[key investment points]
Miniled backlight technology greatly improves the display effect, and the black bit and color performance are comparable to OLED. Using the mini LED chip with a size of only 100300 microns and superimposed local dimming technology, the LCD panel with miniled backlight has higher peak brightness, more uniform low gray brightness, greater color quantity, lower power consumption and higher environmental contrast than the OLED panel. In addition, as an upgrade of the traditional LCD backlight, miniled backlight has the characteristics of long service life and no burning of the traditional LCD panel, which has brought a new competitive pattern to the medium and high-end market of the display panel.
Medium and large-size products are cost competitive, and there is still much room for exploration on the cost side. In the high-end market, miniled backlight TVs with tens of thousands of miniled chips and thousands of partitions are adopted, and the cost is still about 15% lower than that of high-end OLED TVs; In the mid-range market, by reducing the use of lamp beads and matching the 100 digit partition control, the cost gap between miniled backlight and direct backlight will be within 50%. A reasonable balance between price and image quality is another opportunity for miniled backlight to enter the mid-range market. The price of terminal products shows a downward trend, which confirms the cost reduction effect of the supply chain, and many enterprises in the industrial chain say that the cost of miniled technology still has great room for decline.
The professional demand drives the penetration of miniled, and the on-board display opens up a new battlefield for manufacturers. Omdia, a consulting firm, predicts that the total shipment of laptop panels will reach 300 million in 2022, of which miniled laptop panels are expected to account for 9.9 million, with a penetration rate of about 3%, setting a new high in shipment and market share. Omdia also estimated that by 2025, the shipment volume of miniled backlight TV will reach 25 million units, accounting for about 10% of the whole TV market. In addition, miniled backlight technology has been used in many models such as Weilai et7, Cadillac lyriq and ideal L9. The on-board display market may further open up growth space for miniled backlight.
[configuration suggestions]
The key to cost reduction of miniled backlight lies in the working efficiency of lamp beads, driving chips and equipment: it focuses on the materials and equipment upstream of the industrial chain. Therefore, it is recommended to focus on Xiamen Changelight Co.Ltd(300102) ( Xiamen Changelight Co.Ltd(300102) . SZ) and Focus Lightings Tech Co.Ltd(300708) ( Focus Lightings Tech Co.Ltd(300708) . SZ) at the chip end; Display Shenzhen Sunmoon Microelectronics Co.Ltd(688699) ( Shenzhen Sunmoon Microelectronics Co.Ltd(688699) . SH) of driving IC; Han’S Laser Technology Industry Group Co.Ltd(002008) ( Han’S Laser Technology Industry Group Co.Ltd(002008) . SZ) and Shenzhen Xinyichang Technology Co.Ltd(688383) ( Shenzhen Xinyichang Technology Co.Ltd(688383) . SH) at the equipment end; Ningbo Solartron Technology Co.Ltd(688299) ( Ningbo Solartron Technology Co.Ltd(688299) . SH) at the material end.
[risk tips]
The cost reduction rhythm of miniled backlight products is lower than expected;
The penetration rate of miniled backlight products is lower than expected;
The downward trend of panel price exceeded expectations;
The progress of industrial chain expansion project is less than expected
