wen | shixiang zhouliqing

编辑 | 明非

congshangshiji90niandaidexiaoxingdianzichang，daorujinchengweiquanqiuzhimingdexianshijishujutou，tcldemeiyibudouluoyinzheshidaidehenji。cengjing，tapingjielcddianshidepuji，zoujinleqianjiawanhu，chengweilezhongguojiadianxingyedejiaoao。raner，suizhequanqiulcdmianbanshichangdejiagebodonghechannengguoshengwenti，jiazhioleddengxinxingxianshijishudebuduanyongxian，tclkejimianlinzheqiansuoweiyoudetiaozhan。

tclkejidecaibaoshujutouluchuyizhongjinpogan。2024nianshangbannian，tclkejishixianyingyeshouru802.24yiyuan，tongbixiahua5.74%。shichangfenezhengduozhanyeyufajilie，sanxing、lg、suonidengguojijutoufenfenbujuqitaruoleddenggengweixinxingdexianshijishu，erguoneidejingdongfangyezailcdlingyubuduanzhuangda。

zaizheigeguanjianshike，tcljixuyichangduilcddeshougoulaishixianzijiu，zheibujinshiduiguoqulishidehuiying，gengshiduiweilaishichangdebuju。

9yue26ri，tclkejixuanbu，qikongguzigongsitclhuaxingguangdianjishuyouxiangongsi（yixiajiancheng“tclhuaxing”）nishougoulg display co., ltd.（jiancheng“lgd”）qixialiangjiagongsi——lejinxianshi（zhongguo）youxiangongsi（jiancheng“lgdca”）80%guquanhelejinxianshi（guangzhou）youxiangongsi（jiancheng“lgdgz”）100%guquan，yijixiangguanjishuhezhichifuwu，jichugoumaijiagewei108yiyuanrenminbi。

01 在红海中寻找蓝海

tclkejizhengzhanzaiyigeshizilukou，disezeshiyipianyoulcdmianbanjiagebodonghechannengguoshenggouchengdehonghai。

2000niandaichu，lcdjishuyiqiqingbo、dinenghaohegaozhiliangtuxiangxianshidengtedian，xunsuqudailechuantongdecrt（yinjishexianguan）xianshiqi。dangshi，quanqiufanweineidedianshihediannaozhizaoshangfenfentourulcddeshengchan，shichangxuqiurujisike。

cong2004niandao2007nian，quanqiulcddianshidechuhuoliangbiaosheng，lcdshichangchengweilegaosuzengzhangdedaimingci，gedapinpairusuoni、sanxing、lgdengdouzaizheichangjingsaizhongzhuandepenmanboman。

raner，suizhechannengdekuaisukuozhang，shichangkaishichuxianlegongguoyuqiudejixiang。2010nian5yue，shichangdiaochajigoudisplaysearchgongbudeshujuxianshi，xianshiqi、bijibendiannao、yejingdianshimianbanjiagejihuquanmianxiadie，jiagezhandexiaoyanmiman，shixuduolcdzhizaoshangdelirundafuxiahua。zaishichangquyubaoheguodujingzhengdeqingkuangxia，lcdshichangcongkuaisuzengzhangzhubuzhuanxianglehuanmanzengzhang，shenzhichuxianleshuaituidejixiang。

jiuzailcdshichangxianrunitanzhiji，yixiangxindexianshijishu——oledkaishizhanlutoujiao。oledyiqigengbo、gengqing、secaigengxianyan、duibidugenggaodetedian，zhujianchengweigaoduanxianshishichangdechonger。cihou，miniled、microleddengxinjishuluxuchuxian。bushaorenrenwei，lcdzhububeitaotaiyichengdingju。

huidaojinnian，yiqingyinfadejujiaqushicengyiducijileyejingxianshipingshichangdeduanzanfusu，cushizhongduoqiyekuodaleshengchanguimo。raner，suizheyidongshebeixuqiudezhubujianruo，yijiguoneidaxingjiadiandengshichangxuqiudexiahua，xuduodachicunyejingmianbanmianlinlezhixiaodejumian。

2022nian，lcdshichangxianruledigu，bushaoyejingmianbanqiyedeyejixiahua，shenzhiyouqiyechuxianleshangbaiyikuisun。omdiabaogaozhichu，2022nianmianbanchuhuomianjichengzhanglvjiangyaozhandao3％，quanqiumianbanchanzhijiangxiahua15％，zheiyeshijinnianlaishoucichuxianfuzengzhang。zheiyididianwuyijizhenggexingyedailailejudadeyali，yeposhixuduoqiyekaishidiaozhengzhanlve，zhuanxianggengjufazhanqianlidexinxingxianshijishu。

buguo，xuyaomingquedeshi，jinguanlcdshichangmianlinbaoheyuxinxingjishudechongji，danbingweiwanquanshiqushengmingli。

luotukejidebaogaoxianshi，2024nianshangbannian，zhongguodaludianjingxianshiqixianshangshichangxiaoliangjizeng30%，dadao269wantai，xiaoeyetongbizengzhang10%zhi33yiyuan。dianjingxianshipingshichanglingyuzhengyinglaiqiansuoweiyoudefazhanjiyu。

