{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","ticker":"034220.KS","updated_at":"2026-07-12T04:37:16.284+00:00","canonical":"https://valuechain.wiki/lg-display","citable":"밸류체인 그래프 기준 LG디스플레이의 직접 연결 기업은 6곳(관계 기준 공급 3·매출 3·투자 1)이고, 사슬을 2차까지 넓히면 16곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, LG Display is directly linked to 6 companies (3 supply, 3 revenue, 1 investment relationships) and reaches 16 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 디스플레이 · 대형·중소형 OLED","kicker_en":"KOSPI · Display · Large & small OLED","lead":"대형 WOLED와 중소형 OLED 패널을 만드는 디스플레이 기업으로, LCD 범용 경쟁에서 벗어나 OLED로 무게중심을 옮기며 2025년 영업이익 5,170억원으로 4년 만에 흑자 전환했다. OLED 매출 비중이 61%로 역대 최고에 올라섰고, LG전자·삼성 OLED TV용 대형 패널과 애플 아이폰·워치용 중소형 OLED가 두 축이다. 관전점은 애플향 중소형 OLED 물량과 대형 OLED TV 회복, 그리고 중국 LCD 공세 속 OLED 차별화의 지속성이다.","lead_en":"LG Display makes large WOLED and small/mid OLED panels, shifting its center of gravity from commodity LCD to OLED and returning to profit in 2025 with KRW 517bn operating income — its first in four years. OLED reached a record 61% of sales, with large panels for LG/Samsung OLED TVs and small/mid OLED for Apple's iPhone and Watch as the two axes. Watch Apple small/mid OLED volume, large OLED-TV recovery, and the durability of OLED differentiation against China's LCD push.","segments":{"fy":2025,"parts":[{"desc":"애플 아이폰·워치용 중소형 OLED. 성장 축이자 애플 의존 변수.","name":"중소형 OLED (아이폰·워치)"},{"desc":"LG·삼성 OLED TV용 WOLED. TV 수요 회복이 관건.","name":"대형 OLED (TV)"},{"desc":"모니터·노트북·차량용 패널. 고부가 다각화.","name":"IT·차량"}],"total":"25조8,101억원 (2025 연결)","concentration":"2025년 영업이익 5,170억(4년 만의 흑자 전환). OLED 매출 비중 61% 역대 최고, 대형 LCD 종료. 단일 고객(애플 추정) 58.4%."},"segments_en":{"fy":2025,"parts":[{"name":"Small/mid OLED (iPhone, Watch)"},{"name":"Large OLED (TV)"},{"name":"IT and auto"}],"total":"KRW 25.81tn (2025 consolidated)","concentration":"KRW 517bn operating profit in 2025 (first in four years); OLED at a record 61% of revenue; large LCD exited; single customer (presumed Apple) 58.4%."},"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"nebius","name":"Nebius","name_en":"Nebius 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Technology","tier":3,"returns_yearly":{"2021":121.4,"2022":48.7,"2023":128.9,"2024":-60.4,"2025":-3.4,"2026":-22.5}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"posco-future-m","name":"포스코퓨처엠","name_en":"POSCO Future M","tier":3,"returns_yearly":{"2021":-17.7,"2022":97.6,"2023":16.3,"2024":-43.6,"2025":56.5,"2026":-32}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null}],"analysis":"LG디스플레이의 논점은 'LCD 적자 늪에서 OLED로 갈아타 흑자 전환한 구조 개선'이다. 중국의 LCD 공급과잉에 눌려 수년간 적자였으나, 매출을 애플향 중소형 OLED와 대형 WOLED로 옮겨 2025년 영업이익 5,170억(4년 만 흑자)·OLED 비중 61%(역대 최고)를 달성했다. 애플 아이폰 패널 물량(약 3,000만대)과 삼성 OLED TV 채택 확대가 성장 축이나, 여전히 캐파·감가 부담과 애플 의존도가 변수다. 리스크는 애플 물량 배분(삼성D·BOE 경쟁)과 중국 LCD·OLED 추격. 그래프 파급: LG전자(지분 36.72% 모회사이자 대형 WOLED 최대 매입처)·애플·삼성전자가 패널 수요, 코닝(유리)·머크(OLED 소재)·닛토덴코(편광필름)가 소재 상류.","analysis_en":"LG Display's thesis is a structural turnaround from an LCD-loss swamp into OLED profitability. Pressured by China's LCD oversupply into years of losses, it shifted revenue to Apple small/mid OLED and large WOLED, achieving KRW 517bn operating income in 2025 (first profit in four years) and a record 61% OLED mix. Apple iPhone panel volume (~30M) and rising Samsung OLED-TV adoption are growth axes, though capacity/depreciation burden and Apple dependence remain variables. Risks are Apple volume allocation (Samsung Display/BOE competition) and China's LCD/OLED pursuit. Graph propagation: LG Electronics (36.72% parent and top large-WOLED buyer), Apple and Samsung are panel demand, while Corning (glass), Merck (OLED materials) and Nitto Denko (polarizer) are materials upstream.