Wanrun stock: company tracking report: the first flexible AMOLED production line in China has been put into operation, and intermediate materials have entered a rapid development period.

  • 2018-10-16
  • 428

China The first flexible AMOLED production line was put into operation.

On May 11, the 6th generation flexible AMOLED production line in Chengdu, Beijing Oriental, was put into production. Its design capacity is 48,000 glass substrates per month (the size of glass substrates is 1850 mm x 1500 mm). It is positioned for high-end mobile phone display and emerging mobile display products. The production line is the first AMOLED production line in China to adopt the most advanced evaporation technology in the world. It is difficult to cut glass substrates into half for evaporation. At the same time, the low temperature polycrystalline silicon (LTPS) plastic substrates are used to replace the traditional amorphous silicon (a-Si) glass substrates in the production line. The electronic mobility is more than 100 times higher, and it has fairly good signal driving and system integration capabilities.

The product with LTPS has higher screen resolution, so that the small size product can also have 4K ultra-high definition resolution. In addition, flexible packaging technology is used to realize the bending and folding of display screen, which can be widely used in high-end mobile phone display and emerging mobile display products such as smart wear, mobile phones, tablet computers, car-mounted displays and so on. In addition to the 6th generation flexible AMOLED production line in Chengdu, Beijing Oriental also built a 6th generation flexible OLED production line in Mianyang, Sichuan, in December 2016, with a planned capacity of 48,000 glass substrates per month, and is expected to achieve mass production in 2019. (Source: Beijing Oriental official website)

Domestic enterprises mainly focus on OLED intermediates and gradually enter the performance cash period.Our country mainly produces OLED intermediates  and monomer crude products,mainly concentrated in Wanrun,Puyang Huicheng,Xi an Ruilian and other enterprises, and then sold to overseas downstream monomer enterprises.and then sold to overseas downstream monomer enterprises.In 2017, Iphone8 plans to launch OLED mobile phones, which will greatly promote OLED into the smartphone field. According to HIS data, the cost of manufacturing a 5-inch AMOLED display is $7.2, and the market for OLED materials is nearly $30 billion in terms of global 50% penetration.

UNIVERSALDISPLAYCORP is an OLED flat panel display technology company. As the leading enterprise of luminescent materials, UNIVERSALDISPLAYCORP achieved business income of 55.57 million US dollars in the first quarter of 2017, an increase of 87.07%, net profit of 10.37 million US dollars, 43.1.81% over the same period. The substantial growth of performance also confirmed the development of OLED material plate from the side, and the main domestic enterprises as OLED intermediary supplier. Businessmen are expected to benefit preferentially, and enterprises are gradually entering the performance cash period.

The scale of application of display materials is expanding, and the company takes the lead in the layout of OLED plates. The main products of Wanrun Information Material Industry are display materials, including high-end TFT liquid crystal monomer materials, intermediate materials and OLED materials. The companys main products of OLED materials include OLED monomers and OLED intermediates, which are the leading domestic enterprises in this field. In the future, with the expansion of OLED materials in small-scale display field, the companys OLED materials field is expected to further expand its market share in this field.

Earnings forecasts and investment proposals. From 2017 to 2019, we expect that the net profit of the parent company will be 431 million yuan, 521 million yuan and 625 million yuan respectively, up 35.10%, 21.02% and 20.02% respectively, corresponding to EPS of 0.47 yuan per share, 0.57 yuan per share and 0.69 yuan per share, maintaining the buy rating, giving PE 45 times in 2017, and the target price of 21.15 yuan in six months.

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