LG Display Co Ltd (LPL) 2024 Q1 法說會逐字稿

(spoken in Korean)

（韓文）

Good morning. This is Brian Heo in charge of LG Display's IR. On behalf of the company, let me thank all the participants at this conference call. Today, I'm joined by the CFO, Sung-Hyun Kim; Seung Min Lim, Senior Vice President of Corporate Planning; Ki-Yong Lee, in charge of Business Intelligence; [Tae Jung Lee] in charge of Large Display Marketing; Won Jae Lee, in charge of Medium Display Marketing; and Myoung-Kyu Kim, in charge of Small Display Marketing.

早安.我是 LG Display IR 負責人 Brian Heo。讓我代表公司感謝本次電話會議的所有參與者。今天，財務長 Sung-Hyun Kim 也加入了我的行列。 Seung Min Lim，企業規劃資深副總裁； Ki-Yong Lee，負責商業智慧； [Tae Jung Lee] 負責大螢幕行銷； Won Jae Lee，負責媒體展示行銷；和 Myoung-Kyu Kim，負責小型顯示器行銷。

(spoken in Korean)

（韓文）

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

電話會議將以韓語和英語進行。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，以了解有關財務業績的更多詳細資訊。

(spoken in Korean)

（韓文）

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。

(spoken in Korean)

（韓文）

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。

(spoken in Korean)

（韓文）

I will start with 2024 Q1 business results. Revenue was KRW5.253 trillion. It was down 29% quarter on quarter due to seasonality. But up 19% year on year driven by shipment growth of OLED and LCD TV panels and monitor panels and the start of mass production of IT OLED panels.

我將從 2024 年第一季的經營業績開始。收入為5.253兆韓元。由於季節性因素，季減 29%。但受OLED、液晶電視面板和顯示器面板出貨量成長以及IT OLED面板開始量產的推動，較去年同期成長19%。

(spoken in Korean)

（韓文）

In terms of profitability, operating loss was narrowed YoY to KRW469 billion. Although there was impact of seasonality. the company continued with work on upgrading to OLED sensored business structure and improving the cost structure. Production increased for medium and large products like OLED panels for TV and mass production began for IT OLED.

獲利能力方面，營業虧損年減至4,690億韓元。雖然有季節性的影響。本公司持續致力於向OLED感測業務結構升級，改善成本結構。電視用OLED面板等大型產品產量增加，IT用OLED開始量產。

(spoken in Korean)

（韓文）

Next is area shipment and ASP per square meter. Area shipment in Q1 was 5.3 million square meters. Down 5% QoQ. There was impact from seasonality. But shipment of products like TV and monitor outpaced the plan slightly overperforming on the guidance. ASP per square meter fell 27% to $782 largely in line with the guidance from the previous quarter. The mix of mobile panel shrank. And there was relative impact from increased shipment of medium and large products. But mass production began for IT OLED. And product mix improved.

接下來是面積出貨量和每平方公尺的平均售價。第一季出貨面積為530萬平方公尺。季減 5%。受到季節性影響。但電視和顯示器等產品的出貨量超出了計劃，略高於指導值。每平方公尺平均售價下降 27% 至 782 美元，基本上與上一季的指導一致。移動面板佔比萎縮。中型和大型產品出貨量增加也產生了相對影響。但IT OLED已開始量產。產品結構也有所改善。

(spoken in Korean)

（韓文）

Next is product revenue mix. The revenue mix of mobile and others was 28% of the total revenue. Down 16 percentage points QoQ due to seasonality. This pushed up the revenue mix of other products. EV panels revenue mix was 22%. Up four percentage points from the previous quarter. IT was 40%. Up nine percentage points QoQ on general growth in monitor shipment and the start of IT OLED mass production. Auto was 10%. Up three percentage points. Revenue mix of OLED products excluding the seasonality was 47%. Up two percentage points year on year.

接下來是產品收入組合。行動和其他收入組合佔總收入的28%。由於季節性因素，季減 16 個百分點。這推高了其他產品的收入組合。電動車面板收入結構為 22%。較上一季上升四個百分點。 IT 為 40%。由於顯示器出貨量普遍成長以及 IT OLED 量產的開始，季增 9 個百分點。汽車為10%。上升三個百分點。排除季節性因素後，OLED 產品的收入構成為 47%。年比上升兩個百分點。

(spoken in Korean)

（韓文）

Next is on the financial position and key metrics. Cash and cash equivalents stood at KRW3.225 trillion. Since the paid-in capital increase in Q1, debt to equity ratio was 279%. Improved by 29 percentage points from the previous quarter. Net debt to equity ratio was 145%. Improved by seven percentage points.

