京东方科技：竞争格局趋向改善

Core business under pressure in the near term, but the industry is heading for a better competitive landscape. 3Q26 earnings missed on higher investment losses: revenue of Rmb48,677mn (-7% QoQ/-4% YoY) was 11% short of our estimate, gross margin of 15.8% was in line, and net loss was Rmb996mn versus MSe profit of Rmb1,914mn, mainly dragged by mark-to-market losses from its investments; recurring net profit was just Rmb32mn. LCD business under pressure, but competition continues to improve: IT panel shipments were challenging in 2H26 (NB panel down 20% QoQ/-17% YoY) as elevated memory costs forced brands to raise retail prices, while major panel makers remain committed to output control (industry utilization down to 79% in Oct vs. 80-85% most of the year);