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>> BOE Opens 100 Billion Expansion Plan to Lead the Rise of Domestic Panel Industry
On March 8, BOE issued a series of investment announcements, investing in flexible AMOLED and high-generation thin-film transistor liquid crystal display device production line projects and supporting projects, with a total value of nearly 100 billion yuan.
How is this 100 billion yuan spent? BOE plans to invest 46.5 billion yuan to build the 6th-generation AMOLED (flexible) production line project in Chongqing. The main products are positioned as AMOLED high-end mobile phone displays and emerging mobile display products.
In addition, BOE plans to invest in the construction of a high-generation thin-film transistor liquid crystal display device (TFT-LCD) production line project and supporting projects in Wuhan. The total investment for the production line project is 46 billion yuan, and the total investment for the supporting project is 10 billion yuan. Another proposed to invest in Suzhou Industrial Park project, the project total investment 4.023 billion yuan.
Continue to invest in AMOLED to capture market share
Following the sixth-generation flexible AMOLED production line in Chengdu and the sixth-generation flexible AMOLED production line in Mianyang, BOE announced that it will build and build the sixth-generation AMOLED (flexible) production line in Chongqing. This is the third production line of BOE's flexible display layout. At present, BOE Chengdu Flexible 6th Generation Line has achieved mass production; Mianyang Flexible 6th Generation Line has completed the capping and is expected to achieve mass production in 2019.
IHS data shows that in 2017, the flexible AMOLED panel market grew from US$3.5 billion in 2016 to US$12 billion, with a growth rate of 250%. In 2017-2021, the compound annual growth rate of flexible AMOLED is 22%.
According to the disclosure, the 6th-generation AMOLED (flexible) production line project in Chongqing is targeted at AMOLED high-end mobile phone display and emerging mobile display products. The project is located in Chongqing's Liangjiang New District with a design capacity of 48K/month (glass substrate size: 1,500mm x 1,850mm). The total investment of the project is 46.5 billion yuan and it is planned to start production in 2020. Among the project companies, BOE has raised 10 billion yuan as registered capital, accounting for 38.46% of the total, and the Chongqing government designated a total investment of 16 billion yuan, accounting for 61.54% of the total.
BOE said that in recent years, companies have been competing to lay out AMOLED production capacity. At present, Korean companies are accelerating their deployment as the demand for medium and small-sized markets increases. At the same time, the Japanese, Taiwanese, and mainland panel makers have continued to make efforts to quickly catch up. Therefore, the company also needs to rapidly increase production capacity to ensure the flexible market share of AMOLED.
Domestic companies are far superior to the LCD era in the field of OLED cards. Under the general trend of sustained and rapid growth in OLED demand, the profit cycle is expected to be significantly shortened. With its many years of technological accumulation, key equipment protection and mass production progress, BOE has laid a leading position.
Currently, BOE Chengdu's 6th generation flexible AMOLED production line has already produced output, and its yield rate climbed smoothly. It has delivered AMOLED flexible displays to over 10 customers including Huawei, OPPO, vivo, Xiaomi, ZTE, and Nubia. CLSA financial analysts believe that BOE has accelerated production of OLEDs. BOE is expected to ship 19 million smartphone OLED screens by 2018.
In 2018, BOE is expected to transform itself from a domestic display industry leader to a giant in the global semiconductor display industry as capacity increases and production rates increase after new production lines are put into production.
Strengthen the supply of large-size panels to further strengthen the leading position
In addition to the announcement of the construction of the 6th-generation AMOLED (flexible) production line in Chongqing, BOE also invested in the construction of a high-generation Thin-film Transistor TFT-LCD production line project and supporting projects in Wuhan, of which the total investment in the production line project is RMB 46 billion. The total investment of the project is 10 billion yuan. Another proposed to invest in Suzhou Industrial Park project, the project total investment 4.023 billion yuan.
It is understood that Wuhan High Generation Thin Film Transistor Liquid Crystal Display (TFT-LCD) production line refers to the 10.5th generation line. The main products include 65-inch and 75-inch 4K/8K, 60Hz/120Hz TV panels with a design capacity of 120,000 sheets per month. The total investment of the project is 46 billion yuan. Of the registered capital of 26 billion yuan, 20 billion yuan is invested by the platform designated by the Wuhan municipal government. BOE is responsible for raising 6 billion yuan, accounting for about 23.08% of the total. The project also has a supporting project with a total investment of 10 billion yuan, which is one of the key projects of BOE's layout in the health service industry.
BOE (Suzhou) Industrial Park Project, including the BOE (Suzhou) Zhizhi Service Industrial Park Project and other industrial projects launched at the right time, with a total investment of 4.023 billion yuan and a designed capacity of 20 million units per year, including 6 million LCD TVs Taiwan, LCD display 8 million units, commercial display 2.5 million units, new application terminals (vehicle, industrial control, mobile health, AR/VR) 3.5 million units.
According to BOE, TFT-LCD is still the mainstream product of semiconductor display. The Wuhan 10.5 generation line is mainly aimed at products with 60-inch or more, which can better fill the market gaps in the future large-size, over-sized products. In August of last year, BOE signed framework agreements with the Wuhan Municipal Government and the Industrial Fund of the Yangtze River Economic Belt of Hubei Province.
BOE is currently the absolute leader in terms of assets, profits, production volume, production line, and technology level in China's LCD industry. It has 12 LCD production lines across the country with a total investment of over RMB 300 billion. In December last year, BOE's 10.5-generation TFT-LCD production line was put into production in advance. The 10.5-generation line independently built by Hefei in 2015 in Hefei is the world's highest generation line and the world’s first 10.5-generation line, with a design capacity of 120,000 glass substrates per month. According to reports, the BOE (BOE) 10.5 generation line has surpassed any previous LCD panel production line in terms of product design and development, process guarantee, and technical control difficulty.
Currently, BOE has four large-size 8.5-generation lines, and the 10.5-generation line in Hefei has been put into operation in December 2017. Now, BOE has built another 10.5 generation line in Wuhan to further consolidate its dominant position in the large-size LCD field. Currently, the panel resolution continues to increase. The popularity of 2K and the appearance of 4K and 8K allow panel makers to quickly follow up on manufacturing processes and patents. The long-term plowing and technology accumulation of BOE in the LCD field has enabled the company to successfully mass-produce high-end products such as 55-inch UHD, 65-inch 8K, and so on. The value and profit rate have increased significantly.
After a large number of countercyclical investments in the LCD sector, the company has not been weaker in terms of capacity and technology than Korean manufacturers, and has a certain leading edge in large-size panels. To this end, BOE has proposed the "8425" strategy of "promoting 8K, popularizing 4K, substituting 2K, and making good use of 5G," leading the industry in technological development.
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