The development of display technology brings opportunities for display material investment. It is estimated that the global display panel scale will exceed 130 billion US dollars in 2022, with LCD panels accounting for about 70%. The penetration rate of small and medium-sized OLEDs has increased rapidly, and large-sized LCDs have become the mainstream. It is estimated that the market space of materials will be close to 300 billion yuan in 2025, and three investment logics will be grasped.

The development of display technology brings display material investment opportunities

The development of display technology brings opportunities for display material investment.

The change of display material is accompanied by the change of display technology. Display material technology is an important part of information industry. With the development of material technology, display technology has developed from CRT to FPD, and then extended to PDP, LCD, OLED and other technology routes. At present, LCD and OLED have been commercialized, and other new display technologies such as qled, mini led and micro LED are in full bloom, bringing investment opportunities for panel materials.

It is estimated that the global display panel scale will exceed 130 billion US dollars in 2022, with LCD panels accounting for about 70%.

The display panel market is mainly composed of TFT-LCD and OLED. According to IHS data, the market capacity of display panel increases from 253 million square meters in 2015 to 334 million square meters in 2019, with a compound annual growth rate of 7.2%. At present, the global display panel market scale continues to expand steadily. In 2022, the global display panel shipment will reach 3.468 billion pieces, of which the TFT-LCD panel will exceed 2.5 billion pieces, accounting for 73%; in 2022, the global display panel market scale will exceed 130 billion US dollars, of which the TFT-LCD panel will maintain stable growth, with the market scale reaching 94.6 billion US dollars, accounting for about 70%.

The penetration rate of small and medium-sized OLEDs has increased rapidly, and large-sized LCDs have become the mainstream.

In small and medium-sized areas, OLED panel penetration continues to rise. In the new trend of 5g high-end flagship mobile phones fully introducing flexible OLED and the rapid development of foldable smart phones, the application of OLED panel in smart phones will gradually expand. According to DIGITIMES statistics, in 2017, the shipment of small and medium-sized panels was nearly 2.5 billion pieces, of which AMOLED panels accounted for about 20%, and it is expected that the shipment of AMOLED panels will account for more than 40% in 2022. In the field of large size, LCD still dominates. Compared with OLED, LCD has a significant cost advantage. As the main component of large-scale display panel, TV ensures the high demand of large-scale LCD panel. It is estimated that LCD TV panels will account for about 98% in 2019.

It is estimated that the market space of materials will be close to 300 billion yuan in 2025, and three investment logics will be grasped.

Polarizer, glass substrate, target, photomask, photoresist and other products are used in the production of LCD and OLED. Among them, the market scale of polarizer is more than 110 billion yuan, the global market of glass substrate will reach more than 31 billion yuan, the target market is expected to reach more than 55 billion yuan, the global market scale of photomask is about 8.6 billion yuan, the market scale of photoresist will reach 20.2 billion yuan, and the market scale of color filter is about 23.5 billion yuan. In addition, LCD and backlight module are unique to LCD; organic light-emitting materials are unique to OLED. Generally speaking, the market of display materials is large enough. On this basis, we sort out three investment logics: prosperity upward, industrial transfer and domestic substitution.

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