OLED
OLED 6.5Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Universal Display makes and licenses the light-emitting materials that go inside OLED screens. It does not make screens itself. It sells emitter chemicals to panel makers and it collects royalty and license fees on the patents behind the technology. Its materials sit inside most of the world's smartphone, TV, laptop, and car OLED screens.Universal Display（UDC）生产并授权用于OLED屏幕内部的发光材料。它本身不生产屏幕。它向面板制造商出售发光体化学材料，并就其背后技术的专利收取权利金和授权费。它的材料存在于全球大多数智能手机、电视、笔记本电脑和车载OLED屏幕之中。
Earns from营收来源 panel makers buy UDC's emitter materials for each screen they build, and pay UDC a separate royalty or license fee under long-term patent agreements.面板制造商为每一块生产的屏幕购买UDC的发光体材料，并根据长期专利协议向UDC支付单独的权利金或授权费。
Read the full description查看完整介绍
Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. It offers phosphorescent organic light-emitting diode (PHOLED) technologies and materials for displays and lighting products under the UniversalPHOLED brand. The company also offers FOLED that are flexible OLEDs for the fabrication of OLEDs on flexible substrates; and OVJP, an organic vapor jet printing technology. In addition, it provides technology development and support services, including third-party collaboration and support to third parties for the commercialization of their OLED products; and contract research services in the areas of chemical synthesis research, development, and commercialization for non-OLED applications, as well as engages in the intellectual property and technology licensing activities. The company has operations in South Korea, China, Japan, the United States, and internationally. Universal Display Corporation was incorporated in 1985 and is headquartered in Ewing, New Jersey.
Revenue breakdown营收构成 share of revenue按营收占比
This line moves with how many OLED screens the world builds, so it swings with smartphone demand and component costs. It fell in 2025 as customer mix and unit volumes softened. It is the most cyclical part of the business.这项业务随全球OLED屏幕产量波动，因此会随智能手机需求和零部件成本起伏。2025年由于客户结构和出货量走软，该业务出现下滑。这是公司业务中周期性最强的部分。
- Phosphorescent emitters磷光发光体 — the light-emitting chemical layer inside red, green, and yellow OLED subpixels, sold by the gram to panel makers.红、绿、黄OLED子像素内部的发光化学层，按克出售给面板制造商。
- UniversalPHOLED materialsUniversalPHOLED材料 — UDC's branded emitter product line, the commercial form its chemistry ships in.UDC旗下的发光体品牌产品线，是其化学技术的商业化形式。
This line is tied to long-term contracts, not unit sales, so it holds up better than material sales in a weak quarter. It includes occasional one-time catch-up payments that make single quarters lumpy. It is the more durable half of the business.这项业务与长期合同挂钩，而非单位销量，因此在业绩疲软的季度里比材料销售更稳健。其中包含偶发的一次性追加付款，会使单个季度的数字出现波动。这是公司业务中更为持久的一半。
- Patent license agreements专利授权协议 — long-term deals with Samsung Display, LG Display, BOE, CSOT, and others covering UDC's OLED patent portfolio.与三星显示、LG显示、京东方（BOE）、华星光电（CSOT）等公司签订的长期协议，覆盖UDC的OLED专利组合。
This is a small, separate specialty-manufacturing business, not core to the OLED story. It grew fast in 2025 on higher customer demand. It adds diversification but stays a minor part of total revenue.这是一项规模较小、独立于OLED主业的特种制造业务。2025年因客户需求上升而快速增长。它增加了业务多元性，但在总营收中仍只占很小比例。
- Adesis custom synthesisAdesis定制合成 — contract chemical research and manufacturing for pharmaceutical and other outside customers.为制药企业及其他外部客户提供的合同化学研究与制造服务。
Company facts公司资料
- Founded成立时间
- 1985
- Headquarters总部
- Ewing, New Jersey
- Employees员工人数
- 469
- Industry行业
- Electronic Components
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Watch
- Samsung+LG ≈ 61.5% of volume; the blue-PHOLED emitter race is still unresolved (Aug-26 OLEDX is lab-stage). FV $85-108. Entry $76-88. Trim 28x ttm.
Would upgrade on
- ANALYZED 8/28 — ACCUMULATE, first file. Near-monopoly phosphorescent-OLED IP licensor, debt-free, ~76% gross margin, 9yr dividend-growth streak. Near its 52wk low on a cyclical smartphone/component air-pocket (FY26 rev guide cut to the low end of $630-670M), not structural share loss — CEO/CLO bought open-market at $92-94 in May '26, above spot. Corrected current-yr P/E 20.2x (the vendor's 17.8x is FY2027)
🟢 8/28 分析——增持，首份报告。 磷光 OLED 知识产权的近乎垄断授权商，零负债，毛利率约 76%，连续 9 年提高股息。 因周期性智能手机/元件成本的空档期（FY26 收入指引下调至 $630-670M 低端）而近 52 周低点，并非结构性份额流失——CEO/CLO 于 2026 年 5 月在 $92-94（高于现价）公开市场买入。 修正后当年 P/E 20.2x（供应商的 17.8x 是 FY2027）。 ⚠️ 三星+LG 约占用量 61.5%；蓝光 PHOLED 发光体竞赛仍未决。 公允价值 $85-108，买入区 $76-88，减持 28x ttm。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 12%
- Revenue growth营收增长
- -11%
- Dividend yield股息率
- 2.58%
Competitors竞争对手
Why customers stay客户为什么留下
UDC holds the dominant patent position in phosphorescent OLED emitters, the technology that lets OLED screens hit today's power-efficiency targets, and it bought a major rival's patent portfolio (Merck KGaA) rather than compete against it.UDC在磷光OLED发光体领域占据主导专利地位，这项技术让OLED屏幕达到如今的功耗效率标准；UDC还收购了一家主要竞争对手（Merck KGaA）的专利组合，而不是与其竞争。