With the disclosure of semi-annual reports of major TV manufacturers coming to an end, the reporter learned that due to the increase in panel costs, some TV companies' performance in the first half of the year declined.
A number of color TV industry analysts pointed out to reporters that although TV panel prices have shown a downward trend, the decline in panel prices is reflected in the price of the whole machine, requiring at least one quarter of the time. All manufacturers should adjust the product structure and adjust to the high-end, high-profit direction.
First half of color TV output decline
Although capacity saturation and sluggish performance are the norm in the color TV market in recent years, the situation of color TV industry in 2017 is particularly severe. According to the Ministry of Industry and Information Technology's “Operations of Electronic Information Manufacturing Industry in the First Half of 2017â€, the cumulative production of color TVs in the first half of the year was 74.23 million units, a decrease of 6.4% year-on-year. The cumulative production of LCD TVs was 69.62 million units, a decrease of 8.5% year-on-year.
In late August, color TV companies focused on the performance of the first half of 2017. From the data point of view, some color TV giants fell in the first half results: Hisense Electric's first-half revenue was 13.567 billion yuan, up 2.09% year-on-year, and net profit was 396 million yuan, down 46.55% year-on-year; Sichuan Changhong's first-half revenue was 34.76 billion yuan, up year-on-year. Growth of 6.07%, net profit of 150 million yuan, a year-on-year decrease of 66.55%; despite Shenzhen Konka A 14.068 billion yuan in revenue for the first half of the year, an increase of 32.49%, net profit of 30.871 million yuan, an increase of 140.53%, but the depth of Konka A deduction of non-net Profit was negative 44.4562 million yuan, down 54.70% year-on-year.
In this regard, manufacturers have mentioned in their financial reports that "a sharp increase in raw material prices has resulted in a drop in gross margin." Shenzhen Konka A said in the semi-annual report that due to the increasingly fierce market competition and the increase in raw material prices, the main business such as color TV, white electricity, and other main business margins have declined, and the main business has suffered a certain degree of losses.
It is understood that starting from April 2016, the price of LCD panels began to rise continuously and lasted until May 2017, which lasted 14 months, which was the longest price increase in panel history. As of June 2017, the average increase of the panel over the same period was around 40%, while the whole machine rose by less than 20% over the same period, and the cost pressure of the entire color TV unit was doubled.
In contrast, panel companies Samsung, BOE and Huaxing Optoelectronics have become the beneficiaries of this round of panel price hikes. Among them, BOE’s first-half net profit increased by 9 times year-on-year due to panel price increase; TCL also has its own panel. The good performance of the enterprise Huaxing Optoelectronics achieved a net profit increase of 110.8%.
Li Yaqin, deputy general manager of Quzhi Consulting, told the reporter of “Daily Economic News†that “the performance of color TV companies is mainly affected by double impacts. One is the increase in costs; the other is that sales volume is declining. This double impact has a greater impact on them. In the past year, the prices of most of the raw materials used in television have increased."
According to the "2017 China TV Market Semi-annual Summary Report" jointly issued by China Electronics Video Industry Association and AVC, the total volume of domestic color TV retail sales in the first half of 2017 was 21.81 million units, a year-on-year decrease of 7.3%.
Panel prices have begun to decline
It is understood that with panel prices, major panel makers began to actively expand production, domestic investment boom on the 10.5 generation soared. In recent years, companies including BOE, China Star Optoelectronics, and Hon Hai Group have successively invested in the construction of 10.5/11 generation LCD production lines. In addition, LG Display (LGD) also plans to invest in 10.5-generation AMOLED or LCD production lines to produce oversized OLED or LCD panels.
Under the background of expansion of major panel makers, in June 2017, the prices of large-size panels have begun to decline. According to the latest panel price quoted by the WitsView Optoelectronics Research Center (WitsView), after the TV panel price began to loosen in June, prices in August have seen more dramatic declines.
The latest panel quotes in late August showed that the highest price of the 55-inch TV panel was US$209 per piece, the lowest price was US$200 per piece, the average price was US$206 per piece, and the single-chip price fell by US$4 compared with the previous period;43 The average price of the TV panel was 135 US dollars per piece, the single chip price fell by 4 US dollars compared with the previous period; the average price of the 32 inch TV panel was 70 US dollars per piece, and the price of the single chip fell by 1 US dollar compared with the previous period.
Jibang Consulting analyst Qiu Yubin told the “Daily Economic News†reporter, “Although TV panel prices have been declining, it will take at least 2 to 3 months for panel prices to reflect a decline in overall prices. TV shipment estimates are adjusted downwards, which is a decrease of 5 million to 6 million units from the same period of last year.
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