LG Display Co Ltd (LPL) 2024 Q2 法說會逐字稿

(interpreted) Morning and good afternoon. 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, Sunghyun Kim; [Seung Min Lim], Senior Vice President of Corporate Planning; [Je Bong Kim], Vice President of Finance; (inaudible) in charge of Business Intelligence; (inaudible) Vice President of large display planning and management; (inaudible) in charge of medium display planning and management; (inaudible) impact in charge of small display planning and management and (inaudible) in charge of auto planning and management.

（翻譯）早安，下午好。我是 Brian Heo，負責 LG Display 的 IR。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 Sunghyun Kim 也加入了我的行列。 [Seung Min Lim]，企業規劃資深副總裁； [Je Bong Kim]，財務副總裁； （聽不清楚）負責商業智慧； （聽不清楚）大型顯示器規劃與管理副總裁； （聽不清楚）負責媒體展示規劃與管理； （聽不清楚）負責小型顯示器規劃和管理以及（聽不清楚）負責汽車規劃和管理。

The conference call will be conducted in both Korean and English. Please refer to the provisioning earnings release today or the IR Events section in the company's website for more details on the financial results for Q2 2024.

電話會議將以韓語和英語進行。請參閱今天發布的撥備收益或公司網站的投資者關係活動部分，以了解有關 2024 年第二季財務業績的更多詳細資訊。

So it's up by perhaps our disclaimer when you go to ski barometer before we begin the presentation. Please take a moment to read the disclaimer. 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.

因此，當您在我們開始演示之前查看滑雪晴雨表時，這可能是我們的免責聲明。請花一點時間閱讀免責聲明。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 Q2 business results revenue in Q2 was KRW6.708 trillion, up 28% Q-o-Q and 42% Y-o-Y. Shipment increased in all product categories with notable growth in shipments and mix of OLED products where the company has differentiated advantage.

我先從第二季的業績開始，第二季的營收為 6.708 兆韓元，季增 28%，年增 42%。所有產品類別的出貨量均有所成長，其中公司具有差異化優勢的OLED產品的出貨量和組合成長顯著。

Operating loss posted KRW94 billion, representing a significant decline Q-o-Q and Y-o-Y. The company's effort for business structure upgrade continues to produce tangible results, including the full-fledged mass production of IT OLED panels and growth in production of large OLED panels. Favorable foreign exchange conditions also contributed to earnings improvements.

營業虧損達 940 億韓元，較上季和年比均大幅下降。公司業務結構升級持續取得成效，IT OLED面板全面量產，大尺寸OLED面板產量成長。有利的外匯條件也有助於獲利改善。

Next on area shipment and ASP per square meter. Area shipment of notebook PC and LCD TV products was slightly lower than planned. Our Q2 area shipment was up 23% Q-o-Q and 37% Y-o-Y to 6.5 million square meters, largely in line with the guidance from the previous quarter. ASP per square meter slightly outperformed on the guidance, which projected a slight decline by a low single digit percent. With increased shipment of small OLED panels such as mobile panels, ASP per square meter was $779, almost flat Q-on-Q.

接下來是面積出貨量和每平方公尺的平均售價。筆記型電腦和液晶電視產品的面積出貨量略低於計畫。我們第二季的出貨面積較上季成長 23%，年增 37%，達到 650 萬平方米，與上一季的指導基本一致。每平方米平均售價略高於指導意見，該指導意見預計將小幅下降個位數百分比。隨著移動面板等小型OLED面板出貨量的增加，每平方公尺平均售價為779美元，較上季幾乎持平。

Next is product revenue mix. The revenue mix of TV panels was 24%, up 3-percentage-points from the previous quarter with increased shipment of OLED and LCD panels. IT was 44%, up three percentage points Q-o-Q with the full-fledged mass production of IT OLED.

