三星库存压顶：电视面板采购量骤减 中国供应商承压

Core Viewpoint - Samsung is facing significant inventory pressure due to multiple factors, including preemptive stockpiling and weak market demand, leading to substantial losses in its electronics division [3][4]. Inventory Trends - Samsung's panel inventory cycle surged to 19 weeks as of April 2025, exceeding the industry safety line of 8-10 weeks, prompting a drastic reduction in panel procurement [4]. Financial Performance - Samsung's operating profit for Q2 2025 plummeted by 56% year-on-year to 4.6 trillion KRW (approximately 33.7 billion USD), marking a six-quarter low [3]. Supply Chain Adjustments - In response to high inventory levels, Samsung has restarted negotiations with BOE, agreeing to supply 1.5 million TV panels in H2 2025, with plans for a long-term cooperation agreement in 2026 [7]. - Samsung's internal management has entered an emergency state, with cost-cutting measures implemented, including a reduction in target bonuses from 50% to 37.5% [7]. Market Dynamics - The collaboration with second-tier panel manufacturers like HKC and INX is part of Samsung's strategy to diversify its supply chain and reduce costs [8]. - Chinese panel manufacturers are under pressure due to Samsung's procurement cuts, with major companies like BOE and Huaxing forced to lower prices to maintain orders [8]. Long-term Implications - Analysts suggest that Samsung's supply chain strategy is a balancing act between scale and profit, potentially weakening suppliers' innovation incentives in the long run [8].