TCL plans to raise more than 10 billion yuan in panel duo to start the production capacity competition, the strong one may continue the pattern of Hengqiang.

After April 9, TCL Science and Technology announced that it is proposed to raise no more than 12 billion yuan, which will be used for the "8.6 generation oxide semiconductor new display device production line project" (hereinafter referred to as "T9 project") and supplementary liquidity after deducting the issuance cost.

As the main fund-raising project of this non-public offering, the T9 project is expected to have a total investment of about 35 billion yuan. Construction will start before September 2021 and will be put into production within 24 months after the start of construction. The project is targeted at medium-sized products with high added value, with a monthly output of about 180000 pieces of 2250mm × 2600mm glass substrate.

In addition, TCL technology also plans to invest in a joint venture with Guangzhou municipal government to build a new semiconductor display panel T8 project, that is, Guangzhou Huaxing 8.5 generation flexible windable OLED display panel production line project, which plans to produce about 60, 000 pieces of 2200mm × 2500mm glass substrate per month, mainly producing and selling 32 "- 95" 4K/8K ultra-high-definition large-size printed windable OLED TV, IT and high value-added commercial display products.

The T9 project will start first, and after the technical demonstration is mature, the parties will start the cooperative investment of the T8 project after consensus.

The two heroes have successively spent tens of billions of yuan to increase the strength of the leader and Hengqiang under the magnificent demeanor.

On January 15, BOE issued an evening announcement, throwing out a large order of 20 billion yuan for investment in six projects, with the exception of repaying the loan of Fuzhou City Investment Group and replenishing working capital of 3 billion yuan each, the remaining 14 billion yuan was used for capital increase and production expansion projects.

Among them, the acquisition of 24.06% equity of Wuhan BOE cost 6.5 billion yuan, the capital increase of Chongqing BOE and the construction of the sixth generation AMOLED production line cost 6 billion yuan, the Yunnan Vision Optoelectronics investment increase and the construction of 12-inch silicon-based OLED project cost 1 billion yuan, and the remaining 500 million yuan was used for Chengdu BOE Hospital to increase capital and build Chengdu BOE Hospital project.

Since the second half of last year, the panel industry has entered a wave of out-of-stock price increases. The panel quotation in March and April 2021 exceeded expectations again, and the shortage of key components led to the fragility of the supply chain. The interseasonal price drivers shifted from the demand side in the second half of 2020 to the supply side in the first half of 2021, and the industry continued to be in short supply.

Guosheng Securities Zheng Zhenxiang team released a research report on April 9 that from the industry boom tracking, inventory tracking, panel price performance continues to be better than the previous judgment, the industry outlook price trend is expected to continue to 21Q3.

Wu Ruofei, an analyst at Northeast Securities, said in a research report on April 6 that there is no need to worry about the prosperity of the panel industry until the third quarter of 2021, the core reason is that the supply accident of AGC glass substrate has restricted the growth rate of some panel factories.

In addition, after the high point, the panel price is difficult to fall deeply, there is a high probability of shock, and the leader has price control, especially in the large size end, so the future panel industry leader has long-term investment value.

Panel industry inflection point: cyclical weakening, science and technology growth attribute bonus

Guosheng Securities believes that this round of price market, which started in June last year, continues to exceed expectations, precisely because the inflection point of the industry pattern and the inflection point of cyclical growth have formed a resonance, and this trend continues. No matter from the origin of the cycle (the volatility of prices, the elasticity of output value), or from the direction of growth (OLED/Mini LED), continues to be optimistic about the cyclical weakening of the panel industry track and the inflection point of the attribute addition of science and technology growth.

Specifically, looking at the "science and technology growth attribute", on the one hand, the transfer of LCD industry has been gradually completed in the past five years, the share of domestic leading manufacturers has continued to increase significantly, and domestic leading enterprises have gradually grasped the right to speak in the industry. As the world factory of LCD panels, the share of the core leading manufacturers is gradually concentrated, and the new production capacity from 2020 to 2021 is relatively small, which is conducive to the stability of the industry pattern and the strengthening of the leading voice.

On the other hand, the, Mini LED backlit glass substrate scheme is expected to greatly improve the value status of panel manufacturers in the industrial chain. Mini LED backlight chip + LCD display panel is expected to become the preferred display technology for TV, tablet computer and other consumer electronic products in the future.

According to Guosheng Securities, in the medium to long term, the innovation of glass-based Mini LED backlit TV can bring the demand for 20% increment of LCD area.