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55 inch and 65 inch OLED TV prices proximity to premium LCD TV

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Recently, Sony’s 65 inch OLED TV, XBR65A1E, is price at US$ 300 more than Samsung’s QN65Q7 on the Best Buy basis. Prices of LED TV and LCD TV are becoming increasingly competitiveness in the premium TV market.

As of January 16, Best Buy compares the price of OLED TVs between LG’s C8 series, Sony’s A1E series and Samsung’s Q7F series.

<55 inch premium TV price comparison>

LG’s OLED 55C8 prices dropped 47% from March 2018 to US$ 1,700, which is only US$ 200 higher than Samsung’s QN55Q7.

<65 inch premium TV price comparison>

In the 65 inch TV market, LG’s OLED65C8 price dropped 30% from March 2018 to US$ 2,700, while Sony fell 40% to US$ 2,500, which is higher than Samsung’s QN65Q7 by US$ 500 and US$ 300. The prices gap has been greatly reduced.

In the premium TV market, OLED TVs are rapidly catching up with LCD TV prices because LG Display’s OLED production yield stabilization is the biggest factor.

LG Display is currently constructing Gen8 OLED lines in Guangzhou and Gen10.5 lines in Paju. As a result, the production of large size OLED will increase further, and the OLED TV market will become more prominent in the premium TV market.

LG와 Sony의 실적 이끈 OLED TV

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지난 7일 서울 코엑스에서 개최 된 ‘OLED/디스플레이 결산세미나’에서 소현철 이사는 OLED TV가 LG Electronics의 2017년 3분기 영업이익률 9.9%를 견인하였다고 언급하였다. 특히 OLED TV가 3,000불 이하로 진입해 수요가 급증했다고 설명하며 현재 OLED TV를 양산하고 있는 Sony와 LG전자가 앞으로도 premium TV 시장을 주도할 것으로 전망하였다.

특히 소 이사는 Sony가 12년 만에 premium TV 시장에서 1위를 기록하였다고 언급하며 Sony의주가가 2013년 대비 445% 상승한 원동력 중 하나로 OLED TV였다고 설명하였다. 소 이사는 “Sony는 55 inch와 65 inch TV에 집중하며 수익 구조를 개선하기 시작하였다”라며 “2017년에는 OLED TV를 런칭하며 안정적인 TV 사업 구조를 구축했다”고 평가하였다.

또한 소 이사는 LG Display의 10세대 OLED 라인 투자가 예상보다 빨라질 것으로 전망하였다. 소이사는 내년에 개최되는 평창 동계올림픽과 러시아 월드컵으로 인해 대형 OLED TV 니즈 또한 증가할 것이며 특히 Sony도 이를 원할 것으로 예상되기 때문에 OLED 라인 투자가 가속화 될 것으로 전망하였다.

이어서 소 이사는 OLED TV panel의 수율 향상으로 원가절감이 가속화 될 것으로 언급하며 “55 inch LCD 패널 생산원가는 232달러에 수율도 충분하여 원가 개선이 어렵지만, 55 inch OLED 생산원가는 현재 545달러에 수율 향상으로 378달러까지 낮아질 가능성이 있어 가격 경쟁력이 더욱 더 상승할 것”이라 전망하였다.

마지막으로 2018년 LG Display의 E4-2라인 풀 가동으로 OLED TV 패널 판매량이 290만대에 달할 것으로 예상하며, 패널 사업이 흑자 전환하고 2019년에는 OLED TV 사업의 영업이익률이 17.3%에 달할 것으로 전망하였다.

<LG Display의 OLED TV 전략, Source: Shinhaninvest>

OLED TVs which are driving forces of both LG Electronics and Sony′ performance

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The director, So, Hyun-cheol, mentioned during the ′Closing seminar of OLED/Display′ held at COEX in Seoul on December, 7th about that OLED TV has made 9.9% of operating profits for LG Electronics in Q3, 2017. He forecasted there, Sony and LG Electronics who are producing OLED TV now will lead the premium TV market in the future also, in particular, while explaining about that the demands have highly increased as OLED TV entered into under $3,000.

The director, especially, explained that Sony took No.1 player in the premium TV market in 12 years, moreover, one of the driving forces for stock price rise of them at 445% in 2013 was OLED TV. He evaluated them such followings that “Sony has starting to improve the structure of operating profit by focusing on 55-inch and 65-inch TV, and “They built the TV business structure in stable through launching OLED TV in 2017”.

He also expected that the investment for 10th generation OLED producing line of LG Electronics will be moved sooner than expected. He also forecasted that demands on large-sized OLED TVs will rise due to the Winter Olympic Games in Pyeong-chang and World Cup in Russia next year, especially, its investment of OLED line will be accelerated, because Sony would also want it.

Subsequently, while the director mentioned that the cost savings will be accelerated by improvement of yield of OLED TV panel, he said, “Although, 55-inch LCD panel is difficult to improve the production cost more since it is already reached to enough yield as 232$, but, the price competitiveness in the 55-inch OLED production cost will be intensified more, because, there is still able to reduce it from current 545$ up to 378$ by the yield improvement”.

Lastly, Mr. So, expected that the sales volume of OLED TV panel will reach to 2.9 million units in 2018 by operating E4-2 line of LG Display in full. The panel business will be turned into profit-making, and operating profits of OLED TV business shall meet 17.3% in 2019.

The strategy of LG Display’s OLED TV, Source: Shinhaninvest