LPL

Structural: $LPL is a pure-play on the OLED substitution curve - large WOLED for TVs (sole producer globally), small flexible OLED for $AAPL iPhone (co-supplier with Samsung Display), and emerging automotive OLED (Mercedes, GM, Cadillac).

LCD capacity is being wound down (Guangzhou LCD fab sold to TCL CSOT 2024); the model is shrinking the legacy book and scaling OLED mix toward >50% of revenue. Equity is sub-$5B with high operating leverage to panel ASPs and Apple unit volume.

(1) iPhone OLED dual-source share gains as $AAPL diversifies away from Samsung Display; (2) WOLED TV panel demand inflection as OLED TVs cross 5% unit mix; (3) automotive OLED design wins (Mercedes EQS, GM Cadillac Lyriq) ramp into 2026-2027; (4) LCD wind-down removes loss-making capacity, structurally lifts gross margin; (5) capex peak behind it - free cash flow inflection plausible if OLED utilization holds.