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Press Releases
Chinese Suppliers Take Top Three Spots in TV Panel Shipment Ranking, with Combined Shipment of More Than 50% of All Suppliers, Says TrendForce

2021/04/09

Display / Consumer Electronics

As Samsung Display (SDC) decided to extend the manufacturing operations of its Korea-based Gen 85 LCD fab, and tier-two panel suppliers are still slow to reassign their production capacities from TV panels to IT panels, TrendForce expects total TV panel shipment for 2021 to reach 269 million units, which is relatively unchanged compared to 2020 levels Panel suppliers will continue to focus on large-sized TV panels this year in response to several industry-wide developments, including M&A, reduced production capacities, improved manufacturing technologies, and increased panel demand Furthermore, as the persistent price hike of TV panels continues to reduce the profit margins of TV sets, TV brands have started to gravitate towards larger, more profitable TV sizes TrendForce therefore expects the average TV panel size this year to increase by 16 inches and move towards 50 inches TrendForce analyst Jeanette Chan indicates that the shift towards large-sized panels is an effective means of expending the production capacity of panel suppliers Case in point, due to the limited production capacity for TV panels in 1H21, not only are TV panels currently in short supply, but TV panel prices are also on the rise On the other hand, the demand for TV panels in 2H21 will depend on several key factors: first, whether the increased retail price of TV sets will hamper consumer demand; second, whether the pandemic will be effectively brought under control as more countries begin vaccinations; third, whether the impending global economic recovery will be a significant one; and finally, whether a market bubble will appear as a result of TV manufacturers’ overbooking panel orders in anticipation of potential hindrances including the price hike of materials in the upstream supply chain, the shortage of glass substrates due to such accidents as facility fires, the shortage of IC supply, and the extended shipping times Thanks to their persistently rising production capacity and successful acquisitions, China-based BOE and CSOT, the two largest panel suppliers in the world, are expected to collectively account for about 40% of total TV panel shipment this year At the same time, BOE and CSOT are actively improving their technologies and making a push for high-end products, such as 8K, ZBD, and AM Mini LED By leveraging their improved technologies and available funds, the two companies are likely to extend their operations upstream by systematically undertaking vertical integrations On the other hand, HKC, which is currently raising its production capacity, has garnered much attention in the market amidst the current shortage situation of TV panels Along with its Changsha-based H5 fab, which is set to kick off mass production shortly, HKC possesses four Gen 86 fabs in total By raising its production capacity and engaging in additional strategic partnerships with tier-one TV brands, HKC is expected to enter the top three ranking of panel suppliers by TV panel shipment for the first time ever, with a shipment of about 4191 million units this year, a 337% increase YoY Taiwan-based AUO and Innolux are expected to experience YoY decreases in their shipments this year as their production capacities are relatively limited, although both companies’ efforts to optimize their products and engage in cross-industry partnerships have brought them certain competitive advantages In particular, AUO is leading the panel industry in developing not only ultra-high-end products, such as 8K+ZBD, but also Micro LED displays, whereas Innolux holds competitive advantages in product diversity and in-house ODM services It should be pointed out that these two Taiwanese companies are able to deal with the current IC shortage situation better than their competitors because their parent companies have longstanding business relationships with IC design companies With regards to Korean suppliers, although LGD and SDC have both prolonged their LCD manufacturing operations in Korea in order to satisfy the current bullish market demand, the two companies are primarily focusing on transitioning their offerings to new products LGD will expand the OLED production capacity of its Guangzhou fab in 2Q21 as part of its effort to dominate the OLED market As for SDC, the company has dropped out of the top six ranking this year as a result of its lowered production capacity However, new TV sets featuring SDC’s QD-OLED panels are expected to officially hit the market in 4Q21, in turn driving SDC’s yearly TV panel shipment to 2 million units in 2022 For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms Vivie Liu from the Sales Department at vivieliu@trendforcecom

Press Releases
Samsung (SDC) to Continue LCD Panel Manufacturing Throughout 2021, Likely to Exacerbate 2H21 Market Oversupply, Says TrendForce

