相关链接

The core point of view:
In Q3, the global smartphone smart panel shipments were about 430 Mil. (Open Cell Base), a Y-o-Y decrease of about 9.8%.
In Q3, panel shipments of different technologies remained divided, with a noticeable trend of "big at both ends and small in the middle.”
Industry competition intensifies. The trend of "discrete" industry concentration continues.
In Q3, about 41.91 Mil. OLED panels were shipped in mainland China, with a market share of about 30.5%, a Y-o-Y increase of about 9.2%.
Under the downward cycle, "cost reduction and efficiency increase" and "continuous innovation" are the keys.

Overview Chapter: In Q3, the global smartphone smart panel shipments were about 430 Mil. (Open Cell Base), a Y-o-Y decrease of about 9.8%.

Looking back at the 22Q1-22Q3, three factors led to weak demand for smartphone panels. First, global consumer electronics products continue to be affected by geopolitics, global inflation, the constant Covid-19 pandemic, and declining consumption power, which results in weak demand. Second, the development of smartphones has entered a mature stage, and consumers have insufficient motivation to change phones. Third, the set inventory of some end brands is at a relatively high level, and each end brand strictly controls the parts inventory.

In Q3, the global smartphone end market did not see a significant improvement as a whole, and the sales of the smartphone industry generally showed a sluggish trend. Affected by this, the smartphone panel In Q3 generally showed " weak sales during the peak season,” and the overall shipments showed a Y-o-Y downward trend. According to Sigmaintell’s data, global smartphone panel shipments In 22Q3 will be about 430 Mil. (Open Cell Base), a Y-o-Y decrease of about 9.8%.

Structure Chapter: In Q3, panel shipments of different technologies remained divided.

From the perspective of product structure, shipments of panels of different technologies remained divided in Q3, with a noticeable trend of "big at both ends and small in the middle.”

In terms of LCD, in the context of continued sluggish demand in the end market, a-Si LCD panels are still the first choice under the cost optimization strategy of various brands. The demand is stable, with about 400 Mil. shipped in 22H1. Among them, about 200 Mil. panels shipped in Q3, a Y-o-Y increase of about 2.3%, compared with 210 Mil. in Q2, a slight Q-o-Q decrease. However, the demand for LTPS LCD in Q3 was still weak. Global shipments of LTPS-LCD smartphone panels were about 90 Mil., a Y-o-Y decrease of about 19.2%. Therefore, the utilization rate of the production lines of most makers on the supply side has declined. In addition to shifting part of their capacity to automotive and medium-sized applications, they will develop HD+ products and look for orders from the unbranded market in Southern China.

In terms of AMOLED, the demand for rigid OLEDs has been greatly reduced due to the continuous decline in orders from brands. In Q3, global AMOLED shipments were about 140 Mil., a Y-o-Y decrease of about 17.6%. Driven by the brand's new high-end flagship models, especially the demand for Apple's iPhone 14 series, following the active market strategies of mainland China’s flexible OLED panel makers， the demand for flexible OLED smartphone panels has grown significantly. In Q3, panel shipments were about 100 Mil., a Y-o-Y increase of about 7.5%.

Competition Chapter: Industry competition intensifies. The trend of "discrete" industry concentration continues.

Looking at the shipments of global smartphone panel makers in Q3, BOE, SDC, and Tianma is still in the TOP3 makers. But with the further release of new production line capacity, the “discrete” industry concentration trend continues. According to Sigmaintell’s data, In 22Q3, the total shipments of TOP3 makers accounted for about 51.0% market share, a Y-o-Y decrease of about 7.6 %. Facing the persistently sluggish end demand, the competition among panel makers has intensified, which brings pressure on the operation of small-generation lines.

