Published December 12, 2022

Q3'22におけるFPD製造装置メーカー上位19社 (注: Applied Materials, AP Systems, Avaco, Canon, Charm Engineering, DMS, HB Solution, HB Technology, ICD, Invenia, Jusung Engineering, KC, Nikon, Nissin Electric, SCREEN Holdings, Tokyo Electron, ULVAC, V Technology, Wonik IPS) の出荷額は前期比9%増、前年比18%減の16億ドルだった。前年比では5四半期連続で2桁マイナス成長に落ち込んでおり、受注とバックログの状況から、来年はさらに悪いニュースがもたらされる見通しだ。FPD製造装置事業は低調だが、半導体事業が好調なことから、これらメーカーは堅調な業績を示している。

Display Equipment Supplier Revenues and Capex Up Q/Q in Q3’22, But Revenues Down Y/Y for 5th Straight Quarter

Display equipment revenues for 19 of the largest suppliers rose 9% Q/Q while falling 18% Y/Y to $1.6B. Revenues have fallen at a negative double-digit rate for the past five quarters straight and bookings and backlog signaled more bad news for next year. Despite the decline, these companies are seeing strong financial performance on the strength of their semiconductor businesses.

In display equipment revenues, Canon was #1 after three quarters of leadership from AMAT helped by an FMM VTE tool win and numerous litho tool wins. AMAT fell to #2 and ULVAC fell from #2 to #3, followed closely by TEL and AP Systems. Nikon dropped from #3 to #6 as G10.5 tool shipments slow, but did have wins at B12, EDO and Sharp. Canon took most of the share growth with only V Tech., SCREEN and Nissin also gaining share. Jusung, Canon, SCREEN and AVACO had over 100% Q/Q growth while Nikon and Invenia had ->50% declines. On a Y/Y basis, 10 had growth, up from three last quarter, led by HB Solution and ICD up over 75%. Three companies had more than 30% declines including Wonik IPS, V Tech and Invenia. Revenues for the 19 suppliers amounted to 32% of Q3’22 capex and 65% of total equipment spending. Of the 19 companies we are tracking, eight earned at least 50% of their revenues from display equipment, the same as last quarter. The blended share rose from 6.9% in Q2’22 to 7.1% in Q3’22.

Display Equipment Revenues for 19 Leading Suppliers

Source: Quarterly Display Supply Chain Financial Health Report (一部実データ付きサンプルをお送りします)

Display capex from 13 publicly traded companies rose 12% Q/Q and 26% Y/Y to $5.6B, the highest since Q3’20. China Star had the highest capex at $1.92B (t9) followed by LG Display at $1.4B (AP4/E6 and AP5/E7) and BOE at $856M (B12). Adding in HKC, Sharp China and others, we see total capex at $7.6B, up 40% Q/Q and down 2% Y/Y

Display Capex for Publicly Traded Suppliers

Source: Quarterly Display Supply Chain Financial Health Report (一部実データ付きサンプルをお送りします)

For the panel suppliers where we capture both quarterly revenues and capex, we see that capital intensity has risen for four straight quarters after declining from 20% to 12%. This is mostly due to lower display supplier revenues as prices and demand fall. Q3’22 display revenues for these 13 companies were down 28% to $27B.

Display Capital Intensity Ratio

Source: Quarterly Display Supply Chain Financial Health Report (一部実データ付きサンプルをお送りします)

Corporate equipment revenues rose 5% Q/Q and 2% Y/Y to $22.4B. Revenues have grown Y/Y for eight of the last nine quarters on strength in semiconductor equipment with AMAT and TEL seeing record results in Q3’22. All margins rose except for display equipment operating margins:

  • Gross margins rose from 44.3% to 44.4%;
  • Operating margins rose from 19.0% to 20.7%, a record high;
  • Display equipment operating margins fell from 12.3% to 11.2%;
  • EBITDA margins rose from 22.3% to 23.6%;
  • Pre-tax profit margins rose from 18.6% to a record high 21.1%;
  • Net margins rose from 14.7% to a record high 16.3%.

Equipment Supplier Margins

Source: Quarterly Display Supply Chain Financial Health Report (一部実データ付きサンプルをお送りします)

Jusung had the highest display equipment operating margins for the fifth straight quarter followed by Nissin, AP Systems, HB Tech and KC Co. Two companies had negative display operating income with Invenia at -75%.

Bookings for 10 companies, fell 9% Q/Q and 40% Y/Y to lowest value since Q3’16; SCREEN didn’t disclose their bookings last quarter. Only AP Systems, AVACO, HB Solution and Invenia showed growth. Wonik IPS had the highest bookings followed by AVACO, AP Systems and ULVAC at $72M.

Backlog fell 18% Q/Q and 15% Y/Y to $852M, a new low. Only AVACO and HB Tech saw increases in Q/Q backlog values. AVACO had the highest backlog followed by V Tech.

Liquidity is not an issue for nearly all our companies, with only four companies experiencing positive net debt/equity including AMAT. However, Invenia’s debt to equity surged to 82% and it has $2M in cash with $29M in debt.

For more information and insight on equipment and panel suppliers, please see our Quarterly Display Supply Chain Financial Health Report (一部実データ付きサンプルをお送りします) or contact info@displaysupplychain.co.jp.

Quarterly Display Supply Chain Financial Health Report



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Written by

Ross Young