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Press Releases
Top Three China Panel Suppliers Surpass 40% in 1Q Market Share Combined, Thanks to New and Contributing Production Capacities, Says TrendForce



According to the TV panel shipment report for 1Q19 by WitsView, a division of TrendForce, total shipments have reached 7002 million units, a YoY growth of 42% The first season was an offseason as always with demand clearly dropping As Taiwan, Korean and Japanese panel manufacturers undergo annual maintenance and ease production pressures by adjusting product sizes, China's panel manufacturers take the lead in keeping TV panel shipments up this season as they free up production capacities TrendForce research manager Iris Hu says that a recovery in demand will be aided by the stock-up period for new products and China's 618 Sale entering 2Q Besides CSOT's Gen 11 production capacity, expanding month by month, new production capacities also include HKC's Chuzhou Gen 86 production line, which is expected to begin mass production in May The average size of shipped panels for 2Q is expected to grow by nearly an inch QoQ, reaching 465 inches, thanks to Gen 105 lines' focus on super large sized panels, and an increasing proportion of panels 50 inches and above from China's, Taiwan's and Korea's manufacturers This will be accompanied by a growth in total shipments by 55%   BOE Keeps Top Position in Shipments, while Innolux Enjoys Significant Growth Due to 50-inch Panel Demands In the TV panel shipment rankings for the first quarter, BOE's production capacity skyrocketed since its first Gen 105 line began mass production in early 2018, allowing BOE to come out on top in terms of 65-inch and 75-inch sizes, pushing down Korean Manufacturers Apart from super-large sizes, the increase in demand for 32-inch panels 1Q allowed BOE to grow offseason shipments against the trend by 5% QoQ to 1427 million units, a 149% YoY growth, safeguarding its position as leading TV panels supplier LGD's TV panel shipments declined by 116% in the first quarter, with production influenced not only by the decrease in demand offseason, but also by the adjustments made to its product portfolio of current Gen 75 and Gen 85 lines Shipments for products 55 inches and above are expected to grow by over 10% QoQ, starting with the second quarter After Innolux's clearing out of its mainstream, 395- and 50-inch inventories last year, its TV panel shipments reached 1074 million units 1Q this year, a QoQ decline of 137% but a 165% growth YoY, showing a clear improvement in shipments The migration of 49-inch demand to 50-inch products this year pushed Innolux to become the top supplier of 50-inch panels for global brands Thus despite entering the 1Q offseason, 50-inch shipments only dropped slightly by 07%, but exhibited a large growth of 381% YoY CSOT's shipment performance remained sure and steady since 2018 with the support of its group brand, TCL, which strove to capture a larger portion of the market Its first Gen 11 line began mass production in January this year, with yield rate as a priority and not merely a consideration This combined with the effects of the 1Q offseason brought about a shipment decline of 46% QoQ As for the performances of various sizes, we see CSOT winding down 32-inch production in its Gen 85 line and shifting towards 55 -inch production, bringing 55-inch shipment growth up to 93%   Samsung Decides to Pack Up and Make a Sprint for Large-Sized Products; CEC Group Shipment Growth YoY Hits 200% Due to SDC's decision to shut down 15 of its Gen 85 production lines this year, it has been raising the proportion of production for super-large sizes to get the most out of the remaining production lines This lead to modifications to and investments in their production lines early this year, affecting SDC's TV panel shipments, which dropped by 124% QoQ to 876 million units in the first quarter SDC was also the only one out of all TV panel suppliers to decline by 127% YoY in shipments, fully demonstrating SDC's resolve to pack up and move to highly-profitable, large-sized products AUO has the smallest production capacity of the top six It got into position early in mid- and large-sized markets with an aim to elevate profits, and thus exhibited a smaller fluctuation in shipments, which reached 628 million units This was a QoQ drop of 33%, a relatively mild drop compared to other suppliers declining in shipments After CHOT's Gen 86 line and Chengdu CEC-Panda's 86+ line entered the market in 2018, the CEC group focused its efforts on mid- and large-sized products Since the group's ODMs and China brands have completed verification processes and freed up production capacities , their shipments combined for 1Q this year stood at 52 million units, a QoQ growth of 143%

Press Releases
TV Panel Market Rises for Certain Sizes, While IT Panel Prices Have No Hope of Bouncing in 2Q, Says TrendForce