接下來是財務狀況和關鍵指標。現金和現金等價物為 3.225 兆韓元。自第一季增資以來，債務股本率為279%。較上季提高29個百分點。淨負債與股本比率為145%。提高了七個百分點。

(spoken in Korean)

（韓文）

Next is Q2 guidance. Area shipment is expected to grow by mid-20% level QoQ from increased shipment of medium and large products like TV and IT and full-fledged mass production of IT OLED. ASP per square meter is expected to decline slightly by a low single digit percentage due to the change in the product mix.

接下來是第二季的指導。由於電視、IT 等中大型產品出貨量增加以及 IT OLED 全面量產，預計面積出貨量較上季成長 20% 左右。由於產品結構的變化，每平方公尺平均售價預計將小幅下降，幅度為較低的個位數百分比。

(spoken in Korean)

（韓文）

Next. CFO, Sung-Hyun Kim, will walk us through the key highlights.

下一個。財務長 Sung-Hyun Kim 將向我們介紹主要亮點。

(spoken in Korean)

（韓文）

Good morning and afternoon. This is the CFO, Sung-Hyun Kim. Thank you for joining our conference call.

早安，下午好。我是財務長金成賢 (Sung-Hyun Kim)。感謝您參加我們的電話會議。

(spoken in Korean)

（韓文）

Uncertainties in the external environment continue affecting macroeconomic factors like consumption, which is prolonging the soft demand across panel products. For the short-term, business performance will remain volatile due to factors like seasonality. But the company is trying to build a secure revenue structure for the mid to long term. We are trying to strengthen business competitiveness. Lay the foundation for future businesses. And establish a stable revenue structure by focusing company-wide attention on activities to upgrade the business structure, improve the cost structure and operational efficiency.

外部環境的不確定性持續影響消費等宏觀經濟因素，從而延長了面板產品的疲軟需求。短期來看，受季節性等因素影響，業績仍會波動。但該公司正在努力建立一個安全的中長期收入結構。我們正在努力增強業務競爭力。為以後的創業打下基礎。透過集中全公司的注意力來升級業務結構、改善成本結構和營運效率，建立穩定的收入結構。

(spoken in Korean)

（韓文）

Now allow me to explain the company's plan and strategy per business area.

現在請容許我解釋一下公司每個業務領域的計畫和策略。

(spoken in Korean)

（韓文）

In large OLED, we will strengthen our customer portfolio and solidify our position in the premium TV market with a focus on ultra high definition ultra large products applied with meta technology to [Dato] with higher luminance. We also aim to improve profitability based on cost innovations and volume expansion resulting from improvement in yield, productivity and material costs.

在大型OLED領域，我們將加強我們的客戶組合，鞏固我們在高階電視市場的地位，並專注於採用元技術的超高清超大產品，以實現更高亮度的[Dato]。我們也致力於透過成本創新和產量、生產力和材料成本改善帶來的產量擴張來提高獲利能力。

(spoken in Korean)

（韓文）

In the IT OLED segment under medium IT, we are currently mass producing the products that utilize tandem OLED characterized by superior durability and performance like long life, high luminance and low power. We plan to secure business results by ramping up production in earnest in Q2 and running the business on track as planned. This will not only help consolidate our position in the market based on stable mass production and technology leadership but also to build the fundamentals for our business upgrade.

在中IT下的IT OLED領域，我們目前正在大量生產採用串聯OLED的產品，該產品具有卓越的耐用性和長壽命、高亮度和低功耗等性能。我們計劃在第二季認真提高產量，讓業務按計劃步入正軌，以確保業績。這不僅有利於鞏固我們穩定量產和技術領先的市場地位，也為我們業務升級奠定基礎。

(spoken In Korean)

（韓文）

In the small mobile business, we will keep driving our market share in high end smartphones by actively utilizing the expanded capacity of 45,000 and growing the shipment and mix of high value add products.

在小型行動業務方面，我們將積極利用擴大後的45,000台產能，並增加高附加價值產品的出貨量和組合，繼續提高高階智慧型手機的市場份額。

(spoken in Korean)

（韓文）

Next is auto business. We have technological competitiveness and differentiated product portfolio in such products as POLED and ATO based on tandem OLED technology and high end LTPS LCD. Demand may be volatile in the short term. But we will keep working to win new orders and drive business performance based on our differentiated product and technology portfolio, reliable production capability and close customer relations. Particularly in auto OLED, we are accelerating business expansion with the goal of further building up our position as the world's number one auto display player by winning new customers, new orders and revenue.

