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>> Peng Shuanglang: The oversupply of the panel industry is a new normal. OLED is not a priority 26th,Dec,2018
Peng Shuanglang: The oversupply of the panel industry is becoming a new normal
With the production capacity of more and more panel factories, Peng Shuanglang, chairman of AUO, pointed out that in the future, the oversupply of the panel industry may become the new normal. Under this circumstance, AUO’s strategy will seek stability and change. The goal of winning is moving forward.
Peng Shuanglang: The oversupply of the panel industry is a new normal. OLED is not a priority
Peng Shuanglang further explained that "stable" is to maintain financial integrity, and "change" is to establish imitation barriers. In recent years, AUO has actively adjusted its financial physique. In the past four years, the total debt reduction has reached 140 billion yuan (NTT, the same below). At present, AUO’s liabilities have been less than 110 billion yuan, and the total debt amount is not Half of 2012.
In 2015, AUO’s interest-bearing liabilities decreased by RMB 33.45 billion. By the end of the fourth quarter, the net debt-to-equity ratio had fallen to 14.8%, once again hitting a new low since 2009, and also since the 29th quarter. The low point, the future interest rate of AUO will be lower, and the operating base will be more stable.
Although solving heavily, AUO will invest appropriately. Peng Shuanglang said that AUO is going to take Smart Investment, which is a smart investment. The specific method is to accumulate technically, and then wait for a certain period of time to carry out commercial mass production. AUO will use this to strictly control capital and strengthen the return on equity.
On this basis, AUO's depreciation expenses will be reduced year by year. In 2016, it is estimated that only 40 billion yuan will be reduced by 8 billion yuan compared with 2015. As the depreciation expense is reduced, it will help to improve the company's profitability. Peng Shuanglang emphasized that sound finance is an important cornerstone of the company's development. I hope that AUO can face fierce competition in the industry in a financially stable state.
As for "change", it is to establish imitation obstacles, so you can't do the same thing with others, you have to build value. Peng Shuanglang pointed out that panel products can be divided into two major categories, one is the bulk standard, which is easy to fall into the price war because of its high isomorphism.
In this regard, AUO will adopt innovative products and technologies to launch cost-effective product correspondence. For example, AUO will launch a full-plane, borderless TV product this year, because competitors do not necessarily have production-free frames. Technology can therefore create barriers to entry for high thresholds.
Another type of panel product is a non-bulk product, such as commercial, industrial and automotive panels. The characteristics of these products are not affected by the cycle of the economy, the degree of customization is high, and the customers are fancy. It is the supplier's product strength, long-term relationship, service and technical support capabilities.
Peng Shuanglang pointed out that non-bulk products accounted for less than 30% of AUO's total revenue last year. AUO will increase its proportion to over 40% this year, hoping to reduce the impact of market supply and demand adjustment on the company, and hope to reduce it. The lethality of price competition.
In addition, AUO will still invest in products with long-term competitiveness. Peng Shuanglang said that AUO has not expanded its production in the past four years, but the 8.5-generation plant in the post has already opened some new capacity in the first quarter of this year, and new capacity in the second quarter. The company will continue to open new LTPS capacity in the second half of the year. In addition to LTPS, AUO will continue to introduce OLED panels for high-end applications, and will continue to develop flexible display products. Enhance the value of the company.
AUO: Investing in large-size OLED panels is a top priority
South Korean panel makers have invested in OLED to actively expand production capacity, and mainland China has also emerged as a rush to catch up. AUO believes that OLED investment is large, and AUO is currently focusing its resources on small and medium-sized OLED products, especially focusing on high-quality products. On the investment and future development of large-size OLED TV panels, it will take time to observe.
It is said that Apple may switch to OLED panels on a new generation of iPhones, but it has not been confirmed. The Korean panel makers are actively investing in OLED production capacity in the near future, hoping to create differentiation and distance from competitors. Therefore, the recent OLED screen has become a new favorite topic.
In response to the future development of OLED, AUO Chairman Peng Shuanglang pointed out that AUO has been in the OLED panel technology for a long time, but because resources need to be concentrated, it is currently focused on small and medium sized OLED products, as for large OLED TV panels. The development will still be concerned, but there are not too many resources here.
Peng Shuanglang said that OLED has many development processes in terms of process, materials and equipment. The investment in OLED is not just capital investment, but the accumulation of technology, manufacturing and learning curve. AUO has already been on small and medium sized OLED panels. More accumulation, so at this stage will play more effects.
AUO is currently focusing on high-quality products in small and medium-sized OLED products. AUO is currently the only manufacturer of take-out round AMOLED panels, and the new AMOLED smartphone panel launched last year has also received many praises.
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