Views: 0 Author: Site Editor Publish Time: 2022-05-11 Origin: Site
Market & Performance Review: Panel (Shenwan) index dropped 10.69% from March 2022 to now. In February 2022, the revenue of TCL Huaxin and AU Large LCD maintained year-on-year growth. Market review: Panel (Shenwan) index dropped 10.69% from March 2022 to now, outperforming Shanghai Composite Index, Shenzhen Component Index and CSI 300 index by 5.53p respectively Ct, 1.16 PCT, 3.76 PCT; Among them, BOE A, TCL Technology, Shenzhen Tianma A, Rainbow Shares and Longteng Optoelectronics fell by 8.51%, 11.33%, 9.75%, 3.60% and 12.01% respectively. In terms of valuation, as of April 6, the total market value of a-share panel industry is 448.697 billion yuan, and the overall PB(LF) is 1.28x, which is in the 6.0% sublevel since 2016.
Performance review: According to Omdia data, the monthly revenue of global large-size LCD panel in February was usd 6.089 billion, down 6.80% from the previous month and 6.18% from the same period last year. Among them, the monthly revenue of TCL Huoxing and AUO large-size LCD panel maintained year-on-year growth, while that of BOE, Innolux and LG decreased 16.83% from the same period last year 14.10 percent, 5.51 percent, Samsung gradually withdrew from the LCD industry. China's major LCD manufacturers (Shenzhen Tianma A, TCL Technology, Beijing Oriental A, Rainbow Holdings, Longteng Optoelectronics, AU, Innolux, Hanyu Color Crystal)3Q21 revenue of 161.32 billion yuan, with A sequential growth of 1.13% and A year-on-year growth of 47.88%; Net profit of 19.862 billion yuan, down 19.86% from the previous month, up 376.25% year on year; Gross margin increased 12.38% PCT year-on-year and decreased 2.75 PCT quarter-on-quarter to 27.16%, while net margin increased 8.50 PCT year-on-year and decreased 3.23 PCT quarter-on-quarter to 12.33%. The turnover days of accounts receivable increased by 3.59 days to 58.85 days from the previous month, significantly decreased compared with 65.49 days of 3Q20. Inventory turnover days increased by 5.07 days year-on-year and 6.19 days to 50.62 days on a monthly basis.
Price & Cost: LCD TV panel prices hit bottom in March,IT panel prices fell more than the previous month; 1Q22 LCD TV panel prices have converged near or below average cost and cash cost TV: 32, 43, 50, 55, 65 inch LCD as of March 2022, according to Omdia TV panel prices changed from 0.0%, 0.0%, -1.2%, -1.8%, -1.7% to 38, 68, 84, 107, 176 USD/piece; Omdia expects that in April 2022, the prices of 32 and 43 inch LCD TV panels will remain at $38 and $68 per piece, while the prices of 50, 55 and 65 inch LCD TV panels will decrease by 1.2%, 0.9% and 1.7% month-on-month to $83, 106 and $173, further narrowing the month-on-month decline. According to WitsView data, the average price of 1Q22 LCD TV panel has been close to or lower than the average cost, cash cost level,32, 55 inch LCD TV panel price lower than cash cost 4.03%, 5.06%; 43 and 65 inch LCD TV panel prices are 0.46% and 3.42% higher than cash cost respectively.
Notebook: According to Omdia data, in March 2022, 10.1 inch (tablet COMPUTER), 14 inch (notebook computer), 23.8 inch (monitor)LCD IT panel prices decreased by 3.5%, 5.6%, 4.8% to 27.2, 38.7, 73.2 USD/piece; Omdia expects prices for 10.1, 14 and 23.8-inch LCD IT panels to fall 3.7%, 5.9% and 5.1% month-on-month to $26.2, $36.4 and $69.5 per panel in April 2022. According to WitsView, the average price of 1Q22 14-inch notebook panels is 131.07% above cash cost; 15.6-inch laptop panels cost an average of 128.44% more than cash costs.
Supply & Demand: In February 2022, the global large-size LCD panel shipment area increased by 5.23% year on year, the demand for TV panel is stable, and the demand for monitor and notebook computer panel is still strong. In terms of supply, we estimate that the global large-size LCD production area in 2022 will increase by 10.13% compared with 2021, including 1Q22, 2Q22 and 3Q22 And 4Q22 capacity increased by 1.15%, 1.82%, 1.40% and 1.41% respectively; It is estimated that the global large-size LCD production area in 2023 will increase by 5.06% compared with 2022, and the 1Q23, 2Q23, 3Q23 and 4Q23 production capacity will increase by 0.98%, 0.31%, 2.10% and 1.97%, respectively.
In terms of demand, the trend of large-size, high-end and diversified terminal demand continues. In February 2022, the global large-size LCD panel shipment area increased by 5.23% year on year, among which the global LCD TV panel shipment area increased by 2.73% year on year, the global LCD display panel shipment area increased by 21.99% year on year, and the global notebook computer panel shipment area Year-on-year growth of 18.77%, the global tablet panel shipment area decreased by 27.95%.
We believe that, with the LCD expansion into the end, the industry will be dominated by the supply side (capacity change) to the demand side (large size, high-end, diversified terminal demand), the industry cycle attribute will fade, growth attribute appears,LCD panel companies are expected to strengthen the stability of earnings.
Investment advice: THE LCD industry chain continues to recommend BOE A, TCL Technology
Mainland China LCD panel industry from scratch, since the childhood, from big to strong, has the world's leading, we prefer A boe panel, TCL technology such as mainland China leading to grasp the era of consumption upgrade localization in China dividend, with high generation line scale effect, cost advantage and market share of leading industry say, pricing power can make A profit A steady increase in force.
The risk of less than expected demand for semiconductor display devices; Risk of price fluctuation of semiconductor display devices; Production equipment and raw material supply risk.
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