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Press Releases
Global TV Panel Shipment Grew by 9.1% Monthly in May, BOE Surpassed LGD and Ranked the First, Says TrendForce

2018/06/28

Consumer Electronics / Display

According to the latest report by WitsView, a division of TrendForce, global TV panel shipments reached 2352 million in May, a 91% growth over the previous month Although branded TV makers have purchased fewer panels since 2Q18 in order to adjust their inventory levels, the panel makers still have high utilization rates In the situation, they planned special deal projects to increase the shipments, which would probably further lower the panel prices The panel shipments have shown some improvements in June “The TV set retail prices in Chinese 618 mid-season sales have been 20% lower than in 315 sales”, says Iris Hu, the research manager of WitsView, “which may stimulate the channel sales and consume inventories” Going forward to the end of 2Q, TV panel prices have approached the cash costs TV brands are expected to stock up panels in advance, on considering the limited room for further price decline “Therefore, we expect the TV panel shipments in June to be roughly the same as May BOE returned to the top of shipment ranking thanks to special deal projects, Innolux ranked the second with 425 % monthly growth BOE has adjusted the product mixes of its Gen 85 fab, increasing the share of 55-inch panels, of which the shipment reached a record high of 590,000 pieces In terms of small size products, BOE has shipped all 600,000 pieces of 32-inch panels in the inventory at special deal prices, and the total shipments of this size reached 2578 million pieces, a growth of 302% over last month In total, BOE shipped 4774 million pieces of TV panels in May, a monthly growth of 19% This is a new high record of BOE’s shipments, bringing the company back to the top of shipment ranking Innolux recorded relatively low shipments in April due to poor demand, ending up with high inventory level for 395-inch and 50-inch panels Similar to BOE, Innolux also provided special deal projects, consuming nearly 40% of 395-inch panels’ inventory Its shipments for 395-inch panels increased significantly by 136% to 137 million pieces in May In total, Innolux shipped 3817 million pieces of TV panels, a growth of 425% month-on-month With the highest shipment growth among the six major panel makers, Innolux returned to the second place in the ranking Panel price drop has reduced the customers’ willingness to stock up, LDG’s shipments decreased by 7% monthly in May LDG has also been influenced by the panel price drop starting from 2Q18, which lowered the customers’ willingness to stock up As the result, the shipments of LGD have been decreasing for two consecutive months The mainstream size, 43-65-inch products recorded a shipment decline of 94% On the whole, LDG shipped 3643 million pieces of TV panels in May, a decrease of 7% compared with previous month The decline appeared to be the steepest among the six major panel makers CSOT, one of the major suppliers of 32-inch panels, has adjusted the product mixes to reduce the risks of stocking up 32-inch products The shipments of 43-inch and 49-inch products grew by 388% and 211% compared with last month Yet in total, the monthly shipments of CSOT for all sizes still declined by 31% to 3241 million pieces Samsung Display (SDC) started its annual maintenance of Korean fab in April amid the weak demand in Q2, resulting in low production volume and shipments in April and May In June, SDC shipped 400,000 pieces of 65-inch panels thanks to its production scale and cost advantages For all size, SDC shipped 315 million pieces in May, a 28% increase over the last month AUO's TV panel shipments recorded 2005 million pieces in May, a monthly decline of 11% This was mainly attributed to the customers’ lower willingness to stock up because of the overall poor demand and the continued drop in panel prices The shipments of 50-inch and 55-inch panels declined by 63% and 78% respectively

Press Releases
Increased Supply of IT Panels in 2018 May Pose a Risk of Oversupply, Says TrendForce