接下來是產品收入組合。電視面板營收佔比為24%，較上一季上升3個百分點，其中OLED和LCD面板出貨量增加。隨著IT OLED的全面量產，IT佔44%，季增3個百分點。

This pushed down the relative revenue mix of mobile and others to 23%, auto was 9%. Overall, the revenue mix of older products was 52%, up 10-percentage-points year over year and 5-percentage-points Q-o-Q showing visible impact of business structure upgrade.

這使得移動和其他領域的相對收入組合下降至 23%，汽車為 9%。整體來看，老產品營收佔52%，較去年成長10個百分點，較上季成長5個百分點，業務結構升級影響明顯。

Next is on the financial position and key metrics. Cash and cash equivalents stood at KRW2.342 trillion. Inventory was KRW3.082 trillion, down Q-o-Q, driven by shipment growth. Debt to equity ratio was 282% and net debt to equity ratio was 151%.

接下來是財務狀況和關鍵指標。現金和現金等價物為2.342兆韓元。在出貨量成長的推動下，庫存為 3.082 兆韓元，季減。負債股本比率為282%，淨負債股本比率為151%。

Next is Q3 guidance. Area shipment is expected to grow by mid-single digit percent level Q-o-Q from increased panel purchase for medium and large products like TV and IT as well as growth in seasonal demand. ASP per square meter is expected to remain flat without much volatility.

接下來是第三季的指導。由於電視和 IT 等中型和大型產品的面板採購增加以及季節性需求的增長，預計面積出貨量將環比增長中個位數百分比。每平方米平均售價預計將保持平穩，不會有太大波動。

Shipment of OLED panels including mobile panels, is expected to expand, but shipment of medium and large products is also expected to grow.

包括移動面板在內的OLED面板出貨量預計將擴大，但中型和大型產品的出貨量也預計將成長。

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

下一位財務長 Sunghyun Kim 將向我們介紹主要亮點。

Good morning and good afternoon. This is CFO, Sunghyun Kim. Thank you for joining our conference call. The company is posting better earnings than the previous year and strengthening financial stability through business structure upgrade, cost structure improvement and cost innovation as well as operational efficiency enhancement.

早安，下午好。我是財務長金成賢 (Sunghyun Kim)。感謝您參加我們的電話會議。公司透過業務結構升級、成本結構優化和成本創新以及營運效率提升，獲利狀況好於上年，增強了財務穩定性。

Nevertheless, external situations remain highly volatile. So, we'd believe that there are still several factors that may affect our performance, including foreign exchange situations and the downstream industry circumstances for each application such as TV and IT. Against this backdrop, the company will strive to improve business results through business structure, upgrade, focus on overhead while responding to market uncertainties through efforts like operational efficiency.

儘管如此，外部形勢仍然高度不穩定。因此，我們認為仍然有幾個因素可能會影響我們的業績，包括外匯情況以及每個應用程式（例如電視和IT）的下游行業情況。在此背景下，公司將透過業務結構升級、聚焦管理費用等努力改善經營業績，同時透過營運效率等努力應對市場的不確定性。

As for the company's plan and strategy per business area in the second half of the year, in the small mobile business, we aim to achieve a Y-o-Y increase in shipment based on the expanded infrastructure and production capacity, which is expected to bring about meaningful improvement in our revenue and profits.

從公司下半年各業務領域的規劃和策略來看，在小型移動業務方面，我們的目標是在基礎設施和產能擴大的基礎上實現出貨量同比增長，預計將帶來有意義的改善我們的收入和利潤。

In the IT OLED segment under medium IT, we increased shipment in Q2 after the start of stable mass production based on tandem technology leadership. As for IT LCD., while the market is slow to recover and competition among panel makers is intensifying, we are confident in the company's differentiated competitive edge.