BOE's smartphone panel shipments in Q3 were about 100 Mil.. BOE continues to lead the world with a 23.4% shipment share. However, in the environment of continuous decline in end demand and intensified competition. As the leader in the a-Si smartphone panel market, its shipments are still greatly affected, with about 64 Mil. shipments showing a downward trend Y-o-Y. In terms of OLED, with the delivery of iPhone 14 orders and the release of Huawei's Mate50 series models, its shipments of flexible OLED smartphone panels In Q3 were about 18 Mil., a Y-o-Y increase of about 15.1%, ranking No. 2 in the world with a market share of 13.1% and ranking No. 1 in mainland China.

SDC’s smartphone panel shipments in Q3 were about 86 Mil., ranking second in the world. Under the general environment of continuous sluggish end demand, facing fierce competition from FOLED panel makers in mainland China, the A2 production line is under great operating pressure, and the demand for ROLED has dropped sharply. However, its high-value-added FOLED still ensures its technological leadership. Driven by Apple’s new iPhone 14 series In Q3, shipments of FOLED smartphone panels were about 65 Mil., a Y-o-Y increase of about 12.1%, which contributed significantly to its revenue. Samsung recorded its highest single-quarter profit due to strong demand for Apple's iPhone panels. According to Samsung Electronics' 22Q3 financial report, Samsung Display's sales in Q3 were 9.39 trillion won (47.89 billion yuan), and its operating profit was 1.98 trillion won (10.1 billion yuan).

OLED chapter: In Q3, about 41.91 Mil. OLED panels were shipped in mainland China, with a market share of about 30.5%, a Y-o-Y increase of about 9.2%.

Affected by the continued downturn in the global smartphone end market, global AMOLED shipments in Q3 were about 140 Mil., a Y-o-Y decrease of about 17.6%. Among them, for ROLED panels, due to the continuous downward of end brand demand,ROLED shipments were only about 33.75 Mil., a Y-o-Y decrease of about 52.0%. As for FOLED panels, driven by Apple's iPhone 14 series and the new flagship models of top brands, the demand for panels has improved. In Q3, the penetration of mid-range models has resulted in global FOLED shipments of about 100 Mil., a Y-o-Y increase of about 7.5%.

Looking at OLED shipments by region. In Korea, SDC still ranked first with a 62.6% market share of OLED smartphone panels in Q3. However, LGD's OLED panel customers are single. Driven by the launch of Apple's new mobile phone, it shipped about 9.5 Mil. in Q3. In mainland China, with the release of the capacity of domestic OLED panel makers and the improvement of end brands' recognition of domestic OLED panel makers, the market share of domestic OLED panel makers has steadily increased. In 22Q3, panel makers in mainland China shipped about 41.91 million OLED panels, accounting for about 30.5% of the global market, a Y-o-Y increase of about 9.2 %.

In terms of OLED panel makers in mainland China, BOE shipped about 18 million FOLED smartphone panels, ranking second in the global OLED smartphone panel market with a market share of 13.1%, driving the growth of the overall domestic market share. Visionox continues to strengthen cooperation with brand customers and give full play to its technological innovation advantages. For example, it recently announced that its HLEMS high-performance light extraction technology had entered the mass production stage, further increasing product competitiveness. In Q3, Visionox shipped about 8.4 million OLED smartphone panels, a Y-o-Y increase of 32.7%, ranking fourth in the world and second in China, maintaining a steady growth momentum.

Outlook Chapter: Under the downward cycle, "cost reduction and efficiency increase" and "continuous innovation" are the keys.

Under the influence of unfavorable factors such as the constant Covid-19 pandemic, continued geopolitical tensions, and no reversed superinflation, the global smartphone market will continue to be depressed in 2022, and panel demand will continue to decline. Next year, the smartphone panel market will still lack apparent driving forces and will be difficult to warm up.

