LG Display Co Ltd (LPL) 2023 Q4 法說會逐字稿

Good afternoon.

午安.

This is Brian Heo in charge of LG Display's IR.

我是 LG Display IR 負責人 Brian Heo。

On behalf of the company, let me thank all the participants at this conference call.

讓我代表公司感謝本次電話會議的所有參與者。

Today, I'm joined by the CFO, Seong Hyeon Kim; Seung Min Lim, Senior Vice President of Corporate Planning; Ki Hwan Son, Vice President of Auto Marketing; [Jeong Lee], in charge of Business Intelligence; [Sung Joon Bae], in charge of Large Display Marketing; Hyeon Woo Lee, in charge of Medium Display Marketing; and Myoung Kyu Kim, in charge of Small Display Marketing.

今天，財務長 Seong Hyeon Kim 也加入了我的行列。 Seung Min Lim，企業規劃資深副總裁； Ki Hwan Son，汽車行銷副總裁； [Jeong Lee]，負責商業智慧； [Sung Joon Bae]，負責大型顯示器行銷； Hyeon Woo Lee，負責中型展示行銷；和 Myoung Kyu Kim，負責小型顯示器行銷。

The conference call will be conducted in both Korean and English.

電話會議將以韓語和英語進行。

Please refer to the provisional earnings release today or the IR Events section in the company's website for more details on the financial results of Q4 2023.

請參閱今天發布的臨時收益或公司網站的投資者關係活動部分，以了解有關 2023 年第四季度財務業績的更多詳細資訊。

Before we begin the presentation, please take a moment to read the disclaimer.

在我們開始演示之前，請花點時間閱讀免責聲明。

Please note that today's results are based on consolidated IFRS standards prepared for your benefit and have not yet been audited by an outside auditor.

請注意，今天的結果是基於為您的利益而製定的綜合國際財務報告準則標準，尚未經過外部審計師的審計。

I will start with Q4 business results.

我將從第四季的業務業績開始。

Revenue increased 55% QoQ to KRW7.396 trillion, driven by increased shipment of OLED panels for mobile and medium and large panels for IT and TV to meet the seasonal demand.

為滿足季節性需求，行動用 OLED 面板以及 IT 和電視用中大型面板出貨量增加，帶動收入環比增長 55% 至 7.396 兆韓元。

Our work on the business structure upgrade is now showing visible impact with higher share of OLED centered high-value-add products.

目前，我們的業務結構升級工作已經顯現出明顯的效果，以OLED為核心的高附加價值產品的份額不斷提高。

Profitability improved, thanks to continued activities on cost innovation and operational efficiency.

由於成本創新和營運效率方面的持續活動，盈利能力得到改善。

The company turned to profit in Q4 for the first time in 7 quarters, posting an operating profit of KRW132 billion.

該公司在第四季度實現了七個季度以來的首次盈利，營業利潤達 1,320 億韓元。

Next is area shipment and ASP per square meter.

接下來是面積出貨量和每平方公尺的平均售價。

Area shipment in Q4 was 5.6 million square meters, up 17% QoQ.

第四季出貨面積為560萬平方米，季增17%。

ASP per square meter rose 32% to $1,064.

每平方公尺均價上漲 32% 至 1,064 美元。

Next is revenue breakdown by product segment.

接下來是按產品細分的收入細分。

Mobile and others took up 44% of the total revenue, up 16 percentage points on the back of increased panel shipment for new mobile products.

移動及其他產品佔總收入的44%，由於新行動產品面板出貨量的增加，增加了16個百分點。

The surge in mobile segment relatively lowered the revenue mix of other product groups.

行動業務的激增相對降低了其他產品組的收入組合。

TV panels revenue mix was 18%, down 5 percentage points from the previous quarter and IT was 31%, down 9 percentage points.

電視面板營收佔比為 18%，較上一季下降 5 個百分點；IT 營收佔比為 31%，較上一季下降 9 個百分點。

Auto was 7%, down 2 percentage points.

