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>> Analysis of future market development trends from BOE A's 12-inch OLED microdisplay project 2nd,Jan,2020
On December 27, BOE A issued an announcement saying that the company's board of directors reviewed and approved the "Proposal on Investment in OLED Micro-display Device Production Line Projects", and will cooperate with Ored, Central China Development and Gaoping Technology to jointly invest 1.15 billion yuan in the construction of OLEDs. Micro display device production line project, and established Kunming BOE Display Technology Co., Ltd. (referred to as "Kunming BOE" or "Project Company"), mainly engaged in the production, sales and research and development of OLED micro display devices.
It is understood that Kunming BOE has built an 8-inch silicon-based OLED micro-display device production line. In recent years, with the continuous development of the AR / VR industry chain, the headset industry is about to usher in an explosive period. BOE stated that customers have increased in size, brightness, and refresh rate. The requirements for product specifications such as power consumption and power consumption are increasing, and 12-inch OLED micro display device production lines with higher processes have become an inevitable trend. In order to meet the needs of the AR / VR high-end market and enhance the competitiveness of the project company, it is planned to invest 3.4 billion yuan (including 1.846 billion yuan from the company) for the construction of a 12-inch OLED micro-display device production line.
BOE A said that based on the current global consumer electronics market's growing market demand for high-specification and cost-effective OLED microdisplay devices, the project company's existing market foundation, technology accumulation and mass production experience are fully utilized to build a 12-inch silicon-based OLED project. It can further expand the industrial layout of the project company in high-end OLED micro display devices. In addition, in recent years, hardware technology and video technology have become increasingly mature, 5G has promoted the integration and development of the industry, and the commercialization process of the VR / AR industry has accelerated. It is expected that the VR / AR market will experience rapid growth starting in 2021. The project company needs to match the market increment and timely layout. The investment and construction of this project will help improve the company's cutting-edge product technology innovation capabilities, protect the company's emerging market competitive advantages, expand scale benefits, and enhance comprehensive profitability.
BOE A's advantages in the OLED market
It is understood that in the first three quarters of 2019, BOE A achieved revenue of 85.722 billion yuan, an increase of 23.40% year-on-year, and its net profit attributable to its mother was 1.852 billion yuan, a year-on-year decrease of 45.18%. Looking at the annual financial reports of BOE A, it is found that the display industry is still in the "cold winter period", the gross profit margin of related display products remains at 10% to 20%, the demand growth in the mainstream market is slow, the OLED industry chain is still immature, the cost is high, and the market demand is less than It is expected, but with the combination of 5G, AI, AR / VR and other technologies and display, the OLED micro-display industry is expected to develop rapidly in the future.
It is understood that BOE A currently has three six-generation flexible AMOLED plants, namely the Chengdu plant that was mass-produced and shipped in 2017, the Mianyang plant that was mass-produced and shipped in July this year, and the Chongqing plant that began construction last year (commissioned around 2020). Compared with Samsung, BOE A has a huge market and cost advantage in China. In the future, it is expected to lead Chinese panel companies to give full play to cost advantages so that consumers can afford advanced technology products and promote the development of global high-tech products.
At present, Kunming BOE has built an 8-inch silicon-based OLED micro display device production line. BOE A said that it can fully meet the current market demand for EVF (Electronic View Finder), civilian infrared / night vision equipment and other stock markets. As far as the incremental AR / VR market is concerned, it is restricted by the process node of the foundry, and it faces certain restrictions on the size, brightness, refresh rate, power consumption and other product specifications and technical capacity improvement space. Compared with 8-inch production lines, wafer foundries have higher process nodes and willingness to cooperate on 12-inch production lines, which can provide greater space and flexibility for design specifications such as brightness and power consumption. On the other hand, VR product users value immersion and pursue a large field of view (FOV> 100 °). Under the current optical solution, it is necessary to cooperate with large-sized MicroOLED device structures of 1 inch or even 2 inches to have the opportunity to achieve it. For the same large-size products, the 12-inch wafer cutting efficiency is 2 to 3 times higher than the 8-inch wafer, which has a greater competitive advantage in terms of cost.
BOE A stated that as of now, Kunming BOE has completed the production line of 8-inch active OLED micro-displays, successfully broke through the technical bottleneck of OLED in related fields such as research and development and mass production, and has successfully developed a number of products; in production line management, We have accumulated valuable experience in supply chain construction, equipment management, environmental control, energy saving and consumption reduction, and laid a solid foundation for the project's construction, mass production, and improvement of yield and capacity.
