Equity Research Report Telecoms, Media & Technology July 2019 By: Frank He (S1700517120005) www.research.hsbc.com S P O T L I G H T China Display Initiate coverage: Playing catch-up in a foldable world With all the buzz over foldable phones, behind the scenes is a battle to make the screens… …and, while Korea may be ahead in some aspects, we see a favourable outlook for Chinese display makers Initiate coverage of Jingce at Buy and BOE at Reduce Disclosures & Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Equities ● Electronic Equipment & Instruments July 2019 Why read this report?  As foldable phones get ready to go mainstream, a fresh wave of technology innovation is under way…  …and, while China is still racing to catch up with the leaders in Korea, Chinese display makers have their advantages, too  Initiate coverage of Jingce at Buy and BOE at Reduce A shake-up is under way in the world’s smartphone market as giants like Samsung and Huawei roll out high-tech foldable phones aimed at re-energizing the handset market. But another shake up is also under way, although not quite as high profile or headline grabbing. Chinese display makers are racing to keep up with all the new technologies, and are looking to take on the leaders like Korea in producing the very latest in flat-panel displays. It should come as no surprise that the flat-panel industry is highly complex, and China has many strengths in many corners of it. But Chinese panel makers still lag behind Korea and Japanese peers in areas like foldable or large-size organic light-emitting diodes (OLED) panels which are the key ingredients now used in the very latest smartphones and 60” TVs. This technology cannot be understated – it improves everything from picture quality to power consumption – and we see it revolutionizing the display industry in the coming decades. The goods news though is that thanks to hundreds of millions of tech-hungry consumers at home, heavy investment in R&D, and a rich history of technology strength, we see a favorable outlook for China’s domestic display equipment companies. In this report we look at:  How fast the foldable phone industry can grow, and what are the risks.  Why large ultra-high-definition TVs are also part of the picture, driving demand for panels.  Why we are taking a cautious view on the LCD panel industry amid oversupply. We initiate coverage of Jingce with a Buy rating, and a target price of RMB62.80, derived from the mid-cycle valuation of 33.3x PE applied to 12-month forward EPS. We also initiate coverage of BOE with a Reduce rating, and target price of RMB3.20, by applying a mid-cycle valuation of 9.0x EV/EBITDA to the stock’s 12-month forward EBITDA. 1 Equities ● Electronic Equipment & Instruments July 2019 Contents Why read this report? 1 China display revolution 3 Key HSBC stock calls 4 Related research 5 Smartphones need smart displays 6 China Display 10 Company Section 31 BOE (000725 CH) 32 Jingce (300567 CH) 51 Disclosure appendix 68 Disclaimer 72 2 Equities ● Electronic Equipment & Instruments July 2019 China display revolution Organic light-emitting diode (OLED) is leading the new display revolution Following a 50-year development history from cathode ray tube (CRT), plasma display panel (PDP) and liquid crystal display (LCD), OLED is the fourth wave of display technology innovation USD100bn 7% 25% 2014 2018 Addressable market size of displays Total market share of OLED displays P h o ne shipm 5 e 3 n ts .4 Flexible and m Foldable panel industry average yield foldable phone 1 market 18% CA 60% G R 2021e 0 .5 m 25% 2019e 2 019e 2 0 25e 8K TV shipments 8K TV: 8K 5G the next key driver 5.4m Higher resolution and pixels per Network will also facilitate 8K for TV panels 0.4m inch (PPI) are the prevailing content delivery and extend to VR, choice for TVs over 65 inches AR and eventually mobile devices 2019e 2022e China should begin to outpace Korea in 2021e We forecast that China’s OLED capacity

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