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Supply Chain:

After the Spring Festival, after the long period of sluggish demand and nearly half a year of de-stocking, the brand inventory gradually became healthy, Top panel makers continued to control UT, and the panel supply environment was improved. From the perspective of Chinese brand procurement, on the one hand, the mainland panel makers continue to control capacity, while the Taiwan panel makers UT remains at a high level in Q4, and the delivery level is restored through relatively more competitive prices. Some brand small and medium-sized panel purchase orders will be transferred to the Taiwan panel makers in Y23Q1; On the demand side, after the end of the sales promotion season, "12.12" the capacity of de-stocking is limited, the channel is in the de-stocking cycle, and the power to pull goods is limited; In the North American market, TCL/Hisense, relying on its price strategy advantage, outperformed the expectations of the "BF", but the brands were generally not optimistic about the market expectations after the promotion season. The purchase strategy generally continued to shrink, and the demand for small sizes contracted significantly due to the influence of factors such as the increase of the inventory demand controlled by the brands at the end of the year, and the recovery of the demand for large sizes and the contraction of the demand for small sizes. According to the data of Sigmaintel, the purchase volume of panels of TOP7 brands in China in Dec was 7.5 million, up 5% YoY and down 15% MoM. Due to the impact of the Spring Festival holiday on the production capacity of the TV set makers and the arrival of the off-season in the market, it is expected that the contraction trend of the purchase strategy will maintain to Y23Q1, but it needs to be noted that on the one hand, the brands will experience the inventory depletion in Y22Q4 and Y23Q1, and the inventory level will tend to be healthy, The demand for panel stock superimposed into Y23Q2 increases, and the impact of panel price fluctuation, it is expected that the brand procurement strategy will recover at the end of Y23Q1.

Brand analysis:

(1) Hisense
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(2) TCL
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(3) Skyworth
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(4) Changhong
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(5) Konka
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(6) Xiaomi
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TV Set Shipment：
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Brand analysis:

(1) Hisense
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(2) TCL
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(3) Skyworth
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(4) Changhong
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(5) Haier
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(6) Konka
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(7) Xiaomi
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Inventory Status：
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