CINNO Research：12月电视面板价格走势分化 中小尺寸企稳大尺寸续跌

Core Viewpoint - The panel demand is expected to decline further in November due to the end of peak stocking periods, while supply remains relatively ample, leading to a continued decrease in panel prices. In December, demand in the North American market is gradually recovering, but large-size panel prices are expected to continue their downward trend, while medium and small-size panel prices may stabilize [1]. Demand Summary - Domestic market demand has slowed down since December due to the seasonal end of stocking, while overseas markets show resilience driven by upcoming sports events and year-end procurement by leading brands [3]. - Overall demand in November showed signs of fatigue, with prices for all sizes except 32" and 43" remaining on a downward trend [3]. - In December, some brands are expected to initiate early procurement for international sports events, providing temporary support for medium and small-size panel demand, while large-size panel demand remains weak due to conservative expectations for the first quarter of next year [3]. Supply Summary - In November, the industry saw a mixed approach to capacity control among panel manufacturers, leading to an average utilization rate of approximately 80.5%, which is a year-on-year increase of 2.5 percentage points [4]. - The overall supply environment remains loose, further suppressing panel prices, with LCD TV panel shipments showing a slight increase month-on-month [4]. - In December, major panel manufacturers are expected to maintain high production levels in response to orders from the North American market, with overall utilization rates projected to remain above 80% [4]. Price Summary - December LCD TV panel prices are expected to show differentiation, with 32" and 43" panel prices remaining stable at $32 and $64 respectively [4]. - Prices for 50" and 55" panels are expected to stabilize at $86 and $107, while 65", 75", and 85" panels are projected to decline slightly by $1-2 to $161, $216, and $282 respectively [4]. - The price for 98"/100" large-size panels is expected to drop by $10 to $430 due to insufficient demand [4].