Crazy speculation OLED deep Pegasus three days cumulative increase of up to 20%

September 1st, shentianma A (000050.SZ) shares rose continuously, to September 3rd, the cumulative increase of up to 20%.

Reporters learned that multi understanding, after the rise in the price of OLED is behind the frenzied speculation. Shanghai several major brokerage firms have been focused on the selection of the focus of the deep Tianma, is closely related to the progress of the project.

The Oled project in the industry, but there is considerable controversy, its prospects in the end how?

Controversy OLED

August 13th, deep in its semi annual report of the disclosure of Pegasus, Pegasus's holding subsidiary of Shanghai Tianma intends to invest in the construction of the 4.5 generation AM-OLED pilot line, with a total investment of about $492 million. Its source of funding for the project of Shanghai Tianma self financing and apply for government subsidies, which raised 210 million yuan, apply for government funding of $282 million.

In August this year, the company announced that the subsidiary of Shanghai Tianma intends to invest in the construction of the 4.5 generation AM-OLED pilot line, the monthly production of 250 thousand, the total investment of about $492 million.

OLED, also known as organic light-emitting diodes or organic light-emitting diodes, is considered to be the direction of the next generation of flat panel display, characterized by lower power consumption, lighter weight and better performance.

Second only to Apple's IPONE smartphone, Samsung i9000 uses a super OLED display. In the display effect, power consumption covers are significantly better than the market mainstream TFT display.

"They are forward-looking investments, which is the next step in the direction of development. Electronics industry, an industry source told reporters, the prospects are good, but to see how the results of the trial. "

Shanghai Tianma OLED production line or the nature of the test, not mass production, there is a long distance from the industrialization. "With a deep Tianma industry source told reporters.

Voice of controversy, with the.

Many industry experts believe that the yield of OLED is not high, raw material prices remain high, its performance compared to the new generation of TFT (low temperature polysilicon), and not much advantage. The reality is that many Japanese manufacturers have pulled out of the technical route. Cast in AM-OLED pilot line is a risky behavior.

There are a lot of controversy, it is like five years ago, the industry's plasma and TFT dispute. "The senior people in the industry said.

Five years later, plasma TV has disappeared, TFT technological progress eventually investing heavily in plasma manufacturers lose everything. Flat panel display industry the risk of large frightened people.

Good products may not be recognized by the market. The technical route of the dispute, and finally to the end of the demand side to decide.

It is understood that the current OLED can get the support of the obvious characteristics of the industry, such as response speed can reach 0.01MS, contrast to 10000:1, and the TFT data to 2MS, 500:1, in terms of power consumption, the same size OLED display is the traditional TFT display 60%, OLED even can be bent.

However, the defects of OLED are still obvious: low yield and high raw material price.

The original production of Japanese manufacturers have withdrawn, now only Samsung Electronics and AM-OLED capacity. SONY has launched a 10 inch AM-OLED color TV, priced at $two thousand, but the market is not optimistic.

Institutional optimistic?

Controversy in the industry more than the time, institutional investors have been settled in advance.

In September 1st, turnover return shentianma A stock transaction shows that two institutions dedicated seats were bought 39 million yuan, there are two body seats sold 21 million yuan, although there is controversy between institutions, but showed net buying state funds.

The company semi annual report, Yinhua (180001, fund) growth, INVESCO the Great Wall preferred Jingfu (260101, fund), Fortis earnings growth (519003, fund), Dacheng wheeled industry and other funds Jiancang shentianma, total shares 32% of the proportion of positions.

They are mainly optimistic about the strategic advantages of deep Pegasus in the field of small and medium size display, before 2012, OLED are not likely to contribute to profits, but burn the project. Shanghai, a brokerage analyst told reporters.

Orient Securities analyst Chen Gang electronics industry in the research report pointed out that "at present, a 3.7 inch OLED production costs about 50 yuan, the price of 200 yuan, even in 2012 half the price, there are more than 50% of the gross margin, but when the OLED volume will more effectively boost the company's profit growth. "

The industry is expected, even if the production line of Shanghai Tianma OLED trial smooth, the fastest will be in the second half of 2011 to mass production. And at this time it is a number of domestic and foreign manufacturers focused on the completion of the project.

"This is a very good risk but also capital intensive industry, the 4.5 generation of OLED test line on the purpose of Pegasus, is to master the relevant technology, technology. The above familiar with the senior industry insiders told reporters.

As we all know, Shanghai in the development of the tablet industry all the way bumpy, at a disadvantage. Industry speculation, Shanghai intends to support the deep water to test the water OLED project, salted fish turn over. Ministry of industry, Shanghai will give all aspects of preferential policies to support various ways. The senior sources said.

"AM - OLED development with the world's most advanced level of synchronization, compared to international rivals have the advantage of cost and delivery time, compared to domestic rivals and LTPS technology and the advantages of the 4.5 generation line resources. Orient Securities Chen Gang believes.

For a long time, China's flat panel display