资源描述
1|2024 01 10 SAC S1110521050004 SAC S1110522070002 2024 241+23Q3 22%Q3 Q4 23Q3 LCD 2 PB 24 22-27%11.5 24-20%1 24 24 2 GDP 24+2%+4%3 ROE-/CAPEX 3 23 24H1 4 Mini LED Mini LED Mini LED IC Mini LED+LED Mini LED LED TCL 5&23 GMV 23 1 2 PT&OPE 3/4 Mini LED 1/2/3/20YBYvMnQmPnMsMmPqNpQnM7NaO6MsQpPmOrNeRpPnMeRpOrQ9PpPzRMYsPrNvPmPyQ 1 P4 2 3 Mini LED 4 3&5 24 6 P11P21P29P36P401451.1+23H1 Wind 1 CI005016.WI CI005306.WI CI005307.WI CI005505.WI CI005818.WI CI005309.WI CI005504.WI 2 2017 1 1-100%-50%0%50%100%150%200%2017-012017-042017-072017-102018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10 300 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4-10.0%13.0%10.2%13.6%-3.1%3.5%-6.8%1.5%-14.5%6.2%-15.2%1.8%4.6%-5.1%-4.0%-7.0%-15.9%19.1%8.9%21.5%-7.7%-7.2%-10.2%6.0%-20.1%12.7%-11.4%1.0%9.6%7.1%-2.8%-4.4%-18.5%18.6%10.1%28.7%-7.5%-14.4%-8.3%4.7%-20.1%10.6%-10.7%2.2%6.2%8.7%-2.4%-6.2%-1.0%27.7%13.5%-6.3%-6.2%11.6%-20.4%9.1%-20.5%13.9%-14.6%2.5%8.8%-1.8%-2.4%-5.4%6.6%7.7%5.0%-1.7%-8.0%19.7%-18.2%13.4%-18.5%8.8%-14.6%0.2%37.3%5.1%-7.8%4.4%61.2 23Q3 Wind 23Q3+0.2pcts 2.6%23Q3+0.7%23Q2 23Q3 57%-5pct/99/61/69 23Q3+1pct 22%/85/7+4.7/-0.3/-0.8pct/35/30/11/3 17Q1-23Q3 17Q1-23Q3 23Q3 4.2%0%2%4%6%8%10%17Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3 000921.SZ-11%4.5%5.3%0.8%000333.SZ-6%2.5%2.5%0.0%600690.SH 3%3.0%4.1%1.1%000651.SZ 2%2.9%3.4%0.5%600060.SH-7%9.7%10.2%0.5%002429.SZ-9%0.4%0.5%0.1%000810.SZ-16%0.2%0.1%-0.1%688696.SH-12%0.3%0.4%0.1%002035.SZ-16%3.2%1.3%-1.9%605336.SH 3%1.3%0.5%-0.7%002677.SZ 1%0.0%0.0%0.0%002508.SZ 7%0.6%0.7%0.1%300911.SZ 0%0.0%0.0%0.0%300894.SZ-24%0.0%0.0%0.0%002959.SZ-30%0.6%0.0%-0.6%002705.SZ-2%0.7%2.0%1.3%300824.SZ-4%0.0%0.0%0.0%002032.SZ-3%0.6%0.5%0.0%002242.SZ-5%0.0%0.0%0.0%603868.SH 10%2.3%3.5%1.2%603657.SH-13%0.1%0.0%-0.1%603486.SH-38%0.7%0.2%-0.5%688169.SH 29%5.2%9.1%3.8%603355.SH 9%0.0%0.0%0.0%603515.SH 6%0.3%0.0%-0.3%603195.SH 8%0.2%0.0%-0.2%688793.SH-5%2.0%2.2%0.1%603868.SH 10%2.3%3.5%1.2%002050.SZ-2%7.0%7.7%0.7%002011.SZ-20%5.7%6.0%0.3%2.2%-2%0%2%4%6%8%17Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3 71.3 22%Wind 2023/12/29 2008 2023/12/29 3 3 1 2-20 2.483%6731 5608 6875 8882 12543 21343 0%-17%2%32%86%217%-10 2.583%6731 5467 6665 8535 11863 19446 0%-19%-1%27%76%189%-5 2.633%6731 5400 6565 8372 11550 18618 0%-20%-2%24%72%177%2.683%6731 5334 6468 8215 11253 17858 0%-21%-4%22%67%165%+5 2.733%6731 5270 6374 8063 10971 17158 0%-22%-5%20%63%155%+10 2.783%6731 5207 6282 7917 