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OLED

BOE Formally Announces B16 G8.7 IT OLED Fab

December 4, 2023

BOE formally announced its G8.7 IT OLED fab known as B16 last week after receiving government approval. The fab will be based in Chengdu, with ownership split 53% for BOE and 47% for the Chengdu provincial government. The glass substrate size will be 2290mm x 2620mm, which we refer to as G8.7. The capacity will be 32K substrates per month and the build-out is projected to take 34 months. BOE announced the total capex at $8.8B for this project. It is expected to have an LTPO backplane rather than a high mobility oxide backplane, which SDC and LGD are pursuing which may make multi-sourcing between BOE and SDC/LGD problematic. Equipment spending is also expected to be higher for LTPO vs. high mobility oxide as quantified in DSCC’s Quarterly Display Capex and Equipment Market Share Report. That report also projects the timing for B16’s POs with the first phase most recently projected for March of 2024 with delivery by the middle of 2025 and production by the end of 2026. We don’t believe BOE has yet decided who its fine metal mask vacuum thermal evaporation (FMM VTE) supplier will be with Tokki the expected winner, but tool cost a major concern.
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TV

LCD TV Panel Prices Falling as New Year Approaches

December 4, 2023

As we approach the year-end, LCD TV panel prices are firmly on a downward path. As prices increased during Q2 and Q3, LCD fab utilization increased correspondingly to a point where supply exceeded demand. The TV supply chain has accumulated enough inventory to support the big selling season in the fourth quarter, so we are now seeing a shift in the supply/demand balance from shortage to oversupply, with Q4 prices for all screen sizes coming down from the September peak, and our outlook is that prices will continue to decline in the first quarter of 2024.
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TV

2023 Black Friday Deals Set New All-Time Lows for TVs

November 27, 2023

The central promotional event of the holiday season happened this week, and retailers offered all-time low prices for TVs during Black Friday. Although LCD TV panel prices are higher today than a year ago, many of the Black Friday deals were made months ago based on panel prices in the summer which were lower. The competition from LCD is also pulling down OLED TV prices, which are also hitting all-time lows.
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Financial

Panel Maker Q3’23 Earnings: BOE, CSOT, CHOT, EDO, Tianma and Visionox. Winners and Losers Among China Panel Makers

November 6, 2023

All six of the publicly traded panel makers in China released their financial reports for the third quarter of 2023 last week, and the results showed diverging fortunes. The companies focused on large-area LCD (BOE, CSOT, CHOT) benefited from rising prices, while panel makers focused on small displays including OLED (Tianma, Visionox, EverDisplay) fared worse.
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TV

LCD TV Panel Prices Falling in Q4

November 6, 2023

As we progress through the fourth quarter, LCD TV panel prices are again declining. As prices increased during Q2 and Q3, LCD fab utilization increased correspondingly to a point where supply exceeded demand. The TV supply chain has accumulated enough inventory to support the big selling season in the fourth quarter, so we are now seeing a shift in the supply/demand balance from shortage to oversupply, with November prices for all screen sizes coming down from the September peak, and our outlook is that prices will continue to decline in December.
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Financial

Panel Maker Q3’23 Earnings Preview

October 23, 2023

LG Display will kick off earnings season for panel makers on Wednesday, October 25th, in a quarter that likely saw a big improvement as the industry recovers from its steep downturn at the end of last year. In this article, we will preview the results from Q3’23.
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Financial

Taiwan Panel Maker Revenues Continued to Increase in September

October 16, 2023

The recovery in the display industry has continued through the third quarter, based on revenues reported by Taiwan panel makers last week, as total revenues increased M/M in both August and September after a slight decline in July. Revenues have increased by a double-digit % on a Y/Y basis as the comparable 2022 numbers sunk to a low point in the second half. September revenues for the three companies of TWD 45.5B (US$1.42B) were up 2% for the month and up 33% compared to September 2022.
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TV

Advanced TV Market Recovered in Q2’23 Led by Chinese Brands

September 18, 2023

After a weak Q1’23, the Advanced TV market is showing some signs of recovery led by gains from Chinese brands as shipments increased Y/Y in Q2’23, according to the latest update of DSCC’s Quarterly Advanced TV Shipment and Forecast Report-History, now available to subscribers. The top three brands outside of China – Samsung, LG and Sony – all fared poorly while TCL and Hisense gained share in the premium segment.
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