KOSPI · Display · Large & small OLED
LG Display
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.
034220.KS Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · KRW 25.81tn (2025 consolidated)
- Customer 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%.
- Segments · Small/mid OLED (iPhone, Watch) · Large OLED (TV) · IT and auto
Revenue from
- Samsung Electronics High confidence· volume 800,000 대/년 · 2025 전망
WOLED panels for Samsung OLED TVs since 2023; 2025 volume seen up to 4x (~800k units), including flagship models.Confirms KO ETNews Published Jan 16, 2025: Samsung adopts WOLED in flagship TVs, quadrupling LGD volume - Apple High confidence· Market share 58.4% · 2025 분기보고 단일 고객(애플 추정) · anonymized in filing; press attribution
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).Mentions KO KB Securities Published Apr 30, 2026: 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 rampConfirms KO DART (Financial Supervisory Service) Published Mar 11, 2026: LG Display FY2025 Annual Business Report (DART, filed 2026-03-11)Confirms KO LG Published Jan 28, 2026: LG Display 2025 results: KRW 25.8tn revenue, first profit in four yearsMentions EN Display Daily Published Sep 1, 2025: LGD quarterly filing: 58.4% of revenue from a single customer - LG Electronics Medium confidence
Sells large WOLED panels for LG Electronics OLED TVs (81% of OLED TV panel revenue).
Pays to
- Corning Medium confidence
Display glass substrates from Corning (incl. Corning Precision Materials). - Merck KGaA (EMD) Medium confidence
OLED organic materials (HTL, phosphorescent hosts) from Merck, alongside Duksan Neolux, Solus and LG Chem. - Nitto Denko Medium confidence
Sources polarizing film and optical adhesive sheets for its OLED/LCD panels from Nitto Denko, a top-tier world polarizer supplier.Confirms EN OLED-Info Published Jun 1, 2025: Nitto Denko — polarizing film (NPF) and OLED circular polarizer
Investors
- LG Electronics (largest shareholder, 36.72%) High confidence
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.Confirms KO DART (Financial Supervisory Service) Published Mar 11, 2026: LG Display FY2025 Annual Business Report (DART, filed 2026-03-11)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| LG Electronics | lead1 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| LG Display | node | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -5.7 |
| Corning | benef1 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| LG Electronics | benef1 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| Merck KGaA (EMD) | benef1 | +42.2 | -0.4 | -19.1 | -2.5 | -12.7 | +13.5 |
| Nitto Denko | benef1 | -4.3 | -2.9 | +51.3 | +14.7 | +26 | -5.9 |
| LG Innotek | benef2 | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +204.6 |
| Qualcomm | benef2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Kuraray | benef2 | -4.9 | +8.7 | +50.1 | +51 | -24.7 | +3.2 |
| POSCO Holdings | benef2 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
| LG Chem | benef2 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -14.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10