2020/12/31

Display

Despite previous expectations to shutter its LCD panel manufacturing operations, Samsung Display (SDC) will continue manufacturing panels in Korea, with a Gen 7 and two Gen 85 production lines operating throughout 1Q21, according to TrendForce’s latest investigations However, in consideration of costs, technological transition schedules, and client demand for specific panel sizes, SDC is expected to retain manufacturing operations at only one Gen 85 production line in 4Q21 It should also be noted that, instead of being an indefinite extension, SDC’s continued panel manufacturing is expected to conclude by the end of 2021 TrendForce analyst Jeanette Chan estimates SDC’s extended production time to last from April 2021 to 4Q21, with 32 million units of TV panels to be shipped during the period, accounting for 12% of the market total SDC’s TV panel manufacturing is expected to provide some upward momentum for the industry as a whole, meaning global TV panel shipment for 2021 is expected to reach a similar level as the previous year Regardless, SDC’s plan to extend LCD manufacturing will have no noticeable effect on the supply and demand of display panels in 1Q21, primarily because it had already planned to supply about 18 million TV panels and 11 million monitor panels to Samsung Electronics (SEC) in 1Q21, (though these figures will likely be reduced to 15 million and 055 million), respectively, prior to its decision to extend LCD manufacturing from April 2021 to 4Q21 The reduction in shipment to SEC will not be compensated for until April 2021 According to TrendForce’s predictive supply and demand model, which tracks large-sized LCD glass input by area and panel demand by area, the overall supply and demand of display panels in 2Q21 will, for the most part, remain in equilibrium Despite a 22% increase in glass input by area for 2Q21 due to SDC’s delayed shuttering of LCD panel production lines, the risk of component shortages will still persist during the quarter Moreover, the demand for TVs, monitors, and notebook computers will represent a certain amount of demand for display panels as well On the whole, although SDC has announced that it will sell all of its panels produced throughout 2021 to SEC, TrendForce still forecasts an oversupply situation for 2H21, since the increased panel supply from SDC certainly represents a potential risk that may disrupt the panel industry’s supply and demand equilibrium Given the fact that SEC has historically been the largest purchaser of display panels, as the steady supply of panels from SDC increases, whether SEC will shift its panel purchasing strategies in response will remain an important point of observation for the panel market in 2021 For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms Vivie Liu from the Sales Department at vivieliu@trendforcecom

Press Releases
TV Panel Shipment for 2020 Expected to Decrease by 6.2% YoY in Light of Limited Production Capacity, Says TrendForce

2020/09/29

Display

Yearly TV panel shipment for 2020 is projected to reach 26753 million units, a 62% decrease YoY, while shipment by area is projected to increase by 07% YoY, coming to 1696 million square meters, according to TrendForce’s latest investigations The decrease can mostly be attributed to three factors: first, the trend of gradual increases in TV sizes; second, the slowdown in capacity expansions for panel fabs; and finally, the continued high demand for IT panels, the manufacturing of which crowded out fab capacities for TV panels Furthermore, due to the aforementioned decreases in TV panel capacity and TV panel shipment, the glut ratio of TV panel shipment vs TV set sell-in this year is projected to reach 24%, which is lower than the 2019 figure of 31%, thereby generating an upward momentum for TV panel prices TrendForce analyst Jeanette Chan indicates that, although LG Display has deferred the closure of its South Korea-based TV panel fab, LGD’s total TV panel capacity in Korea accounts for only 3% of the global total from all panel makers As such, output from LGD is unlikely to change the present shortage situation in the TV panel market Furthermore, the lower-than-expected pace at which certain panel makers have been increasing their production capacities in 2H20 is expected to result in a mere 11% HoH growth in overall TV panel capacity by area compared to 1H20 On the other hand, the cyclical upturn in TV sets has ramped up the demand for large-sized display products, gradually pushing the average TV panel size towards 487 inches However, given the manufacturers’ limited capacity expansion, the supply of TV panels has remained tight, and the glut ratio of TV panel shipment vs TV set sell-in is projected to decrease to about 9% in 2H20 That means TV panel prices can rise by up to 30% and 10% QoQ on average in 3Q20 and 4Q20, respectively Although CSOT and HKC are expected to expand their panel capacities with the addition of the T7 fab for the former and the Changsha-based H5 fab for the latter in 2021, TV panel supply is still projected to undergo a 41% decrease YoY next year, reaching 25664 million units, due to the closure of SDC’s Korea-based production lines this December and due to the fact that most panel makers have realigned their panel output to primarily IT products and ultra large-sized TV panels by now In terms of TV panel shipment by area, total shipment is projected to increase by 35% YoY in 2021, reaching 1755 million square meters On the other hand, the average size of TV panels will likely further increase to 50 inches, while the interplay between supply and demand is expected to result in a 20% glut ratio of TV panel shipment vs TV set sell-in in 2021 compared to 24% in 2020, meaning the market’s shortage situation is expected to persist