In the overall dynamic environment, global consumer electronics demand is downward. Firstly, low cost has become the core demand of the low-end smartphone market. With the intensification of supply chain competition, the acceleration of the introduction of localized materials, the strengthened price negotiation of upstream materials, and the improved efficiency of panel makers, the "cost reduction and efficiency increase" strategy of improving production costs has become the primary strategy for panel makers to maintain stable operations. Secondly, in the sluggish environment, it is both a challenge and an opportunity for end brands. Top brands are increasing the layout of high-end products and enhancing their brand image. Therefore, the new display technology products such as LTPO, folding, and ultra-narrow bezel are also accelerating their penetration into the mainstream market. The innovation of these new technologies is also the key for panel makers to maintain their core competitiveness.

中文部分：

核心观点：
三季度全球智能手机智能面板出货约4.3亿片（Open Cell口径），同比下降约9.8%。
三季度各不同技术别面板出货依然分化，“两头大，中间小”趋势明显。
竞争加剧，行业集中度 “离散”走势持续。
三季度大陆OLED面板出货约4191万片，市场占有率约30.5%，同比增长约9.2个百分点。
下行周期中，“降本增效” 、“持续创新”是关键。

综述篇：三季度全球智能手机智能面板出货约4.3亿片（Open Cell口径），同比下降约9.8%。

回顾前三季度，三重因素致智能手机面板需求疲软。其一，全球消费类电子产品持续受地缘政治、全球通胀、国内各地疫情反复、居民消费能力下行的影响，需求疲软。其二，智能手机发展步入成熟期，消费者换机动力不足。其三，部分终端品牌的整机库存处于偏高水位，各终端品牌严格控制零部件库存。

三季度全球智能手机智终端市场整体未见明显好转，智能手机行业销售总体呈现低迷态势，受此影响，三季度智能手机面板总体呈现出“旺季不旺”的特点，整体出货同比呈下降趋势。根据群智咨询（Sigmaintell）数据，2022年三季度全球智能手机面板出货约为4.3亿片（Open Cell口径），同比下降约9.8%。

结构篇：三季度各不同技术别面板出货依然分化。

从产品结构来看，三季度各不同技术别面板出货依然分化，”两头大，中间小”趋势明显。

LCD方面，在终端市场需求持续疲软的情况下，a-Si LCD面板依然是各品牌端优化成本策略下的第一选择，需求相对稳定，上半年出货约4.0亿片，其中三季度出货约2.0亿片，同比增长约2.3%，相对于二季度的2.1亿片，环比略有下降。而LTPS LCD三季度需求依然偏弱，全球LTPS-LCD智能手机面板出货约0.9亿片，同比下滑约19.2%，因此供应侧大部分厂商产线的稼动率有所走低，除将部分产能转向车载、中尺寸等应用外，也将开发HD+的产品及争取华南白牌的市场订单。

AMOLED方面，整体由于刚性OLED受到品牌持续下修订单，需求大幅度减少的影响，三季度全球AMOLED出货约1.4亿片，同比下滑约17.6%。而柔性OLED在品牌新发高端旗舰机型的带动下，尤其是苹果iPHone14系列机型的需求，叠加国内柔性OLED面板厂积极的市场策略，柔性OLED智能手机面板需求增长明显，三季度出货约1.0亿片，同比增长约7.5%。

竞争篇：竞争加剧，行业集中度 “离散”走势持续。

纵观三季度全球智能手机面板分厂商出货，其中京东方（BOE）、三星显示（SDC）、天马（Tianma）依然位列前三， 但随着新产线产能的进一步释放，行业集中度 “离散”走势持续。根据群智咨询（Sigmaintell）数据，2022年三季度TOP3厂商出货合计占据约51.0%的市场份额，同比下降约7.6个百分点。面对持续低迷的终端需求，面板厂商之间的竞争加剧，对小世代线的经营造成一定的压力。