According to the research report by  WitsView  , a divison of  TrendForce  , on the supply and demand situation for large-sized panels, production capacity expansions by three of China's production lines and the 85 Gen production line belonging to Taiwan's AU Optronics have brought about the 2024 million square-meter supply area in 2018, presenting a growth of 79% YoY, the largest since 2013 TV panel demand was driven up by the FIFA fever and profit cuts in the first half-year , while PC panel demand benefited from specification upgrades and the rising demand in gaming, with overall demand area covering 1985 million square meters, a growth of 95% YoY The glut ratio for the entire 2018 year shrank from the projected 24% to 2%  WitsView Research Manager Iris Hu points out that CSOT Gen 11, Chuzhou HKC's Gen 86 and SIO's Gen 105 production lines will contribute to supply in 2019 as the three new production lines from last year ramp up production and go full throttle Thus even if SDC converts its Gen 85 LCD production capacity to QD-OLED in May and September this year, total supply area would still experience growth, projected to reach 96% YoY On the demand side, NB panel demand continues to suffer from and remain suppressed by the CPU shortage this year Monitor panels continue to reduce in scale for small-size products, with the focus placed on borderless and 23W and up niche products Although IT demand isn't looking too well, this year sees a clear transition in TV panel demand towards products 50 inches and above, which will help raise the demand area for large TV panels by a growth of 93% YoY to 217 million square meters With large panel supply area growing faster than demand this year, the glut ratio will expand up to 22% CPU Shortage and Inventory Clearance Still Underway; IT Panels Continue to See Weakening Demand in 2Q The four major applications have all dropped in demand in the traditional offseason that is 1Q, with total demand area declining by 61% compared to 4Q last year Among them, NB panel demand has been especially quiet during the offseason under the previous yet-to -be-cleared inventories and the continual shortage in CPUs For monitor panels, brands last year prepared their inventories in case the US-China trade dispute caused overall device costs to pile up, and proceeded to lower panel procurements one after another in 1Q to control inventory levels Growth for TV product sizes in demand rose as prices for large products 55 inches and above hit the sweet spot Panel manufacturers focused production capacities old and new on products 50 inches and above, causing mid- and small-sized product supply to tighten up,further motivating panel manufacturers to raise prices As for the supply situation in the first season, SDP's Gen 10 production line continued annual maintenance in January, while CPT (Chunghwa Picture Tubes Ltd) couldn't get its plant moving due to the unsuccessful application for recapitalization and a lack of funds Chengdu CEC's Gen 86 production line also decreased production as a result of the offseason Various reasons caused the supply area to drop by 33% compared to the fourth quarter last year The glut ratio for large panels as a whole reached 55% in 1Q Demand in the second season may make a gradual return, but two market developments deserve attention: First, TV panels may face a COF film undersupply crisis, but may also cause the upward price trend to spread from small- and mid-size panels towards large size panels; second, IT panel demand didn't recover due to factors such as CPU undersupply and adjustments of panel inventories, leading to the non-existent possibility for panel prices to bounce back up Overall, due to the predicted shortage in the 32 inch and 43 inch TV panel market for 2Q, customers will be stocking up preemptively, consequently bringing panel supply area in 2Q up to 63% On the supply side, SDC closed production lines a month early, causing panel supply area growth to lie lower than demand This shrank the glut ratio for 2Q to 51% compared to the last season,bringing up prices for sizes of tightening supply

Press Releases
Shipments of Large-Size Panels to Grow by 1% YoY in 2019 Driven by Specs Improvements, Says TrendForce


Consumer Electronics / Display

According to the latest report by WitsView, a division of TrendForce, shipments of large-size panels reached 80406 million pieces in 2018, a YoY growth of 25% Among all the large-size display panel applications, only tablet panel recorded decreasing shipments last year, while other categories registered noticeable growth The segment of TV panel was driven by new production capacity in the industry and special deal projects, while the LCD monitor segment grew due to the increased production volume of borderless monitors and momentum from global sports events As for notebook panels, notebook manufacturers started their stock-ups earlier than previous years, in fear of the shortage of components like driver ICs As a result, the notebook panel shipments for 2018 increased as well “Looking ahead to 2019, shipments of large-size panels are expected to reach 81177 million pieces, an annual grow of 1%, driven by specs upgrades”, says Iris Hu, the research manager of WitsView Shipments of notebook panels are expected to grow by 16% YoY to reach 19012 million pieces, as high resolution and narrow-border models will still be popular in the market The growth of borderless models and the gaming market will bring more replacement demand for peripherals, pushing monitor shipments to a new high of 15803 million pieces, a YoY growth of 44% In addition, three new fabs will enter the operation this year, with a focus on producing large-size TV panels Thus, TV panel shipments are expected to reach 28598 million, an annual growth of 1% This will mark the third consecutive years for TV panel shipments to grow As for the specs of TV panels, panel makers have been making UHD a standard feature for large-size TV panel products and narrowing the price gap between and UHD and FHD products in recent years, boosting the penetration rate of UHD models to 39% in 2018 Looking ahead to 2019, two gen 105 fabs will focus on producing 65-inch and 75-inch panels, while gen 85 fab will shift to production of 55-inch ones in order to consume the capacity Meanwhile, the production volume of 32-inch panels will be cut The adjustments in product mixes would drive the penetration rate of UHD models up to 50% Particularly, most of 55-inch or larger products will feature UHD For 50-inch models, the penetration rate of UHD models has reached 88% this year after the gen 86 fab adopted economic cut In 2019, the rate will continue to grow and 96% of 50-inch TV panels would feature UHD if the capacity expansion is completed IT panel makers will continue to focus on reducing border size Both borderless PC monitor panels and narrow-border notebook panels recorded impressive shipments in 2018 With panel makers’ active capacity expansion for borderless PC monitor panels and promotion of PC brands, the penetration rate of borderless panels reached 31% in 2018, and has a chance to reach 45% this year as the demand continues to increase and capacity to expand As for notebook panels, the market not only focuses on increasing viewing angle and resolution, but also tries to increase the screen to body ratio inspired by the trends in the smartphone market Notebook panel makers have been tried to place 14-inch narrow border panels in 133-inch case, making the products thinner and lighter, together with a new selling point This trend drove the shipments of narrow-border notebook panels to increase by 347% in 2018, and the penetration rate to 25%, 19 percentage points higher than in 2017 As the price gap between narrow border models and panels with VESA standard gradually reduces, the penetration rate of the narrow border panels will exceed 40% in 2019

