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Visionox 1H20 Revenues up 4.4% Y/Y, but NP Declined 47.3%
Visionox reported 1H20 revenues up 4.4% Y/Y (~92% OLED displays) and OLED displays sales were up 6.75% Y/Y, but net profit margin declined from 33.39% to 24.1%, which pushed net profit down 47.3% in 1H20, which was boosted by an asset sale. Without the asset sale, Visionox would have shown a $76.97m loss. Visionox suffered from the OLED industries overall drop in shipments with rigid OLED panels down 24% Y/Y and ASPs down ~15% YTD and flexible OLED panel prices ~7% YTD through June. China’s OLED panel makers have been known to price at 60% of the comparable Samsung ASP to attract sales. Visionox is the 5th largest OLED small/medium panel maker The COVID-19 outbreak slowed new capacity construction a bit in 1H20. Small panel OLED prices should stabilize in 3Q20 more panel price volatility is expected. Visionox panels has also been reported to suffer from image sticking on some of its panels.
Visionox reported 1H20 revenues up 4.4% Y/Y (~92% OLED displays) and OLED displays sales were up 6.75% Y/Y, but net profit margin declined from 33.39% to 24.1%, which pushed net profit down 47.3% in 1H20, which was boosted by an asset sale. Without the asset sale, Visionox would have shown a $76.97m loss. Visionox suffered from the OLED industries overall drop in shipments with rigid OLED panels down 24% Y/Y and ASPs down ~15% YTD and flexible OLED panel prices ~7% YTD through June. China’s OLED panel makers have been known to price at 60% of the comparable Samsung ASP to attract sales. Visionox is the 5th largest OLED small/medium panel maker The COVID-19 outbreak slowed new capacity construction a bit in 1H20. Small panel OLED prices should stabilize in 3Q20 more panel price volatility is expected. Visionox panels has also been reported to suffer from image sticking on some of its panels.
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