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兆驰、康冠、富士康等腰部工厂业绩承压 电视代工市场或创十年新低
Xi Niu Cai Jing·2025-10-24 05:38

Core Insights - The global Top 10 professional TV ODM factories experienced a 1.0% year-on-year decline in shipment volume in September 2025, marking the second consecutive month of decline following a 2.6% drop in August [2][7] - Several mid-tier ODM manufacturers are also facing varying degrees of performance decline amid industry pressures [2] Company Performance - 兆驰 (AMTC): In September, AMTC's shipment volume was approximately 1.15 million units, ranking third globally among professional TV ODMs. Both year-on-year and month-on-month declines were noted, with a 17.6% year-on-year drop in August. The company faced challenges from tariff issues and operational efficiency at its Vietnam factory [5][7] - 康冠 (KTC): KTC shipped around 900,000 units in September, ranking fourth. Although there was a month-on-month increase, it still represented a 13.4% year-on-year decline. KTC had previously shown strong growth in early 2025 but could not maintain this momentum [6][7] - 富士康 (Foxconn): Foxconn's shipment volume was about 430,000 units in September, ranking eighth. The company experienced a 4.4% decline both year-on-year and month-on-month. Its performance has been volatile, with a significant year-on-year drop of 18.3% in the first quarter of 2025 [6][7] Market Trends - The overall TV ODM market is facing challenges in Q3 2025 due to global instability, economic downturns, and tariff impacts, leading to a slowdown in consumer purchasing behavior [7] - The demand weakness has been transmitted from the end market to the production side, with the Top 10 ODM factories' shipment volume declining by 1% year-on-year in September [7] - The U.S. remains the largest single market for TV sales, with imports primarily from Mexico, China, and Vietnam. Chinese manufacturers are expanding overseas but face challenges in capacity adjustment and upgrades [7] - September typically sees high shipment volumes due to seasonal demand, yet some companies still reported year-on-year declines, indicating intense market competition [7][8]