在中IT下的IT OLED領域，基於串聯技術領先地位，在開始穩定量產後，我們在第二季度增加了出貨量。 IT液晶方面，雖然市場復甦緩慢，面板廠競爭加劇，但我們對公司的差異化競爭優勢充滿信心。

Our portfolio strategy focused on stable customer relationships and high end B2B product is expected to produce differentiated outcomes. And the market is fully recovered after the second half of the year. In large OLED our priority is to secure profitability.

我們的投資組合策略專注於穩定的客戶關係和高端 B2B 產品，預計將產生差異化的結果。而下半年後市場全面恢復。在大型 OLED 領域，我們的首要任務是確保獲利。

To this end, we're expanding differentiated and high end lineup that reflects market and customer needs through close cooperation with our global strategic customers and pursuing product competitiveness and innovation in operational structure.

為此，我們透過與全球策略客戶的密切合作，追求產品競爭力和營運結構創新，擴大反映市場和客戶需求的差異化、高端產品陣容。

Next is auto business. There are some elements of short-term volatility in the downstream market, mainly due to reduced incentives for EVs so we are carrying out activities to win orders as planned across both EVs and ICs based on differentiated product and technology portfolio involving OLED and LTPS LCD, and to stable and close customer relationships.

其次是汽車業務。下游市場存在一些短期波動因素，主要是由於電動車的激勵措施減少，因此我們正在根據涉及 OLED 和 LTPS LCD 的差異化產品和技術組合，按計劃開展活動，以贏得電動車和 IC 的訂單，以及穩定和密切的客戶關係。

We will continue to expand into a larger market segments by raising the mix of OLED and using competitive ATO product, which is advanced in OLED. Our more diversified product portfolio will help sustain the growth momentum.

我們將透過提高OLED的組合併使用在OLED領域先進的有競爭力的ATO產品，繼續擴展到更大的細分市場。我們更加多元化的產品組合將有助於維持成長勢頭。

Last is on our investment activities, we are focusing on essential investments and projects that can secure results early based on a careful consideration of external environment and demand growth investment this year is planned at a KRW2.2 trillion level, a significant reduction from the previous year.

最後是我們的投資活動，我們在仔細考慮外部環境和需求增長的基礎上，重點關注必要的投資和能夠儘早取得成果的項目，今年的投資計劃為2.2萬億韓元，比去年大幅減少。

Although the market and external environment are likely to remain volatile in the second half of the year, we are working to continue the earnings improvement trend by expanding outcomes of business structure, upgrade and conducting profitability centered business management supported by gains in operational efficiency.

儘管下半年市場和外部環境可能仍將波動，但我們將透過擴大業務結構、升級成果以及以盈利為中心的業務管理，以提高營運效率為支撐，繼續維持盈利改善趨勢。

Thank you.

謝謝。

That brings us to the end of earnings presentation for Q2 2024. We will now take questions. Operator, please commence with the Q&A session.

2024 年第二季的財報到此結束。接線生，請開始問答環節。

Now Q&A session will begin. (Operator Instructions)

現在問答環節開始。 （操作員說明）

Dong-Won Kim, KB Securities.

Dong-Won Kim，KB 證券。

Thank you for taking my questions. I'd like to pose questions on your overall business performance and production. In the first half of this year for two quarters in a row, you have posted earnings that exceeded market expectations.

感謝您回答我的問題。我想就你們的整體經營業績和生產情況提出問題。今年上半年，你們連續兩季公佈的獲利超出市場預期。

So what is your outlook on the likelihood or probability of making a turnaround in the third quarter? And what is your estimated size of profit in the second half of the year? Thank you.

那麼您對第三季扭虧為盈的可能性或可​​能性有何看法？您預計下半年的利潤規模是多少？謝謝。

(inaudible) Senior Vice President for Corporate Planning. Thank you for your question. The company is currently focusing on making a turnaround and we have posted positive results in the first and the second half of the -- second quarter this year. However, we still believe that there are many elements of volatility in the market. So we need to take caution in making any projections going forward.

