Applying patents in the United States exceed Samsung?BOE is still on the way to Samsung

Introduction: When the industry is not dazzling, there is a hope of success to keep the fundamentals.

Produced 丨 Nuke Science Society

Author 丨 Ningxi

Recently, BOE has attracted much attention.

According to an announcement issued by the U.S. Patent Office, in 2021, BOE surpassed the old opponent Samsung as the LED display manufacturer who applied for the most patent in the United States. Data show that the number of patents applied for by BOE last year has increased by nearly 70%, exceeding 2905 patents applied to the United States last year, and 783 patents applied for by another Korean mainstream LED display manufacturer LG in the United States.

In addition, according to the statistics of the US Patent Office, BOE has reached an average annual patent application growth rate of nearly 50%in the past 10 years. It is the company with the highest growth rate of the industry in the United States.

When BOE's shipments exceeded Samsung in 2017, when Samsung became the world's largest LCD display manufacturer, the number of global patent applications has become the world's number one, but at that time, Samsung's application in the US patent was almost more than 50%of BOE.

In the past five years, Jingtong has not only become a veritable boss for global patent applications, but the number of applications for the US patent has finally exceeded Samsung.

This is regarded as a manifestation of the power of the scientific research system created by Wang Dongsheng for BOE, and it is also the continuous manifestation of Wang Dongsheng's so -called BOE's spirit of thinking in peace.

Another reason is that BOE has released the technology beyond the era.

Almost at the same time as the US Patent Office announced, on September 14th, BOE released a series of products based on the MLED field of the global industry in the technical salon held by the global industry. , Announced the first mass production of glass -based MINI LED products.

Because the core material and LED crystals of the glass substrate are inorganic semiconductor crystals, the two are closer to the thermal efficiency deformation coefficient, and the ultra -thin intensity of the glass itself and the heat dissipation ability is also stronger. This enables the MINI LED to use this technology, which can achieve a thinner application effect that is thinner and more powerful.

Because of this, mainstream manufacturers such as Samsung and LG have been working in this field in the past two years, basically solving the application of small -sized glass substrates, but there are still blank in large -sized applications.

The release of BOE on September 14, officially told the industry that BOE has solved the application of large -sized glass substrates, and launched a series of glass -based 75 -inch 8K mini LED panels, and has been supplied to downstream TV manufacturers.

"This technology seems to be nothing, but many manufacturers in the field of LED LCD display have not been resolved. Now BOE is the first to take it out. This is the verification of its technical strength." It is said that this technology does not exaggerate, "It has epoch -making significance, which will make the film on the wall possible in the future."

In his opinion, BOE has faced a lot of challenges now, especially in the trend of downlinking in the industry's needs. "The newly released interim data is not ideal, but combined with the current development of BOE in technology, they are likely to be preparing to switch gear overtaking overtaking. "".

01 丨 The interim report is not ideal

BOE has recently been hotly searched, and the reason behind the report is still the unsatisfactory interim data data, which leads to a decline in the stock price, which allows shareholders to scold.

On August 29, BOE issued a semi -annual report in 2022. Data show that in the first half of the year, BOE revenue achieved revenue of 91.61 billion yuan, a year -on -year decrease of 15.66%, becoming the first half -annual report after 2018 to grow negatively; the net profit of returning home was 6.569 billion yuan, a year -on -year decrease of 48.95%.

The financial report also showed that in the second quarter, BOE's operating income was 411.34 billion yuan, a year -on -year decrease of 29.5%, and a decrease of 18.51%month -on -month. In fact, this shows that the revenue of BOE in the second quarter bears more pressure on decline.

The reason behind this decline is based on the category, which is an advantageous business that accounts for more than 90%of the revenue -82.642 billion yuan in display device revenue, a year -on -year decrease of 17.89%. In the report, BOE also shows that this situation is due to the downturn in the consumer electronics markets such as mobile phones, laptops, and other consumer electronics markets.

Related market data show that the price of international market panels has fallen sharply from December 2021, especially TV panels. In the first half of the year, the prices of mainstream TV panels decreased by 35%-50%year-on-year.

According to Qunzhi Consultation data, the price of TV/NB/MNT panels in the first quarter of this year fell 10.0/16.2/13.6%, especially 65 "/75" and other large TV panel products. Near cash costs near cash.

