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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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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DSCC is nearing the completion of the Q3’22 issue of its Quarterly Foldable/Rollable Display Shipment and Technology Report and we are proud of its contents. Some of the highlights include:
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After reaching their all-time high in Q4’21, flat panel display maker revenues declined at a double-digit % sequentially for both Q1 and Q2’22, and total industry profits declined Q/Q at all levels of the income statement – gross profits, operating profits, pre-tax profits, net profits and EBITDA profits, according to the summary of their financial performance in DSCC’s Quarterly Display Supply Chain Financial Health Report. With all panel makers reporting their Q2’22 results, we can compile a full industry review for the first half of the year. The hefty profits of 2021 are now distant in the rear-view mirror for most panel makers, and many of them reported losses.
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The combination of macroeconomic and geopolitical events and higher prices for OLED TVs led to a dramatic slowdown in growth for the Advanced TV market, according to the latest update of DSCC’s Quarterly Advanced TV Shipment and Forecast Report, now available to subscribers. Advanced TV shipments and revenues declined on a Y/Y basis in Europe, and partly as a result of that regional downturn shipments and revenues declined for OLED TVs.
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Five of the six publicly traded panel makers in China released their financial reports for the first half of 2022, and the market downturn in Q2 affected revenues and profits.
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LCD TV panel prices reached all-time lows in August but they continue to decline in September, and we continue to forecast that the industry will have an “L-shaped” recovery in the fourth quarter. In other words, no recovery at all until 2023; the only question is how low prices will go before they flatten out. The ‘perfect storm’ of a continued oversupply, near-universally weak demand and excessive inventory throughout the supply chain has combined, and every screen size of TV panel has reached an all-time low price. Although fab utilization slowed sharply starting in July, we do not see any signal to suggest that prices can increase any time soon.
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DSCC is now tracking all flexible OLED panel shipments by brand, model and panel supplier on a monthly basis. For the iPhone 14, which will be launched at the “Far Out” launch event on September 7th with the invite shown below, panel shipments started in June. As indicated, shipments jumped from 1.8M in June to 5.35M in July, over 10M in August and are expected to be over 16.5M in September. Cumulative panel shipments are over 34M.
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Last week, Samsung announced that they received pre-orders amounting to 970K units in the first seven days for the Z Flip 4 and Z Fold 4. We see production of Korean models at a higher figure than this through August so it shouldn’t lead to extended delivery times. Samsung has ambitious plans for the Flip 4 and Fold 4, which you can see in comparison to the Flip 3 and Fold 3.
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TCL Electronics issued its 2022 Interim Report last week covering the first half of the year, reporting a sharp decrease in net profits on a modest decrease in revenues. The slowdown in the global TV market led to a double-digit decrease in revenues from its TV business. TCL continues to evolve from a TV-centric contract manufacturer to a global consumer electronics brand, but TVs remain the dominant source of revenues.
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