（聽不清楚）負責企業規劃的高級副總裁。謝謝你的問題。該公司目前正致力於扭虧為盈，我們在今年第二季的上半年和下半年取得了積極的業績。不過，我們仍然認為市場波動因素較多。因此，我們在做出任何未來預測時都需要謹慎。

However, we see that the external circumstances are still quite volatile. And there are several factors that may impact our business performance, including the demand in the downstream industry for major product categories. And there's quite a lot of uncertainties in this regard.

但我們看到，外在環境仍然十分不穩定。有幾個因素可能會影響我們的業績，包括下游產業對主要產品類別的需求。而且這方面還存在相當多的不確定性。

When it comes to making an outlook on the third quarter business performance. We are currently going through the voluntary retirement program for production workers and there will be some headcount adjustments. And this will have some impact on our business performance in the third quarter.

在對第三季的經營業績進行展望時。我們目前正在實施生產工人自願退休計劃，並將進行一些人員調整。這將對我們第三季的經營業績產生一定的影響。

Across the company we have been implementing initiatives for business structure upgrade as well as implementing activities to improve the cost structure and cost innovation and improve operational efficiency and such efforts will continue into the second half of the year.

公司上下一直在實施業務結構升級舉措，進行成本結構改善和成本創新、提高營運效率等活動，這些工作將持續到下半年。

Sungeun Kim, Meritz Securities.

Sungeun Kim，梅里茨證券公司。

Thank you for taking my questions. I'd like to ask questions regarding your plans for the sale of the (inaudible) TV Fab Recently, there have been some specific rumors and speculations that there have been some decisions on the time line and the size and the potential buyer for this Fab. So there was some news that the deal would soon be closed.

感謝您回答我的問題。我想詢問有關您出售（聽不清楚）電視工廠的計劃的問題 最近，有一些具體的傳言和猜測，表明對該工廠的時間線、規模和潛在買家做出了一些決定。因此有消息稱該交易即將完成。

So if you could provide us with some updates on this matter, we would appreciate that. And I would also like to know your plans on how you're going to use sales proceeds from this transaction and any plans for expansion of the CapEx? And if you do tend to expand the CapEx in what areas are you going to increase your spending? Thank you.

因此，如果您能為我們提供有關此事的一些最新信息，我們將不勝感激。我還想知道您將如何使用本次交易的銷售收入以及任何擴大資本支出的計劃？如果您確實傾向於擴大資本支出，您將在哪些領域增加支出？謝謝。

This is our CFO, Sunghyun Kim, responding to your questions. Indeed, we have received similar questions in the past. However, I have not mentioned anything about a sale of where sales in the past. The message that I have been communicating to the market so far was that we are thinking about how we are going to utilize nonstrategic assets. And there are many options that we are considering.

這是我們的財務長 Sunghyun Kim，正在回答您的問題。事實上，我們過去也收到過類似的問題。不過，我過去並沒有提到任何關於出售where sales的事情。到目前為止，我一直向市場傳達的訊息是，我們正在考慮如何利用非戰略資產。我們正在考慮很多選擇。

And even though I made these remarks, the news and the market seem to conclude that our efforts are going on for the sale of this Fab. So let me make it once again clear, and I'm going to deliver the same message that efforts are underway in many different ways and there has been some progress and there have been some more specifics coming out and that is the current situation.

儘管我發表了這些言論，但新聞和市場似乎得出結論，我們正在努力出售這家晶圓廠。因此，讓我再次明確表示，我將傳達相同的訊息，即正在以許多不同的方式做出努力，並且已經取得了一些進展，並且出現了一些更多的具體細節，這就是當前的情況。

So whatever actions we take going forward, the final outcome of such actions will become materialized at a later time than what you expect. Of course in the (inaudible) we will actively communicate with the market to provide you with updates. And you mentioned that there are some news that the deal is soon to be closed. And I would like to know the definition of soon. But anyhow, we are going to continue to update you. So if you stay patient, we will come back to you. Thank you.