ciwai，jinguangaoduandianshishichangzhujianxiangoledhemini ledqingxie，dankaolvdaochengbenxiaoyihexiaofeizhejieshoudu，lcdzaidachicundianshipingmushangyiranzhanjuzhudaodiwei。jutongji，jinnianshangbannian，lcddianshideshichangfenerengbaochizai60%yishang，youqishizaizhongdiduanshichang，lcddeyoushigengweimingxian。

shichangdiaochajigouomdiadeyucezeweitcldeweilaibujutigonglegengweijutideshichangzhanwang。omdiayuce，tclhuaxingduilgdguangzhougongsideshougouyidanwancheng，tclkejizailcddianshimianbanshichangdezhengtifenejiangyouwangchaoyuejingdongfang，bingzai32yingcun、55yingcunhe65yingcundianshimianbanlingyuzhanjulingxiandiwei。

cicishougouchenailuoding，yeyiweizhelgdzhengzaijiasuqiyewuzhuanxingdebufa，bingjiangzhanlveyanguangjujiaoyumianxianggaoduanshichangdexiaozhizhongxingoledchanpinlingyu。lg displayshouxicaiwuguanjinchengxian（kim seong-hyun）zaijingjidaopozhoushijuxingdedi39cidingqigudongdahuishangbiaoshi，“gongsizhengzaicongyejingxianshiqi（lcd）guodudaoyiyoujifaguangerjiguan（oled）weizhongxindeyewujiegou。”

qitarihanqiyerusanxing、xiapuyexuanzezhubutuichulelcdshichang，lcdshichangjiangjinyibujizhongzaizhongguochangshangshouli。juluotukejishuju，jinnian8yue，zhongguodaluyejingmianbanchangzaiquanqiudechuhuoliangshizhanlvwei66.0%，shougouwanchengyijihouxurihanqiyedeluxutuichujiangjinyibulagaozheiyibili，congerzaiquanqiushichangzhongzhanjugengweiyoulidejingzhengweizhi。

tclkejicishijiamalcdyewu，bujinyouwangzhuazhushichangshengyuxuqiu，shixianyejizengzhang，gengyoukenengzaiweilaiyiduanshijianneijixubaochizailcdshichangzhongdediwei。

02 财务自救

jinnianlai，tclkejidexinnengyuanguangfuyewuzhengzaimianlingongxushihengdetiaozhan。

congtclzhonghuangongbude2024banniandubaogaolaikan，2024nianshangbannian，tclkejidexinnengyuanguangfujiqitaguicailiaoyewushixianyingyeshouru162.13yiyuan，tongbixiajiang53.54%；guimujinglirunkuisun30.64yiyuan，tongbixiajiang167.53%。

zheizhonggongxushihengdezhuangkuangyeduitclkejidezhengticaiwuzhuangkuangchanshenglexianzhuyingxiang。2024nianshangbannian，tclkejishixianyingyeshouru802.24yiyuan，tongbixiahua5.74%；jinglirunweikuisun4.68yiyuan，tongbixiajiang119.58%。zheishitclkejizi2014nianlaibanniandujinglirunshoucikuisun。

zaicizhiqian，zhonghuanjituanwuyishitclzuimingzhidezhanlvetouzizhiyi。

gushiyaocongjinianqiandeguangfuxingyerechaoshuoqi。bishi，suizhequanqiuduikezaishengnengyuanxuqiudezengzhang，guangfuchanyeyinglailefazhandehuangjinshiqi。tclkejibawozhuzheiyilishijiyu，yu2020nianshougouzhonghuanjituan，xunsuqieruxinnengyuanguangfulingyu，suihoushixianleyewudekuaisuzengzhang。

yi2021nianshujuweili，xinnengyuanguangfujibandaoticailiaoyewushixianyingshou411.0yiyuan，tongbizengzhang623.30%，maolilvwei21.69%。tclkejizaiguangfudianchihezujiandeshengchannenglishangbuduankuozhang，yejideliangyanbiaoxianrangshichangduiqiweilaichongmanqidai。

raner，shichangdebianhuazongshichurenyiliao。guangfuxingyezhujianchuxianlechannengguosheng、jiagejingzhengjiajudexianxiang，tclkejidexinnengyuanguangfuyewuyekaishiganshoudaoyali。