其次是汽車業務。我們在基於串聯OLED技術的POLED、ATO和高階LTPS LCD等產品上具有技術競爭力和差異化的產品組合。短期內需求可能會波動。但我們將繼續努力，基於我們差異化的產品和技術組合、可靠的生產能力和密切的客戶關係，贏得新訂單並推動業務績效。特別是在汽車OLED領域，我們正在加速業務擴張，目標是透過贏得新客戶、新訂單和收入，進一步鞏固我們作為全球第一個汽車顯示廠商的地位。

(spoken in Korean)

（韓文）

Last is on our investment activities. As has been reiterated, our CapEx is focused on essential investment and order base business that is less susceptible to external environment and likely to yield quick returns. Investment this year is planned at KRW2 trillion level. A further reduction from last year's KRW3.6 trillion.

最後是我們的投資活動。如同所重申的，我們的資本支出專注於基本投資和訂單基礎業務，這些業務不易受到外部環境的影響，並可能產生快速回報。今年計劃投資2兆韓元。比去年的3.6兆韓元進一步減少。

(spoken in Korean)

（韓文）

Although the market and external environment remain uncertain and volatile, we will try to sustain the improvement trend in our quarterly business performance and earnings through the aforementioned measures as we aim to reach a turnaround in the second half led by a higher mix of OLED-centered high end products. We are also working to strengthen our financial soundness and improve our fundamentals by utilizing nonstrategic assets such as the sale of idle real estate disclosed today. Thank you very much for your attention.

儘管市場和外部環境仍然存在不確定性和波動性，但我們將透過上述措施，努力維持季度業績和盈利的改善趨勢，因為我們的目標是在以OLED為中心的更高組合的帶動下，在下半年實現轉虧為盈。我們也致力於透過利用今天披露的出售閒置房地產等非戰略資產來加強我們的財務穩健性並改善我們的基本面。非常感謝您的關注。

(spoken in Korean)

（韓文）

That brings us to the end of earnings presentation for Q1 2024. We will now take your questions. Operator, please commence with the Q&A session.

2024 年第一季的財報到此結束。接線生，請開始問答環節。

(spoken in Korean) (Operator Instructions) (spoken in Korean) [Seonwoo Kim], [Merit Securities].

（以韓文發言）（操作員指示）（以韓文發言）[Seonwoo Kim]、[Merit Securities]。

(spoken in Korean)

（韓文）

Thank you very much for the presentation. Now I have questions about the financial structure as well as cash liquidity. Probably the two most important questions in today's environment. Now the company's financial statement shows that the net borrowing at the end of Q1 was KRW13.8 trillion. And we see that the net borrowing has been remaining at the KRW13 trillion level since from a year ago and which appears to be a bit on the higher side considering the current circumstances.

非常感謝您的介紹。現在我對財務結構和現金流動性有疑問。可能是當今環境下兩個最重要的問題。現在該公司的財務報表顯示，第一季末的淨借款為13.8兆韓元。我們看到，自一年前以來，淨借款一直保持在 13 兆韓元的水平，考慮到目前的情況，這一數字似乎有點偏高。

Now there has been the paid-in capital increase and also there have been reports of the intention to sell off the Guangzhou LCD -- to sell off the Guangzhou LCD TV fab. And I wonder whether there are any target financial ratios for the company for the end of this year as well as next year. And also aside from the sale of the Guangzhou LCD TV fab. Are there any large scale cash in events that have been planned for the sake of stabilizing the financial ratios?

現在已經實收增資，而且有報告有意出售廣州液晶——出售廣州液晶電視工廠。我想知道公司今年年底和明年的財務比率有沒有目標。除了出售廣州液晶電視工廠之外。是否有為了穩定財務比率而策劃的大規模套現活動？

(spoken in Korean)

（韓文）

This is the CFO responding to your questions. I see that the question is coming pfrom very good understanding of the specifics of the company. And yes. As has been rightly mentioned, the net borrowing has been remaining almost flat for the past few quarters. And also as the question has pointed out, it is a bit burdensome given the current circumstances.