汽車為 7%，下降 2 個百分點。

OLED products revenue mix was 57%, up 15 percentage points from the previous quarter owed to growth in panel shipment from mobile and TV.

OLED產品營收佔比為57%，較上一季上升15個百分點，主要得益於手機和電視面板出貨量的成長。

Next is on the financial position and key metrics.

接下來是財務狀況和關鍵指標。

Inventory was KRW2.528 trillion, decreased by KRW821 billion QoQ as the company kept up efforts to minimize inventory and expanded seasonal sales.

庫存為2.528兆韓元，較上季減少8,210億韓元，因為公司不斷努力減少庫存並擴大季節性銷售。

Cash and cash equivalents stood at KRW3.163 trillion. Debt-to-equity

現金和現金等價物為 3.163 兆韓元。債權轉股權

ratio was 308%, lower by 14 percentage points from the previous quarter.

比率為308%，較上季下降14個百分點。

Current ratio and net debt-to-equity ratio were unchanged from the previous quarter.

流動比率和淨負債股本比率與上一季持平。

Cash flow at the end of the quarter was KRW3.16 trillion, decreasing by KRW924 billion from the KRW4.087 trillion QoQ due to investment execution and repayment of borrowings.

季度末現金流量為 3.16 兆韓元，較上一季的 4.087 兆韓元減少 9,240 億韓元，原因是投資執行和償還借款。

Next is on Q1 guidance.

接下來是第一季的指導。

With panel shipment expected to decline across the products QoQ due to seasonality, area shipment is projected to decline by 10% level with ASP per square meter falling by mid-20% level.

由於季節性因素，面板出貨量預計將季減，出貨面積預計下降 10%，每平方公尺平均售價下降 20%。

Last, let me turn to the December 18, 2023, decision on capital increase to explain about the background, purpose and future steps.

最後，我就2023年12月18日的增資決定來說明一下增資的背景、目的以及下一步的舉措。

The company decided on paid-in capital increase with the objectives of strengthening our OLED competitiveness, solidifying the foundation for sustainable growth, and enhancing financial stability.

公司決定實收資本增資，目的是增強OLED競爭力、夯實永續成長基礎、增強財務穩定性。

Total number of shares currently outstanding is 357,815,700 and the number of new shares to be issued is 142,184,300, which will bring the total number of shares after a capital increase to 500 million shares or the authorized stock under the company's articles of incorporation.

目前已發行股份總數為357,815,700股，擬發行新股數量為142,184,300股，使增資後的股份總數達到5億股或公司章程規定的法定股數。

Capital increase rate corresponding to the rights issue is 39.74%.

本次配股對應的增資率為39.74%。

The capital increase is a decision to enhance competitiveness of our small and medium OLED business and operational stability of our large OLED business, while responding to the rapid growth of the OLED market and to strengthen our financial security.

此次增資是為了增強中小型OLED業務的競爭力和大型OLED業務的營運穩定性，同時應對OLED市場的快速成長並加強我們的財務安全。

Funds raised from the capital increase will be KRW1.43 trillion based on the first indicative subscription price, which is planned to be used for facilities, operations, and debt repayment.

根據首次指示性認購價，增資籌集的資金將為1.43兆韓元，計劃用於設施、營運和債務償還。

First, the company plans to invest approximately KRW416 billion in facilities and technology to strengthen the basis for future growth of small and medium OLED, namely, it will be for finalization of the IT dedicated OLED fab, expansion of plastic OLED line for mobile, and expansion of automotive OLED facilities.

首先，該公司計劃投資約4,160億韓元的設施和技術，以加強中小型OLED未來成長的基礎，即完成IT專用OLED工廠、擴大用於行動裝置的塑膠OLED生產線以及擴建汽車 OLED 設施。

Another KRW622 billion will be used for operating expenses, including the purchase of raw materials in preparation for new OLED products for global customers and increased customer volume.

