tft lcd产业趋势.ppt

* Lg 在研發經費與專利數上仍遠超過台灣業者 * Lg 在研發經費與專利數上仍遠超過台灣業者 * 就合併營收而言, 新友達將超過lg. Sales 2001 2002 2003 2004 2005 1Q06 LG Philips LCD Co., Ltd. 1,892.5 2,954.1 5,116.5 7,925.6 9,847.9 2,530.9 New AU Optronics Corp. 1,127.1 2,644.2 3,847.8 6,769.7 8,672.3 2,682.4 Chi Mei Optoelectronics Corp. 487.4 1,725.8 2,399.6 3,526.9 4,979.1 1,462.4 Chunghwa Picture Tubes, Ltd. 1,778.6 2,227.1 2,584.8 3,502.9 3,211.1 749.7 Hannstar Display Corp. 453.0 876.7 957.3 1,159.4 1,938.1 506.5 Quanta Display Inc. 15.4 455.3 801.3 1,740.9 1,916.6 632.9 AU Optronics Corp. 1,111.8 2,188.8 3,046.5 5,028.8 6,755.7 2,049.5 * LG has better cash flow protection Not much different in 2004, and the gap enlarge in 2002-2005. QDI invested in 6G fab. * The constant overspending has caused fierce price competition and low returns on capital across the industry. All TFT LCD companies generated persistent negative free operating cash because of aggressive capital spending. Moreover, the combination of rising capital spending and volatile profitability has caused negative free operating cash flow to expand rapidly during 2003-2005. The combined negative free operating cash flow increase to 8 billion us dollar in 2005 from 1.1 billion us dollar in 2003. Despite recent announcement of reductions in capital spending by AU Optronics and LG Philips, free operating cash flow is likely to remain negative in the medium term. * Hannstar 1.5 billion Cpt 2.5e ecb * Hannstar 1.5 billion Cpt 2.5e ecb * Hannstar 1.5 billion Cpt 2.5e ecb * Although strong growth is quite sure, the TFT LCD industry will remain cyclical and risky because of high capital expenditures and intense competition. However, among the five players, we observe their credit quality are developing in a very different direction. Leaders has better………… and therefore conduct more aggressive capex. As a result, AUO has the best credit quality. The bigger get bigger. In the long term, small players need to seek merg