--- title: "Guotai Junan Securities: It is expected that LCD TV panel prices will continue to rise in March, with a focus on recommending BOE" type: "News" locale: "en" url: "https://longbridge.com/en/news/232673536.md" description: "Guotai Junan Securities expects that LCD TV panel prices will continue to rise in March, influenced by the domestic trade-in policy, with stable demand for TV panels. It strongly recommends BOE, optimistic about its market position and profitability improvement in consumer upgrades. At the same time, it recommends MTC, Kangguang Technology, CVTE, and other companies" datetime: "2025-03-21T03:11:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/232673536.md) - [en](https://longbridge.com/en/news/232673536.md) - [zh-HK](https://longbridge.com/zh-HK/news/232673536.md) generator: "portal-rs" --- # Guotai Junan Securities: It is expected that LCD TV panel prices will continue to rise in March, with a focus on recommending BOE According to the Zhitong Finance APP, Guosen Securities has released a research report recommending key players in the LCD panel industry chain, including BOE (000725.SZ). The firm is optimistic about domestic panel leaders like BOE capitalizing on the era of consumption upgrade and localization in China, gradually achieving a steady improvement in profitability through the scale effects and cost advantages brought by high-generation lines, as well as the industry influence and pricing power gained from leading market share. Meanwhile, the rise of the LCD industry has enhanced the competitiveness of domestic TV brands and ODMs in overseas markets, recommending MTC (002429.SZ), Kangguang Technology (001308.SZ), and CVTE (002841.SZ). ## Guosen Securities' main viewpoints are as follows: **LCD Industry Monthly Report: Expected Continued Growth in LCD TV Panel Prices in March** **Market & Performance Review:** From February 2025 to present, the panel (Shenwan) index has risen by 2.24%, while the average gross margin of major LCD manufacturers in China for Q3 2024 has declined month-on-month. Market review: From February 2025 to present, the panel (Shenwan) index has risen by 2.24%, underperforming the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index by 1.09pct, 3.48pct, and 0.24pct, respectively; among them, Deep Tianma A and Longteng Optoelectronics have risen by 1.07% and 1.35%, while BOE, TCL Technology, and Rainbow Technology have fallen by 3.36%, 6.39%, and 8.14%, respectively. In terms of valuation, as of March 13, the total market capitalization of the A-share panel industry is 562.467 billion yuan, with an overall PB (LF) of 1.61x, at the 61.0% percentile over the past five years. **Performance Review:** According to Omdia data, the global monthly revenue for large-size LCD panels in January was USD 5.426 billion, down 11.54% month-on-month but up 6.85% year-on-year, with BOE and TCL Huaxing's monthly revenue for large-size LCD panels growing by 9.16% and 6.28% year-on-year, respectively. For Q3 2024, the average gross margin of major LCD manufacturers in China (Deep Tianma A, TCL Technology, BOE, Rainbow Technology, Longteng Optoelectronics, AU Optronics, Innolux, and Han's Laser) declined by 0.77pct year-on-year and 0.56pct month-on-month to 14.91%, while the net profit margin increased by 0.15pct year-on-year and decreased by 0.69pct month-on-month to 1.75%. **Prices:** In February, LCD TV panel prices increased month-on-month, and prices for all sizes of LCD TV panels are expected to grow month-on-month in March. **Television:** In February 2025, the prices for 32, 43, 50, 55, and 65-inch LCD TV panels were USD 38, 64, 103, 129, and 177 per piece, reflecting month-on-month growth of 2.7%/1.6%/1.0%/0.8%/1.1%; Omdia expects the prices for March to be USD 39, 65, 104, 130, and 178 per piece, with month-on-month growth of 2.6%/1.6%/1.0%/0.8%/0.6%. According to TrendForce, the domestic old-for-new policy in March still has a certain stimulating effect on demand, and the purchasing momentum of Chinese brands remains strong. The demand for TV panels is expected to remain stable in March, with prices continuing to rise **Notebook:** On February 10, 2025, the prices of 10.1-inch (tablet), 14-inch (laptop), and 23.8-inch (monitor) LCD IT panels are $16.4, $26.2, and $44.1 per unit, remaining flat month-on-month; Omdia expects the prices of 10.1-inch, 14-inch, and 23.8-inch LCD IT panels in March to be $16.4, $26.2, and $44.3 per unit respectively, with the price of the 23.8-inch LCD IT panel increasing by 0.5% month-on-month, while the prices of other sizes remain flat. **Supply & Demand** In January, the global shipment area of large-sized LCD panels increased by 7.34% year-on-year, with the shipment area of TV, Notebook, and Tablet increasing year-on-year, while the shipment area of Monitors declined. **On the supply side,** the bank expects the global large-sized LCD production capacity area to grow by 2.31% in 2024 compared to 2023, with capacity changes in 1Q24, 2Q24, 3Q24, and 4Q24 being +0.72%, +0.35%, +0.25%, and -0.02% respectively; it is expected that the global large-sized LCD production capacity area will grow by 0.21% in 2025 compared to 2024, with capacity changes in 1Q25, 2Q25, 3Q25, and 4Q25 being -0.02%, -0.02%, 0.00%, and +0.16% respectively. **On the demand side,** in January 2025, the global shipment area of large-sized LCD panels increased by 7.34% year-on-year, with the global LCD TV panel shipment area increasing by 8.26% year-on-year, the global LCD monitor panel shipment area declining by 4.33% year-on-year, the global laptop panel shipment area increasing by 17.79% year-on-year, and the global tablet panel shipment area increasing by 15.48% year-on-year. The bank believes that the LCD industry capacity is gradually stabilizing, and with the shutdown of production lines by overseas manufacturers and the sale of production lines by overseas manufacturers, the industry share is expected to further concentrate. On the supply side, with the advantage of concentrated shares, it can better regulate the prices of LCD TV panels, the cyclical nature of the industry is gradually diminishing, and growth attributes are becoming apparent, with the profitability stability of LCD panel companies expected to gradually strengthen. **Risk Warning** Risks of demand for display devices falling short of expectations; risks of price fluctuations for display devices; risks related to the supply of production equipment and raw materials ### Related Stocks - [002841.CN](https://longbridge.com/en/quote/002841.CN.md) - [002429.CN](https://longbridge.com/en/quote/002429.CN.md) - [000725.CN](https://longbridge.com/en/quote/000725.CN.md) - [00710.HK](https://longbridge.com/en/quote/00710.HK.md) - [399001.CN](https://longbridge.com/en/quote/399001.CN.md) - [200725.CN](https://longbridge.com/en/quote/200725.CN.md) - [688055.CN](https://longbridge.com/en/quote/688055.CN.md) - [001308.CN](https://longbridge.com/en/quote/001308.CN.md) - [002736.CN](https://longbridge.com/en/quote/002736.CN.md) - [000001.CN](https://longbridge.com/en/quote/000001.CN.md) - [600707.CN](https://longbridge.com/en/quote/600707.CN.md) ## Related News & Research - [06:43 ETBOE attends UNESCO Global Conference of the International Decade of Sciences for Sustainable Development in Paris](https://longbridge.com/en/news/293024540.md) - [Chinese TV Maker MTC to Invest USD38 Million in Mexican Plant to Boost North American Market Resilience](https://longbridge.com/en/news/296577692.md) - [The TCL Note A1 is a kinder, gentler tablet](https://longbridge.com/en/news/296911779.md) - [The Treasury's bond-market intervention isn't working. 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