另外6220億韓元將用於營運費用，包括購買原材料，為全球客戶準備新的OLED產品和增加客戶數量。

Sharp increase in raw material procurement is expected this year, as OLED revenue mix is expected to rise with growing OLED volume across all products.

預計今年原物料採購將大幅增加，因為隨著所有產品 OLED 銷售的成長，OLED 收入組合預計將增加。

We will strengthen stability of our production and operations by proactively securing financial resources needed for OLED business expansion.

我們將積極爭取OLED業務擴張所需的財務資源，並增強生產經營的穩定性。

And the remaining around KRW394 billion will be used to repay debt and strengthen our financial stability.

剩餘的約3940億韓元將用於償還債務並增強我們的金融穩定性。

With the scale of financing, we currently anticipate, the company's debt-to-equity ratio is projected to fall from 308% at the end of Q4 or before the capital increase to around 260% afterwards.

從融資規模來看，我們目前預計，公司負債股比預計將從第四季末或增資前的308%下降至增資後的260%左右。

And about the time line, offering method is allocation to shareholders, followed by a public offering of forfeited shares.

而在時間上，發行方式是向股東分配，然後公開發行被沒收的股份。

The first indicative subscription price has been determined at 10,071, as of January 23, 2024, applied with a 20% discount.

截至2024年1月23日，首次指示性認購價格已確定為10,071，並有20%的折扣。

The second indicative subscription price will be determined on February 29, 2024, and the definitive subscription price will be determined on the same day at the lower of the first and second indicative subscription prices.

第二次指示性認購價將於2024年2月29日決定，最終認購價將於同日依第一、第二指示性認購價中較低者決定。

Existing shareholder subscription will be held from March 6 to 7, 2024, followed by public subscription from the 11th to 12th of the same month.

現有股東認購將於2024年3月6日至7日進行，隨後於同月11日至12日進行公開認購。

New shares will be listed on March 26, 2024.

新股將於2024年3月26日上市。

For more details, please refer to the already disclosed material event report and the securities registration statement.

具體內容請參閱已揭露的重大事件報告及證券登記說明書。

Next, CFO, Seong Hyeon Kim will walk us through the key highlights.

接下來，財務長 Seong Hyeon Kim 將向我們介紹主要亮點。

Good morning and afternoon.

早安，下午好。

This is the CFO, Seong Hyeon Kim.

我是財務長 Seong Hyeon Kim。

Thank you for joining our conference call.

感謝您參加我們的電話會議。

The industry as a whole is faced with a challenging time for macroeconomic uncertainties and market volatility.

整個產業面臨宏觀經濟不確定性和市場波動的挑戰。

Despite the external challenges and market conditions, the company is relentlessly working to improve our business performance.

儘管面臨外部挑戰和市場條件，公司仍在不懈地努力提高業務績效。

We are reviewing our business strategy against changes in the environment, our internal capabilities, and future risks in each of our business segments.

我們正在根據每個業務部門的環境、內部能力和未來風險的變化來審查我們的業務策略。

We have been, in particular, trying to upgrade our business structure for several years now with focus on cost innovation, and the results are becoming increasingly visible.

特別是，我們多年來一直在努力升級我們的業務結構，並專注於成本創新，並且成果越來越明顯。

We will keep strengthening our competitiveness and business foundation in all areas of OLED, including TV, IT, mobile, and automotive to secure a stable revenue structure and enhance corporate value.

我們將持續增強在OLED所有領域（包括電視、IT、行動和汽車）的競爭力和業務基礎，以確保穩定的收入結構並提升企業價值。

By business, in large OLED, we plan to further expand our position in the premium TV market and improve profitability by boosting our customer portfolio centered on ultra high-resolution and ultra-large products, as well as cost innovation in yield, productivity, and material costs.