BOE A revealed that Kunming BOE has been established for two years and achieved mass production and shipment in 2019. Through communication and cooperation with multiple terminal equipment and solution providers, it has accumulated rich customer resources in the field of OLED micro display devices. The ability to quickly open the market; at the same time, the existing 8-inch production line construction, product development, and mass production experience provide strong support for 12-inch equipment review and rapid mass production. The 12-inch OLED micro display device production line technology and process route are different from the 8-inch production line. At present, there is no mature mass production experience on the 12-inch production line worldwide, and it is difficult to improve technology and yield. Relying on the existing 8-inch production line, the project company has gradually formed a large amount of knowledge in production line management, supply chain construction, equipment management, environmental control, energy saving and consumption reduction. Through the construction of the 8-inch production line, the project company has comprehensive equipment experience to pave the way for satisfying performance and stable equipment selection. At the same time, most technologies and process routes can be verified on the 8-inch production line in the early stage, and the technology reserve can be completed in advance. , To provide protection for 12-inch rapid mass production and yield improvement.
Overview of 12-inch Silicon-based OLED Project Cooperation
With the rapid development of the global economy, the situation of single-handed enterprises will gradually turn into group development. According to the announcement, the 12-inch silicon-based OLED project has a total of four parties, with a total investment of 3.4 billion yuan, which will be implemented in three phases. 60% of the total investment of the project is shareholders' capital increase, which is 2.04 billion yuan, of which BOE A currency increased capital by 1.846 billion yuan, Central Yunnan Development Currency increased capital by 194 million yuan, and Arad and Gaoping Technology abandoned their investment.
It is understood that Oreid is mainly engaged in the design, manufacture and sale of OLED displays and related products; design, manufacture and sale of OLED equipment; design and sale of electronic products; domestic trade, material supply and marketing; import and export of goods and technology.
Central Yunnan Development's main investment and management of investment projects; urban infrastructure construction; real estate development; land development; domestic and international trade. (Projects that are subject to approval according to law can only be operated after approval by relevant departments).
Gaoping Technology is principally engaged in the R & D, sales, import and export of related micro-LCD monitors and modules, electronic products and spare parts, electronic components, computer software and hardware, intelligent equipment, mechanical equipment, hardware products and plastic accessories, and related supporting businesses; Technical results of research and development. (Commodities that involve state-owned trade, quotas, permits, and special management regulations shall be operated after applying for applications in accordance with relevant national regulations)
BOE A said that due to the fact that the company has not yet achieved mass production, and the future terminal market of OLED microdisplay devices is still uncertain, there is a possibility of adjustment of the company's product structure. The results of the income method cannot truly reflect the market value of the enterprise.
So far, BOE A's new registered capital of RMB 2.04 billion has increased the registered capital of Kunming BOE from 1 billion to 3.04 billion. The new registered capital has been subscribed by BOE A and Central China Development in monetary terms. Among them, BOE A invested 1.846 billion yuan and obtained 82.77% equity of Kunming BOE after the completion of the capital increase. Central Yunnan Development has subscribed for a new registered capital of 194 million yuan with 194 million yuan and obtained 9.5% of Kunming BOE after the completion of the capital increase. Of equity. After the capital increase was completed, BOE A ’s equity accounted for approximately 82.77%; Central Yunnan Development ’s equity accounted for approximately 9.50%; Oreal ’s equity accounted for approximately 6.58%; Gaoping Technology accounted for approximately 1.15%.
OLED industry status and future outlook
In April 2019, the National Development and Reform Commission asked for opinions on the "Industrial Structure Adjustment Guidance Catalogue" and put forward the focus of economic development on the real economy. Among them, VR, AR, speech semantic image recognition, multi-sensor information fusion and other technology research and development The research and development and application of technologies such as applications and wearable devices are included in the "encouraging" industry in 2019. At the same time, in recent years, with the continuous enrichment of software and hardware technology breakthroughs and platform content in the display upstream and downstream industry chains, and the promotion of 5G technology, AR / VR technology has gradually expanded from the military market to the consumer market and to more fields. penetration. MicroOLED microdisplay technology is a branch of OLED display technology. It uses a single crystal silicon wafer (Wafer) as the backplane. In addition to OLED self-emitting, thin thickness, light weight, large viewing angle, short response time, high luminous efficiency, etc. , It is easier to realize high PPI, small size, easy to carry, low power consumption and other excellent characteristics. It is especially suitable for AR / VR display devices such as head-mounted displays, stereoscopic mirrors and glasses-type displays. In terms of development prospects, MicroOLED, with its unique advantages, meets the technical needs of near-eye displays such as AR / VR.
Although the application of OLED micro display devices in the field of VR / AR is in the incubation stage, the market share is relatively small and there is some uncertainty in the expansion rate. However, the outstanding performance of OLED micro display devices in high PPI, high refresh rate, low power consumption, and high integration can fully meet the specifications of AR / VR terminal consumer products and improve consumers' experience of AR / VR display terminals. While seizing the increase in the AR / VR market, it is expected to replace the current traditional display devices.
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