汇丰银行-中国平板显示器行业报告：在可折叠领域快速追赶-2019.7-74页.pdfVIP免费

www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.EquityResearchReportTelecoms,Media&TechnologyJuly2019By:FrankHe(S1700517120005)ChinaDisplayInitiatecoverage:Playingcatch-upinafoldableworldWithallthebuzzoverfoldablephones,behindthescenesisabattletomakethescreens……and,whileKoreamaybeaheadinsomeaspects,weseeafavourableoutlookforChinesedisplaymakersInitiatecoverageofJingceatBuyandBOEatReduceSPOTLIGHT1Equities●ElectronicEquipment&InstrumentsJuly2019Ashake-upisunderwayintheworld’ssmartphonemarketasgiantslikeSamsungandHuaweirollouthigh-techfoldablephonesaimedatre-energizingthehandsetmarket.Butanothershakeupisalsounderway,althoughnotquiteashighprofileorheadlinegrabbing.Chinesedisplaymakersareracingtokeepupwithallthenewtechnologies,andarelookingtotakeontheleaderslikeKoreainproducingtheverylatestinflat-paneldisplays.Itshouldcomeasnosurprisethattheflat-panelindustryishighlycomplex,andChinahasmanystrengthsinmanycornersofit.ButChinesepanelmakersstilllagbehindKoreaandJapanesepeersinareaslikefoldableorlarge-sizeorganiclight-emittingdiodes(OLED)panelswhicharethekeyingredientsnowusedintheverylatestsmartphonesand60”TVs.Thistechnologycannotbeunderstated–itimproveseverythingfrompicturequalitytopowerconsumption–andweseeitrevolutionizingthedisplayindustryinthecomingdecades.Thegoodsnewsthoughisthatthankstohundredsofmillionsoftech-hungryconsumersathome,heavyinvestmentinR&D,andarichhistoryoftechnologystrength,weseeafavorableoutlookforChina’sdomesticdisplayequipmentcompanies.Inthisreportwelookat:Howfastthefoldablephoneindustrycangrow,andwhataretherisks.Whylargeultra-high-definitionTVsarealsopartofthepicture,drivingdemandforpanels.WhywearetakingacautiousviewontheLCDpanelindustryamidoversupply.WeinitiatecoverageofJingcewithaBuyrating,andatargetpriceofRMB62.80,derivedfromthemid-cyclevaluationof33.3xPEappliedto12-monthforwardEPS.WealsoinitiatecoverageofBOEw...