Samsung Electronics’ consolidated total revenue in the third quarter was 67.40 trillion won, a 12% month-on-month increase, mainly due to the release of new smartphones and increased sales of high-end display products.

Operating profit rose quarter-on-quarter to 2.43 trillion won and losses in the device solutions (DS) unit narrowed due to strong sales of mobile flagship models and strong demand for displays.

Samsung said its memory business continued to reduce losses due to an increase in sales volume and average selling prices of high value-added products. System Semiconductor’s earnings were hurt by delays in the recovery of demand in key applications, but the foundry business hit a quarterly high with new backlogs on design breakthroughs.

Affected by the release of new flagship models from major customers, the mobile phone panel business saw a significant increase in profits, while the large screen business saw its losses narrowed this quarter.

Harman’s quarterly operating profit hit a record high due to higher sales of car audio products from automotive customers as well as overall orders for consumer audio products such as portable speakers.

In the third quarter, Samsung Electronics’ capital expenditures reached 11.4 trillion won, of which the equipment solutions division spent 10.2 trillion won and Samsung Display spent 0.7 trillion won. The cumulative total for the January-September period was 36.7 trillion won, of which 33.4 trillion won was allocated to the DS unit and 1.6 trillion won to SDC. Full-year capital expenditures for 2023 are expected to be approximately KRW 53.7 trillion, including KRW 47.5 trillion allocated to the DS unit and KRW 3.1 trillion allocated to SDC.

Looking ahead to 2024, Samsung said that while macroeconomic uncertainty is likely to persist, memory market conditions are expected to recover. The DS segment will seek to expand sales of advanced node products and plans to meet demand for high-performance, high-bandwidth products with industry-leading HBM production capabilities by increasing sales of HBM3 and HBM3E.

For the foundry business, mass production of the second-generation 3nm Gate All Around (GAA) process will begin and operations will begin at its new facility in Tyler, Texas. Additionally, in the advanced packaging business, production will start based on multiple orders received from domestic and international HPC customers, including orders for the company’s turnkey services combining logic, HBM and 2.5D advanced packaging technologies.

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According to reports, Samsung Electronics has applied for a radio frequency use license from the U.S. Federal Communications Commission (FCC), and the test will use a prototype base station and up to 32 mobile radio devices. In other FCC filings, Samsung has made clear its vision of using the 12.7GHz-13.25GHz band for 6G. “Preliminary findings indicate a significant increase in spectrum demand for 6G use cases such as XR (extended reality), holographic communications, and combined communications and sensing.”

▲Image source Pixabay

Comprehensive it was previously reported that Samsung Electronics applied for a radio frequency use license for a distance of 500 meters in Texas in 2021, and launched a 6G project test in November of the same year.

Samsung Electronics released a 6G white paper in July 2020, outlining the company’s 6G vision to bring the next super-connected experience to every corner of life. It is expected that 6G communications will be commercially available as early as 2028 and in 2030. become mainstream. In order to accelerate 6G research, Samsung Research Institute, the advanced R&D center in Samsung Electronics’ terminal product business, established the Advanced Communications Research Center in May 2019.

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Samsung Electronics said they plan to start this year in the global promotion of Micro LED. In order to comply with the market trend of large displays, the company also plans to expand its product lineup to 76 inches, 89 inches, 101 inches and 114 inches.

In addition, they are also considering expanding Micro LED applications to smaller displays, such as advertising signage and smartwatches.

Micro LED is a self-luminous display technology, using Micron (μm) level, thinner than a hair, ultra-small LED components, without backlight or colour filter to achieve light as well as colouring.

The size of the LED components used in Samsung Electronics’ Micro LEDs is said to be less than 50 μm, which is only 10% of the size of the LED components used in a typical 100-type high-resolution B2B product.

In addition, the RGB devices used in Micro LEDs are inorganic, so there are no ageing or screen burn-in issues, and they can deliver stable high brightness and picture quality for more than 100,000 hours.

Micro LED compared to LCD can achieve higher brightness, color saturation, color reproduction, response speed, etc., and is self-luminous, so more power saving.

Compared to OLED, Micro LED is also a bit brighter and will have a longer lifespan, more stable performance, higher brightness and color saturation, and faster response speed.

In addition, the volume of Micro LED is about 1% of the size of the current mainstream LED, and the application range is very broad, can be applied as small as bracelets and watches and other wearable devices, as large as commercial billboards and public displays, and even VR or VR equipment, etc., and the performance is better than the traditional LCD panels and even OLED.

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TrendForce said that due to the decline in demand, Samsung Electronics’ 8-inch wafer fab has shown signs of declining capacity utilization since the second half of this year.

Foreign media disclosed in reports that Samsung Electronics currently operates an 8-inch wafer fab in Giheung, Gyeonggi Province, with a monthly production capacity of 200,000 wafers. It mainly produces driver-integrated circuits, image sensors, smartphone power management chips, etc.

Foreign media also mentioned in the report that the output of Samsung Electronics’ 8-inch wafer fab has been sharply reduced in recent times due to customers cutting orders.

Of course, foreign media also mentioned in reports that Samsung Electronics is not the only 8-inch wafer OEM that lacks orders. Due to inventory management problems, manufacturers such as Infineon are also reducing their supply of advanced and other 8-inch wafers in the world. OEM orders.

Although orders from 8-inch wafer OEMs are currently decreasing, in the past 2-3 years, global OEM demand for 8-inch wafers has increased sharply, and production capacity has also become tight. Some OEMs have also increased foundry prices.

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In a brief preliminary earnings statement, the world’s largest maker of memory chips and smartphones forecast operating profit for the July-September period to fall to 2.4 trillion won (IT) from 10.85 trillion won a year ago.