10702 16510 0%-23%-7%18%59%145%+20 2.883%6731 5086 6107 7641 10203 15352 0%-24%-9%14%52%128%02,0004,0006,0008,00010,00012,000-3%-2%-1%0%1%2%3%4%5%6%8 1.4 Q3 Q49 1.4 23 23 2%-100%-50%0%50%100%150%200%250%300%22M122M222M322M422M522M622M722M822M922M1022M1122M1223M123M223M323M423M523M623M723M823M923M10-100%0%100%200%300%400%500%22M122M222M322M422M522M622M722M822M922M1022M1122M1223M123M223M323M423M523M623M723M823M923M10-100%-50%0%50%100%150%200%250%22M122M222M322M422M522M622M722M822M922M1022M1122M1223M123M223M323M423M523M623M723M823M923M10-60%-40%-20%0%20%40%60%80%100%22M122M222M322M422M522M622M722M822M922M1022M1122M1223M123M223M323M423M523M623M723M823M923M10 101.5 23Q3 LCD LCD 23Q3 2790+6%Q2+7%)2112.1 12 Wind 55%-92%0%17%-50%-12%4%27%27%18%0%-11%-31%-17%-9%17%20%23%14%-200%-100%0%100%200%0.00.51.01.52.02.53.03.54.019Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q32023-10:YoY 23 23 47%-31%5%2%-50%50%10%13%68%12%-14%-20%-19%-32%-24%-30%0%-5%-14%-12%-100%-50%0%50%100%0123456:YoY 23 12 31 PB 2015 SW PB%2023/12/31 2015 SW PB%2023/12/31 0204060801002015/1 2016/1 2017/1 2018/1 2019/1 2020/1 2021/1 2022/1 2023/1 0204060801002015/1 2016/1 2017/1 2018/1 2019/1 2020/1 2021/1 2022/1 2023/1 132.2 24 Wind 1 22-27%11.5 24-20%2 20%60%90%24 1 24 24 2 GDP 24+2%+4%3 24-20%-20%-4%-18%2%-15%-7%-4%6%0%2%-7%-21%-5%-8%4%-12%-4%-21%-2%-1%-39%-12%290237561372462713750200400600800 14 Wind 24 1 2008 CR3/CR3/CR3 24 2 3 B CR3 2.2 2440%45%50%55%60%65%70%-20%0%20%40%60%20082009201020112012201320142015201620172018201920202021202223M1-M10 YoY CR3 60%65%70%75%80%85%-20%-10%0%10%20%30%40%50%20082009201020112012201320142015201620172018201920202021202223M1-M10 YoY CR3/CR3/40%50%60%70%80%-20%-10%0%10%20%30%40%20082009201020112012201320142015201620172018201920202021202223M1-M10 YoY CR3 CR3152.3+Wind 1(2016-2030)2030 14.5 70%2035 14.6 73%3.0/3.2 2 10 3 35/+197/124/106/78 4 2%21-35 1369 803 0204060801001201401983198619891992199519982001200420072010201320162019 0501001502001983198619891992199519982001200420072010201320162019/74%26%0%20%40%60%80%100%2015 2016 2017 2018 2019 2020 2021 2022E 2023E+2019-2035(80%/2019 2020 2021 2022 127 125 141 144-10032 8884 9588 9601 13181 9212 8028 8470 8430 10954 273 285 373 390 982 101 102 104 105-4338 4270 4265 4123 6109 97 97 99 100-4493 4291 4453 4033 4376 67 66 69 68-2470 2283 2150 1836 3006 212 238 304 290 1011162.4 800 60%2022 22 1323 875 1078 20%15%5%2022 71 103 259 10%6%1%80 120 250 22 10%6%1%600/800/1000 108/117/126 