以業務來看，在大型OLED領域，我們計劃透過擴大以超高解析度和超大尺寸產品為中心的客戶組合，以及良率、生產力和成本方面的成本創新，進一步擴大我們在高階電視市場的地位並提高獲利能力。材料成本。

In IT OLED, preparation continues on schedule for mass production and supply structure using tandem OLED technology that provides outstanding durability and performance such as long life, high luminance, and low power.

在IT OLED方面，使用串聯OLED技術的量產和供應結構的準備工作仍在按計劃進行，該技術可提供出色的耐用性和性能，例如長壽命、高亮度和低功耗。

Once mass production starts within the year, it will significantly strengthen our fundamentals by upgrading our business structure.

一旦年內開始量產，將透過升級我們的業務結構來顯著增強我們的基礎。

In mobile OLED, revenue mix of high value add products has grown based on increased production capacity.

在行動OLED領域，高附加價值產品的收入組合隨著產能的增加而成長。

The company will keep expanding our market share in high-end smartphones this year.

今年公司將繼續擴大高階智慧型手機市場佔有率。

Next is auto.

接下來是汽車。

We continue to improve business performance driven by differentiated products and technological competitiveness, including P-OLED and ATO using Tandem OLED technology and high-end LTPS LCD.

在差異化產品和技術競爭力的推動下，我們不斷提高業績，包括採用Tandem OLED技術的P-OLED和ATO以及高階LTPS LCD。

In particular, our expansion is accelerating in automotive OLED, having secured 10 global premium OEM brands, as customers in just four years since the first mass production in 2019.

特別是，我們在汽車OLED領域的擴張正在加速，自2019年首次量產以來，僅用了四年時間就獲得了10個全球優質OEM品牌作為客戶。

We will solidify our position, as the world's number one by building up our customer base, as well as orders and sales.

我們將透過建立客戶群、訂單和銷售來鞏固我們作為全球第一的地位。

Last is on our investment activities.

最後是我們的投資活動。

CapEx last year was KRW3.6 trillion reduced by KRW1.6 trillion from 2022.

去年資本支出為 3.6 兆韓元，較 2022 年減少 1.6 兆韓元。

This year, under the principle of strengthening financial soundness, CapEx is planned at KRW2 trillion level on a cash-out basis, focusing on essential recurring investments and projects agreed upon with customers.

今年，在加強財務穩健性的原則下，資本支出計畫在現金支出的基礎上達到2兆韓元水平，並專注於必要的經常性投資和與客戶商定的項目。

While market volatility is expected to linger due to the prolonged macroeconomic instability, we are going all out to create customer value and achieve profitability by strengthening our OLED business competitiveness and growth foundation.

儘管由於宏觀經濟長期不穩定，市場預計將持續波動，但我們將全力以赴，透過增強OLED業務競爭力和成長基礎來創造客戶價值並實現盈利。

We will also keep driving company-wide cost innovation and operational efficiency to secure financial soundness and enhance business stability to improve our performance over the past year.

我們也將繼續推動全公司的成本創新和營運效率，以確保財務穩健並增強業務穩定性，從而改善我們過去一年的業績。

Thank you very much for your attention.

非常感謝您的關注。

That brings us to the end of earnings presentation for Q4 2023.

2023 年第四季的財報到此結束。

We will now take your questions.

我們現在將回答您的問題。

Operator, please commence with the Q&A session.

接線生，請開始問答環節。

(spoken in Korean) Now, Q&A session will begin.

（韓文）現在，問答環節開始。

(Operator Instructions)

（操作員說明）

(spoken in Korean) Dongwon Kim, KB Securities.

（韓文）Dongwon Kim，KB 證券。

Thank you very much for taking my question.

非常感謝您回答我的問題。

I have one question about the market outlook.

我有一個關於市場前景的問題。

What is the company's expectations of the demand and the ASP per square meter for each of the products?

公司對每種產品的需求和每平方公尺平均售價的預期是多少？

Now, this is Jeong Lee, in charge of Business Intelligence responding to your question.

現在，我是商業智慧負責人 Jeong Lee 回答您的問題。

Now, let me explain about the overall expected trend in display demand.