這是財務長回答您的問題。我發現這個問題來自於對公司具體情況的深入了解。是的。正如正確提到的那樣，過去幾個季度的淨借款幾乎保持不變。而且正如問題所指出的，考慮到目前的情況，這有點負擔。

(spoken in Korean)

（韓文）

Now for the past two years, the company's profitability has not been so robust. But as you would also be fully aware, our financial activities have been consistently ongoing despite the other circumstances.

現在過去兩年，該公司的獲利能力就沒那麼強勁。但正如您也充分意識到的那樣，儘管存在其他情況，我們的財務活動仍然持續進行。

(spoken in Korean)

（韓文）

You also mentioned the sell off of the Guangzhou LCD TV fab. So basically what the company can do now is to keep strengthening our activities to maximize our business efficiency and effectiveness. So what we can do is improve the soundness of our assets. And for the assets that are deemed not to be strategic, then we can perhaps try to turn them into other types of assets.

您也提到了廣州液晶電視工廠的出售。所以基本上公司現在能做的就是不斷加強我們的活動，以最大限度地提高我們的業務效率和效益。所以我們能做的就是提高資產的穩健性。而對於那些被認為不具策略性的資產，那麼我們或許可以試著將其轉變為其他類型的資產。

(spoken in Korean)

（韓文）

And I did mention that we have been consistently carrying on financial activities. But then I would say that at the fundamental level, the best financial response would be to -- for our businesses to produce profits.

我確實提到過，我們一直在進行金融活動。但我想說，從根本上來說，最好的財務反應是──讓我們的企業產生利潤。

(spoken in Korean)

（韓文）

And regarding -- so with regards to that, our continuous efforts have been reiterated several times. So I do not believe that they merit. Am I repeating at this point? So we will continue with our efforts to improve our fundamental business performance. And we are now beginning to see some signs of getting good results out of it. So based on the results as well as the continued business performance, we will also be coming up with our financial plan accordingly.

關於這一點，我們已經多次重申了我們的持續努力。所以我不相信他們值得。我現在有在重複嗎？因此，我們將繼續努力改善我們的基本業務績效。我們現在開始看到一些跡象，表明它取得了良好的成果。因此，根據結果以及持續的業務表現，我們也將相應地制定我們的財務計劃。

(spoken in Korean)

（韓文）

(spoken in Korean) [Sung Hwan Kim], KB Securities.

（韓文）[Sung Hwan Kim]，KB 證券。

Assuming the economy does turn and can do a silicon.

假設經濟確實好轉並且可以生產矽片。

John Hogan, Chairman and documentaries into San Antonio.

約翰霍根，主席和紀錄片進入聖安東尼奧。

And Tim, what would your guess on what 31 minutes all of them do come down again, sequentially managing costs in Utah, Chroma checker and TB. That took weeks or the repo me on Arch and good penetration in the last two years or LG Display at Yandal, your trauma, Winnebago CERAWeek, secondary CDTV. Sloan Kettering, Yung Ngo hemo come Jochen, generally makeup financing upon other efficiencies, you can comment. We are maniacal fish at Alnylam MailGate and secure type of audio and kept them from diversity and gender makeup tumbling down updated treatment.

提姆，您猜想他們在 31 分鐘內會再次下降，依次控制猶他州、Chroma 檢查器和 TB 的成本。這花了幾週時間，或者在 Arch 上回購我，過去兩年都有良好的滲透力，或者 LG Display 在 Yandal、你的創傷、Winnebago CERAWeek、二級 CDTV。 Sloan Kettering、Yung Ngo hemo 和 Jochen，通常會根據其他效率進行融資，您可以發表評論。我們是 Alnylam MailGate 的瘋狂魚，我們提供安全的音訊類型，使他們免受多樣性和性別構成的影響，從而降低最新的治療效果。

If I may.

如果允許我的話。

Thank you for taking my question. It is going to be on the Guangzhou LCD fab. Now the market is quite keen on the sell of the Guangzhou LCD fab for such purposes as improving the financial ratios and also the potential use of the investment funds, but also at the same time, some TV set makers recently requested volume increase from LG Display to hedge their reliance on Chinese makers. And based on the recent improvement in the LCD TV market. Are there any changes to the company's plan on the sell-off of Diguang to LCD TV fab? And if not, meaning that if the current plan is to continue.