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"volume","unit":"대/년","as_of":"2025-01","value":800000,"period":"2025 전망"},"note":"삼성 OLED TV용 WOLED 패널 — 2023년 채택 개시, 2025년 최상위 모델 포함 전년 대비 최대 4배(약 80만대) 전망.","note_en":"WOLED panels for Samsung OLED TVs since 2023; 2025 volume seen up to 4x (~800k units), including flagship models.","sources":[{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2025-01-16","url":"https://www.etnews.com/20250116000240","title":"삼성전자, 최상위 TV에도 WOLED — LGD 물량 4배","title_en":"Samsung adopts WOLED in flagship TVs, quadrupling LGD volume","excerpt":"삼성전자는 2025년부터 최상위 S95D 후속 모델에 WOLED 적용, 물량은 전년 대비 최대 4배 늘어난 80만대 수준.","excerpt_en":"Samsung applies WOLED to flagship successors; volume up to 4x at ~800k units."}]},{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-09","basis":"공시 익명 — 매체 귀속","value":58.4,"period":"2025 분기보고 단일 고객(애플 추정)","basis_en":"anonymized in filing; press attribution"},"note":"아이폰 상위 라인·아이패드·애플워치용 중소형 OLED 핵심 공급사 — 아이폰17 패널 약 3,000만대(삼성D 5,700만·BOE 130만). 분기보고서상 단일 고객 매출 비중 58.4%(애플 추정, 공시 익명).","note_en":"Key small/mid OLED supplier for iPhone upper tiers, iPad and Apple Watch: ~30M iPhone 17 panels (vs 57M Samsung Display, 1.3M BOE). A single customer, presumed Apple, is 58.4% of revenue per the quarterly filing (anonymized).","sources":[{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2026-06-22","url":"https://www.etnews.com/20260622000287","title":"삼성D·LGD, 애플 OLED 양산 — 전량 한국 패널","title_en":"Samsung Display and LGD ramp Apple OLED production","excerpt":"아이폰과 아이패드 상위 라인업, 애플워치용 OLED는 LG디스플레이가 전량 공급 중.","excerpt_en":"LGD supplies all OLED for iPhone/iPad upper tiers and Apple Watch."},{"stance":"mentions","publisher":"KB증권","publisher_en":"KB Securities","kind":"research","lang":"ko","published_at":"2026-04-30","url":"https://kbthink.com/securities-view.html?docId=20260430171019360K","title":"KB증권, LG디스플레이 하반기 실적 개선 전망·목표가 17,000원(매수)","title_en":"KB Securities: LG Display H2 earnings improvement, PT KRW 17,000 (Buy); consensus ~KRW 16,700, 2026 OP +106% to KRW 1.1tn on P-OLED ramp","excerpt":"KB증권: 3분기부터 중소형 P-OLED 출하 확대·북미 전략고객 프리미엄 공급 증가로 수익성 개선, 목표가 17,000원(매수).","excerpt_en":"KB Securities: from Q3, small/mid P-OLED shipment ramp and premium supply to the North American strategic customer improve profitability; PT KRW 17,000 (Buy)."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311003822","title":"LG디스플레이 제41기 사업보고서 (2025.12)","title_en":"LG Display FY2025 Annual Business Report (DART, filed 2026-03-11)","excerpt":"'25년 OLED 매출 비중 61%(2020년 32%→2025년 61%); 상위 10개 고객사향 매출이 전체의 약 92%, 해외매출 96%; 매출 25조8,101억원·영업이익 5,170억원.","excerpt_en":"FY2025 OLED mix 61% (up from 32% in 2020); top-10 customers ~92% of revenue, 96% overseas; revenue KRW 25,810.1bn, operating profit KRW 517bn."},{"stance":"confirms","publisher":"LG","publisher_en":"LG","kind":"ir","lang":"ko","published_at":"2026-01-28","url":"https://www.lg.co.kr/media/release/29805","title":"LG디스플레이 2025년 실적: 매출 25.8조·4년 만의 흑자","title_en":"LG Display 2025 results: KRW 25.8tn revenue, first profit in four years","excerpt":"매출 25조 8,101억원, 영업이익 5,170억원 — OLED 매출 비중 61% 역대 최고, 4년 만의 연간 흑자 전환.","excerpt_en":"Revenue KRW 25.81tn, operating profit KRW 517bn; OLED at a record 61%; first annual profit in four years."},{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2025-11-03","url":"https://www.digitimes.com/news/a20251103PD242/iphone-boe-lg-display-panel-apple.html","title":"아이폰17 패널: 삼성D 5,700만·LGD 3,000만","title_en":"SDC and LGD dominate iPhone 17 panel supply","excerpt":"Samsung Display received orders for 57 million panels while LG Display secured 30 million units for iPhone 17.","excerpt_en":"LGD secured 30M iPhone 17 panel orders."},{"stance":"mentions","publisher":"Display Daily","publisher_en":"Display Daily","kind":"news","lang":"en","published_at":"2025-09-01","url":"https://displaydaily.com/lg-display-positioned-for-strong-q3-recovery-on-iphone-17-and-ipad-oled-production-ramp/","title":"LGD 분기보고서: 단일 고객 매출 58.4%","title_en":"LGD quarterly filing: 58.4% of revenue from a single customer","excerpt":"LG Display's quarterly filing attributed 58.4% of revenue to a single customer widely presumed to be Apple.","excerpt_en":"58.4% of revenue from a single customer, presumed Apple."