Major listed companies in panel industry：At present, the listed companies in the domestic panel industry mainly include BOJING (000725.SZ), Shentianma (000050), Vitcino (002387), Huaying Technology (000536), Longteng Optoelectronics (688055) and Hehui Optoelectronics (688538).

Core data of this paper：Operating income, operating profit, gross margin

1、Boe VS Shenzhen Tianma: Panel business layout process

Currently, the leading enterprises in China's panel industry are BOE and Shenzhen Tianma respectively. The layout of the two enterprises in panel business is as follows:

2、Comparison of regional layout and operating status of panel business：

From the perspective of panel business area, boe and Shenzhen Tianma panel business are concentrated at home and abroad, boe domestic revenue of 49.456 billion yuan, foreign revenue of 57.829 billion yuan; Shentianma's domestic revenue reached 11.946 billion yuan, and its foreign revenue reached 4.048 billion yuan. Both at home and abroad, BOE's revenues are higher than Those of Shenzhen Tianma.

In terms of number of production lines, BOE has 14 display panel production lines, including nine LCD production lines (Wuhan 10.5 generation line will be launched in 2020) and four flexible OLED production lines (Fuzhou 6 generation line is still planned). Shentianma has more than 10 mass production lines in China, including 2 LTPS production lines, 1 rigid AMOLED, 1 flexible AMOLED, and another planned flexible AMOLED production line. In terms of the number of production lines, the number of boe production lines is higher than that of Shentianma.

From the distribution area of 24 shareholding subsidiaries of Shenzhen Tianma in 2020, the distribution of subsidiaries of Shenzhen Tianma is relatively concentrated, mainly concentrated in Yunnan Province and Beijing.

3、Panel business capacity comparison: BOE takes the lead in capacity scale

From the perspective of production capacity, by October 2021, the total of the announced existing production capacity and the capacity under construction can be summarized as follows: THE capacity of BOE and Shenzhen Tianma panel business remains in the lead in both LCD and OLED production capacity.

4、Panel business performance comparison: BOE leads in revenue scale

From the operating situation of panel business, from 2016 to the first half of 2021, THE income of BOE's panel business is all ahead of Shentianma, and the gap between them is large. In 2020, BOE's panel business revenue reached about 131.97 billion yuan, while Shentianma's panel business revenue reached 29.043 billion yuan.

In terms of the gross margin of panel business, except for 2016 and 2019, boe's gross margin of panel business was higher than That of Shentianma. From the perspective of the change trend of gross margin, the gross margin of Shentianma fluctuates downward, while that of BOE fluctuates upward. In 2020, the gap between the gross margin of panel business of two leading panel enterprises is smaller. Boe's gross margin was 19.72% and Shentianma's 19.32%.

From the perspective of the proportion of panel business, from 2016 to 2021, the proportion of Shentianma panel business basically remained above 98%, and the change was not obvious. The proportion of JINGdong side panel business basically remained between 88%-98%, and the proportion increased slightly. It shows that the two companies are deeply engaged in the panel industry and have rich industry experience and technical reserves, but at the same time, the company's business risk is high, which is greatly affected by the industry as a whole.

5、Comparison of panel R&D capabilities: BOE takes the lead

From the perspective of R&D capacity, BOE is higher than Shenzhen Tianma in the number of R&D personnel, the amount of R&D investment and the proportion of r&d personnel. And Deep tianma in r & D investment accounted for the proportion of operating income has a certain advantage.

6、Forward-looking view: BOE is the king of Panel in China

In the panel industry, the gross margin of panel business determines the technical strength of an enterprise, and the panel revenue performance can reflect the company's business profile. Based on the above analysis results, Forward-looking believes that BOE is currently the king of Panel in China due to its advantages in panel gross margin and panel revenue.

The above data are from the Forecast And Analysis Report on Production and Sales Demand and Investment of China's Panel Industry by Qianzhan Industry Research Institute.