oled成本拆分.pdf

KDB Daewoo Securities upgraded to AA+ (highest credit rating given to a domestic securities firm) December 19, 2011 By KR, KIS, and NICE on Nov. 2011 2012 Outlook Report Industry Report Display (Overweight) Daewoo Securities Co., Ltd. Jonathan Hwang +822-768-4140 j.hwang@ Brian Oh +822-768-4136 brian.oh@ OLED TVs for 1H; Apple iTV for 2H In 2011, the LCD and display-related industries were hit the hardest by the global economic slump. The supply glut intensified, as, after aggressive capacity expansion, TV demand contracted in the wake of the slowdowns of advanced economies. This down cycle became prolonged and deeper as Chinese panel makers significantly cut panel prices on the back of large-scale government subsidies. However, with crises come opportunities. Given that display supply-demand conditions are rapidly changing, companies that are quickly responding to these changes should find opportunities. There are no LCD capacity expansion plans for 2012. New supply should mostly stem from Chinese 8G lines, which commenced oper