Press Releases
BOE to Control 28% of Global Large-Sized Display Panel Capacity in 2021 via CEC Panda Acquisition, Says TrendForce

2020/09/25

Display

After a period of back-and-forth negotiations, the sale of CEC Panda has finally materialized, as BOE formally announced on September 23 its plan to acquire an 80831% share in CEC Panda’s Nanjing-based Gen 85 fab and 51% share in CEC Panda’s Chengdu-based Gen 86+ fab, according to TrendForce’s latest investigations The acquisition is expected to be in its final stages by now After BOE’s B17 (Gen 105) fab began operating in 2020, the company now possesses about 211% of the global large-sized panel capacity On the other hand, CEC Panda’s Nanjing-based Gen 85 fab and Chengdu-based Gen 86 fab collectively accounts for about 47% of the global total As such, if the acquisition takes place successfully, BOE will possess more than a quarter of the global large-sized panel capacity, and this share is expected to further increase to 28% in 2021 Within the context of the global display panel industry, the acquisition will not only bolster BOE’s leadership position, but also increase its influence considerably BOE will strengthen its market leadership while optimizing its TV and IT product stacks TrendForce’s observation of various display products’ shipment volumes indicates that BOE is the shipment leader in product categories including TV, monitor, and notebook panels Once CEC Panda’s Nanjing-based Gen 85 fab and Chengdu-based Gen 86 fab start contributing to BOE’s panel shipment, BOE is expect to raise its market share in the TV panel market from 185% to 233% Similarly, BOE’s shares in the monitor panel market and notebook panel market will likely grow from 27% to 317% and from 273% to 315%, respectively, allowing the company to further its market share advantage over its immediate competitor Given BOE’s long-term IPS R&D and CEC Panda’s focus on VA panels for TV, the acquisition is expected to both provide a complementary product portfolio for BOE and deepen its partnership with tier-one brands In addition, CEC Panda’s Gen 86 fab will likely shore up BOE’s lack of 50-inch and 70-inch capacities, therefore expanding its TV panel offerings for those display sizes In terms of notebook displays, both companies have been focused on IPS panels However, whereas BOE’s notebook panels are for the most part based on a-si technology, CEC Panda’s offerings are primarily IGZO-based, giving them the advantage of low power consumption Once again, the acquisition will allow BOE to compensate for its weaker presence in IT products, such as gaming notebook panels or low power consumption panels, with CEC’s IGZO offerings On the other hand, BOE’s acquisition of CEC Panda will cause ripples throughout the display supply chain, since the latter has been operating in close partnership with TPV, which is the largest monitor OEM globally under the parent company CEC As well, the future of CEC Panda’s Najing-based Gen 6 fab remains unclear, since its production lines contain mostly older equipment, and the fab mainly manufactures TN and VA panels If the fab can be upgraded to produce IPS panels and curved VA panels instead, its production lines will be able to deliver more value going forward BOE and CSOT will dictate the direction of China’s panel industry TrendForce believes that panel makers specializing in display panels with colorless substrates, led by BOE, will be the key to the Chinese panel industry’s expanded market share and market dominance, since these panel makers possess in-house technical and capacity advantages Alternatively, some companies, including primarily CSOT, possess both technical competency in display panels and ample assistance from other brands under the same parent companies Although BOE and CSOT’s respective business models each represent polar opposite strategies, they are expected to contribute to the Chinese supply chain’s control over the global display and panel industries

