic Information Industry Development and China Ultra HD Video Industry Alliance. Compared to the booming of 4K industry, the lack of 4K content has been regarded as a 4K industry. The bottleneck of development. Director of Guangdong Radio and Television Station Cai Fuqing introduced how Guangdong Broadcasting and Television Station will develop Guangdong 4K TV program creation center into a national 4K content distribution platform through innovative thinking. Wu Hao, Chairman of 4K Garden, said through 'government advocacy'. + Industry collaboration's model, 4K content production and ultra-high-definition video industry will usher in the spring. Cai Fuqing: Change channel for the platform to create 4K content distribution platform for copyright
Wu Hao said that the model of “government advocacy+industry collaboration” will promote the development of China’s 4K industry. Wu Yan revealed that when people started to prepare for 4K content, many people opposed it because 4K content production was very laborious and technically difficult. Passing over several mountains. We all know that the production of high-definition content is very mature, but the production time and cycle of 4K content will be very long. In addition, its technical standards were not uniform at the time, there is the 4K codec is a big problem. In the face of these technical bottlenecks, we feel that it is a bottleneck and of course an opportunity. According to Wu Hao, they have a successful 4K post-technical solution. 4K technology is not too big a problem. We have optimized our own post-production technology. Reducing 4K post-production time to only 20% more than HD content creation. For example, if you do a HDTV, you need 10 hours, 4K 11 hours. We have a stable 4K codec technology. The codec equipment is more than 1 million yuan, and the cost is very high. We try to find our own codec program in China. But they didn't dare to do this at first, but After half a year of practice, this matter was completed. Wu Hao said that 4K Garden is a technology company, but how can it support many enterprises to produce content? They take many measures. For example, they spend a lot of money on 4K production equipment, including 4K. The cameras and Apple's post workstations provide hundreds of production results for free, and then tell the partners how to do 4K shooting and later, they provide support. This will produce a lot of 4K content every month. By now they have 5000 hours of 4K content library, including movies, TV dramas, variety shows, documentaries, concerts, etc. The national 4K standard has come out this year, relevant requirements have emerged, and they will combine standards to develop new high-standard content. The most important thing is to upgrade quality. In order to upgrade their quality, they bought a batch of equipment and replaced the original low-end equipment with high-end equipment for the partners. It is very costly to make 4K content. It is worth spending money for the future of the industrial chain. Wu Hao revealed that they had built a nationwide largest 4K post-production center. This post-construction center has already begun to build in Beijing and Guangzhou. Qing’s price supports the 4K version of these TV series. This is very happy for the crew. They have both got investment and some people have invested in high-definition versions. They have two birds with one stone. “Every TV series we invest in has a 4K version and will land in Guangdong. There is also a special effects center compared to the ordinary production center. ' Wu Yan said, 'We will jointly make a national 4K special effects center in CCTV in Guangdong. This investment is very large, but we believe that there is this pull, everyone You can see a lot of 4K special effects like armed classes, science and technology, etc. This is definitely cool. 'Miss Wu said that they have accumulated 3,000 hours of real 4K content in IPTV in Guangdong, Guangdong 4K Experiment Channel and Zhujiang Digital. In the whole year of this year, we plan to produce real 4K content for 3,000 hours, of which 1500 hours of high-quality 4K content will be produced jointly with Guangdong Taiwan and related technical training. 'These things are not one's ability, we will start from the second half of this year' 5G+4K' Spreading plan, 5G+4K is the trend of future live broadcasts, we have to try. Past our sports show was passed at the stadium The star is sent to the cloud and then redistributed. If you have 5G, this constraint on the scene is definitely very small. A 5G signal can be uploaded to the cloud and distributed on the spot. This video is very beautiful. We will start the second half of this year. Try it on 8K. ' Wu Hao finally stressed that 8K content is not actually far away. In fact this matter is not too difficult, as long as you are determined to do it, as long as you have the support of the industry, as long as you have the support of the government. China The Ultra HD Video (4K) Industry Development Conference embodies 'Government Advocacy + Industry Collaboration'. Industry collaboration is something that we all actually do. In the past year, we had a lot of upstream and downstream companies and we had Latong industries, but their The performance is very different. There are many companies still waiting and seeing, some are in the revolution, they have no action, and they are wrong about 4K's many ideas. We hope that under the advocacy of the government, everyone will work together and think clearly about 4K for you. What it means. China Electronics News