TV profit in the fourth quarter may be diluted

It is understood that the current panel price increase continues. According to relevant data, the average price of 32-inch HD opencells rose by US$3 in October, while the 42-inch FH D increased by US$5. The price increase trend will continue until November. With the rise in panel prices in the fourth quarter, color TV profits will be diluted.

In the circumstances where the market still needs to stimulate, this kind of news will inevitably affect the top and bottom of the television industry chain. Yesterday, BOE issued a third quarterly report showing that the third quarterly report was released on the evening of October 29. The net profit attributable to shareholders of listed companies from July to September was 151 million yuan, compared with a loss of 927 million yuan in the same period of last year. Ying. Color TV companies are complaining. Analysts pointed out that in the third quarter, the panel gross profit margin and cash flow must be positive, but as panel prices continue to rise in the fourth quarter, the downstream color TV profits will be diluted.

First, panel companies gross profit margins turn positive earnings report shows that from January to September 2012, BOE achieved total operating revenue of 17.122 billion yuan, an increase of 101.1%; net profit attributable to shareholders of listed companies lost 635 million yuan, compared to a loss of 2124.3 million over the same period last year Yuan significantly reduced losses; among them, the third quarter was a quarterly profit. BOE said that the net cash flow from operating activities increased by 139% over the same period of the previous year, which was mainly due to the increase in revenue during the reporting period and the rebound in prices of major products.

The market rebound showed obvious performance in the third quarter. Quzhi Consulting data showed that the total purchase volume of domestic brand panels in September was 5.368 million pieces, and the estimated purchase volume in October was still up to 5.2 million pieces. In the Chinese market, “The Mid-Autumn National Day” and the overseas market’s demand for the end of the peak season, the domestic color TV brand shipments reached 6.176 million sets in September, the highest value for shipments since the beginning of 2012, with a year-on-year growth rate of 18.6%. It is expected that shipments will reach 14.5 million units in the fourth quarter. This means that for the increase in panel demand, at present, in addition to the Japanese panel maker, the utilization rate of other manufacturers is above 85%.

According to group research director Li Yaqin, the panel's third-quarter gross profit margin and cash flow can be positive. "But Sharp is still facing serious losses. In the fourth quarter, Sharp is expected to rush to improve capacity utilization."

II. Challenges faced by the color TV profit space According to reports, the capacity utilization rate of China's panel makers has basically reached the full production level in September. BOE's sixth generation and eighth generation lines continue to operate at a rate of more than 100%, while the 8th generation of Huaxing Optoelectronics also maintains over 90% of its capacity. Rate, the sixth generation of the Panda of China Electric is limited by the product line switching and other factors such as capacity utilization rate is about 85%.

The monitoring data shows that from the perspective of supply share, the total market share of Chinese panel makers in September was 26.4%, which was a 2.7% increase from the previous month in August. However, due to the gradual increase in market expectations, due to insufficient capacity supply, the fourth quarter of China There is little room for panel makers to increase their self-sufficiency. At the same time, the mainstream size panel price also rose for the third consecutive month. The data showed that the average price of 32-inch HD opencells rose by US$3 in October, and the 42-inch FH D increased by US$5. The price increase trend will continue until November. , "It is estimated that there is an increase of about 2-3 dollars."

This is not a good news for color TV companies. The financial report disclosed by Hisense Electric recently revealed that the net profit for the first three quarters was 907 million yuan, a year-on-year increase of 2.4%, which was significantly lower than the market's expected growth rate of nearly 20%. Although sales in the domestic sales market have recovered in the third quarter, the average price has declined due to fierce competition in the industry. The rise in panel prices and the dismantling of used home appliances also eroded profits.

Liu Weizhi, vice president of the Skyworth Group and general manager of the color TV division, also complained before the media: “Since the prices quoted by LCD panel makers have just been reported to us in November, the 32-inch panel price has risen by another 3 US dollars, and the entire manufacturer must be profitable. The increase in the price of color TVs is something that has never happened in the past 10 years."

Li Yaqin said that the profit of the whole plant may be diluted because the current macro-economy has not obviously recovered. The whole plant cooperates with the energy-saving and people-friendly policies and has taken some measures to cut down on price and profit to stimulate demand, which is bound to sacrifice some profit margins. With the upward pressure on panel prices, the overall profit margin will also be compressed. However, there are also optimistic views. Liu Wei, deputy general manager of AVC’s flat-panel display division, stated that with the adjustment of product structure, the proportion of large-size products and high-addition products has increased, and the profitability of color TVs in the second half of the year still remains. Have a good space.