現在，讓我解釋一下顯示器需求的整體預期趨勢。

During the COVID-19 pandemic, demand has been quite volatile, but then we expect the demand to be more stable in 2024.

在 COVID-19 大流行期間，需求波動很大，但我們預計 2024 年需求將更加穩定。

In terms of TV, demand for the over 70-inch ultra-large TV is on the rise, which also bodes well for the demand for set panel area.

電視方面，70吋以上超大尺寸電視需求持續上升，也利好面板面積需求。

And in terms of supply as well, we see that the panel makers are trying to stabilize prices by adjusting the production capacity based on the real demand and adjusting the supply as well.

在供應方面，我們看到面板製造商正試圖根據實際需求調整產能並調整供應來穩定價格。

And due to the recent earthquake in Japan, there might be some disruptions in the supply of the necessary parts and components, which is also expected to drive up the prices slightly in the first half of the year.

而且由於日本近期發生地震，必要的零件供應可能會出現一些中斷，預計這也會導致上半年價格小幅上漲。

And in terms of IT, the macroeconomic environment is expected to remain uncertain, meaning that the negative growth in IT demand is expected to continue, but then it is also expected to narrow.

而在IT方面，預計宏觀經濟環境仍存在不確定性，意味著IT需求的負成長預計將持續，但隨後也有望收窄。

And we are expecting gradual recovery in demand, especially in the second half of the year because during the COVID pandemic period, demand for PCs had increased, and now such a PC is coming upon the replacement cycle starting in the second half of the year.

我們預計需求將逐漸恢復，尤其是下半年，因為在新冠疫情期間，對PC的需求增加，而現在這樣的PC正處於下半年開始的更新週期。

In addition to that, there are preparations for replacement with the upcoming expiration of the support for Windows 10.

除此之外，隨著 Windows 10 支援即將到期，也準備進行更換。

And also, there is a growth in the AI PC market as well.

此外，人工智慧 PC 市場也在成長。

And as a result, for the IT panels as well, just like TV, we believe that the prices are also going to remain flattish based on the real demand.

因此，對於 IT 面板來說，就像電視一樣，我們認為價格也將根據實際需求保持穩定。

In addition, the company's targets the high-end smartphone market, as well as the auto display are expected to remain on the rise.

此外，該公司的目標是高階智慧型手機市場，以及汽車顯示器預計將保持成長勢頭。

Thank you.

謝謝。

We will take the next question.

我們將回答下一個問題。

(spoken in Korean) Sung Eun Kim, Meritz Securities.

（以韓文發言）Sung Eun Kim，梅里茨證券公司。

Thank you.

謝謝。

I have some questions about the company's financial structure.

我對公司的財務結構有一些疑問。

Now in 2023, the company's net borrowings have topped KRW13 trillion.

現在到2023年，該公司的淨借款已突破13兆韓元。

And of course, the company is now successfully going through the capital increase.

當然，該公司目前正成功完成增資。

But then afterwards, I'm wondering about the company's plan on managing the financial structure and also managing the financial soundness overall.

但後來，我想知道該公司在管理財務結構和管理整體財務穩健性方面的計劃。

So if you could also explain a bit more about some of the details of the financial structure, so for example, some of the borrowings or the debts that are coming to maturity within the year, as well as the expected interest rate burden.

因此，如果您還可以更多地解釋財務結構的一些細節，例如，一些將於年內到期的借款或債務，以及預期的利率負擔。

This is the CFO responding to your question.

這是財務長回答您的問題。

Now, in terms of the question on the debt management, I would take it that it is more focused on the borrowing side, and so, I will also focus my response on borrowings.

現在，關於債務管理的問題，我認為更多地集中在藉款方面，所以我也將重點回答借款方面。

Now, in looking at the overall picture, of course, the company went into a capital increase under various circumstances.

現在從大局來看，當然在各種情況下，公司都進行了增資。

And we do also realize that this was not pleasing to everyone, especially in the stock market.