因此，無論我們今後採取什麼行動，這些行動的最終結果都會比您預期的更晚才實現。當然在（聽不清楚）我們會積極與市場溝通，為您提供更新資訊。您提到有消息稱該交易即將完成。我想知道很快的定義。但無論如何，我們將繼續為您提供最新資訊。因此，如果您保持耐心，我們會盡快回覆您。謝謝。

The second part of your question, as many people may be wondering that when we liquidate non-strategic assets, they will produce some proceeds and you'd like to know how and where we are going to use these proceeds. And upon that question. We're going to address this question, once we have everything settled out.

你問題的第二部分，很多人可能想知道，當我們清算非戰略資產時，它們會產生一些收益，你想知道我們將如何以及在哪裡使用這些收益。關於這個問題。一旦我們解決了所有問題，我們將解決這個問題。

Thank you. We will take the next question

謝謝。我們將回答下一個問題

(inaudible) [Zhang], High Investment & Securities.

（聽不清楚）[張]，《高投資與證券》。

Thank you for taking my question. I'd like to ask a question about the mobile market situation. Unlike the past two years, earlier this year, there were some news reports that on LG Display will have gotten the early approval and will start mass production as scheduled. And there was some investment for capacity expansion last year and there is high expectation for the growth of AI related demand in the market.

感謝您回答我的問題。我想問一個關於行動市場狀況的問題。與過去兩年不同的是，今年早些時候，有消息指出LG Display將提前獲得批准，並將如期開始量產。去年有一些產能擴張的投資，市場對人工智慧相關需求的成長抱有很高的預期。

So if you could provide us with some color on the smartphone OLED or shipment in the first and the second half of the year. We would appreciate that next we'll go to them.

因此，您能否向我們提供智慧型手機OLED的一些顏色或上半年和下半年的出貨量。我們將不勝感激，接下來我們將去找他們。

(inaudible) back in charge of small display planning and management. First, I'd like to ask you for your understanding that we will not be able to provide you with any specifics on plans for mass production and shipment because of our customer situation.

（聽不清楚）重新負責小型展示的規劃與管理。首先，由於我們客戶的情況，我們無法向您提供任何有關批量生產和發貨計劃的具體信息，請您諒解。

However, based on the current market situation, what I can say is that the overall smartphone market growth will be slow and competition among them and the smartphone makers will continue to intensify. However, according to a research institutions reports, the plastic OLED based smartphone market is expected to grow by a small margin. And this is where we are focusing on right now.

但從目前的市場狀況來看，我可以說的是，智慧型手機市場整體成長將會緩慢，智慧型手機廠商與智慧型手機廠商之間的競爭將會持續加劇。然而，根據研究機構的報告，基於塑膠OLED的智慧型手機市場預計將小幅成長。這就是我們現在關注的重點。

For the past two years, we had some issues in the early supply of older panels for smartphones. However, this year we already put in place our plans and infrastructure for a tiny mass production and stable supply. So we believe that we will be able to produce positive outcomes.

過去兩年，我們在智慧型手機舊面板的早期供應方面遇到了一些問題。然而，今年我們已經落實了小批量生產和穩定供應的計畫和基礎設施。因此，我們相信我們將能夠取得積極成果。

And we're planning to increase our panel shipment compared to the previous year based on the strengthened production capacity and expanded production infrastructure, which is expected to bring about positive improvement in our revenue and profits.

我們計劃在產能增強和生產基礎設施擴大的基礎上，比去年增加面板出貨量，預計這將為我們的收入和利潤帶來積極的改善。

So-Won Kim, Kiwoom Securities.

So-Won Kim，Kiwoom 證券。

Thank you for taking my questions. My questions are concerning IT LCD. You've been focusing on high value added products, and I'd like to know if you still believe that the high end product portfolio is your differentiating area? I would also like to understand your overall protection for the strategy and the profitability of IT LCD going forward?

