The whole industry chain of the display panel industry is relatively long. The key supporting materials upstream include a glass substrate, optical film, liquid crystal material, polarizer, and filter, among which the domestic production rate of glass substrate and a polarizer is less than 20%, and the domestic substitution space is broad.
The middle reaches are mainly domestic and foreign panel manufacturers. At present, BOE, China Star Optoelectronics, and other domestic companies have occupied the main market in the world and are the world’s leading panel enterprises.At present, the panels can be divided into three types: LCD panels, OLED, and mini LED.
The future technology trend includes QNED, Micro LED, and other technologies. According to the different types of panels, the overall composition and materials are different. It mainly includes a polarizing plate, a glass substrate, liquid crystal material, a filter, optical film, etc. Display panels are mainly used in electronic devices such as TV, desktop computer, notebook, and mobile phone, including LCD panels, OLEDs, and mini LEDs.
Different types of display panels have different overall compositions and materials.
The whole industry chain of the display panel industry is relatively long. The key supporting materials upstream include a glass substrate, optical film, liquid crystal material, polarizer, and filter, among which the domestic production rate of the glass substrate and a polarizer is less than 20%, and the domestic substitution space is broad. The middle reaches are mainly domestic and foreign panel manufacturers. At present, BOE, China Star Optoelectronics, and other domestic companies have occupied the main market in the world, and are the global panel leaders. Downstream applications are mainly in TV, computer, mobile phone, and vehicle display, and the overall demand continue to expand.
Analysis of the development status of the display panel industry in 2022
In terms of the profit of the overall industrial chain of the panel industry, taking LCD as an example, the distribution of gross profit of the upper, middle and downstream industries of the LCD panel industry chain is quite unbalanced at present, and the overall profit of the upstream raw materials and the end of the downstream sale is relatively high. Among them, the overall profit of the polarizer is relatively high, which is about 40%, from the perspective of the gross profit of the leading two years, The actual gross profit of the polarizing plate is more than 25%; Glass overall technology and equipment barriers deep overlay of Japanese and Korean companies block technology, the profit margin is higher than polarizer; The overall profit of downstream sales is also higher than that of panel integrators.
With the development of technology, the prosperity of the display panel industry has been maintained at a relatively high level in recent years, second only to the microelectronics industry in the information industry. Display panel shipments in the first half of 2022 reached 90.2 million, up 11.7 percent year on year.
The competition aspect, our industry market concentration is high, industry competition is intense. In terms of shipments by panel factory, BOE shipped 28.9 million panels in the first half of 2022, with a year-on-year growth of 17.2%, ranking first in display panel shipments. By business revenue, BOE Display panel business revenue is far ahead, in 2021, 202.219 billion yuan, accounting for 92.21% of the total revenue.
In the future, the display panel industry will continue to transfer to mainland China, and the integration progress of domestic panel manufacturers will be further accelerated. Although the overall domestic panel industry has been on the up and up at present, leading companies such as BOE occupy major global markets, in the long run, the layout of OLED, QNED, Micro LED, and other new technologies will still be the key to future industrial competition. Taking BOE as an example, the sales volume in 2021 will reach 836,000 square meters, with a year-on-year growth of 66.9%. The core technology is still the core of the future development of enterprises and industries.
Spurred by the rising sales of new energy vehicles and the trend of automobile intelligence, the demand for onboard display panels shows an explosive growth trend. The once minority on-board display panel has quietly become the third largest small and medium-sized panel market after mobile phones and tablets. At present, LCD is the main onboard display panel in China. With the gradual withdrawal of LCD production capacity by major panel companies in South Korea, the shipment volume of Chinese panels will surpass that of South Korea for the first time in 2021, and the position of local companies in the international market continues to improve.