Recently, the performance of OLED US stocks and stock prices both surged. Universal Display, the US technology star company that specializes in OLED display materials, announced its first-quarter results. The company achieved revenue of $55.6 million in the first quarter and net profit of $10.4 million, an increase of 87% and 447% respectively over the same period last year.
According to public information, the largest customer is SamsungDisplay, the global leader in OLED panels, and it has more than 4,200 OLED-related patents in its application. The unexpected quarterly report ignited the enthusiasm of the capital market for the OLED industry. The company's share price rose 24% on the second day of the performance announcement, breaking through the $100 mark. In the most recent year, the share price has doubled and the total market value has exceeded $5 billion.
Zeng Mingwei, a researcher at Xingquan Fund, said that the stock price of the OLED cutting-edge materials technology company is basically a barometer of the OLED industry, revealing the rise of an industry. Some brokers believe that from the second half of 2017, the global OLED industry faces a major turning point. The release of iPhone8 and the collective expansion of panel production capacity will drive the rapid outbreak of the OLED industry chain.
It is understood that OLED is an abbreviation of organic light-emitting diode, which is a new display technology different from liquid crystal screen. Its most prominent feature is ultra-thin, flexible surface, and also rich in color, high contrast, fast response, and consumption. Many advantages, such as less electricity, have attracted much attention as soon as they came out. The industry regards OLED as a next-generation display technology that is likely to replace the current mainstream LCD panel.
"The first breakthrough is the small-size OLED display technology developed by Samsung. Its production cost will even drop below the high-end LCD panel in 2016. The subsequent rapid replacement seems logical and unstoppable. In addition to the Samsung mobile phone, the OLED is the first to be deployed in most models. Screens, other domestic models such as Huawei Mate9, Red Rice Pro, OPPOR9, VIVOxplay5 have begun to use OLED screen, Apple is likely to start using OLED screen in iPhone8." Zeng Mingwei said. According to the IHS data of the consulting company, the shipment of mobile OLED screens reached 385 million in 2016, and the penetration rate rose rapidly from 14% to 26% in just two years, while Samsung, the pioneer of OLED technology, occupied more than 90%. Small size OLED screen market.
Zeng Mingwei pointed out that the current application of OLED panels in large-scale fields such as TVs is lagging behind. For technical reasons, OLED panels of different sizes actually use different technical routes. The problem of high yield and low cost has long plagued large screen manufacturers. At present, South Korea's LG is the leader of large-size OLED screens. The recent situation has also shown optimistic prospects. LG said that its large-size OLED panel yield has reached more than 80%, and the core technical difficulties are gradually being overcome. The most intuitive feeling is that the price of 55-inch OLED TV is close to 10,000 yuan. Many domestic mainstream TV manufacturers have begun to bet on OLED TV as the future focus. It is expected that the proportion of OLED TV will also follow the mobile phone. growth of.
Huatai Securities believes that the world's major smartphone brands, represented by Apple, have adopted OLED screens as a consensus, and OLED screen demand will increase in volume. South Korean panel makers such as Samsung and LG have significantly reduced the production capacity of small and medium-sized LCD panels, shifting their focus to the OLED field, and the OLED supply gap will continue. The domestic panel maker OLED production line will release production capacity from the end of 2017 to 2018, to make up for the supply gap, and the import substitution potential is large.
Domestic companies face double opportunities
"Like the LCD screen instead of the heavy CRT display technology, the rise of OLED will bring shock, but this time may be milder." Zeng Mingwei pointed out that the first is the backlight module of the LCD panel. Backlight modules account for 20%-30% of the cost of small and medium size LCD panels, and can account for 50% of large LCD panels. The global market size is approximately $18 billion. Since the conventional liquid crystal panel must use an external backlight, and the OLED is a self-illuminating technology, a backlight module is not required, and the OLED largely replaces the liquid crystal, and the backlight module includes a reflective film, a brightness enhancement film, and a diffusion which are widely used in the backlight module. An optical film such as a film forms a strong impact.
Secondly, the liquid crystal material is affected by the impact. The conventional liquid crystal panel uses the liquid crystal molecules as a switch for controlling whether or not the light passes. Due to the change of the light-emitting principle, the liquid crystal material is no longer needed for the OLED panel. In addition, OLEDs are also bad for two other important products. One is a polarizer. A conventional liquid crystal panel requires two polarizers to filter light. The polarizer used in the OLED panel is slightly different, and only one layer is required. The other is a glass substrate. First, the technical difficulty of the glass substrate meeting the requirements of the OLED is greatly increased. Secondly, the application prospect of the flexible substrate in the OLED is broad, and the glass will no longer be the only panel carrier. Therefore, the amount of use of the polarizer and the glass substrate is reduced in quantity.
Finally, in the core panel manufacturing process, the popularity of OLEDs will also have an impact on traditional LCD panel manufacturers that are not well-constructed. At present, South Korea's Samsung and LG have taken a leading position in the field of OLED panels, occupying more than 90% of the market. Domestic panel companies are catching up. For example, the G6 production line of BOE Chengdu has just been lighted up recently. The M6 ​​production line of the same scale has already started. The panel makers such as Huaxing Optoelectronics, Shentianma, Guoxian Optoelectronics, and Huiguang are also actively deploying correspondingly. OLED production line.
Haitong Securities believes that according to the recent performance data disclosed by overseas companies in the OLED industry chain, the OLED industrialization process has accelerated, and the leading companies in the industry chain have begun to fulfill their performance, and shipments have increased substantially. In addition, according to statistics, there are currently 15 OLED production lines planned and under construction, 8 of which are in mainland China, with a total investment of nearly 300 billion yuan. The OLED production capacity is obviously concentrated in mainland China. Compared with the domestic LCD industry spending more than ten years to catch up, in the OLED's competition among the three countries and four places, the Chinese mainland has been in a more favorable position from the beginning, and domestic manufacturers are expected to win the initiative and the right to speak.
Shen Wanhongyuan said that UDC's performance was better than expected, confirming that the OLED industrialization process has obviously accelerated, and the domestic OLED-related companies will lag behind overseas companies and are currently in a strategic layout stage. According to industry chain research and feedback, domestic OLED material suppliers such as Wanrun Co., Ltd. and Fuyang Huicheng saw a significant improvement in shipments in the first quarter. At the same time, it believes that domestic OLED materials companies will gradually extend the industrial chain to a single link with greater value and higher profit margin. In the future, they will face the dual opportunities of increasing industry demand and increasing localization rate.
According to relevant reports, by the end of 2020, the AMOLED market is expected to reach US$67 billion, with a compound annual growth rate of over 45%. It is expected that the penetration rate of AMOLED panels in the mobile phone market will reach 27% in 2017 and 50% in 2020.
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