2018/03/29

Consumer Electronics / Display

According to the latest IT panel shipment report of WitsView, a division of TrendForce, the total shipments of PC monitor panels and notebook panels in 2017 were 31494 million pieces, a YoY increase of 3% In 2018, IT panel makers will focus on reducing border size, increasing viewing angle and resolution Vendors also aim to drive shipments through specification upgrade It is expected that the total shipments of PC monitor panels and notebook panels will reach 32637 million pieces in 2018, a YoY increase of 36% “The shipments of monitor panels have witnessed continuous decline due to saturation of market and panel size increases”, says Iris Hu, the research manager of WitsView The number of monitor panels shipped worldwide was 13759 million units in 2017, a YoY decline of 16% On the other hand, demand for notebook panels kept going up quarter by quarter in 2017 thanks to bidding orders from North America and promotion by Chinese vendors in 2H17 The annual shipments totaled 17735 million units, a YoY increase of 69% This also indicates that the market growth comes back to a positive figure after two years of recession Innolux and BOE will expand production, so the monitor panel market will see an oversupply with a glut ratio of 49% Influenced by the traditional off-season, the shipment of monitor is expected to decline by 10%-11% in 1Q18 However, “the shipment of monitor panels in 1Q18 will grow by 04% against the trend due to the low prices”, says Hu For mainstream panels, the current prices are 12% -15% lower than the same period of last year Therefore, monitor makers, who currently have a low inventory level, will stock up As Innolux’s Gen 6 fab and BOE’s Gen 85 fab in Fuqing allocate more capacity to monitor panels, the market will probably see monitor panel shipment rise in 2018 for the first time in seven years The shipment is expected to 14036 million pieces, a YoY increases of 2% In terms of brands’ product mixes, they will continue to shift their focus to high-profit specifications, including large-size, borderless, and gaming-related models; so the monitor shipment will gradually drop The glut ratio of monitor panels is expected to reach 49% this year, much higher than the past three years when the figures were lower than 1% Panel makers allocate more resources to notebook panels, which have become the most profitable category Panel makers are going to allocate more resources and capacity to notebook panels driven by the better-than-expected shipments of this category In addition, notebook panels turn out to be more profitable than TV panels and monitor panels, thus motivating the makers as well As the result, the shipment of notebook panels are expected to reach 18601 million pieces in 2018, an increase of 49% year-on-year On the demand side, notebook vendors will stock up panels in 1Q18 to prepare for the production of new specifications like high resolution, wide viewing angle and narrow border Therefore, notebook panel shipments will drop by only 1%-2% although notebook shipments are expected to drop by 15%-16% quarterly in 1Q18 “However, the expected launch of new MacBook Air and MacBook Pro in the second half of this year may influence the sales of other brands, thus dampening the overall shipments of notebook this year”, adds Hu, so suppliers will probably face an oversupply of panels if they do not adjust their production plan accordingly”

Press Releases
TrendForce Says Global TV Panel Shipments for 2017 Grew by 1.3%; LGD, BOE, Innolux Took Top 3 Positions

