--- title: "ZheShang Securities: MiniLED technology drives the reshaping of the television industry landscape, and leading brands are expected to concentrate on enjoying the technological dividends" type: "News" locale: "en" url: "https://longbridge.com/en/news/250939949.md" description: "ZheShang Securities released a research report indicating that MiniLED technology is reshaping the television industry landscape, with an expected sales penetration rate of 18% for MiniLED in China by 2024. With cost reduction and policy support, the market penetration rate of MiniLED is rapidly increasing, having reached 41% in the domestic market during the 618 shopping festival. This technology significantly improves manufacturers' profitability through product structure upgrades, and leading brands are expected to concentrate on enjoying the technological dividends. The shipment potential for MiniLED in China is nearly 20 million units, while the overseas market stands at 34.3 million units" datetime: "2025-07-31T08:09:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/250939949.md) - [en](https://longbridge.com/en/news/250939949.md) - [zh-HK](https://longbridge.com/zh-HK/news/250939949.md) generator: "portal-rs" --- # ZheShang Securities: MiniLED technology drives the reshaping of the television industry landscape, and leading brands are expected to concentrate on enjoying the technological dividends According to the Zheshang Securities research report, the current MiniLED penetration rate is rapidly increasing driven by cost reduction and national subsidies, with technological changes bringing better picture quality effects. Data shows that in 2024, China's MiniLED sales penetration rate will reach 18%, and during the 618 shopping festival, the domestic color TV market's MiniLED penetration rate reached 41%, a year-on-year increase of +22.1 percentage points. MiniLED significantly improves manufacturers' profitability through product structure upgrades, with a price difference of nearly 2000 yuan for a 65-inch MiniLED TV compared to ordinary LCDs, while the cost increase is less than 1000 yuan. Leading brands are expected to concentrate on enjoying the technological dividends. The firm estimates that China's MiniLED shipment potential is nearly 20 million units, while overseas MiniLED shipment potential is 34.3 million units. ## Zheshang Securities' main viewpoints are as follows: **Why focus on new technologies for TV products? New technologies will drive product structure upgrades and lead to a reshuffling of the competitive landscape. Currently, MiniLED penetration is rapidly increasing driven by cost reduction and national subsidies.** **Historical Review:** Changhong chose plasma technology in its technological path and failed to seize the trend of LCD technology, resulting in a loss of market share. The development of the internet era also led to the emergence of internet TVs, nurturing brands like Xiaomi and LeEco. Therefore, the emergence of new technological paths will drive a reshuffling of the competitive landscape. For TV manufacturers, seizing new technological trends is essential to ensure their market share, and the emergence of new technologies will drive product upgrades and improve profitability. **Technological Change:** Upgrades in display technology bring better picture quality effects, evolving from early CRT technology to current LCD and OLED display technologies. Based on the principle of light emission, they can be divided into backlight and direct display. Among LCD upgrade solutions, there is the MiniLED backlight solution, while OLED and MicroLED technologies are direct display solutions. In the current industrialization process, the MiniLED backlight solution has a significant advantage due to its high cost-performance ratio. According to data from AVC, during the 618 shopping festival, the domestic color TV market's MiniLED penetration rate reached 41%, a year-on-year increase of +22.1 percentage points. **New Product Dividends:** The profit margin of MiniLED TVs is significantly higher than that of ordinary LCD TVs. For example, the retail average price of a 65-inch MiniLED TV is over 4000 yuan, while the average price of an ordinary LCD TV is 2389 yuan, with a price difference of nearly 2000 yuan. However, the additional module cost for MiniLED TVs is less than 1000 yuan. Therefore, the increase in MiniLED TV shipment share will significantly boost the profitability of black electrical brand manufacturers. **What is the current penetration rate of MiniLED? What can we expect for future domestic and overseas penetration rates?** **In 2024, the global MiniLED shipment penetration rate will be less than 4%, while China's MiniLED sales penetration rate will be 18%:** Chinese brands are continuously making efforts in MiniLED technology, leveraging the advantages of LCD panels to continuously squeeze the market share of Korean companies betting on OLED technology. In 2019, TCL Electronics launched the first mass-produced MiniLED TV, marking the entry of MiniLED into the mass production process; in 2023, with the continuous cost reduction in the supply chain, Xiaomi launched the SPro series, with the initial price of the 65-inch model being only 4299 yuan, and MiniLED began to gain traction driven by cost reduction In 2024, approximately 50 MiniLED products will be launched. Driven by national subsidies in Q4 and the Double Eleven shopping festival, the annual sales penetration rate of MiniLED in China is expected to reach 18%. **The narrowing price gap between MiniLED and ordinary LCD TVs drives the increase in penetration rate:** The rapid increase in MiniLED penetration is attributed to the decline in prices, with the industry chain reducing costs. The prices of MiniLED TV products have dropped into the range of mass consumption, and consumers are willing to pay for better display quality. By fitting the average price gap data between MiniLED TVs and non-MiniLED TVs with MiniLED penetration rate data, it is found that the narrowing of the price gap has an exponential relationship with the increase in penetration rate, with larger-sized TVs showing higher MiniLED penetration rates. **Estimated shipment space for MiniLED in China is nearly 20 million units, while overseas MiniLED shipment space is estimated at 34.3 million units:** According to data from AVC and Omdia, the estimates are as follows: 1) Chinese market: When the average price gap narrows to around 1,556 yuan, the MiniLED penetration rate space reaches 54%. Based on an estimated shipment volume of 37 million units in China in 2024, with an average price of MiniLED at 3,857 yuan and a profit margin of 7%, the profit from MiniLED TVs could reach 5.4 billion yuan. In 2024, the MiniLED CR3 shipment share in the Chinese market is expected to be 78% (Hisense, Xiaomi, TCL), with brand shares in the mid-to-high-end TV segment more likely to be concentrated among leading brands, indicating that the benefits of MiniLED TVs are more likely to be divided among top brands. 2) Global market: According to the bank's estimates, by region, MiniLED penetration rates in Europe, America, Asia-Pacific (including Japan), Latin America, and the Middle East and Africa are expected to reach 21%, 24%, 15%, and 18%, respectively. **Risk Warning** The pace of new MiniLED product launches may not meet expectations; cost reductions for MiniLED may not meet expectations; intensified competition downstream ### Related Stocks - [300671.CN](https://longbridge.com/en/quote/300671.CN.md) ## Related News & Research - [US SEC investigating Situational Awareness trades that led to July meltdown, source says](https://longbridge.com/en/news/296829164.md) - [Nimiq Opens Second Mini Apps Competition After Strong Debut](https://longbridge.com/en/news/297184111.md) - [08:02 ETFour Kantor & Kantor, LLP Attorneys Recognized in the 2027 Edition of The Best Lawyers in America ®](https://longbridge.com/en/news/297041639.md) - [JIC Venture Growth Investments takes stake in elleThermo via Venture Growth Fund 2](https://longbridge.com/en/news/297040824.md) - [AI boom, profit surge fuel China’s ambitious chip assembly buildout](https://longbridge.com/en/news/297031658.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**