> 数据图表你知道MiniLED起量拉动品牌方盈利改善2025-7-4MiniLED起量拉动品牌方盈利改善• MiniLED电视的高溢价能力：MiniLED电视售价显著高于普通LCD电视，以55英寸电视为例，普通LCD电视价格可低至千元级别，而MiniLED电视起售价普遍在2000元以上，高端型号（如TCL QD-Mini LED或海信RGB-Mini LED）价格可达万元级，溢价空间显著。• 高端化、大尺寸化趋势更一步推高利润：大尺寸MinlED电视(如75英寸以上)凭借更高的分区控光、亮度和画质表现，定价显著高于中小尺寸，售价增幅较大，但芯片和驱动的边际成本增加放缓，成本增幅远低于售价增幅，利润率提高。• MiniLED出货渗透率的提升显著改善品牌方盈利：假设MiniLED产品利润率10%，普通LCD电视利润率2%，当前黑电品牌商MiniLED出货占比10%，计算得到利润率2.8%。据我们测算，如果MiniLED产品稳态利润率降到7%，渗透率提升到40%，则可拉动利润率提升1.2pcts至4%。MiniLED、非MiniLED电视整12000体市场均价（元/台）1000080006000400020000MiniLED非MiniLED资料来源：奥维云网，浙商证券研究所渗透率提升2.8%8%10%12%14%16%18%20%22%24%26%28%30%32%34%36%38%40%4%2.16%2.20%2.24%2.28%2.32%2.36%2.40%2.44%2.48%2.52%2.56%2.60%2.64%2.68%2.72%2.76%2.80%4.5%2.20%2.25%2.30%2.35%2.40%2.45%2.50%2.55%2.60%2.65%2.70%2.75%2.80%2.85%2.90%2.95%3.00%5.0%2.24%2.30%2.36%2.42%2.48%2.54%2.60%2.66%2.72%2.78%2.84%2.90%2.96%3.02%3.08%3.14%3.20%5.5%2.28%2.35%2.42%2.49%2.56%2.63%2.70%2.77%2.84%2.91%2.98%3.05%3.12%3.19%3.26%3.33%3.40%表：Mini LED弹性测算MiniLED利润率6.0%2.32%2.40%2.48%2.56%2.64%2.72%2.80%2.88%2.96%3.04%3.12%3.20%3.28%3.36%3.44%3.52%3.60%6.5%2.36%2.45%2.54%2.63%2.72%2.81%2.90%2.99%3.08%3.17%3.26%3.35%3.44%3.53%3.62%3.71%3.80%7.0%2.40%2.50%2.60%2.70%2.80%2.90%3.00%3.10%3.20%3.30%3.40%3.50%3.60%3.70%3.80%3.90%4.00%7.5%2.44%2.55%2.66%2.77%2.88%2.99%3.10%3.21%3.32%3.43%3.54%3.65%3.76%3.87%3.98%4.09%4.20%8.0%2.48%2.60%2.72%2.84%2.96%3.08%3.20%3.32%3.44%3.56%3.68%3.80%3.92%4.04%4.16%4.28%4.40%8.5%2.52%2.65%2.78%2.91%3.04%3.17%3.30%3.43%3.56%3.69%3.82%3.95%4.08%4.21%4.34%4.47%4.60%9.0%2.56%2.70%2.84%2.98%3.12%3.26%3.40%3.54%3.68%3.82%3.96%4.10%4.24%4.38%4.52%4.66%4.80%9.5%2.60%2.75%2.90%3.05%3.20%3.35%3.50%3.65%3.80%3.95%4.10%4.25%4.40%4.55%4.70%4.85%5.00%10.0%2.64%2.80%2.96%3.12%3.28%3.44%3.60%3.76%3.92%4.08%4.24%4.40%4.56%4.72%4.88%5.04%5.20%9浙商证券综合其他