2018/01/23

Display / Consumer Electronics

Highlights TV panel makers continue to increase the production shares of large-size panels and UHD panels LG Display’ shipments of 65" and 75" TV panels increased significantly by 385% and 1327% respectively, indicating its preparation for further competition with BOE in large-size TV panel sector SDC continues to develop its UHD panels, whose proportion came to 546% among all of SDC’s products   WitsView, a division of TrendForce, reports that global LCD TV panel shipments increased quarter by quarter in 2017 1H17 showed less momentum for holiday sales due to the high prices, but shipments rebounded in 2H17 as the prices declined and TV makers prepared for the year-end sales Moreover, the new production capacities of BOE’s Gen 85 fab in Fuqing and HKC’s Gen 86 fab in Chongqing have been focusing on middle-size TV panels (43" and 32" respectively), bringing the annual shipments beyond expectation to 26383 million pieces, an increase of 13% compared with 2016 As for 2018, Iris Hu, research manager of WitsView, points out that panel makers will continue to increase the production shares of large-size panels and UHD panels to boost the revenue and profit “The penetration rate of UHD panels is expected to reach 42% this year, an increase of 74 percentage points compared with 2017”, says Hu Regarding the new production capacity, BOE’s Gen 105 fab produces mainly large-size TV panels (65" and 75"), but CEC’s two fabs still put their priorities at middle-size ones (32" and 50") Meanwhile, replacement of CRT TV sets with 32" and 236" LCD ones is still ongoing in emerging markets, making the average panel size grow slower to 458 inches, only 13 inches up from 2017 Overall speaking, global TV panel shipments this year will have chance to hit a second-highest number in history, reaching 26949 million pieces, an annual increase of 22% LGD remains the leader in TV panel market while BOE took second place for the first time In the global TV panel shipment ranking for 2017, LG Display (LGD) came first place with a shipment of around 5085 million pieces last year, a decrease of 39% LGD expanded its production capacity in Guangzhou fab for 50K sheet, but in terms of panel size, increasing the production capacity share of 65" and greater panels has been the trend Particularly, LGD shipments of 65" and 75" panels have increased significantly by 385% and 1327% respectively, indicating that LGD has been making efforts to retain its market share in large-size TV panel sector before BOE’s Gen 105 fab enter mass production BOE deliberately slowed down its 32" TV panel production growth in 2017, so the shipments of this size increased by only 04%, totaling 4381 million pieces But its total shipments climbed to second place for the first time as Samsung Display (SDC)’s closure of L7-1 fab influenced its production As BOE’s Gen 85 fab in Fuqing entered mass production in 2Q17, BOE’s shipments of 43" TV panels grew remarkably by 2476% last year Innolux’s Gen 86 fab entered mass production in early 2017, but the yield rate and output were less than expectation in the first half of 2017 In the second half, high pricing of panels led to shrinking demand, resulting in Innolux’s slow-moving and excess stocks In addition, Innolux announced to enter the TV assembly market, which made its clients more conservative in making orders Fortunately Innolux figured out the solutions of pricing and stock problems, and ended up with shipments of 418 million pieces, an increase of 02%, ranking the third SDC dropped out of top 3 due to closure of L7-1 fab, CSOT recorded the highest growth by shipment area SDC’s shipments saw a substantial decline of 154% last year since the closure of its L7-1 fab Its overall TV panel shipments turned out to be 396 million pieces, the highest decline among the six major panel makers Although its shipments have dropped out of top 3, SDC has improved capacity utilization by simplifying its product mix, and has invested in production equipment of UHD and large-size panels to increase the value of its products As for product portfolio, SDC took initiatives to develop UHD panels, whose proportion came to 546% among all of SDC’s products, and also remained a major supplier of large-size panels (55", 65" and 75") Particularly, its market share of 65" sector was as high as 363%, showing definite advantages over its competitors China Star Optoelectronics Technology (CSOT) kept increasing the shipments after the capacity of the second phase of its second Gen 85 fab was expanded to 140K sheet CSOT’s final shipments recorded 3864 million pieces, an increase of 168% compared with the previous year Particularly, 55" panels recorded a 194% shipment growth, as CSOT’s capacity expansion came mainly from this size As for the growth by shipment area, CSOT recorded a 196% YoY increase, the highest among the six major panel makers TV panel shipments for AU Optronics (AUO) in 2017 came to around 2721 million pieces, 01% down from the previous year AUO continued to optimize its product portfolio and increased the proportion of large-size panels, so it finally recorded a 51% growth of shipment area In addition, AUO also put focus on increasing the proportion of UHD products, reaching 44% of all its products, the third highest number following LGD and SDC 

Press Releases
TrendForce Says Monthly TV Panel Shipments Grew 8.2% for August and Reached a New High for This Year Due to Falling Prices and Seasonal Demand