22+5%/+14%/+23%600 800 1000 108 117 126 5%14%23%47.6 52.9 58.2-1%10%20%120 160 200 240 240 240 1323 1323 1323 23.6 26.2 28.9-4%7%17%90 120 150 180 180 180 875 875 875 9.7 10.8 11.9 103%126%149%30 40 50 60 60 60 1078 1078 1078 9%9%9%8.3 8.3 8.3-10%-10%-10%80 80 80 10%10%10%7.0 7.0 7.0 17%17%17%120 120 120 6%6%6%3.7 3.7 3.7-3%-3%-3%250 250 250 1%1%1%8.0 8.0 8.0 2%2%2%172.4 Wind ROE 1 g 0%2%4%2 32%40%50%80%100%3 ROE 2022 16.2%4 8%PB PE ROE PB PE r=8%0%0%0%0%0%32%40%50%80%100%16%16%16%16%16%r 8%8%8%8%8%PB 0.6 0.8 1.0 1.6 2.0PE 4.0 5.0 6.3 10.0 12.5 2%2%2%2%2%32%40%50%80%100%16%16%16%16%16%r 8%8%8%8%8%PB 0.9 1.1 1.4 2.2 2.7PE 5.4 6.8 8.5 13.6 17.0 4%4%4%4%4%32%40%50%80%100%16%16%16%16%16%r 8%8%8%8%8%PB 1.3 1.7 2.1 3.4 4.2PE 8.3 10.4 13.0 20.8 26.0g=4%g=0%g=2%ROE182.5 CAPEX PB-ROE Wind 22Q3 SW-2022 SW 137%48%47%35%31%27%26%26%24%22%17%14%9%3%0%-3%-9%-50%0%50%100%150%2023/12/18 1%1%1%2%2%2%3%3%3%3%4%4%4%4%5%10%26%0%5%10%15%20%25%30%-/CAPEX PB-ROE 2022 SW34%22%16%13%11%11%10%9%8%8%7%5%5%3%3%2%-1%-10%0%10%20%30%40%19 Wind 2.6 PB-ROEPBROE ROE 23 2023 12 19 PB-ROE A PB=（)/()PB-ROE A g ROE ROE PB-ROE PB A PB-ROE ROE PB ROE PB ROE PB PB 202.6 PB-ROE Wind g 2%-4%20%40%8%ROE 2022，PB g 2%-4%PB 100%2023/12/29 22%40%1.5 2.2 3.0 1.5 3.4 4.6 2.5 17%28%0.8 1.4 2.0 0.8 2.1 3.0 2.0 24%46%1.9 2.8 3.6 2.0 4.2 5.5 1.6 13%33%0.7 1.2 1.6 0.8 1.8 2.5 2.1 17%35%1.0 1.6 2.2 1.0 2.5 3.4 1.9 20%62%2.1 2.8 3.4 2.1 4.3 5.2 4.3 17%25%0.7 1.3 1.8 0.7 1.9 2.8 2.8 23%70%2.7 3.5 3.9 2.8 5.4 6.0 3.4 4%36%0.3 0.4 0.6 0.3 0.6 0.9 1.5 29%29%1.4 2.4 3.4 1.5 3.7 5.3 3.7 13%11%0.2 0.7 1.1 0.2 1.0 1.7 3.5 28%64%3.1 4.0 4.7 3.1 6.1 7.3 3.2 28%64%3.1 4.0 4.8 3.1 6.2 7.3 7.7 14%80%1.9 2.4 2.4 1.9 3.6 3.6 2.8 15%38%0.9 1.4 1.9 1.0 2.2 3.0 1.6 17%31%0.9 1.5 2.1 0.9 2.3 3.2 3.2 7%65%0.7 0.9 1.1 0.7 1.4 1.7 4.1 25%74%3.2 4.1 4.3 3.3 6.2 6.6 6.5 28%52%2.4 3.4 4.3 2.5 5.1 6.6 6.4 10%24%0.4 0.8 1.1 0.4 1.1 1.7 1.5 g=2%g=4%PB LF21 3223.1+24H1 Wind-7%1%-40%-20%0%20%40%05001,0001,50007Q107Q408Q309Q210Q110Q411Q312Q213Q113Q414Q315Q216Q116Q417Q318Q219Q119Q420Q321Q222Q122Q423Q3 CPI CPI YoY YoY 08Q2-23Q3 yoy 2007 CPI%20Q3-21Q1 22Q1 23Q3 21Q3 CPI 23Q3 23Q3 22Q1-23Q1 5 5 24H1 24H1+22-20%-10%0%10%20%30%40%01000200030004000500060002007Q12007Q42008Q32009Q22010Q12010Q42011Q32012Q22013Q12013Q42014Q32015Q22016Q12016Q42017Q32018Q22019Q12019Q42020Q32021Q22022Q12022Q42023Q3:YoY-20%-15%-10%-5%0%5%10%15%20%2Q084Q082Q094Q092Q104Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q162Q174Q172Q184Q182Q194Q192Q204Q202Q214Q212Q224Q222Q23WALMART