Three major panel manufacturers disclose Q1 results

Recently, three major panel companies including BOE, TCL Technology, and Tianma Microelectronics disclosed their performance; among them, both companies achieved net revenue growth; both companies achieved growth in their vehicle-mounted display business.

■ BOE: MLED business revenue increased by 11% year-on-year in the first quarter

On April 29, BOE released its first quarterly report for 2026. The company achieved operating income of 51.001 billion yuan, a year-on-year increase of 0.80%; net profit attributable to the parent company was 1.707 billion yuan, a year-on-year increase of 5.78%; net profit after non-attribution to the parent company was 1.438 billion yuan, a year-on-year increase of 6.38%.

BOE stated that during the reporting period, all business sectors of the company's "1+4+N+ ecological chain" development structure developed steadily.

Among them, the display business continues to be the leader. In the LCD field, UB Cell 4.0 Pro technology empowers Skyworth’s flagship new TV, and 0 Border technology brings the first four-sided borderless TV screen. In the OLED field, the company launched a mirror-like "zero mark" folding OLED screen.

At the same time, the revenue of the sensing business increased by 55% year-on-year in the first quarter, of which the revenue of the smart window business increased by about 4 times year-on-year, and 4 new models were added; Suzhou BOE Drive Technology Co., Ltd. passed the first conversion driver technology evaluation test; the glass-based packaging project produced a 20-layer high-density glass carrier sample. MLED business revenue increased by 11% year-on-year in the first quarter. The China Broadcasting and Television Fusion Framework Agreement was implemented, and the PTA exhibition hall in Melbourne, Australia was officially opened. It also helped BYD build BYD's largest imaging center in Latin America, and the first hemispheric LED screen project in the medical industry landed in Beijing.

In terms of N business development, the unmanned sanitation vehicle equipped with BOE perovskite flexible components was successfully delivered; BOE Precision launched the "HERO 2.0 Smart Cockpit" in the world; Zoomlion's ultra-clear "ULive Super On-site" has served more than 60 venues; landmarks such as the Yangtze River Pearl Tower and Yibin Center built with the help of Yiyun Technology were unveiled at the CCTV Spring Festival Gala Yibin branch...

This quarter, BOE also focused on the three core areas of AI+ manufacturing, AI+ products, and AI+ operations to continue to accelerate its AI layout; it officially released the BOE AI question and answer system based on the BOE Blue Whale display model, and completed the docking of the Blue Whale display model with the intelligent agent software OpenClaw.

■ TCL Technology: In the first quarter, TCL CSOT achieved operating income of 25.18 billion yuan

On the evening of April 29, TCL Technology released its first quarter report for 2026. During the reporting period, the company achieved operating income of 43.454 billion yuan, a year-on-year increase of 8.43%; net profit attributable to the parent company was 1.556 billion yuan, a year-on-year increase of 53.71%; non-net profit after deduction was 1.155 billion yuan, a year-on-year increase of 20.59%.

During the reporting period, the company focused on its three core businesses of semiconductor display, new energy photovoltaics and semiconductor materials.

In terms of semiconductor display business, in the first quarter of this year, TCL CSOT achieved operating income of 25.18 billion yuan, net profit of 1.85 billion yuan, and net profit attributable to TCL Technology shareholders of 1.56 billion yuan.

Specifically, in the field of large-size displays, we continue to promote high-end TV solutions with HVA Ultra technology as the core; in the field of medium-size displays, according to the performance report, TCL CSOT MNT maintains its second place in the global market, with a market share increased by 3% compared with 2025. It ranks first in the global market of e-sports displays, and its notebook and automotive business has achieved rapid growth. In the small size field, super pixel technology is applied to flagship models of head phone brands on a large scale. In the field of dedicated display business, we completed the strategic merger and acquisition of Chuangke Optoelectronics, and cooperated with partners such as Dongfang Kemai to jointly promote the electronic paper machine project.

In addition, in terms of printing OLED and MLED technology, the industrialization process is steadily accelerating. In the field of MLED, it has successfully completed the equity transfer of Fujian Zhaoyuan Optoelectronics Co., Ltd. with Fujian Electronic Information Group and renamed it Fuzhou Huazhao Optoelectronics Co., Ltd.; this acquisition will further accelerate the large-scale implementation and penetration of Mini/Micro LED in ultra-large-screen TVs, commercial displays, vehicle-mounted smart cockpits and other scenarios. In terms of printed OLED, Guangzhou’s 8.6-generation printed OLED production line (t8 project) is expected to cap the main factory building in the second quarter and start moving in the main equipment in the fourth quarter; Wuhan’s 5.5-generation printed OLED production line (t12) has achieved stable mass production of medical display products, and IT products will be mass-produced in the third quarter.

At the same time, Maojia Technology, which focuses on the OEM business of smart display terminal products such as TVs, monitors and commercial displays, also achieved revenue of 4.58 billion yuan in the first quarter of this year. Among them, the shipment volume of TV OEM business continues to rank first in the world, and the shipment volume of display OEM business increased by 12% year-on-year.

■ Tianma Microelectronics: Q1 achieved revenue of 7.729 billion yuan

On April 30, Tianma Microelectronics released its first quarter report for 2026, achieving operating income of 7.729 billion yuan and net profit attributable to shareholders of the listed company -139 million yuan.

The official Weibo shows that in the first quarter, the company maintained high-quality development in ballast businesses with high revenue proportions such as vehicle-mounted displays and professional displays, and flexibly and steadily responded to challenges brought about by factors such as rising storage prices in the consumer electronics display business. During the reporting period, the gross profit margin of the main business increased by 1.32 percentage points year-on-year.

Specifically, the combined revenue share of vehicle display and professional display business increased to 55%. Among them, the profitability of the in-vehicle display business increased year-on-year, and the proportion of high value-added products represented by LTPS in-vehicle displays continued to increase. The in-vehicle display assembly business added global head OEM mass production project shipments. European head OEM assembly products reached full production targets in the dedicated line of the Wuhu factory. The domestic new energy car display market gained multiple high-value fixed-point project opportunities from leading customers, and the new 12-inch Micro-LED HUD high-brightness in-vehicle display was successfully lit. The professional display business achieved year-on-year growth in both revenue and profitability.

In the field of consumer electronic displays, the NB business in IT displays has accelerated its development. Overseas head customer NB has made breakthroughs in mass production, and new oxide projects have been mass produced and delivered. In the field of sports and health displays, related business revenue increased by more than 30% year-on-year, and the first overseas flexible OLED project was successfully delivered to a leading customer.