2017/09/28

Display / Consumer Electronics

WitsView, a division of TrendForce, reports that global LCD TV panel shipments for August totaled 2302 million units, showing an increase of 82% from July and a year-on-year drop of 25% WitsView also says that the August shipments represent the highest monthly volume in the TV panel market for this year so far This turnaround from the weak shipment result in July was attributed to two consecutive months of declining panel prices and increasing stock-up activities ahead of holiday events in the major markets including the US, Europe and China Iris Hu, research manager of WitsView, pointed out that TV brands have become more confident at the market after seeing strong sales results in China pertaining to online sales events on June 18 and August 18 They are also more aggressive in stocking up in preparation for the next two major busy periods in the Chinese market – the “golden week” of the National Day holiday in October and the online shopping extravaganza on Singles’ Day in November “On the whole, the procurement momentum from TV brands has apparently recovered since the middle of the third quarter,” said Hu “At the same time, Chinese TV brands have focused on developing the medium- and the small-size segments of their oversea markets during this year Going forward, TV panel shipments in September are expected to remain stable as in August" Innolux returned to first place in the monthly shipment ranking for TV panels; LGD was the only one among the six major panel makers to post decline In the monthly TV panel shipment ranking for August, Innolux took first place again after two years and surpassed LG Display since June 2015 Innolux shipped around 394 million units in August, an increase of 289% from July Innolux’s shipments of 236- and 32-inch panels benefitted from the replacement of CRT TV sets with LCD ones in Southeast Asia and other emerging markets Together, shipments of these two size segments went up by 286% compared with the previous month Innolux also benefitted from the shorter shipment base level of July and the rise in demand following two months of falling prices Its 50-inch shipments in August not only returned to 800,000-unit mark but also achieved a new single-month high for its shipments of this size segment, soaring by 1168% from July to hit 867,000 units LG Display (LGD) fell to second place in TV panel shipment ranking and was the only one among the six major panel makers to post monthly shipment decline for August Chinese TV brands and LCD module suppliers make up more than 50% of LGD’s client base These clients held back their stock-up demand in August as they expected further drops in panel prices The slowdown in Chinese orders therefore led to a below-expected TV panel shipments for LGD, whose August total was around 38 million units – a decline of 36% compared with July BOE Technology (BOE) grew its TV panel shipments in August as it had done in July Its August total was around 377 million units, representing a small monthly increase of 19% Versus July, shipments of 32-inch panels (the panel maker’s main offering) went up by 53% Furthermore, BOE’s shipments of 49-inch panels increased by 168% on the back of effective promotion efforts to the white-box TV makers Samsung Display (SDC) has not taken additional production capacity for TV panels Instead, SDC has modified its panel fabs so each of them focuses on one size segment SDC intends to raise the overall shipment by minimizing inefficiency of operating multiple processing lines within a production facility while maximizing the capacity utilization The investments to change the production strategy appears to be yielding positive returns as SDC recorded a monthly growth rate of 81% in August with the volume totaling around 354 million units China Star Optoelectronics Technology (CSOT) shipped around 34 million units in August, up 79% from July CSOT’s advantage lies in being the supplier for its group company TCL, which is purchasing more in-house panels as it works to expand its market share in North America Likewise, other Chinese brands in face of saturated domestic markets are also expanding overseas On account of the demand from compatriot TV makers, CSOT’s shipments of 32- and 49-inch panels also went up by 214% and 167%, respectively, in August compared with July TV panel shipments for AU Optronics (AUO) in August came to around 24 million units, up 43% from July’s volume While AUO’s main focus is on large-size and niche panel products, it maintains a flexible product mix strategy so that it gets the most out of its limited production capacity Due to the rising demand from TV brands for medium- and small-size panels, AUO saw its shipments of 32- and 39-inch panels increased by 94% and 54%, respectively, in August versus the prior month

Press Releases
TrendForce Reports Average Size of TV Panels Grew to 44.7 Inches in Second Half of 2017; TV Brands Shift Their Demand to Larger Size Segments Due to Cost Pressure

