Recently, BOE, Tianma, TCL, EDO and Visionox all posted their financial results for Q2 2024, and all were rather positive. Samsung Display and LG Display also posted increased earnings for the quarter.
So we start with BOE, that posted revenues of 93.4 billion yuan (13.17 billion USD) for the first half of 2024, an increase of 16.47% over H1 2023. Its net profit increased 210% compared to last year (2.285 billion Yuan, or $320 million USD). BOE enjoyed increased LCD sales and optimized production, and also noted high demand for high-end foldable OLED displays.
TCL's revenue in Q2 2024 were 49.9 billion Yuan ($7 billion USD) , with a net profit of 2.7 billion Yuan (380 million USD). It's profit decline for the first six months by 5.8%, but its profit increased by 192.3%. TCL reported increase sales of large-size and high-end LCD TVs, in addition to increased adoption of mid-range IT and automotive LCD panels. For its OLED business, TCL reported significantly increased shipments, with 39 million flexible OLED panels shipped in H1 2024, a 180% increase over last year. Tianma reports that it started to ship new OLED products, including foldable OLEDs, LTPO-based OLEDs and polarizer-less OLEDs.
Tianma reported a reduced loss of 490 million Yuan ($70 million USD) in the first half of 2024, down from 1.5 billion Yuan ($212 million USD) a year ago, over revenues of 15.9 billion Yuan ($2.25 billion USD). The company reported significant growth in its automotive and OLED businesses. Tianma says its flexible OLED smartphone panel shipments grew over 80% from the first half of 2023.
Visionox reported that its revenues in the first half of 2024 grew 62% over 2023, and reached 3.9 billion Yuan (around $500 million USD). The company says demand for smartphone OLED panels is strong and selling price has increased, and the company is also increasing its sales of automotive OLED displays.
Finally, Everdisplay reported revenues of 2.4 billion Yuan ($340 million USD) and a loss of 1.28 billion Yuan ($180 million) in the first half of 2024.
As we said, LG Display reported its financial results for Q2 2024 with revenues reaching $4.85 billion (an increase of 42% compared to last year) and a net loss of $67 million (down from around $637 million in 2023). LG benefited from Apple's introduction of its 2024 iPad pro tablets, for which LGD is the main AMOLED supplier. Samsung Display posted $5.5 billion in sales and $730 million in operating profit, with growth in its mobile AMOLED unit, driven by solid demand for flagship products, along with effectively supporting new smartphone launches from key customers (i.e. mostly Apple). SDC also saw increased sales of both IT OLEDs (mostly tablets and laptops), and gaming monitor panels. The company reported stable sales of QD-OLED TV panels.