Press Releases
Panel's Glut Ratio Might Peak at 4.3% in 4Q18; Panel Price Trend Might Be Reversed


Consumer Electronics / Display

WitsView, a division of TrendForce, reports that the large-sized panels witnessed slashed demand in the first quarter with decreased panel shipment by area, but the oversupply was eased in 2Q18 as the demand recovered and the supply (glass output by area) dropped In the third quarter, the enhanced stocking-up demand in a peak season has reversed the over-supply trend However, WitsView reports higher risks of panel price decline in 4Q18, for the end demand may gradually slide in the upcoming quarter while panel makers keep on targeting full utilization rates Iris Hu, a research manager of WitsView, points out that monitor panel's demand grew from the second quarter because brands expanded their product lines of the borderless and the gaming (e-sports) Regarding laptop panels, brands steadily had their orders be fulfilled ahead of time due to the tight supply of driver ICs As for TV panels, panel makers offered special deal price to stimulate rising demand On a whole, in the second quarter, panel demand by area was larger than previous prediction On the supply end, panel supply by area was smaller than expected because of two reasons below First, Samsung Display (SDC) conducted annual maintenance for its Fab L7-2 and L8 in April Next, BOE's Gen 105 fab began to slow down input momentum in the mid second quarter Thus, panel supply by area in second quarter was smaller than expected Reasons above made panel glut ratio considerably shrink from previous prediction (74%) to 35% in the second quarter Decrease in demand might lead panel's glut ratio to peak at 43% in 4Q18 In the third quarter, the peak season is time for promotional campaigns All application categories' stocking-up momentum has been strengthened Panel demand by area is estimated to rise 106% QoQ In particular, monitor brands continue increasing their demand for borderless and gaming (e-sports) products For laptop brands, their launches of new products have been delayed due to tight supply of driver IC and postponed delivery of Intel CPU However, because of the traditional peak season, laptop panel's stocking-up demand is still expected to reach a certain extent When it comes to TV panel demand, because of rising stocking-up momentum in the peak season and increasing panel price in July, brands became more aggressive to procure In terms of supply, BOE and CEC Group's three new fabs proactively expand their capacities Hence, in the third quarter, supply by area rise by 52% QoQ Since the total demand grows faster than the total supply, in the third quarter, glut ratio shrinks to negative 16%  A fourth quarter is a duration of year-end inventory control In 4Q17, because of promotional campaigns on November 11 and the holiday season at the year-end of Europe and USA, demand in 4Q17 was lasted from 3Q17 In contrast, in 4Q18, panel demand of the top four application categories is predicted to gradually drop, considering the strong procurement momentum from 1Q18 to 3Q18 This is an indirect reason why demand by area is expected to decline 35% QoQ By contrast, on the supply end, three new fabs in China will continue to move toward their full-utilization-rate BPs for the year 2018, in order to get governmental subsidies Thus, supply by area might grow 23% QoQ in 4Q18 The glut ratio in the fourth quarter, thus, will enlarge to 43%, and further lead to a possible reverse in panel price trend WitsView points out, this year on the supply end, BOE and three new fabs in the CEC Group have reached mass production phases Another four of the industry's existing fabs are still expanding capacities (One of them is AUO's Gen 85 fab in Houli Other three fabs are from Chinese panel makers) In 2018, panel supply by area is predicted to grow by 74%, reaching 2015 million square meters This is the year whose growth rate is highest since the year 2013 On the demand side, in 2018, FIFA World Cup raised the demand of TV panels Besides, products' specification upgrades and the rising e-sports demand increased the demand for PC panels Moreover, in the first half of 2018, panel makers offered friendly prices for panels Due to the above reasons, large-sized panel demand by area for 2018 will grow 86% YoY, coming to 1969 million square meters In this way, the annual glut ratio will shrink from previous prediction (55%) to 24%