That’s largely in line with some analysts’ predictions that smartphone and PC makers have been avoiding buying new memory chips due to concerns about an economic recession, instead choosing to use up existing inventories within months. Analysts say their inventories are low enough now and expect demand to rebound early next year.

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▲ Source: Business Korea

Since the beginning of this year, Samsung has been pursuing a production reduction strategy, Samsung’s wafer production fell by 40%, the initial production reduction initiatives are mainly focused on the field of DRAM, then Samsung began to embark on a substantial reduction in the second half of the NAND Flash business production, now trying to promote the normalization of the price of NAND.

Now DRAM prices have rebounded, while NAND products still have room to break through. Samsung’s goal is to expand the scale of production cuts, reduce supply, and then raise product prices to seek a reversal, and it expects to realize the break-even point for NAND in the second quarter of next year.

According to Han Dong-hee, a researcher at SK Securities, Samsung’s second wave of production cuts and profit-prioritization policy are expected to drive a rebound in memory chip prices.

Currently, buyers and sellers in the industry are negotiating contract prices, and foreign media believe that DRAM and NAND Flash contract prices will rise 10%-15% in the fourth quarter, and Samsung is even planning to raise 20%, but we still have to see the specific transaction price.

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KB Securities analyst Kim Dong-won predicted that the Samsung Device Solutions (DS) department, which is responsible for the “cash cow” chip business, will post a loss of about 4 trillion won in the third quarter, down from 4.35 trillion won in the same period last year.

He said that since the second half of the year, Samsung has cut DRAM production from 20% in the first half of the year to 30%, and NAND Flash production cut from 30% in the first half of the year to 40%.

In the first quarter of this year, the Samsung DS department operating loss of 4.6 trillion won ( currently about RMB 24.932 billion), which is also the first time in 14 years that Samsung financial loss.

Kyobo Securities analyst Choi Bo-young said that although production cuts and the dynamic balance between supply and demand have begun to push up the price of memory chips, but will also put pressure on profits.

Kim Kwang-jin, an analyst at Hanwha Investment Securities, predicted that Samsung’s chip results will fall short of market expectations, as the company appears to be taking longer than previously expected to fully recover its chip business. He estimated the DS division’s third-quarter loss at 3.7 trillion won.

Greg Roh, head of research at Hyundai Motor Securities, said the impact of Samsung’s production cuts has been “minimal” so far, and that higher depreciation costs due to the commissioning of a new chip production line in the Pyeongtaek campus have eaten into profits. He also put Samsung’s DS division loss at 3.6 trillion won.

TrendForce, a market statistics organization, said that Samsung’s actions to solve the problem of overcapacity exceeded previous expectations. Samsung has taken a “decisive step” by cutting NAND flash production by 50% in response to continued weak demand, which could help stabilize chip prices and boost demand in the coming months.

TrendForce also added: “Samsung’s drastic production cuts could trigger a chain reaction: prices of its key products could rise.”

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As of now, PCs and laptops are using conventional LPDDR DRAM or DDR-based So-DIMMs (Small Dual Embedded Memory Modules), according to a Samsung press release. However, due to structural limitations, LPDDR needs to be installed directly on the motherboard of the device, making it difficult to replace during maintenance or upgrades. In contrast, while So-DIMMs can be installed or removed more easily, they have limitations in terms of performance, power consumption, and other physical characteristics.

As the industry’s demand for more efficient and smaller devices grows, LPCAMM is expected to overcome the shortcomings of both LPDDR and So-DIMM. LPCAMM, as a removable module, offers PC and laptop manufacturers greater flexibility in the manufacturing process. Additionally, LPCAMMs take up up to 60% less space on the motherboard than So-DIMMs. Not only does this make more efficient use of the device’s internal space, but it also improves performance and energy efficiency by 50% and 70% respectively.

Samsung said that this breakthrough research and development result has completed system verification on the Intel platform. Samsung will test LPCAMM in next-generation systems this year with major customers including Intel, with plans to commercialize it in 2024.

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The move is partly a disguised production cut to reduce the high V6 NAND inventory and partly a preparation for the future expansion of V8 NAND production capacity.

According to the report, in order to revolutionize the NAND core equipment supply chain next year, all major NAND production bases are actively conducting equipment operation tests.

Previously, foreign media had reported that Samsung Electronics’ semiconductor product inventory had increased to some extent in the first half of this year. At the end of the first half of the year, the company’s equipment solutions division inventory increased to 33.69 trillion won, higher than 29.06 trillion won at the end of last year.

In the second quarter of this year’s earnings call, Samsung Electronics executives said the company plans to continue to cut production of memory chips in the second half of the year, especially NAND flash memory, in order to accelerate inventory normalization.

Last week, industry sources said that in order to reduce NAND inventory, the company will implement large-scale production cuts, the goal is to reduce inventory to normal levels by the end of this year, that is, 6-8 weeks.

On August 21 of this year, industry sources revealed that Samsung Electronics is introducing the latest equipment from Japan’s Tokyo Electron (TEL) into the NAND production line at its third plant (P3) in the Pyeongtaek Park. The TEL equipment the company is purchasing is etching equipment for the entire semiconductor process.

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In addition, LG Electronics maintained its No. 1 position in the OLED TV market with a 51.7% market share.

It is noticed that the data released by AVC Revo on August 1 showed that in the first half of 2023, global TV shipments totaled 89.189 million units, a year-on-year decrease of 1.7%. Samsung, Hisense, and TCL ranked the top three. The shipment scale of China’s leading brands continued to expand.

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