OLED Shipments – 2Q/3Q
Composite Small panel OLED display shipments for 2Q came in 7.9% better than expectations, led by stronger than expected shipments from Visionox (002387.CH) and Tianma (000050.CH). Expectations for 3Q are for a 16.0% increase in composite shipments, led by a large increase in flexible panel shipments (+53.4% q/q) by Samsung Display (pvt), which is likely based on production for Apple (AAPL) and to a lesser degree at LG Display (LPL) likely for the same customer. 3Q on a y/y basis is expected to be up 16.5%..
We note that while Chinese small panel OLED suppliers are certainly gaining share this year, they are expected to lose share in 3Q as production for Apple at South Korean producers dominates the quarter. While BOE (200725.CH) is producing small quantities of panels for the iPhone, we see only a small (8.1%) increase in volumes in 3Q. That said, while Chinese small panel OLED volumes are still small, they continue to grow as yields improve and capacity is added, and while Korea still dominates the small panel OLED space, there are 5 small panel Chinese OLED producers, with almost all increasing capacity into 2022.
We note that while Chinese small panel OLED suppliers are certainly gaining share this year, they are expected to lose share in 3Q as production for Apple at South Korean producers dominates the quarter. While BOE (200725.CH) is producing small quantities of panels for the iPhone, we see only a small (8.1%) increase in volumes in 3Q. That said, while Chinese small panel OLED volumes are still small, they continue to grow as yields improve and capacity is added, and while Korea still dominates the small panel OLED space, there are 5 small panel Chinese OLED producers, with almost all increasing capacity into 2022.
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