聯得裝備聚焦顯示面板後道設備，公司業績進入快速增長期。
公司創立於1998年，在2012年完成股改並於2016年在深圳創業板上市，是國內領先的顯示模組設備、半導體封裝設備與鋰電設備製造商，在3C智能裝備、TV模組設備、汽車電子設備、半導體封測設備、5G設備和鋰電設備六大領域擁有強大的技術硬實力和市場影響力。
公司旗下6家子公司各司其職，核心子公司東莞聯鵬智能裝備有限公司，主要負責拓展市場貿易業務、整合先進材料應用技術，以提升公司核心競爭力和盈利能力。經過多年研發佈局，且受益於OLED面板在手機領域滲透和國產化率的提升，公司營收利潤近年來快速增長，2023年前三季度利潤達到1.28億元，創歷史新高。
Liande enters high-growth cycle; focus on display panel backend equipment
Founded in 1998, Shenzhen Liande Automation Equipment reframed its shareholding structure in 2012 and listed on the Shenzhen Growth Enterprise Market in 2016. The leading Chinese manufacturer evinces tech mastery in its display modules, semiconductor packaging and lithium battery devices. Its influence covers six key markets — smart 3C, TV modules, automotive electronics, semiconductor packaging and testing, 5G, and lithium battery devices — handled by its six subsidiaries, each of which takes care of a dedicated area. Key subsidiary Dongguan Lianpeng Intelligent Equipment drives the company’s market trading business and integrates advanced material application technologies to hone Liande’s core competencies and raise its profit profile. After years of building up R&D prowess amid the increasing penetration and localization of OLED panels for mobile phones, Liande’s revenue and profits have shot up in recent years and it recorded a profit peak of RMB128m in 23Q1-3.
OLED面板滲透率在手機和中尺寸領域快速提升，帶動後道模組Capex提升。
OLED在需求端有望迎來新一輪成長。小尺寸方面，OLED面板向低端智能手機市場下沉，驅使手機OLED滲透率提升；中尺寸方面，蘋果中尺寸iPad 2024起年將首次採用OELD屏幕，或會推動中尺寸OLED滲透率大幅提升。由於OLED複雜的工藝技術和未來柔性 OLED 屏的廣泛應用，增加對後道設備的需求，帶動後道設備升級換代，使後道模組自動化設備價值量翻倍增長。目前，國內模組產線不斷擴產，涵蓋OLED面板、LCD面板模組產線；OLED觸控面板產線後道設備中，聯得裝備涉及的部分市場空間爲119.18億元，LCD觸控面板產線後道設備中，聯得裝備涉及的部分市場空間爲21.58億元。
OLED penetration of cellphones and mid-sized devices drives backend capex
Market penetration:
we anticipate OLED demand could enter a new growth cycle:
•small panels: the increasing penetration of low-end smartphone market is driving the penetration of cellphone OLED panels.
•mid-sized panels: Apple is set to debut mid-sized iPads with OLED screens in 2024E, which could increase the penetration of mid-sized OLED panels.
Backend upgrades:
OLED manufacture involves complex process technology and widening applications for flexible OLED screens would increase demand for backend modules. This would drive backend upgrades and in turn double the value of automation equipment for backend modules. Module production lines are expanding in the Chinese market, including those for OLED and LCD panels. Liande’s share of the backend equipment market for OLED touch panel production lines amounts to RMB11.92bn, while that for LCD amounts to RMB2.16bn.
國產後道設備發展迅速，聯得裝備遙遙領先；開拓Mini LED、車載顯示等新賽道，公司業務範圍進一步拓展。
後道設備國產廠商積極搶佔日韓份額，國產替代進程加速，聯得裝備後道製程設備領域佈局較廣，在綁定和貼合設備領域處行業領先地位。同時，聯得裝備積極開拓VR\MR、Mini LED、車載顯示、半導體封測設備和新能源鋰電設備領域，加快推進在該領域的技術研發和市場開發，以擴大公司業務範圍，進一步提升公司業績。
Liande ahead in Chinese backend equipment; forays into mini-LED and in-vehicle
As Chinese substitution accelerates, domestic backend equipment manufacturers are capturing market share from Japanese and South Korean makers. Liande covers a broad swathe of backend process equipment and leads the market in binding and laminating equipment. At the same time, it is exploring new markets such as VR/MR, mini-LED and in-vehicle displays, and also semiconductor packaging and testing, and new energy lithium battery equipment. The company stepped up tech R&D and market development in these fields to widen its business scope and enhance profit prospects.