TARGET COSTCO HOME DEPOT LOWES 23Q3 WALMART 23/8-23/10 TARGET 23/8-23/10 HOME DEPOT 23/8-23/10-23/11/24 COSTCO 3.2 23Q323243.3+Wind 23 4Q23 1Q24 2Q24 2023/12/27 1 22Q4 23Q4 2 23Q4 2 23Q4 24H1 3 23Q4 24Q1 13.0%8.8%14.1%-3.0%6.7%7.1%10.3%9.6%-5.0%0.0%5.0%10.0%15.0%23Q1-32018-2022 23 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q234Q23E 1Q24E 2Q24E 7.1 7.1 6.8 6.5 6.6 6.5 6.5 6.4 6.3 6.7 7.1 7.0 6.9 7.3 7.3 7.1 7.1 7.1 1.8%-0.3%-3.7%-4.0%0.3%-1.5%0.0%-1.4%-0.5%5.5%6.0%-2.0%-1.2%5.7%0.5%-2.1%0.0%0.0%1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q234Q23E 1Q24E 2Q24E 919 854 910 1250 1961 2164 2992 3266 3444 3157 2950 1615 1087 938 876 849 849 849 8%6%11%53%113%154%229%161%76%46%-1%-51%-68%-70%-70%-47%-22%-10%1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q234Q23E 1Q24E 2Q24E-4%-4%-6%2%7%17%28%19%13%7%-1%-8%-8%-6%-7%0%0%-3%-4%-5%-6%0%7%14%21%14%7%2%-2%-7%-7%-6%-7%-1%-1%-2%-4%-4%-5%0%6%14%23%18%8%2%-3%-9%-9%-6%-8%-1%0%-2%-2%-2%-3%1%4%8%15%13%7%3%0%-4%-5%-4%-3%1%1%1%253.4 Wind 23H1 22+23H1 23H1 23 21H1 21H2 22H1 22H2 23H1 21H1 21H2 22H1 22H2 23H1 23.4%3.2%8.0%12.6%8.8%32.2%30.8%34.0%35.9%51.0%49.0%50.5%37.8%50.8%26.7%28.0%28.2%26.9%216.2%10.5%16.6%6.8%25.5%42.1%44.3%56.0%55.2%28.3%36.1%25.9%33.8%31.0%34.0%41.2%43.2%44.7%80.1%80.1%3.5%3.5%10.3%33.1%46.4%47.8%45.1%46.8%57.6%57.6%52.5%52.5%57.2%55.2%58.3%48.4%53.1%54.0%19.1%19.1%-12.3%-12.3%22.2%25.6%28.0%22.6%26.6%50.1%50.1%44.9%44.9%11.7%12.4%11.3%13.3%21H1 21H2 22H1 22H2 23H1 21H1 21H2 22H1 22H2 23H1 19.6%7.5%5.2%1.7%3.5%31.3%24.9%23.0%24.7%26.2%42.3%37.8%42.4%40.0%40.7%25.5%25.5%21.8%23.6%25.8%59.3%57.3%34.6%-15.7%-0.6%29.9%34.4%29.3%29.5%32.8%35.6%37.4%29.5%33.2%9.1%9.3%8.5%9.4%36.0%10.2%-21.6%-41.5%30.8%46.4%20.2%24.4%26.2%28.6%86.3%86.3%83.2%68.5%82.2%19.5%22.9%20.8%24.0%28.0%26.8%26.8%6.7%6.7%-41.0%44.1%46.9%39.5%31.6%69.7%69.7%66.3%66.3%38.0%17.2%17.0%14.6%19.2%32.9%32.9%-31.2%-31.2%13.0%16.7%-12.2%95.0%95.0%95.8%95.8%96.0%17.8%16.2%68.7%5.6%-16.7%-39.9%-13.5%35.4%29.4%27.1%28.3%28.4%32.8%35.0%27.6%23.8%24.9%18.8%19.7%14.9%18.5%16.4%243.2%5.7%-5.8%-8.5%49.2%33.8%33.5%30.1%32.1%13.5%13.6%12.8%13.2%21.3%8.3%8.0%10.6%9.3%43.5%-1.3%5.8%-34.6%-14.4%33.3%33.0%27.8%27.3%30.2%76.4%79.2%76.4%65.2%73.4%21.0%20.4%14.7%18.6%19.3%273.6%-12.9%41.9%-11.5%-42.8%63.4%62.3%59.0%61.1%6.7%7.1%9.1%13.5%6.0%46.7%60.3%40.8%31.7%36.1%48.5%48.5%-21.2%-16.7%38.5%18.7%22.4%17.1%18.9%19.4%95.3%94.1%79.3%87.9%92.9%22.9%20.8%15.2%19.6%21.7%16.2%-50.8%10.7%-4.4%-20.5%27.7%22.8%11.7%25.1%98.6%98.3%99.0%98.1%96.8%34.6%35.2%27.8%25.8%*23H1 