"Demand, we believe that under the context of the Russia -Ukraine War, overseas inflation, and the repeated domestic new crown epidemic, the demand for consumer electronics such as TV, PC, tablets, and mobile phones is weak and dragging on the demand for panel; Maintaining a relatively high level, the new production capacity of the 8.5 -generation lines in mainland China, Taiwan and other regions will also be gradually released, resulting in the high inventory of downstream customer panel inventory. "Lin Xi believes that the financial report of BOE is a financial data displayed in the downlink cycle. There is any original.

However, due to attending the event in August, the relevant leadership of BOE on the scene was full of confidence in the outside world. He set his own goals on the number of shipments and the first in the industry, and also raised the expectations of the outside world for BOE. This also caused many shareholders to criticize the financial report. After all, in the A -share market, BOE is known as the "King of retail", and its number of retail investors is the largest in A shares. The latest interim report shows that as of June 30, 2022, the number of shareholders of BOE A was as high as 1.6414 million.

The problem is that BOE's stock price decline was nearly 30 % during the year. As soon as this interim reported interim reported, BOE's stock price continued the previous situation of falling. At present, its stock price has fallen from the highest 4.96 yuan in January 14 to 3.55 yuan on September 15th, and the market value disappears 52.6 billion yuan.

02 丨 The future dispute between OLED behind

The bad financial report of BOE shows that the content of the content is far more than what you see now.

From the data point of view, the LCD display panel is divided into two types, one is a large-sized TFT-LCD panel, and the other is the small size but refresh rate and higher definition AMOLED.

Due to AMOLED's technology update, but the yield rate is low, this is a screen with good quality and high -efficiency fruit in the industry. For LCD panel manufacturers, if this screen can be based on this screen, sales growth and profit The improvement of the rate is more confident.

The problem is that according to the data of the 2021 annual report of BOE, BOE 2021 is mainly used for laptops and TV TFT-LCD panels for 75969k㎡, while AMOLED flexible panels used by mobile phones such as mobile phones are only 826k㎡, and the sales proportion is only 1.10% The amount of converted into sales can be ignored.

In contrast, Samsung AMOLED flexible panels' shipments in 2021 accounted for nearly 60 % of its panel shipments, which also made the sales and profit margins of Samsung LCD panels far exceeded the East.

In fact, 5 years ago, Samsung Electronics, which was difficult to distinguish between the large -scale field of LCD panels and BOE and Huaxing Optoelectronics, has realized that OLED is the direction of the development of LCD screen in the future.

This has also achieved the rise of Huaxing Optoelectronics, the main competitors of BOE.

Li Jianxi, former president of Samsung Group, who has died, has adjusted the investment direction of Samsung's online LCD display panel at the end of 2016. Li Jianxi believes that LCD will become the ocean of a giant competition, and OLED will be the direction of future development. Therefore, Samsung will gradually eliminate the production capacity of LCD in 2017 and transfer to a higher -dimensional market.

But he didn't want to let the further development of BOE, so Huaxing Optoelectronics, established by TCL, became the next preferred partner of Samsung.

Cross -holding shares in the field of high -generation LCD panels. At first Samsung held 15%of Huaxing Optoelectronics, while Huaxing Optoelectronics held 10%of the Samsung Suzhou LCD panel project.

And during the period of Samsung's holding of Huaxing Optoelectronics, Huaxing Optoelectronics quickly completed its own technical and production capacity accumulation with the help of Samsung's technology and market. By the time Samsung officially withdrawn from the Chinese LCD market, the remaining production lines left, without exception, were sold to TCL Huaxing Optoelectronics, which established the second position of Huaxing Optoelectronics in the domestic LCD market.

At that time, Wang Dongsheng, the chairman of BOE, judged that the popularity of OLED still took time. The Chinese LCD panel market was still indispensable for the technical investment of large -sized LCD panels. BOE resolutely strictly entered the channel for the development of large -sized LCD panels.

OMDIA data shows that in the second quarter of 2020, BOE continued to maintain a leading position in large -scale LCD panel shipments. BOE leads the market advantage of 28%of shipments and 21%of the shipping area, and has been maintained in the LED large -sized LCD panel.

Samsung Electronics, who abandoned this market, focuses on attacking the city in the field of AMOLED and establishes its own technical barriers. During the heyday of 2019, Samsung and LG's two Korean companies accounted for more than 85%in the OLED panel field.

This has become the historical footnote of this bad semi -annual report.

03 丨 BOE, who is catching up

Behind the performance of BOE's half -annual report this half -annual report is the reality of the decline in the global large -sized LED panel sales, and it is also a result of the previous generation leader of BOE's previous generation of LED light OLED strategies.