}]},{"direction":"investor","counterparty":"LG전자 (최대주주 36.72%)","counterparty_slug":"lg-electronics","confidence":"high","metric":{"lge_owns_lgd_pct":36.72},"note":"LG디스플레이를 LG그룹 지배구조에 묶는 축이자 최대 고객이 겹치는 이중 관계 — LG전자가 지분 36.72%를 보유한 최대주주다. LG전자는 OLED TV용 대형 WOLED의 최대 매입처(패널 매출 점유 81%)이기도 해, 모회사 수요가 곧 대형 OLED 가동률의 안전판 역할을 한다.","note_en":"The axis binding LG Display into the LG Group structure, doubling as an overlapping top customer — LG Electronics is the largest shareholder at 36.72%. It is also the top buyer of large WOLED for OLED TVs (81% of panel sales), so parent demand acts as a floor for large-OLED utilization.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311003822","title":"LG디스플레이 제41기 사업보고서 (2025.12)","title_en":"LG Display FY2025 Annual Business Report (DART, filed 2026-03-11)","excerpt":"최대주주 LG전자㈜, 기말 지분율 36.72%.","excerpt_en":"Largest shareholder LG Electronics Co., period-end stake 36.72%."}]},{"direction":"revenue","counterparty":"LG전자","counterparty_slug":"lg-electronics","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"LG전자 OLED TV용 대형 WOLED 패널 판매(OLED TV 패널 매출 점유율 81%).","note_en":"Sells large WOLED panels for LG Electronics OLED TVs (81% of OLED TV panel revenue).","sources":[{"stance":"mentions","publisher":"ZDNet Korea","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2024-02-06","url":"https://zdnet.co.kr/view/?no=20240206150935","title":"LG디스플레이, OLED TV 패널 점유 81%","title_en":"LG Display holds 81% of OLED TV panel revenue","excerpt":"LG디스플레이는 지난해 OLED TV 패널 시장에서 매출 점유율 81%를 차지하며 시장을 선도.","excerpt_en":"LG Display led with 81% revenue share of the OLED TV panel market."}]},{"direction":"cost","counterparty":"Corning","counterparty_slug":"corning","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"디스플레이용 유리기판 공급사(코닝정밀소재 경유 포함).","note_en":"Display glass substrates from Corning (incl. Corning Precision Materials).","sources":[{"stance":"mentions","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2022-04-21","url":"https://www.etnews.com/20220421000111","title":"OLED 소재 공급망 리포트 (코닝 유리기판)","title_en":"OLED materials supply-chain report (Corning glass)","excerpt":"코닝은 삼성디스플레이와 LG디스플레이에 유리기판을 국내외에 공급.","excerpt_en":"Corning supplies glass substrates to Samsung Display and LG Display."}]},{"direction":"cost","counterparty":"Merck KGaA (EMD)","counterparty_slug":"merck-kgaa","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"OLED 유기재료(HTL·인광 호스트) 조달 — 덕산네오룩스·솔루스·LG화학과 병행.","note_en":"OLED organic materials (HTL, phosphorescent hosts) from Merck, alongside Duksan Neolux, Solus and LG Chem.","sources":[{"stance":"mentions","publisher":"디지털투데이","publisher_en":"Digital Today","kind":"news","lang":"ko","published_at":"2021-06-01","url":"https://www.digitaltoday.co.kr/news/articleView.html?idxno=106495","title":"LG디스플레이 OLED 유기재료 조달 구조","title_en":"LG Display's OLED organic-material sourcing","excerpt":"LG디스플레이는 정공수송층(HTL) 재료와 황록색 인광 호스트 재료를 독일 머크로부터 구매.","excerpt_en":"LGD buys HTL materials and yellow-green phosphorescent hosts from Merck."}]},{"direction":"cost","counterparty":"닛토덴코","counterparty_slug":"nitto-denko","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"OLED·LCD 패널에 들어가는 편광필름·광학용 점착시트를 닛토덴코에서 조달한다. 닛토는 편광필름 세계 최상위 공급사다.","note_en":"Sources polarizing film and optical adhesive sheets for its OLED/LCD panels from Nitto Denko, a top-tier world polarizer supplier.","sources":[{"stance":"confirms","publisher":"OLED-Info","publisher_en":"OLED-Info","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://www.oled-info.com/nitto-denko","title":"닛토덴코 — 편광필름(NPF)·OLED 원편광판","title_en":"Nitto Denko — polarizing film (NPF) and OLED circular polarizer","excerpt":"닛토 NPF 편광필름은 OLED·LCD 패널 제조에 공급된다.","excerpt_en":"Nitto's NPF polarizing film is supplied into OLED and LCD panel manufacturing."}]}]}