English
Korean台湾パネルメーカーの9月出荷金額が前月比増を記録。すでに底を打った？
冒頭部和訳
台湾を拠点とするパネルメーカー3社が先週発表した業績報告によると、3社の合計出荷金額は7ヵ月ぶりに前月比ベースで増加しており、パネルメーカーがすでに底を打った可能性があるという希望的兆候が示された。前年比ベースでは依然として厳しいものの、合計出荷金額は前月比5%増で8月からわずかに上昇、前年比トレンドもほぼ2年ぶりに改善された。3社の9月の合計出荷金額は343億台湾ドル (10億9000万米ドル) で、2021年9月と比較して47%減となっている。
台湾のパネルメーカーは2020年5月から2021年12月まで19ヵ月連続で前年比増を報告したが、出荷金額はその後9ヵ月連続で前年比マイナス成長となっており、前年比のマイナス幅は9月まで毎月大きくなっていた。パネルメーカー別の業績は以下の通り：
- AUOの出荷金額は前月比2%増、前年比51%減の163億台湾ドルだった。出荷面積は前月比減となったが、米ドルベースの面積当たりのASPは上昇した。
- Innoluxの出荷金額は前月比11%増、前年比42%減の170億台湾ドルだった。大型パネルの出荷台数は前月より増加した。
- HannStarの出荷金額は、小型パネルの出荷台数減少により、前月比28%減、前年比38%減の 10億台湾ドルとなった。
Taiwan Panel Makers Booked M/M Revenue Increase in September; Have They Hit Bottom?
For the first time in seven months, total revenues for the three Taiwan-based panel makers increased on a M/M basis, as reported by the companies last week, giving a hopeful sign that LCD panel makers may have reached the bottom. Combined revenues increased by 5% M/M and the Y/Y comparison while still severe is slightly improved from August, the first such improvement in the Y/Y trend for nearly two years. September revenues for the three companies of TWD 34.3B (US$1.09B) were down by 47% compared to September 2021.
After Taiwan panel makers reported 19 months in a row of Y/Y increases starting in May 2020, that streak ended in December 2021 and Y/Y revenues have now fallen for nine consecutive months, with the Y/Y deficit growing larger every month until September. By panel maker:
- AUO revenues increased 2% M/M but decreased by 51% Y/Y at TWD 16.3B. Display area decreased M/M but area ASP in US$ increased.
- Innolux revenues increased by 11% M/M but decreased by 42% Y/Y to TWD 17.0B with an increase M/M in large-area panel shipments.
- HannStar revenues decreased by 28% M/M and by 38% Y/Y to NT$1.0B with a decrease in small panel shipments.
Taiwan’s Monthly Display Revenues
In large-area panels for September, Innolux shipments increased 7% M/M but decreased 29% Y/Y to 9.23M, while HannStar shipments continued at a very low level, increasing by 9% M/M but decreasing by 92% Y/Y to only 54k. In small-area panels, Innolux shipments increased 6% M/M but decreased 19% Y/Y to 23.5M, while HannStar shipments decreased 29% M/M and 18% Y/Y to 27.5M. AUO shipped 1.24M square meters of panels in September 2022, a decrease of 7% M/M and of 43% Y/Y.
At least for the two larger panel makers, in a hopeful sign prices did not decrease in the month. AUO’s area price, as calculated by total revenues divided by area, increased 4% M/M but decreased 23% Y/Y to $418 per square meter. Innolux’s average panel price increased less than 1% M/M but decreased 35% Y/Y to US$16.52, while HannStar’s average price decreased by 4% M/M and by 32% Y/Y to $1.19 per panel.
For the third quarter of 2022, all three Taiwan panel makers reported double-digit % declines in revenues on a sequential basis, and much larger declines on a Y/Y basis. Combined revenues declined 19% Q/Q, with declines at AUO, Innolux and HannStar of 21%, 17% and 15% respectively. Combined revenues fell 49% Y/Y, with declines at AUO, Innolux and HannStar of 50%, 48% and 37% respectively.
Both larger Taiwan panel makers fell short of their guidance for the third quarter.
- In its updated guidance for the third quarter, Innolux said large panel shipments would be down 12%. Innolux shipped 32.5M large panels in Q2 but only 26.1M in the third quarter, a 20% decline Q/Q.
- AUO expected area shipments to be down by mid-teens % Q/Q, and area ASP to be roughly flat. AUO shipped 4.93M square meters in Q2, and 3.87M square meters in Q3, a decline of 21% Q/Q. ASP declined by 3% Q/Q.
The Taiwan panel makers reported steep operating losses in the second quarter of 2022; based on the revenue declines in the third quarter the losses will certainly be worse. With the slight increase in revenues M/M in September, they can hope that the fourth quarter will bring an improvement.
