An autumn of collective reduction in the panel: BOE's performance has declined without suspense, and the word "inflection point theory" in the industry has the words in the industry

China Times (chinatimes.net.cn) reporter Lu Xiao Beijing report

Those companies who have experienced the longest rising cycle in history may also go through the same long downward cycle.

Compared with the hotness of last year, the 2022 semi -annual report of panel companies exudes cold and cool. Among them, the semi -annual report released by BOE BOE, a large panel company, showed that in the first half of this year, it had a revenue of about 91.6 billion yuan, a year -on -year decrease of 15.66%. %. Chen Yanshun, Chairman of BOE and Chairman of the Executive Committee, also stated at the online performance briefing meeting held on August 30, "We are currently facing more factors from the lack of demand for the final formation of many factors."

Indeed, under the many uncertain factors such as the repeated crown epidemic, frequent geopolitical conflict, and rising shipping costs, not only the largest BOE in the industry, almost all panel companies are using regulating the movement rate, research and development of new technologies, expanding new markets, etc. The means to warm the winter. But when will the next industry spring come?

5.6 billion storage impairment

The semi -annual report of BOE is a microcosm of the panel industry in the first half of the year. The display device still occupies 90%of BOE's revenue, but its 90.21%revenue proportion, a percentage point of 2.45 compared with the same period last year.

Chen Yanshun also stated at the online performance briefing meeting on August 30 that due to market prices in the first half of 2022, the income of the screen declined, but the whole machine, system and innovation business of BOE still maintained high -speed growth, accounting for the total revenue of the first half of the year, accounting for the first half of the year's total revenue 16.4%(the other BOE and the over-offset of the total revenue of -6.64%). As a reference, last year's business revenue exceeded 30 billion yuan, accounting for over 14%of the total revenue of BOE. Chen Yanshun also confirmed that the nucleic acid detector of BOE was approved in August this year.

Although the income of the screen has declined, from the gross profit disclosed by BOE, the display device is still the main force of its money. Among them, the gross profit margin of 15.44%of the device business in BOE in the first half of this year, although it fell 12.68%year -on -year, it still ranked first in the internal ranking. The Internet of Things innovation business with the second -ranked scale of revenue has a gross profit margin of 9.1%year -on -year decreased by 2.27%. In fact, BOE only announced the gross profit margin of these two businesses.

Regarding the important technical direction of AMOLED's future flexible display, Chen Yanshun also mentioned at the performance briefing on August 30 that at present, BOE has three production lines in Chengdu, Mianyang, and Chongqing. There will be growth, the second in the world, but not making money yet. "This technology is still in the process of rapidly increasing its penetration. I believe that through rapid improvement and penetration for a period of time, we will have a good life."

Rong Chao Ping, a senior research manager of Ovirwo, told the reporter of "Huaxia Times" that although the price of TV panels has fallen below the cash cost, the TV panel accounts for only about 30%of the overall revenue of BOE. The profitability of tablet computer panels is relatively better, and there are some government subsidies, so the overall business of Q2 has maintained profitability. "The financial report showed that the government subsidies for the current profit and loss of BOE in the first half of this year were 2.96 billion yuan.

However, it should be mentioned that BOE also announced on August 29 that the total asset impairment preparations were accounted for about 5.65 billion yuan in the first half of this year, of which only 5.6 billion in inventory impairment was as high as 5.6 billion. After considering the impact of income tax and a small number of shareholders, the impairment losses have reduced the net profit attributable to the owner of the parent company in the first half of this year.

Chen Yanshun explained at the performance briefing on August 30 that the current financial inventory includes three aspects. In addition to the real product inventory, it also includes process products and raw materials reserves in the production process. "Starting from the second half of 2021, due to the international environmental impact and the impact of the epidemic, BOE has increased its strategic stocking in key materials to ensure the stability and security of the enterprise's supply chain."

Rong Chaoping also told the reporter of the Huaxia Times that the number of inventory impairment and turnover days of BOE increased, mainly because the demand for brand customer panels in the second quarter of this year was rapidly repaired, so the inventory of panel factories increased. He also said that not only BOE, other panel factories also face pressure on inventory growth.

When will go out to the dark moment

Indeed, in the cold winter of this industry, no panel factory can be alone.

On August 26, the semi -annual report released by TCL Huaxing parent company TCL Technology showed that the revenue of 84.522 billion yuan in the first half of this year increased by 13.6%year -on -year, but the net profit of 664 million yuan fell 90%year -on -year. On August 29, Shen Tianma and Victoria also released half -annual reports. Among them, the revenue of 15.738 billion yuan in half a year fell by 6.69%year -on -year, and the net profit of 370 million yuan fell by 30.19%year -on -year. Although the revenue of RMB 3.411 billion in the first half of the year, Victoria ’s Victoria’ s Victoria was 23.72%year -on -year, but its loss was 1.149 billion yuan. In addition, the Shenma and Weixino also provided about 230 million yuan in credit impairment and asset impairment losses in the first half of this year.

Behind the panel industry, the price of LCD panels, especially TV panels, continues to fall.

Data from Qunzhi Consultation show that the price of 32 -inch, 50 -inch, and 55 -inch panels is expected to fall by 2 US dollars in August. But a good news is that the latter two are expected to narrow to $ 1 in September, while 32 -inch is expected to stop falling in September. The active reducing supply of panel factories is one of the reasons behind this good news. According to the report of Dixian Consultation, after the first round of production, in July, the mainstream panel manufacturer's row rate was about 80%, and in August continued to fall to about 75%, and in September The decrease is greater than 10%.

Di Xian Consulting also believes that although the decline in the rivers in August, although some of the influence of Sichuan -Chongqing power, more from the active adjustment of the panel factory. The TV panel with nearly 80%of the capacity of the G8.5 generation line has fallen below the cash cost as early as the first half of this year, approaching the ultimate bottom line of this panel factory. At the same time, due to the sluggishness of terminal demand and high brand factory inventory, the "price replacement" in the past few months has not worked well, and the brand factory still adopts a conservative procurement strategy.

At the performance briefing on August 30, Gao Wenbao, executive director and president of BOE, also said, "According to the current supply and demand relationship, each of the three quarters has actively reduced production capacity. It's dark moment. "

But it seems that at least in the second half of this year, the panel factory will not be too good. Yi Xianzhang, deputy general manager of Dixian Information Consultation, believes that the price of LCD panels at the bottom of the market in the second half of the year may stabilize, but it is more difficult to appear. He told the "Huaxia Times" reporter that the demand for the price that determines the price now will reduce the supply, but the most important thing now is that the demand has not improved significantly. He believes that it is possible to see at least Q1 next year.

Rong Chaoping also told the reporter of "Huaxia Times" that the market demand recovery in the second half of the year is difficult to see the improvement. The demand for the purchase of panel panels in the brand factory is still not enough. Supply and demand is still difficult to show signs of transformation. But on the other hand, the price of panels is now gradually touched the material cost of the panel factory. This is also the bottom line of the panel factory. The space for subsequent prices is limited. Therefore, the bottom of the panel price will appear, but it will be difficult to rebound on the price of the panel.

Editor -in -chief: Editor -in -chief Huang Xingli: Han Feng

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