感謝您回答我的問題。它將建在廣州液晶工廠。目前市場熱衷於出售廣州液晶工廠，一方面是為了改善財務比率，另一方面也是為了利用投資資金的潛在用途，但同時也有一些電視機製造商最近向LG Display提出了增加產量的要求。他們對中國製造商的依賴。並基於近期液晶電視市場的改善。公司將帝光出售給液晶電視工廠的計畫是否有變化？如果沒有，則表示當前的計劃是否繼續。

Then I would just like to ask for a broad update on the gone to LCD fab selloffs of, for example, the time line of the expected loss as well as the plan for utilizing the proceeds includes ship merchandise from the cargo Binion's on ancillaries.

然後我想詢問有關 LCD 晶圓廠拋售的最新情況，例如預期損失的時間線以及利用收益的計劃，包括從 Binion 的輔助設備上運送貨物。

Is this how TBK. one is how will the money they get into annual measurement vehicle to Ireland and beyond will. But then you will just hotel on Bumble. We still have we submitted.

TBK是這樣的嗎？一是他們將如何將資金用於愛爾蘭及其他地區的年度衡量工具。但隨後您就只能在 Bumble 上住宿了。我們仍然提交了。

This is the CFO, again, responding to your question now a few years back, the company announced our decision to suspend our large LCD business. And since then, we have been executing this plan through a number of Yes.

這是財務長，幾年前再次回答您的問題，公司宣布決定暫停我們的大型 LCD 業務。從那時起，我們一直透過一系列「Yes」來執行這個計劃。

But as we see them in the automobile is on the inner circle 100 million-ish or so either party Greenland, Dona, Anita. So let's check in and then the share of JV and what have you on policy dimension to me that was not committed.

但正如我們在汽車中看到的那樣，格陵蘭島、多納、安妮塔中的任何一方都位於內圈 1 億左右。因此，讓我們檢查一下合資企業的份額，以及您對我而言未承諾的政策方面的內容。

So this means that what we are intending intending to do is not about improving the financial ratios or making more proceeds available to be used.

因此，這意味著我們的目的不是要提高財務比率或提供更多收益。

But this is part of our execution of what was done CHAIRMAN strategically of who they'll pay us on Tiger Kibali, you're able to tell you that the other key and then measurements, the Tomahawk real kudos and I'm Tumbleweed is on charging because, you know, assurance or keyboard or a group of Tanja will buy some during younger also to questions now in terms of the substance of the decision.

但這是我們執行策略的一部分，主席策略性地決定他們將在 Tiger Kibali 上支付給我們誰，你可以告訴你，另一個關鍵，然後是測量，戰斧真正的榮譽，我是風滾草。充電是因為，你知道，保證或鍵盤或一群Tanja 會在年輕時購買一些，現在也對決定的實質內容提出疑問。

So we have shared with the market about the path that we intend to take. But in terms of this specific approach. I must admit that perhaps we have not been fully clear yet.

因此，我們與市場分享了我們打算走的道路。但就這個具體做法而言。我必須承認，也許我們還沒有完全弄清楚。

Are you going to do some Fusion and the Sumida adjuvant and Bandhan?

你打算做一些融合和墨田佐劑和 Bandhan 嗎？

Yes, you have with the Vivo urban development, we are handing over that whole setup. So one of one secure voice and non-data demand mesh material opportunity in Pembina. And then with prudence in our Western region, and through acquisitions.

是的，Vivo 城市開發項目，我們正在移交整個設定。因此，彭比納的安全語音和非數據需求之一是網狀材料機會。然後在我們的西部地區謹慎行事，並透過收購。

And neither will I be clear this time. But what I can tell you is that we are working very hard and the outcome might be better than what we expect. But in terms of the timing, we would have to wait and see. But again, in terms of the specific approach, please understand that we cannot be specific at this time, ferrochrome, 20 Luminor, but through various media.

這次我也不會說清楚。但我可以告訴你的是，我們正在非常努力，結果可能會比我們預期的要好。但就時間而言，我們還得拭目以待。但再次強調，就具體做法而言，請理解，我們目前無法具體說明，鉻鐵、20 Luminor，而是透過各種媒體。

Thank you.

謝謝。

We will take the next question.

我們將回答下一個問題。

Cameron Terminator ship on NIVK. 2000, ConnectKey Moon, holy Meta, the following question will be presented by Mr. Kim from IBK. Investment & Securities. Please go ahead with your question.

NIVK 上的卡梅倫終結者飛船。 2000年，ConnectKey Moon，神聖的Meta，下面的問題將由來自IBK的Kim先生提出。投資與證券。請繼續你的問題。

The 200 kilometers of outcomes data volume was higher dividends from the two cores, you can deal with unforeseen intentionality VATMTBOL. eight, and Anton, more Heroku crew single-core gets higher.

