CITIC Securities: Bullish on the continuous improvement of OLED panel supply and demand and profitability.

CITIC Securities stated that in the short term, with the stabilization of tariff policies, the promotion in the middle of the year driving TV manufacturers to destock and begin 25H2 stockpiling, and the low operation rate of panel TV production, the market supply and demand are expected to improve. TV panel prices are expected to gradually reach a turning point, while in the 25H2 smartphone market entering the peak consumption season, Apple's use of LTPO panels drives a structural upgrade in the industry. There is optimism for the continuous improvement of OLED panel supply and demand and profitability. Looking ahead, there is strong confidence in the medium and long-term logic of the panel industry, with a benign industry competition structure. The trend towards larger sizes will continue to push the balance of supply and demand upwards, as cost reduction through localization and gradual exit of depreciation is expected to accelerate the release of profits for top-tier panel manufacturers.