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LCD panel prices continue to rise TCL net profit growth, manufacturers are actively expanding production
On the evening of August 1st, TCL Group (000100, SZ) released its semi-annual report, revealing that the company's operating income rose by 7.93% to 52.2 billion yuan, while net profit surged by 110.8% to 1.66 billion yuan compared to the same period last year. The net profit attributable to the parent company also saw a significant increase of 70.7%, reaching 1.03 billion yuan.
According to reports from the "Everyday Economic News," the main driver behind TCL Group’s impressive profit growth in the first half of the year can be attributed to the sustained prosperity of the LCD panel industry. In the first half of 2017, as the price of panels continued to rise, the profitability of Huaxing Optoelectronics, a subsidiary of TCL Group, experienced a substantial year-on-year increase.
However, concerns are growing within the industry as major panel manufacturers ramp up their production capacities, potentially leading to overcapacity.
Despite these challenges, the price hikes in panels have provided a much-needed boost to the company’s performance. Since surpassing 100 billion yuan in sales in 2014, TCL Group has consistently expanded its annual revenue scale. However, this growth has come at the cost of shrinking gross profit margins and declining operating profits. To address these issues, the company took measures to cut down costs significantly. In the first half of 2017, the headquarters reduced its workforce by 30%, leading to a 34% year-on-year decrease in administrative expenses. Overall, the group reduced its employee count by around 10,000, resulting in a 3.87% year-on-year drop in fixed expenses. These efforts contributed to a 49.9% year-on-year increase in gross profit during the reporting period.
The remarkable improvement in TCL Group's financial performance is largely thanks to the ongoing prosperity in the LCD panel industry. Huaxing Optoelectronics, a key subsidiary focused on R&D, production, and sales of display panels, holds a significant portion of the group's net assets. In the first half of 2017, the t1 and t2 factories, which primarily produce TV panels, maintained full utilization and shipped a total of 1.628 million glass substrates, representing a 31.2% increase compared to the previous year. The market share of their TV panel products continued to grow, particularly in the 55-inch segment, which became the third-largest globally, and the 32-inch segment, which claimed a dominant position in the market.
Additionally, the t3 factory, which specializes in high-end smartphone and mobile PC panels, has begun supplying external customers on a small scale and is actively seeking new clients. The factory is also working on the development of comprehensive screen products, with mass production expected in the fourth quarter.
Beyond increased production capacity, the sharp rise in LCD panel prices has also played a crucial role in boosting Huaxing Optoelectronics' profits. In the first half of 2017, the LCD panel industry enjoyed strong growth. Huaxing Optoelectronics reported revenues of 13.54 billion yuan, marking a 49.2% year-on-year increase, and generated pre-tax profits of 5.48 billion yuan, a 149.7% jump compared to the previous year.
Huaxing Optoelectronics has faced significant financing needs in recent years. However, due to regulatory constraints, the plan to spin off its listing on the A-share market was halted. Instead, TCL intends to leverage TCL Group as a financing platform for Huaxing and gradually integrate its terminal product business into the Hong Kong-listed company platform.
In June, Huaxing Optoelectronics completed the acquisition of Huaxian Optoelectronics. On July 31st, the group's shareholders approved the acquisition of Shenzhen Huaxing Optoelectronics through a share issuance, giving the group an 85.71% stake. The remaining equity is held by the state and Guangdong Industrial Funds in the form of preferred shares, meaning the group will ultimately own 100% of Shenzhen Huaxing Optoelectronics.
While the industry is booming, concerns over overcapacity loom large. Starting in April 2016, the price of LCD panels began to rise and continued to do so until May 2017, marking the longest such price increase in panel history.
As panel prices rose, major manufacturers accelerated their expansion plans. The domestic 10.5-generation investment boom reached new heights, with companies like BOE, Huaxing Optoelectronics, and Hon Hai Group investing heavily in the construction of 10.5/11-generation LCD production lines. Additionally, LG Display (LGD) plans to invest in 10.5-generation AMOLED or LCD production lines to produce ultra-large OLED or LCD panels.
Analysts Zhiqin Qu and Yaqin Li explained to the "Everyday Economic News" that the domestic 10.5-generation investment boom aligns with a downward phase in global TV demand, with the market expected to shift toward oversupply in the second half of the year. The global TV panel supply-demand ratio is projected to reach 7% (with 5% being the balance point), suggesting that panel prices may fall.
Notably, large-size panel prices began to drop in June 2017. Li Yaqin stated that small-size panel prices remain relatively stable due to steady mobile phone demand. However, the large-size panel market is now experiencing oversupply, and prices are expected to continue declining into the fourth quarter.
Looking ahead, Li Dongsheng, Chairman of TCL Group, expressed optimism in his semi-annual report. He acknowledged that the semiconductor display industry is cyclical and currently in a high cycle. Despite this, he emphasized that the company is preparing for potential downturns by investing in new technologies and high-value products. TCL is developing G11 large-screen production lines and G6 flexible AMOLED production lines to enhance scale and efficiency through technological upgrades.