display panel, displays + photonics, innolux, shipments

TFT-LCD panel maker Innolux expects second-quarter 2022 shipments of large-size panels to increase 7-9% sequentially and those of small- to medium-size panels to rise 17-19% sequentially, but the corresponding average selling price (ASP) is expected to drop 10-13%, according to the company.

The shipments will increase as vendors will increase panel procurement in the second quarter to prepare for peak sales in second-half 2022, Innolux explained.

But the ASP decline is likely to result in operating loss for Innolux in second-quarter 2022, market analysts said.

Innolux has reported first-quarter 2022 consolidated revenues of NT$69.886 billion (US$2.37 billion), gross margin of 12.27%, operating profit of NT$2.243 billion and net profit of NT$1.890 billion.

Innolux’s overall panel shipemtns reached 6.62 million square meters in first-quarter 2022, shrinking 12.8% sequentially. It shipped 689,400 square meters of small- to medium-size panels during the period, down 21.6% sequentially.

Notebook applications accounted for 37% of the first-quarter revenues; smartphones and tablets, 25%; monitors, 11%; and TV, 27%.

Below 10-inch panels accounted for 17% of the revenues; 10- to below 20-inch, 43%; 20- to below 30-inch,15%; 30- to below 40-inch, 5%; and 40-inch and above, 20%.

Innolux has decided to distribute a cash dividend per share of NT$1.05 for 2021, or 18.99% of the corresponding net EPS of NT$5.53. The company also decided to buy back 50 million shares of its stock, equivalent to a stake ratio of 0.47%.

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