In fact, since the end of 2017, BOE has realized this problem and began to catch up.

According to public information, the Chengdu OLED production line of BOE has been put into production, and the Mianyang production line was also capped at the end of 2017. It was then announced that the Chongqing production line was announced in early 2018.

It is the cooperation with Huawei in 2019 to truly make BOE's development opportunities in the AMOLED field.

Most of the Mate40 series curved screens released during the Huawei period, most of them used BOE screens. Even if the corresponding screen has quality defects or the screen can be found when using the screen at some angles, Huawei has spared no effort in support, which also allows BOE to accumulate strong capital and technical experience in this field.

Next, BOE combined with Huawei ’s problems and experience in solving problems, spared no effort to transform their products, and successively won the support of domestic brands such as Huawei, Honor, Xiaomi and other domestic brands, and gradually optimized the technical level and quality of their mobile phone OLED screen. In addition, Wang Dongsheng has been strictly ordered by BOE. Most of the R & D capabilities have concentrated most of the R & D capabilities in BOE. In this weak link, they finally made substantial breakthroughs in the second half of 2021.

In July this year, after a long test, BOE's screen was officially selected into the Apple iPhone14's production and supplier sequence, marking the level of its screen reaching international first -class standards.

Even Samsung Group is preparing to introduce the flexible screen of BOE in the next generation of its own watches and mobile phone products.

Many good news points to BOE this period, and also strengthened BOE's confidence in constantly investing in technical strength in this field. Although Apple and Samsung do not necessarily bring to BOE how huge orders can bring, these big global brands "collectively extend their hands", which also means recognizing BOE product technology.

In fact, even if the income and profits were not ideal in the first half of the year, BOE still guarantees a profit state, and its only growth expenses are R & D expenses, accounting for more than 5%of sales revenue, an increase of 1.2%year -on -year.

According to data reports from the international well -known investigation agency Cinno Research, the shipping volume of global AMOLED smartphone panels in the first half of 2022 was about 278 million, a year -on -year decrease of 10.50%. However, the shipping volume of BOE achieved a year -on -year increase of 15.40%, and ranked second in the global AMOLED panel market with a market share of 10.30%.

04 丨 Super car still needs to wait patiently

In the AMOLED market, BOE has a qualitative leap and breakthrough, which is indeed happy.

However, for the huge patent barriers and production capacity that Samsung has cast, BOE is still a challenger in this field, and it is far from being able to open champagne to celebrate.

Especially how to apply the technology of high -quality OLED panels to the field of low -end OLED panels, generate certain technical levels to high -end, but prices can maintain a new OLED panel with low -end levels. The key is also the goal that it can really catch up with Samsung.

Samsung relies on the shipments of the huge mid -range OLED mobile phone panel to support their healthy financial report data. Because the technical content of these panels is not low, the production difficulty is low, and the yield rate is very considerable, which keeps Samsung's profit margin to a very good level.

In order to compete with Samsung, Wang Dongsheng, the founder of BOE Wang Dongsheng, once said a famous Wang's law: "LCD panel standard product prices decreased by 50%every three years, so the amount of technical preservation of the product must double every three years."

This means that we must invest huge sums of money for research and development, but promote the establishment of more production lines.

The fact that behind this fact does mean that BOE must also adhere to a huge scientific research investment and long -term R & D decisions, seek technical channels that suits you, and eventually break through the production end and change into new development capabilities.

To some extent, looking back at several industry crises encountered in BOE, each time is because of huge scientific research capabilities. It can also be seen from the financial report that the management of BOE is very clear.

There were problems with the mainstream market, and BOE began to start with the application of high -screen, small screens and mobile mobile fields. And this rapid transformation is inseparable from their long -term research and development accumulation. Data show that BOE's penetration rate in the field of MLED and AMOLED has increased. This kind of ability to prepare for its own preparations in the market panic period will determine that this company will return to the correct development track in the future.

How to judge the good or bad of a company not only depends on the performance of a company, but also depends on his performance in adversity.

The current data of BOE can be seen that on the one hand, it is trying to empty the inventory, and on the other hand, we also find ways to increase the production and research and development of high -profit products, and adjust their own product structure when others reduce production in order to cope with the new market structure.

This active and long -term emphasis on scientific research capabilities has also possessed the ability to change. Therefore, the current more than a dozen securities firms give the rating of holding or buying it.

But what BOE really needs is still persistence. I sincerely hope that time can give BOE the answer that BOE wants.

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