长江证券 071123
33页pdf 655k
引言.....................................................................................................................................1
液晶面板行业简介及竞争力分析框架..............................................................................4
行业简介......................................................................................................................4
分析框架......................................................................................................................7
TFT-LCD 面板行业属性重塑:“烧钱”困局破解,周期波动减弱................................9
行业“烧钱”之痛......................................................................................................9
供需关系改善,面板厂商进入盈利时代...................................................................9
需求增长驱动力面临结构性转变,未来增速趋于快速稳定.................................11
技术世代升级或臻极致,“烧钱”困局可望破解...................................................14
TFT-LCD 被替代风险中期内较小,适度威胁有助保持行业健康........................18
潜在进入者预期改变,减弱液晶周期波动.............................................................19
横向整合和纵向整合是行业下一个主旋律.............................................................20
估值方法............................................................................................................................22
台湾市场参考:适应性预期形成超额投资机会.....................................................22
电子股整体低迷带来A 股液晶行业公司的机会....................................................23
行业风险............................................................................................................................24