Press Releases
Global TV Panel Shipment Declines by 8.4% YoY in 1H20 While BOE Remains Shipment Leader, Says TrendForce

2020/07/28

Display

TV panel prices started to decline in early- to mid-2Q20, according to TrendForce’s latest investigations In an effort to clear inventory and alleviate pressure from falling TV panel prices, some panel manufacturers decided to either lower their capacity utilization or shift their production capacities to IT panels, which saw greater demand at the time When the pandemic slowed down in late-2Q20, however, a wave of urgent orders for TV panels emerged as well Given panel manufacturers’ inability to completely fulfill the spiking demand from TV brands, TV panel prices rebounded into an upswing On the whole, under the dual influences of production capacity shifts and the COVID-19 pandemic, global TV panel shipment reached a modest figure of 12905 million pieces in 1H20, an 84% decrease YoY TrendForce analyst Jeanette Chan indicates that, as the pandemic stabilized in May, governments eased national lockdowns, and the US governments started distributing stimulus payments, TV brands saw the perfect opportunity to stimulate consumer demand by engaging in discount pricing strategies As TV manufacturers intensified their stock-up demand for TV panels, TV panel shipment reached 6479 million pieces in 2Q20, a minor QoQ increase of 08% BOE led the industry in TV panel shipment in 1H20 while CSOT and INX trailed closely BOE began adjusting its allocation of Gen 85 products in 2Q20 in order to capture the leftover display panel orders that emerged in the market following SDC’s exit from the LCD manufacturing business Furthermore, since BOE maintained its past strategy of specializing in large-sized TV panels, BOE’s slight dip in TV panel manufacturing did not change its leadership position in the market, thanks to BOE’s enormous production capacity BOE led the industry in TV panel shipment in 1H20 by shipping 2326 million pieces, a 146% decrease YoY CSOT was the first panel manufacturer to resume operations following the outbreak-induced work stoppage, and the company registered its highest-ever performance in TV panel shipment in 1Q20 as a result In 2Q20, CSOT’s TV panel shipment underwent a slight decline since the company increased its allocation of monitor panel and ultra-large-sized 85-inch TV panel manufacturing However, CSOT was still able to increase its TV panel shipment in 1H20 by 83% YoY by reaching 213 million pieces due to its T6 fab reaching maximum capacity utilization this year, ranking the company number two in terms of TV panel shipment INX recorded sluggish shipment in 1Q20 because of pandemic-induced issues in back-end module capacity But the company saw its demand for mid- and small-sized TV panels recover in 2Q20 owing to momentum from the stay-at-home economy Third-ranked INX’s TV panel shipment reached 2034 million pieces in 1H20, a 72% decrease YoY HKC astonished with excellent YoY shipment growth in 1H20 with rising panel capacity HKC’s TV panel shipment reached 1393 million pieces in 1H20, a 998% increase YoY, which was by far the highest YoY increase among all panel manufacturers In addition to increasing the panel capacity and shipment of the Gen 86 production lines at its Chuzhou and Mianyang fabs, HKC decided to eschew its past focus on small-sized panel manufacturing These factors enabled HKC to score its excellent YoY growth Rising panel prices in 3Q20 means panel manufacturers are projected to make a recovery in their profitability TrendForce believes that the panel manufacturers’ production capacities have now reached maximum utilization rates, driven by the simultaneous increase in panel demand and prices Total TV panel shipment is likely to reach 678 million pieces in 3Q20, a 46% increase QoQ In spite of this quarterly growth, the pandemic has caused a slowdown in new fabs’ capacity expansion This, combined with the consistently high demand for IT panels, is expected to compress the shipment of TV panels, meaning TV panel shipment is still projected to show a 63% decrease YoY Nevertheless, the reduction of TV panel supply is accompanied by strong demand from downstream clients Therefore, TV panel prices are projected to undergo skyrocketing growth in 3Q20

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