25263.5 amazon 23 GFK 2022 50%68%55%2022 45.6%43.5%2022 82.9%68.6%23 iRobot 1 2 iRobot 3 iRobot S8 pro Ultra 1599iRobot S9+649 G20 4999 116%54%33%26%-6%-9%-15%-23%-4%2%7%10%-0.4-0.200.20.40.60.811.21.4050100150200250300:YoY27 Wind 3.6 24H1 23 23Q3 21-23 23 24H1 23Q3 CAGR-20%0%20%40%60%23Q2 YoY23Q3 YoY21-23 CAGR17-19 CAGR 101%42%22%20%-8%-9%-11%-16%3%9%13%13%-0.4-0.200.20.40.60.811.205001,0001,5002,000:YoY2022 23Q1 23Q2 23Q3 2023E 2024E 2025E 2022 23Q1 23Q2 23Q3 2023E 2024E 2025E 2022 23Q1 23Q2 23Q3 2023E 2024E 2025E 2022 23Q1 23Q2 23Q3 2023E 2024E 2025E 2023E 2024E 2025E 99%52 16 26 35 49 70 85 4%-1%-19%-17%-5%42%21%2.7 0.9(0.5)(1.7)0.5 5.2 7.0-5%-41%-121%-187%-83%1011%37%189.7 17.1 12.5 96%19 6 13 21 28 36 44-32%-1%13%39%47%25%22%3.0 0.4 1.7 2.6 3.4 4.0 4.9-1%-30%2%0%15%16%24%24.7 21.4 17.2 84%15 4 9 13 18 23 28-8%3%18%20%19%27%25%1.8 0.5 1.3 1.8 2.3 2.6 3.2 49%82%67%34%30%13%22%14.4 12.7 10.4 76%78 24 52 81 104 118 131-23%20%32%37%33%13%11%4.2 1.7 4.0 6.0 7.3 8.3 9.3 630%660%157%82%72%14%11%9.7 8.5 7.6 71%137 28 64 108 144 157 171-8%-22%-11%0%5%10%9%10 1.4 3.9 7.4 10 11 13 21%-22%-19%-13%4%15%12%11.9 10.4 9.2 66%89 18 37 58 82 95 106 12%-22%-19%-14%-8%15%12%10 1.9 5.7 8.0 10 11 13 96%-12%19%-3%3%12%15%12.3 11.0 9.6 53%66 12 34 57 86 104 124 14%-15%15%30%30%21%19%12 2.0 7.4 13.6 19 23 27-16%-40%20%59%62%18%19%18.9 16.0 13.5 52%2,435 651 1,316 1,987 2,637 2,850 3,072 7%8%8%7%8%8%8%147 39.7 89.6 131.5 168 192 218 12%13%13%13%14%14%13%11.4 10.0 8.8 47%213 57 125 190 269 328 395 33%18%23%22%26%22%20%26 6.0 13.9 21.6 31 39 48 53%33%39%33%21%24%23%34.1 27.5 22.3 45%457 115 249 392 543 605 670-2%13%23%21%19%12%11%17 6.2 10.4 16.3 22 26 31 48%108%75%47%33%18%16%12.1 10.3 8.8 41%3,439 963 1,970 2,911 3,763 4,066 4,365 1%7%8%8%9%8%7%296 80.4 182.3 277.2 337 372 409 3%12%14%13%14%11%10%10.8 9.8 8.9 34%153 32 71 105 161 188 216 17%1%5%4%5%16%15%17 3.3 5.8 6.0 10 14 17-16%-23%-33%-46%-42%42%24%22.6 16.0 12.9 34%741 194 429 649 842 921 1,000 10%6%12%14%14%9%9%14 6.2 15.0 24.3 29 34 39 48%131%141%127%104%16%15%9.6 8.2 7.2 32%17 4 9 14 20 24 29 13%40%34%21%19%21%18%3 0.6 1.7 2.5 3 4 5 77%127%68%47%27%26%22%11.9 9.4 7.7 26%202 50 100 154 216 237 258-7%-12%-3%3%7%10%9%21 4.4 8.8 13.6 22 24 27 6%-19%-6%4%7%11%11%19.4 17.6 15.8 27%8 2 3 5 8 9 10-5%-7%-13%-12%-6%15%12%0.5 0.2 0.4 0.5 0.9 1.1 1.3-57%7%67%96%93%22%15%32.5 26.7 