感謝您回答我的問題。我的問題是關於 IT LCD 的。您一直專注於高附加價值產品，我想知道您是否仍然認為高階產品組合是您的差異化領域？我還想了解你們對於IT LCD未來的策略和獲利能力的整體保障？

And what is your prediction on the market situation for each IT application product in the first and the second half of the year?

您對上半年、下半年各IT應用產品的市場情勢有何預測？

I am (inaudible) in-charge of medium display planning and management, while we are seeing the delay in the recovery of the IT industry and intensifying competition among panel makers, but we are still very confident in the differentiating aspect of the product portfolio that LG Display has and the potential of the IT industry.

我（聽不清楚）負責中型顯示器的規劃和管理，雖然我們看到IT產業復甦的延遲和麵板製造商之間的競爭加劇，但我們仍然對產品組合的差異化方面非常有信心LG Display擁有IT產業的潛力。

We both stable and close customer relationships and a portfolio strategy focused on high end and B2B customers and these are going to lead to a differentiated outcomes when the market is fully normalized.

我們擁有穩定、密切的客戶關係以及專注於高端和 B2B 客戶的投資組合策略，當市場完全正常化時，這些將帶來差異化的結果。

We are operating based on the assumption that external environment will continue to be uncertain for a long time, and we are implementing various measures to cut costs in terms of production operation and pack optimization.

我們的經營基於外部環境將長期持續不確定的假設，我們正在生產營運和包裝優化方面採取各種措施來削減成本。

And these are our initiatives to transform our business structure to one that can be profitable even under the current market situations like what we have now and we will make sure to produce positive results going forward.

這些是我們將業務結構轉變為即使在當前市場情況下也能獲利的舉措，我們將確保在未來產生積極的成果。

So moving on to other market situations for IT applications, they vary by IT application category. As for the monitors of the movement, may be different by B2C and B2B as well as the leading products by brands. But overall, on the annual basis, we see that (inaudible) and the panel is going to grow by a slight margin.

因此，轉向 IT 應用程式的其他市場情況，它們因 IT 應用程式類別而異。至於運動顯示器，可能會因B2C和B2B以及品牌的主導產品而有所不同。但總體而言，在年度基礎上，我們看到（聽不清楚）並且該面板將略有增長。

Compared to the monitor. The notebook PC is expected to be rather sluggish, the -- on the set area, there is a negative growth expected by a slight margin, but the panel demand is expected to grow compared to the previous year.

與顯示器相比。筆記型電腦預計將相當低迷，在設定面積上，預計將出現小幅負增長，但面板需求預計將比去年有所增長。

However, the high end market is likely to be slow in its recovery. This is where we have competitive advantage. So we are carefully monitoring the demand trend in the market. And finally, the panel price for IT applications is expected to remain flat on a year-over-year basis.

然而，高端市場的復甦可能會很緩慢。這就是我們具有競爭優勢的地方。因此，我們正在仔細監測市場的需求趨勢。最後，IT 應用的面板價格預計將比去年同期保持持平。

Kyuha Lee, NH Investment & Securities.

Kyuha Lee，NH 投資與證券。

I like to ask questions about your own large display business. In the medium to long term, what is your expected time line of making a turnaround for large OLED business and what kinds of specific strategies are you implementing to make it a profitable business?

我喜歡問有關您自己的大型顯示器業務的問題。從中長期來看，您預期大型OLED業務轉虧為盈的時間是什麼？

I'm (inaudible) Kim, Vice President of large display planning and management. Responding to your question, we expect that there will be structural sluggish growth in the TV market that includes both large OLED and LCD TV sets. And we believe that there will be continued volatility in the market for some time.

我是（聽不清楚）Kim，大型顯示器規劃與管理副總裁。回答你的問題，我們預期包括大型OLED和液晶電視在內的電視市場將會出現結構性成長乏力。我們認為市場將持續波動一段時間。

So against this backdrop, mattered and just expecting that the market situation is will improve. We have been implementing various measures internally to improve our business performance.