2023nian，tclxinnengyuanguangfujiqitaguicailiaoyewuhefenxiaoyewushouruxiajiang11.74%，jiangzhi591.46yiyuan。erdaole2024nianshangbannian，tclxinnengyuanguangfujiqitaguicailiaoyewushixianyingshou162.13yi，tongbijianshao53.54%，jinglirunkuisun31.76yi，tongbixiajiang165.63%。

zhidezhuyideshi，zaiyewukuisundeqingkuangxia，tclhaibaochizhejiaogaodekaigonglv。8yue27ri，tclzhonghuanzai2024nianbannianduyejishuominghuishangbiaoshi，“muqianwomendekaigonglvzai80%zuoyou，houxukenenghuigenjuxiaoshouzhuangkuangzuoshidangdexiadiao。”

yuxinnengyuanguangfuyewudekunjingxingchengxianmingduibideshi，tclkejidebandaotixianshiyewuzhengzaizhubuhuinuan。2024nianshangbannian，bandaotixianshiyewushixianyingyeshouru498.77yiyuan，tongbizengzhang40.39%；jinglirunwei26.96yiyuan，tongbigaishan61.45yiyuan。

zaiguangfuxingyedezhouqidibu，tclkejideguanlicengrenwei，benlunguangfuzhizaochanyedeyoushenglietaijiangyouzhuyuxingyezhangqidegejuyouhuaheyinglixiufu。raner，duanqinei，weilehuanjiexinnengyuanyewudekuisunyali，tclkejibixujiadaduibandaotixianshiyewudetouruheziyuanpeizhi，yiqitongguozheiyiyinglinengligengqiangdeyewubankuailaipinghengzhengtidecaiwuzhuangkuang。shougoulgdguangzhougongchang，jiangziyuanxiangyinglinengligengqiangdebandaotixianshiyewuqingxie，xiandeyouweibiyao。

03 全产业链能否奏效

duiyutclkejilaishuo，cicishougoujiangjidadikuozhanbandaotixianshijishuzhenrong，zengqiangchanyeliandexietongxiaoyingheguimohuayoushi，jinertigaogongsidezhangqiyinglinengli。

jishuzhengheshitclkejitishengchanpinjingzhenglideguanjianyihuan。suizheshougoulgdguangzhougongchangdeshunliwancheng，tclkejideyizhenghelgdcadeips（in-plane switching，pingmianzhuanhuan）channenghejishu，jineryongyougengjiawanshandeipsjishutixi。ipskeshijiaoduhao、xiangyingsudugoukuai，zaimianbanshichangzhongshuyugaoduanchanpin。

tongguojishuchuangxinhezhenghe，tclkejiyouwangzaiips lcdlingyushixiangengdadetupo，weiyonghutigonggengjiayouzhi、gaoxingnengdexianshichanpin。zhidezhuyideshi，ciqian，ipsleixingdemianbanzaiquanqiufanweineizhiyoulgdeipsyijijingdongfangdeadsliangzhong，tclbingmeiyoufazhanipsjishu。

chanyelianshangxiayoudezhenghezeshitclkejijiangdishengchanchengben、tigaoyinglinenglideyouxiaotujing。tclkejibingbumanzuyudanyidemianbanzhizaoyewu，ershicaiyongchuizhizhenghedeyewumoshi，zhiliyugoujianyigewanzhengdexianshijishushengtaixitong。tclkejideyewuguanchuanlecongyejingmianbandaozhongduanchanpindezhenggechanyelian，congshangyoudeyuancailiaocaigouhuanjie，daozhongyoudeshengchanzhizao，zaidaoxiayoudechanpinxiaoshouwangluotuozhan，tcldouyouqiangdadekongzhiheguanlinengli。

ercicishougouweitclchanyelianshangxiayouzhenghedailailexianzhuyoushi——tclbujinhuodelelgdzaimianbanlingyudexianjinjishuhechanneng，jutibaokuolgdbandaotixianshijishuyijidianshijishangxiandachicunyejingmianbanheyejingxianshimozudeshengchannengli，haihuodelelgdqixialiangjiagongsiyunyingsuoxudexiangguanjishuhezhichifuwu。

tclkejiyezaigonggaozhongbiaoshi，“bencishougouyouliyugongsifahuiguimojichanyexietongxiaoying。shougouwanchenghou，lgdcajiangyutongzaiguangzhoudetclhuaxingt9chanxianzucheng‘shuangzixing’gongchang，youliyuyouhuaziyuanpeizhi，jiangdiyunyingchengben，tigaoyunyingxiaolv，tishengchanxianjingzhengliyugongsizhangqiyinglinengli。”

danxuyaozhuyideshi，kejichanyedejishulujingxuanzeduiqiyeeryanshengsiyouguan，biruxiangjiyoujiaojuanguodudaoshuma，maizanglekedayidaijutou；shoujijinhuadaozhinengji，xiaomielequanqiu90%degongnengjipinpai；erqichecongranyouqudongzhuanxiangdiandong，zeshizhengzaifashengdeanli。

muqiandexianshichanye，hanriqiyezhengzaituichulcd，quanlijinquoled，bandaotixianshijishuluxiandajingsailaidaoleoled、miniledshidai。magirror researchshuju，2024nianshangbannianquanqiurouxingamoledzhinengshoujimianbanchangshangchuhuoliangdi1zhidi6mingfenbieweisanxingxianshi、boejingdongfang、tclhuaxing、tianma、weixinnuohelgd，qishizhanlvfenbiewei30.70%、22.30%、13.4%、12.9%、12.8%he7.9%。

zaixianshilingyu，guoneizhuyaoshijingdongfanghetclshuangxiongjingzhu，cishilidongshenghaozhi108yidulcd，taxuyaoqidaoxinjishudeshidailaidemanyidian。