200公里的結果資料量是來自兩個核心的更高紅利，可以應付不可預見的意向性VATMTBOL。八、安東，更多的Heroku船員單核變得更高。

If we then go to nine it a bit on the control, Kolkata and another who is similar Kudu ANTSCPITTP. module could only 80, ladies have into orders. We took as an American Financial Corp. apparel was another whole some data bundle crew to young SEB.

如果我們然後去九它有點控制，加爾各答和另一個類似 Kudu ANTSCPITTP。模組只能80個，女士們紛紛下單。我們將美國金融公司的服裝視為年輕的 SEB 的另一個整體，一些數據包團隊。

To conclude this short among opportunity, how will see it penetrate our target it onto monkey methanol into energy and Kumar Humira through to Ventana, I can defer to Patrick to Massimo. I can India ITO letters, how brilliantly and tenant has Aperam has. I mean, has a pool you wouldn't be able to do with your money during autonomous and who has the locations a fully unbundled to cottage and we're not even tenancy gotten better. Could you go into it in any pockets of medicine has happened into conclusions, how it can be done or could you I guess, go green emitters, focusing more valuable in the future when and if and when it's all volume based on quieter kit allocation to call protected into that with.

總結這個短暫的機會，如何讓它滲透到我們的目標，將猴子甲醇轉化為能源，將 Kumar Humira 轉化為 Ventana，我可以聽從帕特里克和馬西莫的意見。我可以印度ITO信件，Aperam有多麼輝煌和租戶。我的意思是，有一個你在自治期間無法用你的錢做的游泳池，而且他的位置完全與小屋分開，我們甚至沒有得到更好的租賃。您能否在任何醫學領域進行研究並得出結論，如何做到這一點，或者您我猜，是否可以採用綠色發射器，在未來集中精力更有價值，當所有的體積都基於更安靜的套件分配時呼叫 protected 進入其中。

And thank you for taking my questions. I will be asking about the sales environment now since a few years back, we see that the large Oleg has been increasing and also it is like us sorry. So the large LED is likely to expand year over year, especially thanks to the new customer and also the increased volume for the new customers and also the LCDIT. products and the ITO. LED are likely to be the main drivers of performance improvement this year, along with the large LED.

感謝您回答我的問題。我會問幾年前的銷售環境，我們看到大奧列格一直在增加，這就像我們很抱歉。因此，大型 LED 可能會逐年擴大，特別是由於新客戶以及新客戶和 LCDIT 銷售的增加。產品和ITO。 LED 與大型 LED 一樣，很可能成為今年業績改善的主要推動力。

So then what is the company's projection for the demand for the mid-sized LCD products and also, if possible, what is the company's projection for the panel prices as well?

那麼，該公司對中型液晶產品的需求預測是多少？

And the second question is, as was explained during the presentation, the Company started the mass production of ITO. it and it seems as if the volume is set to increase quite rapidly in the second quarter of this year. Then with the idea that what is the company's goal in terms of the annual production. And also the Company has been putting a lot of stock on the order base business. So the company has great vision for the order base business. So what is also the Company's expectation of the performance coming out of this?

第二個問題是，正如演示中所解釋的，公司已經開始大規模生產ITO。今年第二季的銷量似乎將迅速增加。然後考慮公司的年產量目標是多少。公司也一直在訂單基礎業務上投入大量庫存。所以公司對於訂單基礎業務有著遠大的願景。那麼公司對由此產生的業績預期又是怎麼樣的呢？

You know, marketing them down you and them into one zone for NuVasive is still on TV Perrigo, sometimes you do at our McCoy and Doreen at home for the ups and downs that are sort of tail winds from new demand to do the monitoring you will continue to see critical synergy.

你知道，在 NuVasive 的一個區域中對它們進行行銷仍然是在 TV Perrigo 上進行的，有時你會在我們的 McCoy 和 Doreen 家裡這樣做，因為新的監控需求帶來了一些順風順水的情況。看到關鍵的協同作用。

Occidental.

西方的。

Yeah, super mid-single digit in your new data with me, this is one daily in charge of medium display marketing responding to the first part of your question now for the midsized LCD market, there has been negative growth recently because of some macro economic environment and impact. But then more recently, what we are seeing is signals of a growth in the sales of monitors, especially in the B to C market in developed markets and in the emerging markets as well.