我們也確實意識到這並不令所有人滿意，尤其是在股票市場。

But then also looking at the overall market, we do believe that this was an important step in recovering the trust from the market.

但從整體市場來看，我們確實認為這是恢復市場信任的重要一步。

Now, it has always been true, and it is still today that the company never suffered difficulties in raising funds from the financial market.

現在，一直如此，直到今天，該公司在從金融市場籌集資金方面從未遇到過困難。

But then for the company to become an even better company, we also believe that it is vital that we improve our financial soundness and reduce our financial cost burden.

但為了讓公司成為更好的公司，我們也認為提高財務穩健性並減輕財務成本負擔至關重要。

And one of the conditions of becoming a better company, as I have mentioned earlier, is to go into the capital increase, which we have decided to do so.

正如我之前提到的，成為更好的公司的條件之一是進行增資，我們已經決定這樣做。

And another step would be to quickly become profitable and also to have a completely positive cash flow.

另一個步驟是快速獲利並擁有完全正的現金流。

And other efforts, other steps would be ongoing.

其他努力、其他步驟將會持續進行。

For example, the activities to improve and upgrade our business structure and to reduce cost.

例如，改善和升級我們的業務結構以及降低成本的活動。

So, these activities, I assure you will continue throughout 2024, so that in the end, we will be able to have a healthier structure.

因此，我向大家保證，這些活動將持續到 2024 年，以便最終我們能夠擁有一個更健康的結構。

Now, in terms of the debt management, obviously, fund raising or financing, that can be done from the financial department or the financial organization.

現在，就債務管理而言，顯然，資金籌集或融資，可以由財務部門或金融機構來完成。

But then in terms of repayment or maintaining or managing the debt, I believe that that can be borne by business results.

但在償還或維持或管理債務方面，我相信這可以由業務成果來承擔。

So, that was a bit of a long-winded introduction leading to the response to your question.

所以，這是一個有點冗長的介紹，導致對你的問題的答案。

Now, in terms of the response, now our borrowings, it's quite simple.

現在，就反應而言，現在我們的借款，非常簡單。

The lifetime of our borrowings are less than 4 years.

我們的借款期限不到4年。

So usually, it's about 3.8 years.

所以通常來說，大約是3.8年。

So, all you have to do is divide the outstanding borrowings by 3.8 years, and you will get the borrowings that come into maturity every year.

因此，您只需將未償還借款除以3.8年，您將獲得每年到期的借款。

And we plan to abstain from increasing our borrowings as much as possible this year, so which also means that we will try to reduce our borrowings as much as possible within the year.

我們計劃今年盡可能避免增加借款，因此這也意味著我們將在年內盡可能減少借款。

(spoken in Korean) Kyuha Lee, NH Investment & Securities.

（韓文）Kyuha Lee，NH Investment & Securities。

Now, I see there are a lot of news reports about the IT OLED, and we believe that IT OLED is also going to be an important pillar for the company in improving your overall business results in 2024.

現在，我看到有很多關於IT OLED的新聞報道，我們相信IT OLED也將成為公司在2024年提高整體績效的重要支柱。

So can the company share with us the outlook on the IT OLED market this year?

那麼該公司能否與我們分享今年IT OLED市場的展望呢？

This is Myoung Kyu Kim in charge of Small Display Marketing responding to the question.

這是負責小型顯示器行銷的 Myoung Kyu Kim 回答這個問題。

Now for the IT OLED, the preparation for mass production is underway on schedule.

目前IT OLED正按計畫進行量產準備工作。

And the double-stack based Tandem technology to be applied to IT OLED boasts the advantages of low power consumption and long life.

而應用於IT OLED的基於雙棧的Tandem技術，具有低功耗、長壽命的優點。

And the company has been accumulating leading technologies, as well as mass production competitiveness.

