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Panel maker Innolux generated net operating profit of NT$13.996 billion (US$441 million) for the fourth quarter of 2016, its highest quarterly level on record, according to its financial report released at a February 10 investors conference.
Innolux shipped 7.412 million square meters of large-size panels in the fourth quarter, increasing 6.4% on quarter, and the corresponding ASP stood at US$379 per square meter. In addition, Innolux shipped a total area of 539,800 square meters of small- to medium-size panels in the fourth quarter, inching down 0.4% on quarter. As a result, Innolux shipped 27.012 million square meters of large-size panels and 1.937 million square meters of small- to medium-size units in 2016, decreasing 6.0% and 10.7%, respectively, on year.
Below 10-inch panels accounted for 19% of fourth-quarter consolidated revenues, 10- to below 20-inch units for 19%, 20- to below 30-inch units for 13%, 30- to below 40-inch units for 1%, and 40-inch and above units for 48%. In terms of applications, LCD TVs accounted for 52% of fourth-quarter consolidated revenues, LCD monitors 11%, notebooks and tablets 16%, and smartphones and others 21%.
For business outlook in the first quarter of 2017, Innolux expects shipments of large-size panels to drop 10-13% on quarter and the corresponding ASP to hike 7-9%. Shipments of small- to medium-size units will slip 7-9% and ASP rise 1-3%. Quotes for 50-inch and below LCD TV panels will remain stable in the first quarter but those for above 50-inch units will keep rising.
Viewing that Samsung Display and LG Display are shutting down some of their TFT-LCD factories, and other makers do not have significant plans to bring additional capacity online, global supply of LCD TV panels is expected to remain tight. The average TV panel size will increase by over two inches in 2017, Innolux indicated.
Innolux became globally the second-largest supplier of automotive display panels for a global market share of 18% in 2016, and has obtained large OEM orders from the sector a total value of US$2 billion. Innolux expects its global market share for automotive display panels to rise to 20% soon.
Innolux’s board of directors on February 10 approved a capital expenditure budget of NT$25.0 billion for 2017.
|
Innolux: Financial report, 4Q16 (NT$b) |
|||||
|
Item |
4Q16 |
Q/Q |
Y/Y |
2016 |
Y/Y |
|
Consolidated revenues |
89.382 |
20.00% |
9.72% |
287.089 |
(21.16%) |
|
Gross margin |
22.15% |
up 10.37pp |
up 19.05pp |
9.09% |
down 3.72pp |
|
Net operating profit |
13.996 |
262.68% |
net operating loss of 2.899 for 4Q15 |
6.414 |
(71.41%) |
|
Net profit |
10.869 |
255.43% |
net loss of 6.723 for 4Q15 |
1.871 |
(82.70%) |
|
Net EPS (NT$) |
1.09 |
|
|
0.19 |
|
Source: Company, compiled by Digitimes, February 2017
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