是的，你的新數據中超中個位數，這是負責中型顯示器行銷的日報，回答你問題的第一部分，現在中型液晶顯示器市場，由於一些宏觀經濟的影響，最近出現了負成長環境和影響。但最近，我們看到顯示器銷售成長的訊號，特別是在已開發市場和新興市場的 B2C 市場。

Tv panel cargo content, you do it or some D&O, high dependent gargantuan syndrome, a tunnel.

電視面板貨物內容，你做它或一些D＆O，高度依賴龐大綜合症，隧道。

We cool the sooner you cure by Keith will be your content on them critical to Cherokee today that are hidden Tantan still has a need among them, etc. What I haven't given up on the 800 band you gave governance, like we know time along with the rise in the TV panel prices, the prices of IT panels have also been increasing, and we expect the demand to start picking up in 2025.

我們越早治愈基思就會冷卻，您對今天的切羅基至關重要的內容將被隱藏，坦坦仍然需要其中等等。 我還沒有放棄您給予治理的800 樂隊，就像我們知道的時間同樣隨著電視面板價格的上漲，IT面板的價格也在上漲，我們預期需求將在2025年開始回升。

And on the back of the replacement cycle coming up and also with improved IT consumption environment among the businesses. And as a result, we believe that starting from the second half of the year, the market environment is going to start improving the full marketing unbound non-EBITDA buy-to-let to Pinon.

隨著更新換代週期的臨近以及企業IT消費環境的改善。因此，我們認為從下半年開始，市場環境將開始改善Pinon的全面行銷非綁定非EBITDA買房出租。

Beyond that, then there is you have so far touched on Amazon direct connect, for our opinion, only on why you're going to really get M&A potential robust. And there is some and John Young at a particular time on Nike already on Pendleton such as Upsilon, which is reversible. I told you at all Keystone Connector to enable you to understand, I suppose for Tim's hydroxy hardware token now we Sumida help with Oakwood Watson minutes. All Apollo has helped us into one single cars just because it all I'm wondering if it'll be similar.

除此之外，到目前為止，您已經接觸過亞馬遜直接連接，我們認為，只是關於為什麼您將真正獲得強勁的併購潛力。約翰楊 (John Young) 和約翰楊 (John Young) 曾在 Nike 的某個特定時間推出 Pendleton 鞋款，例如 Upsilon，它是可逆的。我在 Keystone Connector 上告訴您，以便您能夠理解，我想對於 Tim 的羥基硬體令牌，現在我們 Sumida 幫助 Oakwood Watson 分鐘。所有阿波羅都幫助我們製造了一輛汽車，只是因為我想知道它是否會相似。

And this is Jan one Kim in charge of small display marketing. Responding to your question about the other panels for IT. But before I give my answer to this particular question, please understand that regarding the specifics about our mass production plan, we cannot disclose them because of because they involve client situations. And now for the ITO. LED, based on our technology technology leadership, we have begun the mass production, as was mentioned in the first quarter based on our plan and we are currently moving on without a hitch. And in terms of the upgrade to our business structure, it is something that can further strengthen the company's business fundamentals and we I'm looking forward to seeing the results out of these efforts, the tumor on a matter of, I guess meta operated at an end to end, but I just feel that amateur Thank you. And we will now take one more question.

我是 Jan One Kim，負責小型展示行銷。回答您關於其他 IT 小組的問題。但在我回答這個問題之前，請您理解，關於我們量產計劃的具體情況，我們不能透露，因為涉及客戶的情況。現在輪到ITO了。 LED，基於我們的技術技術領先，我們已經開始量產，正如第一季提到的，根據我們的計劃，目前我們正在順利進行。就我們業務結構的升級而言，這是可以進一步加強公司業務基礎的事情，我們期待看到這些努力的結果，我猜元的腫瘤在端到端，但我只是覺得業餘謝謝。我們現在再回答一個問題。

Cameron Terminator, sharpening cumed in Ghana. One, Nimish Mehta. The following question will be presented by one Kim from Kiwoom Securities. Please go ahead with your question and then as they are curious and continues on their own and that communication on that clinical intervention to over 100 data cleanup, mutual local research and to push net and we have to facilitate a tighter supply team, again, go to vertical to tackle flood for Stan comes into other income. They tell you what a biofuel that channel could check on our high-energy material. So it's not the new guy gave us not only on Pillar two single Takeda sugar.