而公司一直在累積領先的技術，以及量產競爭力。

So if we are to go into mass production within the year, and we will have, of course, a stable operations and expansion afterwards, then this is going to be very helpful in strengthening our business fundamentals, especially in terms of upgrading our business structure.

所以如果我們年內能夠量產的話，當然之後我們會有一個穩定的運營和擴張，那麼這對我們的業務基礎，特別是對我們業務結構的升級來說，是非常有幫助的。 。

We will take one last question.

我們將回答最後一個問題。

(spoken in Korean) Won Suk Chung, HI Investment & Securities.

（韓文）Won Suk Chung，HI 投資證券公司。

There have been a lot of news reports about the large OLED showing negative growth, so news reports coming last year about large OLED showing negative growth.

關於大尺寸OLED出現負成長的新聞報導很多，所以去年就有關於大尺寸OLED出現負成長的新聞報導。

So, what is the company's target in terms of the large OLED shipment in 2024?

那麼，公司2024年OLED大出貨量的目標是什麼呢？

And also, are there any changes to the existing customers or the new customers?

另外，現有客戶或新客戶是否有任何變化？

So, if there can be an update on the overall customer base?

那麼，是否可以更新整體客戶群的情況？

Thank you.

謝謝。

This is Sung Joon Bae in charge of Large Display Marketing responding to your question.

這是負責大型顯示器行銷的 Sung Joon Bae，回答您的問題。

Now, in terms of the overall market, as was explained by the BI department, yes, there has been negative growth last year and it is likely to continue.

現在，就整體市場而言，正如BI部門所解釋的那樣，是的，去年出現了負成長，而且很可能會持續下去。

But then because of the easing of the overstocking that started in the latter part of last year, we believe that the negative growth is going to narrow down considerably.

但由於去年下半年開始的庫存過剩有所緩解，我們認為負成長將大幅收窄。

And also, the macroeconomic uncertainties and the external environment volatility are also likely to continue into 2024.

此外，宏觀經濟的不確定性和外部環境的波動也可能持續到2024年。

But then we do believe that overall, the TV market is also going to see improvement in demand.

但我們確實相信，整體而言，電視市場的需求也會有所改善。

And of course, we are targeting the high-end market and the company's expectation is that the high-end market would also gradually improve this year.

當然，我們的目標是高端市場，公司預計今年高端市場也將逐漸改善。

And also, what we have showcased at the CES, the META 2 Technology as well.

此外，我們還在 CES 上展示了 META 2 技術。

So, we see that the OLED adoption is increasing overall in the high-end products.

因此，我們看到 OLED 在高端產品中的採用總體上正在增加。

So together with the META 2 Technology as well, we believe that overall, there is going to be an improvement in the market.

因此，與 META 2 技術一起，我們相信總體而言，市場將會有所改善。

Then also in terms of the gaming market, which we have entered last year, we are also showing quite a lot of good results.

那麼在我們去年進入的遊戲市場方面，我們也展現了許多不錯的成績。

So overall, we believe that for this year, the OLED shipment is going to increase.

整體而言，我們認為今年 OLED 出貨量將會增加。

As to the latter part of your question, please understand that we cannot mention specifics about our customers, but then we are maintaining strategic relations with many of the global TV set customers.

關於你問題的後半部分，請理解，我們不能提及我們客戶的具體情況，但我們與全球許多電視機客戶保持著戰略關係。

And so, we are in a good position to continue to adopt new technologies and to see the market grow.

因此，我們處於有利地位，可以繼續採用新技術並看到市場的成長。

So based on this, we believe that our projection for OLED shipment is to see increase by 20%.

因此，基於此，我們認為 OLED 出貨量預計將成長 20%。

We will now close the Q4 2023 earnings conference call.

我們現在將結束 2023 年第四季的財報電話會議。

Thank you, once again, for joining us today.

再次感謝您今天加入我們。

Please do contact us at the IR team for any additional questions.

如有任何其他問題，請聯絡我們的 IR 團隊。

Thank you.

謝謝。