January Panel Pricing
Starting the new year, large panel LCD prices changed modestly, down 0.1% m/m, a far cry from the volatility seen last year (Jan ’22 was down 4.3% m/m), with only tablets seeing prices decline out of our forecasted range. While not in our large panel data, mobile phone panel prices also dropped more than our expectations, as weakness in the smartphone sector saw the weakness continue into the new year. While panel shipment and revenue data is typically a month behind panel price data, December panel producer sales were up 2.0% m/m (down 28.7% y/y), while unit shipments were up 3.4% m/m (down 20.6% for the year), pushing large panel overall ASP down by 1.3% for the month. Tablet and notebook shipments were up 8.6% and 11.7% m/m in December, which would portend a relatively weaker shipment month in January, especially given the early Chinese New Year.
We believe inventory levels for most IT panels are close to normal, as are TV panels, but demand is still an issue, which leads to a basically flat January in terms of panel prices, with some seasonal weakness in shipments through the Chinese holiday. All in, a quiet start to the new year, and with few surprising announcements at CES earlier this month, little new product to attract consumers. Samsung Electronics (005930.KS) is expected to release it next iteration of its Galaxy S flagship smartphone line in early February, but without something unexpected, such as a new Galaxy Fold model (The ‘Folds’ tend to be released around August), price will most likely be the deciding factor for most smartphone buyers, rather than new features.
We believe inventory levels for most IT panels are close to normal, as are TV panels, but demand is still an issue, which leads to a basically flat January in terms of panel prices, with some seasonal weakness in shipments through the Chinese holiday. All in, a quiet start to the new year, and with few surprising announcements at CES earlier this month, little new product to attract consumers. Samsung Electronics (005930.KS) is expected to release it next iteration of its Galaxy S flagship smartphone line in early February, but without something unexpected, such as a new Galaxy Fold model (The ‘Folds’ tend to be released around August), price will most likely be the deciding factor for most smartphone buyers, rather than new features.
Aggregate Total Panel Pricing - 2021 - 2023 YTD - Source: SCMR LLC, Omdia, Witsview, Stone Ptrs, Company Data
Aggregate Panel Pricing - 2019 - 2023 YTD - Source: SCMR LLC, OMDIA, Witsview, RUNTO, Company Data
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