京东方（BOE）三季度智能手机面板出货量约1.0亿片，虽仍以23.4%的出货份额持续引领全球。但在终端需求持续下滑，竞争加剧的大环境下，作为a-Si智能手机面板市场的领头羊，其出货量依然受到较大影响，出货量约6400万片，同比呈现下滑趋势。OLED方面，随着iPhone14订单的交付以及华为Mate50系列机型的发布，三季度其柔性OLED智能手机面板出货量约1800万片，同比增长约15.1%，以13.1%的市场份额位列全球第二，国内第一。

三星显示（SDC）三季度全球智能手机面板的出货量约8600万片，位列全球第二。在终端需求持续低迷的大环境下，同时面对大陆柔性OLED面板厂的激烈竞争，A2产线经营压力较大，刚性OLED需求大幅度下滑。不过其高附加值的柔性OLED方面仍然确保了其技术的领先性，在三季度Apple新发iPhone14系列机型的带动下，柔性OLED智能手机面板出货约6500万片，同比大幅增长约12.1%，对其营收贡献可谓非常可观。凭借苹果iPhone面板的强劲需求创下单季度最高利润。根据三星电子公布2022年第三季度财报数据显示，三星显示公司第三季度销售额为9.3900万亿韩元（478.9亿元人民币），营业利润为1.98万亿韩元（101亿元人民币）。

OLED篇：三季度大陆OLED面板出货约4191万片，市场占有率约30.5%，同比增长约9.2个百分点。

受全球智能手机终端市场持续低迷的影响，全球AMOLED三季度出货约1.4亿片，同比下滑约17.6%。其中，刚性OLED面板方面，由于终端品牌需求持续下修，刚性OLED出货约3375万片，同比下滑约52.0%。而柔性OLED面板方面，一方面在苹果iPhone14系列及头部品牌新发旗舰机型的带动下，面板需求有所好转，另一方面随着国内柔性OLED面板厂产能进一步释放，柔性OLED逐步开始向中端机型渗透，使得三季度全球柔性OLED出货约1.0亿片，同比增长约7.5%。

分区域来看，韩厂方面，三季度三星显示（SDC）仍以62.6% 的OLED智能手机面板市场份额位列第一，而LGD的OLED面板客户比较单一，受苹果新手机上市的带动影响，三季度出货约950万片。大陆方面，随着国内OLED面板厂的产能释放以及终端品牌对国内OLED面板厂的认可度提升，国内OLED面板厂的市场份额稳步提升。2022年三季度大陆OLED面板出货约4191万片，全球市占约30.5%，同比增长约9.2个百分点。

中国大陆OLED面板厂方面，京东方（BOE）柔性OLED智能手机面板出货约1800万片，以13.1%的市场份额位居全球OLED智能手机面板市场出货第二，带动国内整体市场份额的增长。维信诺（Visionox）持续强化与品牌客户的合作，发挥技术创新优势，比如日前其宣布HLEMS高性能光取出技术目前已进入量产阶段，进一步增加了产品竞争力，总体其三季度OLED智能手机面板出货量约为840万片，同比增长32.7%，排名全球第四、国内第二，保持稳步提升的发展势头。

展望篇：下行周期下，“降本增效” “持续创新”是关键。

在疫情持续反复、国际形势持续动荡、超级通胀仍未见明显好转等不利因素影响下，2022年全球智能手机市场表现持续低迷，面板需求持续下滑，明年智能手机面板市场依然缺乏明显的驱动力，难以回暖。

在整体动态的环境中，全球消费类电子需求全面呈下行趋势。首先，低成本成为中低端手机市场的核心诉求，随着供应链竞争加剧，加速导入国产化材料、增强上游材料议价，面板厂内效率提升、改善产品成本的“降本增效”策略，俨然成为面板厂维稳经营的主要方略。其次，在不景气的大环境下，对终端品牌是挑战也是机遇，头部品牌均在加大对高端产品的布局，增强品牌形象，因此LTPO、折叠、极窄边框等显示新技术产品也在加速向主流市场的渗透，这些新技术的创新也是面板厂保持核心竞争力的关键。