2017/07/25

Consumer Electronics / Display

LGD topped the shipment ranking of TV panel suppliers for 1H17, posting a small year-on-year decrease of 11% SDC posted a 14% year-on-year drop for its TV panel shipments in 1H17, the largest decline among the six major TV panel suppliers Panel demand from TV brands has shifted towards larger size segments, leading to a 17-inch increase in the average panel size in 1H17 to 447 inches The latest research by WitsView, a division of TrendForce, finds the global shipments of LCD TV panels totaled 12335 million units for the first half of 2017, amounting to a tiny dip of 01% compared with the same period a year ago Since Samsung Display (SDC) closed its Gen-7 fab L7-1 at the end of 2016, TV brands since the first quarter have been vigilant against the supply tightening in the mid-size segments and kept stocking up Their demand was strong enough to offset the traditional seasonal effect during the year’s first half Prices of panels belonging to the 40- to 43-inch size range rose by nearly 70% on average this April from their lowest point a year ago As there is no profit selling products carrying panels in this size range, TV brands have shifted their demand towards larger size segments Thus, the average size of TV panels reached 447 inches in the first half of 2017, up by 17 inches from a year ago The global shipments of TV panels in total area for this year’s first half also grew by 87% year on year Iris Hu, research manager of WitsView, stated that TV makers will be more conservative in their panel procurement in the second half of 2017 “Though the TV panel market is entering the traditional peak period for stock-up activities, TV makers are finding that the excessively high panel cost is severely compressing their profit margins,” said Hu “Also, more than 60% this year’s newly added panel production capacity will become available in the year’s second half The steady expansion in the overall supply will create the condition for a significant downward price correction” According to WitsView, much of the TV panel demand will continue to concentrate in size segments 55 inches and larger in the latter six months of 2017 Shipments for the period is projected to increase by 41% in volume compared with the year’s first half as China’s BOE Technology (BOE) and HKC have taken on additional production capacity since the second quarter Specifically, BOE has expanded the capacity for 43-inch panels at its Gen-85 fab in Fuzhou, while HKC’s Gen-86 fab in Chongqing has raised its 32-inch capacity The total shipment area is also projected to increase by up to 10% compared with the year’s first half LGD led in TV panel shipments for the year’s first half while Innolux climbed to second place LG Display (LGD) topped the shipment ranking of TV panel suppliers for the first half of 2017 LGD shipped about 2528 million units during the period, representing a small year-on-year decrease of 11% On the other hand, the demand growth for large-size panels led to a year-on-year increase of 57% in the corresponding total area LGD was therefore the champion in both volume and area LGD’s TV panel shipments were affected by the conversion of its Gen-85 fab in South Korea’s Paju from producing LCD to OLED products Furthermore, the panel maker adjusted its product mix to allocate more production capacity to monitor panels sized 238 and 27 inches This move, which also interfere with TV panel production, was to meet monitor brands’ demand for larger panels that will help increase their profits However, LGD at the start of this second quarter undertook the expansion of its Gen-85 fab in China’s Guanzhou As that fab operates with more available capacity, LGD will have greater flexibility in balancing the production of various products during this year’s second half Innolux adjusted the product mix for its two Gen-6 fabs, expanding the production capacity for the 65-inch panels while reducing the capacity for the 395-inch segment The move increased both profit and shipments for the panel maker Innolux’s TV panel shipments for the first half of 2017 totaled around 2025 million units, representing a year-on-year increase of 22% The panel maker jumped to second place in the ranking TV panel shipments fell substantially for BOE and SDC in the year’s first half BOE Technology (BOE) shipped just 195 million units of TV panels in this year’s first half, registering a year-on-year drop 131% BOE has benefitted from more orders for 32-inch panels since this second quarter as Chinese TV brands increase exports of products related to this size segment However, BOE from the end of last year’s third quarter has also kept lowering the share of the 32-inch in its product mix to expand its shipments of notebook panels SDC posted a 14% year-on-year drop for its TV panel shipments in the first half of 2017, totaling only 1841 million units SDC’s decline was the largest among the six major TV panel suppliers After the closure of the L7-1 plant, SDC’s monthly shipments of 40-inch products contracted by about a million units Also, the panel maker overhauled existing fabrication lines and installed new equipment during the year’s first half for the manufacturing of high-end UHD, 65-inch and 75-inch panel SDC’s production capacity was therefore severely limited in the period CSOT continues with its capacity expansion while AUO raises the yield rate of its Gen-85 fab TV panel shipments from China Star Optoelectronics (CSOT) totaled 1817 million units in the first half of 2017, up 222% year on year This growth was attributed to the capacity expansion of its second Gen-85 fab T2 in Shenzhen, China The T2 plant mainly produces 55-inch panels, and correspondingly CSOT posted a 468% year-on-year increase in its 55-inch shipments for this year’s first half Growths in this size segment also contributed to a 287% year-on-year increase in CSOT’s total shipped area for the six-month period AU Optronics (AUO) grew its TV panel shipments by 22% year on year in the first half of 2017, totaling around 1328 million units AUO has improved the yield rate and production volume of its Gen-85 fab L8B, which is located in Taiwan’s Taichung City and underwent an expansion last year Furthermore, AUO concentrated the production of 65-inch panels at its Gen-6 fab L6B, which is located in Taiwan’s Taoyuan City The panel maker was able to optimize the production flow of L6B despite the plant’s limited capacity As a result, the panel maker was able to push up its 65-inch shipments for the first half of 2017 by 429% year on year The company has remained competitive despite having smaller production capacity compared with the other five major suppliers

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