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SEOUL (Reuters) - Chinese flat screen makers, once dismissed as second-class players in the global LCD market, are drawing envious looks from big names such as LG Display Co Ltd and Samsung.A man walks out of the headquarters of LG Display in Seoul, October 20, 2011. REUTERS/Jo Yong-Hak

While the Korean giants were busy developing next-generation organic light emitting diode (OLED) TVs, little-known Chinese companies have started selling a type of display that are sharper than the standard LCD and cheaper than OLED.

Until last year, the UHD market had been almost non-existent, with just 33,000 sets sold in the 200 million-unit LCD TV market. Since then, shipments have soared around 20-fold, thanks to China, data from research firm IHS shows.

Chinese consumers who want brighter and sharper images but can’t afford OLED screens made by LG and Samsung Display, a unit of Samsung Electronics Co Ltd, are turning to UHD.

But its slow introduction into the market and austere prices have thrown open a window of opportunity for UHD makers, in this case Chinese companies like BOE Technology Group Co Ltd and TCL Corp’s LCD unit CSOT.

By comparison, Japanese flat-screen pioneer Sharp Corp reported a razor-thin 0.5 percent margin. LG Display, the world’s No.1 LCD maker, posted a 5.6 percent margin.

Samsung Display, a unit of Samsung Electronics, had a margin of 13 percent, the biggest in the industry. But excluding its fledging OLED business, its LCD margin is between 3 and 7 percent, according to a Bernstein forecast.

“They’ve got also strong captive customers - Chinese TV manufacturers and a booming China market. It will take quite a while for Samsung and LG, which made a strategic mistake by ignoring the potential of UHD, to overtake them,” Nam said.

Jolted by the reality of a growing UHD market, Samsung Electronics unveiled a 110-inch UHD TV in January. Interestingly, the UHD displays were not made by Samsung Display, but were produced by Taiwan’s AU Optronics.

“Even with some expansion of the Chinese panel suppliers we do expect Samsung and LG Display to stay dominant and continue production in LCD,” said Sweta Dash, director at IHS.

While Samsung and LG Display are investing billions of dollars in OLED this year, the two giants are also broadening their product lineups to include more popular 50 to 60-inch UHD models.

BOE Technology is now planning to raise 46 billion yuan ($7.5 billion) in the biggest Chinese equity offering this year, to build panel production lines and increase its stake in its LCD venture BOE Display Technology.

Reports from Korean media suggest the company will drastically cut back on its input of glass substrates at its LCD assembly lines in Paju, South Korea and Guangzhou, China, slashing LCD TV panel output by more than 10% in the second half of the year compared to the first six months.

The company’s cross-town rival Samsung Display has already announced plans to quit the LCD TV panel business completely by the end of the year, due to worsening profitability.

Both companies have faced significant competition from Chinese rivals that are able to churn out large quantities of LCD TV panels at more competitive prices, pushing market prices down. Neither LG Display nor Samsung Display can match those rivals due to the higher costs they face.

Omdia reported recently that the average 55-inch LCD TV panel price declined by 30% from six months ago to just $105 in April. It has also forecast a further price decline this month.

“It is getting harder to manufacture LCD panels above production costs amid intensified competition with Chinese companies,” an anonymous source told the Korea Economic Daily. “Samsung is giving up its LCD panel development and production because it sees panel price declines are not temporary.”

Chinese manufacturers, led by BOE Technology Group and China Star Optoelectronics Technology (CSOT) have been rapidly increasing their market share in the LCD TV panel industry. At the end of last year, BOE was positioned as the world’s leading LCD TV panel maker with a 26.3% market share, KED reported.

The Korean firms are instead switching their focus to OLED display panels, where they have a technological advantage over their Chinese competitors. Data from Omdia shows that LG Display commands 99.7% of the OLED TV panel market, with Samsung Display having the remaining 0.3%.

LG Display has been accelerating OLED TV panel production for years, adding new panel sizes to its output such as the new 42-inch displays it launched this year.

Samsung Display is more competitive in the small-sized OLED panel market, producing displays for smartphones and laptops. However, it is aiming to take on LG in the OLED TV display market with the launch of its new QD-OLED TV panels this year.

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China-based OLED panel producers BOE Technology Group and TCL China Star Optoelectronics Technology have steadily boosted their output of high-end OLED panels. By next year they’ll control some 43 per cent of global demand for OLEDs.

Analysts at Display Supply Chain Consultants (DSCC) say that South Korea’s technology giants LG Display and Samsung currently have a 55 per cent market share (in 2022) and helped by what DSCC describe as ‘generous state subsidies”.

DSCC adds that if China overtakes South Korea in its share of OLED production, China will dominate virtually the entire display industry. Most Chinese-made OLED panels are small to midsize ones for smartphones, so the focus will then be on whether Chinese companies acquire capabilities for manufacturing large OLED panels for TV manufacturing.

In South Korea, for example, “the government has stepped in to halt the transfer and sale of large-screen OLED technology and manufacturing equipment to China”, Tamura said. Meanwhile, Japanese company JOLED has developed a prototype 65-inch OLED screen with TCL CSOT, with which it has a financial tie-up.

South Korean companies have already lost out to China in the race to invest in producing large LCD panels. In large OLED panels, South Korean companies are steadily going on the defensive, suggests DSCC.

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Volume production of large organic light emitting diode (OLED) panels at LG Display’s newly completed Guangzhou Factory in China is likely to be postponed to next year, display industry insiders forecast.

Industry watchers say that the yield of the multi model glass (MMG) process, which is used for volume production of OLED panels in the Guangzhou plant, still remains well below 90 percent. MMG produces panels of various sizes simultaneously on mother glass. This method can elevate the yield of a production line from the current 50 percent to 60 percent to the 90 percent level.

"It"s too late to start mass-production at the end of the first half of next year," said LG Display president Chung Ho-young, referring to when to begin volume production panels, in a recent meeting with reporters. He suggested that volume production will begin after the first quarter of next year.

The postponement of mass production at LC Display"s Guangzhou plant may give Chinese companies opportunities to narrow their gaps with LG Display, some experts say. China"s third largest display company, HKC, is building a large 8.6th-generation OLED production line in Hunan Province of China with the goal of completing it in 2021. If HKC easily achieves a ramp-up following early completion, the gap in mass production will be narrowed to at least six months, they forecast.

China"s largest display maker BOE, which established an 8th-generation pilot line for OLED TV research in Hefei of China in February 2017, is also mulling over when to start mass-production. It has recently released prototypes. Earlier this month, BOE demonstrated a 55-inch 8K OLED TV panel produced through inkjet printing during its technology conference. This means that BOE had made great strides since taking the wraps off a 4K resolution product.

It is also good news to Chinese companies that LCD panel prices stopped falling as Korean display makers have been actively cutting LCD panel production. The price of a 65-inch LCD panel remained at US$160 in November. It stopped falling in October. "Even though the Chinese government’s subsidies are on the decline, rising LCD panel prices will allow Chinese companies to switch to OLED panels without suffering from a price war as long as China takes control of the LCD panel market," a Korean display industry official said.

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