Taiwan Panel Sales – September
As we have noted in the past, Taiwan companies are required to report sales results monthly. There are two large panel LCD producers in Taiwan, AU Optronics (AUOTY) and Innolux (3481.TT) and one small panel producer, Hannstar Display (6116.TT), all three of which we have been tracking for many years. Given the complexity of the current consumer electronics cycle, while we are most concerned with quarterly results from the panel industry, we are even more focused on monthly trends. We do gather monthly data on all panel producers, but that data becomes available after the month is over, while the Taiwanese data is reported only a few days after the month ends, giving a fresher look at results, albeit limited to a small number of companies.
Both large panel producers, AU Optronics and Innolux have seen strong sales increases through the June/July period this year, and while results are still positive on a y/y basis, the momentum has slowed in 3Q. AUO saw both a q/q and y/y increase in sales in 3Q while Innolux saw essentially flat q/q results but positive y/y comparisons. We expect 4th quarter y/y comparisons to still be positive, but q/q might be more difficult as panel price increases for IT products have stalled and panel prices for TV panels have declined. October is typically a flat month for panel industry sales (-0.6% 5 year average) and the 4th quarter is typically down less than 1%, but we would expect a bit more volatility this year. While Hannstar is essentially small panel production only, the site is currently down so we will have to update full September and 3Q performance at a later date.
Both large panel producers, AU Optronics and Innolux have seen strong sales increases through the June/July period this year, and while results are still positive on a y/y basis, the momentum has slowed in 3Q. AUO saw both a q/q and y/y increase in sales in 3Q while Innolux saw essentially flat q/q results but positive y/y comparisons. We expect 4th quarter y/y comparisons to still be positive, but q/q might be more difficult as panel price increases for IT products have stalled and panel prices for TV panels have declined. October is typically a flat month for panel industry sales (-0.6% 5 year average) and the 4th quarter is typically down less than 1%, but we would expect a bit more volatility this year. While Hannstar is essentially small panel production only, the site is currently down so we will have to update full September and 3Q performance at a later date.
AU Optronics - Monthly Sales - 2019 - 2021 YTD - Source: SCMR LLC, Company Data
Innolux - Monthly Sales - 2019 - 2021 YTD - Source: SCMR LLC, Company Data
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