因此，在這種背景下，重要的是期待市場狀況將會改善。我們一直在內部實施各種措施來提高我們的業務績效。

These efforts are focused on three main areas, product, operational efficiency investment and close cooperation with our strategic customers.

這些努力主要集中在三個主要領域：產品、營運效率投資、與策略客戶的密切合作。

In terms of product development, we are currently developing and preparing for a differentiated product that has better performance and better cost competitiveness compared to the previous -- compared to the existing products. And as for operational efficiency, we are working to enhance operational efficiency of the manufacturing fabs as well as reducing costs.

在產品開發方面，我們目前正在開發和準備一款差異化產品，與之前相比——與現有產品相比，它具有更好的性能和更好的成本競爭力。至於營運效率，我們正在努力提高製造工廠的營運效率並降低成本。

And finally, we're working closely with our strategic customers to expand the differentiated and high end lineups that respect, market and customer need.

最後，我們正在與策略客戶密切合作，擴大尊重市場和客戶需求的差異化高端產品線。

So we will continue to make efforts in these three main areas. And at the same time on the difference, the amortization and depreciation of the investments that we made so far will be finished in the second half of next year, from which point we are expecting a meaningful improvement in our profitability.

所以我們會繼續在這三個方面做出努力。同時，我們迄今為止所做的投資的攤銷和折舊將在明年下半年完成，從那時起我們預計我們的獲利能力將得到有意義的改善。

We will take the last question.

我們將回答最後一個問題。

(inaudible) Shinhan Investment & Securities.

（聽不清楚）新韓投資證券公司。

Thank you for taking my question. You mentioned about the EV business in your presentation. And there's currently some chosen in the EV market than others, some sluggish or struggling performance of the global EV makers.

感謝您回答我的問題。您在演講中提到了電動車業務。目前，全球電動車製造商在電動車市場上有一些表現不佳或陷入困境。

So I'd like to understand your overall annual protection on the revenue and the growth rate for 2024 for your auto business and the remaining order balance.

所以我想了解一下你們對汽車業務2024年的收入和成長率以及剩餘訂單餘額的整體年度保障。

(inaudible) in charge of auto planning and management of a respect to other current assets and the markets as I was mentioned in the presentation, they were reduced incentives for EVs and there's a ack of infrastructure for EVs are currently. So we see that there are many elements of volatility in terms of EV demand in the short term.

（聽不清楚）負責汽車規劃和管理其他流動資產和市場，正如我在演示中提到的那樣，他們減少了對電動車的激勵，並且目前有大量的電動車基礎設施。因此我們看到短期內電動車需求存在許多波動因素。

However, for LG Display, we have differentiated product and technology portfolio focused on OLED and LTPS LCD. Also based on a very stable and tight customer relationships, we are carrying our activities as planned to gain revenue and win orders.

然而，對於 LG Display 來說，我們擁有專注於 OLED 和 LTPS LCD 的差異化產品和技術組合。同樣基於非常穩定和緊密的客戶關係，我們正在按計劃開展活動，以獲得收入並贏得訂單。

It will not be able to give you any specific numbers when it comes to our revenue target. But our target for revenue on a year over year basis is to grow the revenue by mid-10% level.

當涉及到我們的收入目標時，它無法向您提供任何具體數字。但我們的營收目標是年增 10% 左右。

And our spending order balance growth rate is targeted to be of the similar as the growth rate of the revenue.

我們的支出訂單餘額成長率的目標是與收入成長率相似。

We will now close Q2 2024 earnings conference call and thank you once again for joining us today. And please contact us at the IR team for any additional questions.

我們現在將結束 2024 年第二季財報電話會議，再次感謝您今天加入我們。如有任何其他問題，請聯絡我們的 IR 團隊。

Thank you.

謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。