23.1 16%19 4 9 14 21 24 27 48%42%28%10%10%12%12%1.0 0.2 0.3 0.4 0.8 1.8 2.3-11%12%-37%-50%-20%126%28%27.2 12.0 9.4 283.7 Wind 23-25 Wind90 2023/12/2229 Mini LED4304.1 Mini LED RGB LED OLED Micro OLED RGB LED LED LED LED Mini LED Micro LED LCD Mini LED Local Dimming OLED Mini LED Mini LED LED LED 2023 1467 12.2%2023 6 Mini LED 22 Mini LED LCD OLED Mini LED LCD Mini LED Micro LED LED Mini LED RGB LED RGB LED 500nit 1000nit Mini LED 1000nit()1000 1 10000 1 5000 1 Mini LED 10M 1 2.5 1-1.5 0.05 LED60-80%Mini LED LCD 30-40%LCD 10%40400 3585-100120-100120()60K 20-30K-80-100K 80-100KLED-314.2 UDE*65 4K Mini LED 23Q3Mini LED 20%22 98 Mini LED Mini LED(411-991*)W OLED(680*)QD OLED(1040*)Mini LED 65-78%Display 65 Mini LED 38%PCB 30%IC 23%Mini LED Mini LED IC LED+LED LED LED 2022 Mini 50%LED LED+(DBR/Lens)+(LED)MiniLED PCB POB PCB 1 TV PCB 2 PCB 100%65%40%3 PCB IC+AM IC Mini LED PM AM AM 75 AM LED PCB COB Mini LED SMD IMD COB COG+()COB SMD 23 P1.2 COB 2021 50%COB LED COBCOG PCB AMPM Mini LED IMDSMD 22Q3-23Q3 Mini LED()55508766125142270823223483384542773611166154101843923310010000200003000040000500006000055 65 75 85 86 98324.3 Mini LED 24 19 23Q3 TCL Vidda Mini LED 2023 10 S PRO 65/75/85 896/1152/1440 4299/5999/7999 1000 40006000 10 23 0 11 10 24 2 TCL Mini LED Mini LED%S Pro Mini LED S Pro Mini LED(2023/10/29 0%5%10%15%20%25%30%TCL Vidda33 4.4 Mini LED+LED Mini LED LCD OLED LCD OLED Mini LEDLCD OLED MiniLED OLED Mini LED 85 Mini LED 77 OLED 2 Mini LED+LED Mini LED LED Mini LED OLED(2023/10/29 7099114802285531986475480251117416520207534235227845755 65 75 85OLED Mini LED LCD 2023H1 TV 22Q3-23Q3 6K+1.70%3.30%21.60%16.80%1.20%2.70%5.00%23.10%21.60%1.50%0%5%10%15%20%25%OLED Mini LED 8K 22Q3 23Q3344.5 Mini LED LEDinside LEDinside 2022 23 Mini LED 55 65 75 85 448 2304 2023 10 S PRO 65/75/85 896/1152/1440 4299/5999/7999 1000 40006000 Mini LED Mini LED(-)65 Mini LED-21.88%-14.00%-20.00%-16.67%-18.75%-20.00%-12.50%-10.00%康佳G9TCL Q10G雷鸟鹤7 Pro海信E7K东芝Z700MFTCL Q10G Pro小米S ProTCL Q10H海信U8H海信U8KL400060008000100001200014000160000 200 400 600 800 1000 1200 1400 1600 1800当前价格 发布价格 2023 11 22 2023 11 22354.6 Mini LED LEDinside 2019-2023E Mini LED 17.3941.798150190 140%135%53%27%0%50%100%150%0204060801001201401601802002019 2020 2021 2022 2023EMini LED YoY1725200024903577491816%25%44%37%0%10%20%30%40%50%02000400060002022 2023E 2024E 2025E 2026EMini LED YoY 2022-2026E Mini LED Mini LED LED LED L
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