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Financial

Samsung Earnings Slumped in Q3 But LG Managed Y/Y Gain

October 10, 2022

Samsung Electronics’ revenues for Q3’22 edged down on a sequential basis, but its operating profits dropped sharply, according to its earnings guidance released last week. Meanwhile, LG Electronics reported strong Y/Y gains in both revenues and operating profits in local currency for the quarter. For both companies, revenues fell on a Y/Y basis when translated into US dollars since the Korean won depreciated 6% compared to Q2’22 and 16% compared to Q3’21.
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Foldable

Are Z Flip 4 and Z Fold 4 Volumes Coming Down vs. Expectations? Q4 Looks Soft

October 3, 2022

A recent report by a Hyundai Securities analyst indicated that Samsung may only be able to ship 10M foldable smartphones in 2022, down from previous estimates of 15M, with the Z Flip 4 and Z Fold 4 accounting for 8M. Based on panel forecasts through November, we see Flip 4 and Fold 4 panel shipments up 47% and 46% respectively vs. the Flip 3 and Fold 3 amounting to 9M. However, this is down 8% vs. the figures in our Quarterly Foldable/Rollable Display Shipment and Technology Report, with the Flip 4, 7% below previous expectations and the Fold 4, 12% below our previous forecast. For Q3’22, we believe Flip 4/Fold 4 panel shipments actually came in 0.5% ahead of expectations with the Flip 4 actually 2% ahead of expectations and the Fold 4, 1% below expectations.
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Mobile

Apple Reportedly Slows Down iPhone 14 Series Production, But Still Well Ahead of 2021 per DSCC, Pro Max Up 18% Y/Y

October 3, 2022

Bloomberg reported last week that Apple asked suppliers to get ready for an additional 7% boost to its CY 2022 production targets shortly before launch, but recently decided to cancel those plans. The cause of course is the weakening global economy with Europe headed to a recession on super high energy prices, weaker currencies relative to the $US and even weakness in China due to COVID related shutdowns and economic weakness. Jefferies reported that iPhone sales over the first three days of availability in China were down 11% Y/Y with less scalper activity and shorter lines in retail. Bloomberg said Apple plans to make 90M iPhone 14 Series phones in 2022 with emphasis on the Pro and Pro Max models.
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OLED

OLED Panel Revenues Expected to Decline 4% Y/Y in 2022 - Slower Growth for IT Applications

October 3, 2022

In the recently released Quarterly OLED Shipment Report , we reveal that 2022 OLED panel revenues are expected to decrease 4% Y/Y to $40.3B as a result of slower growth for monitors, notebook PCs and game platforms combined with faster Y/Y declines for smartphones. As macroeconomic concerns persist for battling inflation, monetary policies are enacted to combat it. While balancing a possible recession, weakened consumer demand, persistent supply chain issues, softening commercial demand and inventory buildup have created the perfect storm for Y/Y unit and revenue declines for smartphones, smartwatches and TVs in 2022.
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TV

Advanced TV Market Expected to Reach $36B by 2026

October 3, 2022

Advanced TV shipments are expected to grow by a 17% CAGR through 2026 to 34.6M units generating $36.1B in revenue, according to the latest update to DSCC’s Quarterly Advanced TV Shipment and Forecast Report, now available to subscribers. In our latest update, our forecast for OLED TV has been reduced as the competition between OLED and MiniLED has heated up. With the steep declines in LCD TV panel prices since mid-2021, MiniLED TVs have been priced more aggressively and are expected to continue to gain share.
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Events

Highlights from the AR/VR Display Forum

September 26, 2022

Last week, DSCC hosted the 2nd Annual AR/VR Display Forum. There were a total of 20 speakers and over 130 attendees. This article presents some highlights from each of the presentations. It is still possible to register to watch the recordings of the sessions (available until October 19th).
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Advanced Tablets Still Performing Well Although Q2’22 Was Lowest Quarter Since Q2’21

September 26, 2022

Advanced Tablet (OLED and MiniLED) panel shipments fell 23% Q/Q while rising 10% Y/Y in Q2’22 to 1.9M units. It was the lowest quarter since Q2’21 as the iPad Pro is getting long in the tooth, ready for a refresh in Q4’22. Q3’22 is expected to rebound to 2.1M units, up 14% Q/Q and 12% Y/Y helped by the launch of the ~$500 OLED Huawei Mate Pad Pro 11” and the ramp of a new 12.9” Apple iPad Pro expected to launch in October. On an annual basis, we show a healthy 31% growth to 8.8M panels, 8% higher than our forecast, which is mostly due to the 11” Huawei Mate Pad Pro 2022 expected to perform better than previously expected. This contrasts with the total tablet market which is expected to fall 13% in 2022 to 195M panels with LED LCD tablet panels down 14%. OLED tablet panels are expected to rise 32% to 3.7M with MiniLED LCD panels rising 31% to 5.1M. MiniLEDs should maintain a 58% to 42% unit share advantage in 2022, same share as in 2021. Advanced Tablet panels are expected to account for a 4.5% share of the total tablet market on a unit basis in 2022, up from 3.0% in 2021. On a revenue basis, the Advanced Tablet share is expected to rise from 14% in 2021 to 24% in 2022 on 23% growth to $1.9B. MiniLEDs to maintain a large advantage over OLEDs, 79% to 21% on the high price of Apple’s MiniLED panels.
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TV

US TV Inflation in Free Fall

September 19, 2022

With the headline inflation numbers in the US showing a slow but steady decrease in the summer months from their highest point in more than 40 years, the steep declines in LCD TV panel prices that started in the second half of 2021 are continuing to flow through to retail, according to the most recent data from the US Bureau of Labor Statistics (BLS) Consumer Price Index (CPI).
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Foldable

DSCC’s Foldable Report Reveals Latest Results by Model

September 19, 2022

As promised, DSCC released the Q3’22 of its Quarterly Foldable/Rollable Display Shipment and Technology Report last week. Some of the market share highlights are indicated below. While described quarterly, they are actually available monthly in our report.
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