CINNO Research: Short-term rebound in demand for smartphone panels in April, long-term cost restructuring is imminent.

CINNO Research Chief Analyst Zhou Hua stated that as the second quarter begins, the mobile panel market is showing a sustained strong demand in the short term due to the dual promotion of the "national subsidy" policy and the stocking demand for mid-year promotional season, although the overall price level remains relatively stable, the prices of different types of mobile panels are still showing a differentiated trend. CINNO Research Summary: As we enter the second quarter, the mobile panel market is showing a sustained strong demand in the short term due to the dual promotion of the "national subsidy" policy and the stocking demand for mid-year promotional season, although the overall price level remains relatively stable, the prices of different types of mobile panels are still showing a differentiated trend; The recent arbitrary changes in the U.S. tariff policy have brought great uncertainty to the market. Market panic is spreading, and there is a serious wait-and-see attitude. In the short term, it will continue to impact the global mobile industry, reshape the export pattern to the U.S., and intensify global industrial chain cost pressure through supply chain transmission. Faced with this challenge, mobile panel manufacturers need to demonstrate higher market sensitivity and strategic flexibility to cope with possible cost increases and changes in market demand; a-Si: In April, with the increase in project numbers, the demand for a-Si brands is rising, and the main production lines are operating at full capacity. In order to grab production capacity, the South China market has slightly increased the prices of mobile products starting this month, while the prices of panels and modules provided to brands have not increased; LTPS: The demand for LTPS panels in the mobile application field remains weak, but the growth in demand for vehicle-mounted panels has driven the main LTPS production lines to maintain full production status. With supply and demand in balance, LTPS mobile panel prices remain stable; AMOLED: With domestic mobile phone manufacturers accelerating the transition to flexible AMOLED, the demand for rigid AMOLED continues to shrink, leading to a price decline of 0.5 US dollars. The demand for flexible AMOLED remains strong, and domestic panel factories are operating at a high rate. Despite the demands from terminal manufacturers to lower prices, panel factories will strive to maintain price stability under the "control of losses" demand; CINNO Research predicts that the price trends of a-Si panel brands in April and May 2025 are still under observation; LTPS panel prices will remain stable in the short term; rigid AMOLED panel prices are expected to decrease by 0.5 US dollars; and flexible AMOLED panel prices will remain stable in the short term.