Press Releases
TV Panel Shipment Grew by 11% YoY in 1H18, BOE Ranked the Top for The First Time, Says TrendForce


Telecommunications / Display / Consumer Electronics

According to the latest report by WitsView, a division of TrendForce, global TV panel shipments reached 13689 million pieces in 1H18, a year-on-year growth of 11% The record high shipments have ended the decline over the past two years After a high price level in 1H17, the TV panel prices have been decreasing since 1Q18, which pushed brands’ panel purchases Panel makers also offered special deal projects to increase the shipments, which further lowered the panel prices “The global TV panel production capacity will increase by 87% YoY in 2018 as the three new fabs enter the market during the year”, says Iris Hu, the research manager of WitsView, “therefore, specification or size upgrades will be a must for panel makers” For the first half of 2018, Chinese panel makers still allocated considerable capacity to 32-inch panels, which accounted for 324% of the total shipments This size recorded a YoY shipment growth of 262% in 1H18, and will boost the whole year’s shipments to a new high of 2771 million pieces However, the large share of 32-inch panels will also restrain the average panel size growth For 2018, the average size is estimated to be 452-inch, a marginal growth of 06-inch from last year BOE surpassed LGD and ranked the top; Innolux ranked the third with special deal projects BOE’s shipment of 65-inch panels increased QoQ by 3818% in 2Q18, as its world-first Gen 10 fab entered operation In terms of small size products, BOE has seen stable demand for 32-inch panels in 1Q18 thanks to stock-ups for the World Cup As the demand has been pulled in the second quarter and its Gen 85 fab in Fuqing continued to ship products, BOE has offered special deal projects to consume the capacity of its 32-inch and 43-inch products The company’s total shipments reached 25625 million pieces in 1H18, a growth of 314% over a year ago This is the best shipment performance among the six major TV panel makers, making the company surpass LGD and go back to the top of shipment ranking for the first time LGD has been trying to obtain higher revenue and profit from limited production capacity in order to compete with the large new capacity of Chinese panel makers Therefore, LGD has decreased the share of 43-inch panels and increased that of 75-inch in Gen 75 fab, then decreased 49-inch and increased 55-inch and 65-inch ones in Gen 85 fab Although the size adjustments affected LGD's shipments in the first half of this year, which saw a YoY decline of 43% to 24199 million pieces, this adjustment strategy still works since the total shipments of 55-inch, 65-inch and 75-inch increased by 101% YoY Innolux was influenced by the poor demand for 395-inch and 50-inch panels, ending up with increasing inventory level and weak shipments Therefore, Innolux also provided special deal projects in May and June to consume the inventory Its shipments increased significantly to 511 million pieces in June, a new monthly high In total, Innolux shipped 20831 million pieces of TV panels in 1H18, a YoY growth of 29%, bringing Innolux to the third place in the ranking CSOT produced at full capacity to boost shipments, AUO recorded the most annual decline among the top 6 CSOT’s annual maintenance of its first Gen 85 fab (T1) in this March indirectly affected the production and shipment of the month, but the new capacity of its second fab (T2) has been operating at its full capacity from 2Q17, driving its 55-inch shipments to grow by 126% in the first half of this year The total shipments of CSOT reached 19292 million pieces, a YoY increase of 62% After the shutdown of L7-1 factory, Samsung Display (SDC) has adjusted its TV panel shipping strategy from keeping the shipment level to ensuring profitability SDC has simplified its product mixes from last year to increase the effective production capacity and to maximize the production volume Therefore, the company’s shipments of 55-inch and 65-inch panels still grew by 289% and 303% respectively in 1H18, even the demand weakened in the second quarter of this year, and its L7-2 and L8 factories had annual maintenance SDC’s total shipments reached 19281 million pieces, a YoY increase of 47% Although AUO has expanded the production of 25K sheet in its Houli Gen 85 fab, the new capacity will not be available until the second half of this year In addition, AUO continues to expand its deployment in 65-inch and 75-inch panels, its high-end large-sized products, squeezing the capacity for other small and medium-sized products AUO’s shipments decreased by 59% year-on-year in 1H18 to 12492 million pieces, the most decline among the six major panel makers

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