卡梅倫終結者，在加納磨礪。一，尼米甚·梅塔。以下問題將由 Kiwoom 證券公司的一位 Kim 提出。請繼續提出你的問題，然後因為他們很好奇並繼續自己進行溝通，並就臨床幹預進行了 100 多個數據清理、相互本地研究和推網，我們必須促進更緊密的供應團隊，再次，去為斯坦垂直解決洪水帶來了其他收入。他們告訴你該通道可以檢查我們的高能量材料有哪些生物燃料。所以這不是新人給我們的不只是支柱二單武田糖。

Personally, this one in big projects underpin those two parallel aspects of reentering the accounting yield enough detail on the updated engage my sense practically the same that Thank you for taking my question, which is on people that now the North American customer has been seeing a sluggish sales in the Chinese region. And as a result, I understand that there have been some, let's say, concerns about the supply chain overall, especially regarding the annual demand and also given the fact that the smartphone market has become saturated and the competition continues to intensify. So are there any changes to the Company's target annual shipment for 2024. And also in the past two years, there have been some issues, especially in the early stage of supply. So what is the company's competitive strategy to further strengthen your position as the vendor among the customers and to secure reliable profitability.

就我個人而言，大型專案中的這一點支撐著重新輸入會計的兩個並行方面，在更新後產生足夠的細節，幾乎與我的感覺相同，謝謝您提出我的問題，這是關於現在北美客戶一直在看到的人的問題中國地區銷售低迷。因此，我知道人們對整個供應鏈存在一些擔憂，尤其是年度需求，考慮到智慧型手機市場已經飽和且競爭持續加劇。那麼公司2024年的年度出貨量目標有沒有改變。那麼，公司的競爭策略是什麼，以進一步加強您作為供應商在客戶中的地位並確保可靠的盈利能力。

And then I assume marketing online community in the UK for a while. And then they want, which is a little different that is from Jon Tower and a medicine to the Minda group. China may have opted in and things on Nucala critical Cardium, Yankee bond raise or tenure under the penalty of Pinnacle today target M&A or grand Metro Glass, one accumulates all alternative capital, probably similar our Q2 since unknowns on bonus or your copper again, NovaScreen antibiotic of choice for Perrigo, Toshiba, so mundane things and some minutes ago. So Cohort A., B and CG. one and co-managed talk, are we talking One Lambda, Takeda permitting will be table because it was one quarter of total undrawn hydro academia.

然後我假設在英國行銷線上社群一段時間。然後他們想要，這與喬恩塔和明達集團的藥物有點不同。中國可能已經選擇了Nucala 的關鍵Cardium、Yankee 債券籌集或保有權，今天Pinnacle 的目標是併購或盛大的Metro Glass，人們積累了所有另類資本，可能類似於我們的第二季度，因為獎金或銅再次未知，Nov​​​​aScreen Perrigo、東芝的首選抗生素，如此平凡的事情，幾分鐘前。所以隊列 A.、B 和 CG。一項和共同管理的談話，我們在談論One Lambda嗎？

This is Ivan Kim in charge of small display marketing. Responding to this question now once again, please. I ask for understanding that I cannot disclose details or specifics with regard to the customer. Now based on the expanded production capacity and strengthened capability, we believe that the panel shipment is going to grow year on year, which is also going to translate into improvement in revenue and profits. Now we have a system in place to collaborate very quickly with customers in technology, production and operations and also on the yield and productivity side, we have also built up more advanced experience much more so than before. So we believe that this places us in a very good position to supply our products on a timely manner and continue to broaden our performance.

我是負責小型展示行銷的 Ivan Kim。現在請再回答這個問題。我請求理解，我無法透露有關客戶的細節或細節。現在，基於產能的擴大和能力的增強，我們相信面板出貨量將同比增長，這也將轉化為收入和利潤的改善。現在我們已經建立了一個系統，可以在技術、生產和營運方面與客戶快速協作，在產量和生產力方面，我們也比以前累積了更先進的經驗。因此，我們相信這使我們處於非常有利的地位，可以及時供應我們的產品並繼續擴大我們的業績。

The total audience play tennis planner and even the suites of homing, I don't have much to do. I guess, Meta, some packaging bouquet comes out anemia so that any money efficiently under the new IoT module or electricity of our EBITDA comes from Mira Vista contact us at the IR team for any additional questions.

全場打網球策劃甚至連套路歸位，我都沒有太多事情要做。我想，Meta，一些包裝花束會貧血，因此新的物聯網模組下的任何資金或我們 EBITDA 的電力都來自 Mira Vista，如有任何其他問題，請聯繫我們的 IR 團隊。

Thank you.

謝謝。