Universal Display Corp (OLED) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Universal Display Corporation's first-quarter 2025 earnings conference call. My name is Sherry and I will be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

女士們、先生們，大家好，歡迎參加環球顯示器公司 2025 年第一季財報電話會議。我叫雪莉，我將擔任今天電話會議的主持人。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the call over to Darice Liu, Senior Director of Investor Relations. Please proceed.

現在我想將電話轉給投資者關係高級總監 Darice Liu。請繼續。

Thank you.

謝謝。

Thank you, and good afternoon, everyone. Welcome to Universal Display's first-quarter earnings conference call. Joining me on the call today are Steve Abramson, President and Chief Executive Officer; and Brian Millard, Chief Financial Officer and Treasurer.

謝謝大家，下午好。歡迎參加環球顯示公司第一季財報電話會議。今天與我一起參加電話會議的還有總裁兼首席執行官史蒂夫·艾布拉姆森 (Steve Abramson)；以及首席財務官兼財務主管 Brian Millard。

Before Steve begins, let me remind you that today's call is a property of Universal Display. Any redistribution, retransmission or rebroadcast of any portion of this call in any form without the express written consent of Universal Display is strictly prohibited. Further, this call is being webcast live and will be made available for a period of time on Universal Display's website. This call contains time-sensitive information that is accurate only as of the date of the live webcast of this call, May 1, 2025.

在史蒂夫開始之前，請允許我提醒您，今天的電話會議是 Universal Display 的財產。未經 Universal Display 明確書面同意，嚴禁以任何形式重新分發、重新傳輸或重新廣播本次電話會議的任何部分。此外，本次電話會議將進行網路直播，並將在 Universal Display 的網站上發布一段時間。本次電話會議包含時間敏感訊息，僅在本次電話會議現場直播日期（2025 年 5 月 1 日）之前準確。

During this call, we may make forward-looking statements based on current expectations. These statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. These risks and uncertainties are discussed in the company's periodic reports filed with the SEC and should be referenced by anyone considering making any investments in the company's securities. Universal Display disclaims any obligation to update any of these statements.

在本次電話會議中，我們可能會根據目前預期做出前瞻性陳述。這些聲明受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。這些風險和不確定性在公司向美國證券交易委員會提交的定期報告中進行了討論，任何考慮對公司證券進行投資的人都應參考這些風險和不確定性。Universal Display 不承擔更新任何這些聲明的義務。

Now, I'll let you turn the call over to Steve Abramson.

現在，我讓你把電話轉給史蒂夫·艾布拉姆森。

Thanks, Darice, and welcome to everyone on today's call. 2025 began on a solid note. First-quarter 2025 revenue was $166 million; operating profit was $70 million; and net income was $64 million, or $1.35 per diluted share.

謝謝，達里斯，歡迎大家參加今天的電話會議。 2025 年開局穩健。2025 年第一季營收為 1.66 億美元；營業利潤為7,000萬美元；淨收入為 6,400 萬美元，即每股 1.35 美元。

Looking ahead, we continue to see tremendous growth opportunities in the OLED market. At the same time, we're operating in a global environment that is increasingly dynamic and complex. In April, we saw an uptick in orders which we believe was largely in response to ongoing tariff developments. That said, we are taking a measured approach in assessing how this may evolve over coming quarters. Thus far, our business remains largely unaffected.

展望未來，我們繼續看到 OLED 市場的巨大成長機會。同時，我們所處的全球環境也變得越來越動態和複雜。四月份，我們看到訂單量增加，我們認為這主要是對持續的關稅變化的反應。儘管如此，我們正在採取審慎的方式來評估未來幾季的情況將如何發展。到目前為止，我們的業務基本上不受影響。

Uncertainty is not new to us. We built this company to be resilient and have shown time and again that we can navigate through challenging times. Our innovation engines, strong balance sheet, robust supply chain, and operational agility positioned as well to navigate through periods of volatility.

不確定性對我們來說並不新鮮。我們創建這家公司是為了使其具有韌性，並且一次又一次地證明，我們能夠度過充滿挑戰的時期。我們的創新引擎、強勁的資產負債表、強大的供應鏈和營運敏捷性也使我們能夠度過動盪時期。

In the past years, we have diversified our supply chain; expanded our global manufacturing footprint to now include Shannon, Ireland; and optimize our inventory and production mix. This ensures our flexibility to respond, adapt, and lead while staying ahead of the curve with the continued invention, development, and delivery of state-of-the-art OLED technologies and materials for our customers and the industry.

在過去的幾年裡，我們已經實現了供應鏈多元化；擴大了我們的全球製造足跡，目前包括愛爾蘭香農；並優化我們的庫存和生產組合。這確保了我們能夠靈活地回應、適應和領導，同時保持領先地位，為我們的客戶和產業持續發明、開發和提供最先進的 OLED 技術和材料。

The long-term trajectory of the OLED market is positive and strong, driven by increasingly diverse product roadmaps featuring an expanding range of OLED offerings with IT, automotive, and foldable alongside other applications slated to drive demand in the near term.

OLED 市場的長期發展軌跡是積極且強勁的，這得益於日益多樣化的產品路線圖，其中 OLED 產品範圍不斷擴大，包括 IT、汽車和可折疊產品以及其他預計將在短期內推動需求的應用。

As panel makers and OEMs prepare for New Gen 8.6 OLED capacity to start coming online in 2026, recently published Omdia market research forecasts that 2025 OLED growth will be in the mid-single digits. Looking into three largest consumer electronic end markets, OLED smartphones are forecasted to grow by 6% year over year to 848 million units. OLED IT units, which encompasses tablets, laptops, and monitors, are expected to increase by 16% year over year to 27 million units, and OLED TVs are expected to grow by 4.5% year over year to 7.1 million units.

隨著面板製造商和 OEM 廠商為 2026 年開始上線的新一代 8.6 OLED 產能做準備，最近發布的 Omdia 市場研究預測，2025 年 OLED 成長率將達到中等個位數。綜觀三大消費性電子終端市場，OLED智慧型手機預計將年增6%，達到8.48億台。OLED IT設備（包括平板電腦、筆記型電腦和顯示器）預計將年增16%，達到2,700萬台，OLED電視預計將年增4.5%，達到710萬台。

As consumers increase their use time and products continue to evolve with advanced features such as connectivity and artificial intelligence, the energy efficiency of our materials and technology are ever more essential. Our unyielding focus on advancing OLED technology and empowering our customers remains a cornerstone of our strong leadership position.

隨著消費者使用時間的增加以及產品不斷發展，具有連接性和人工智慧等先進功能，我們的材料和技術的能源效率變得越來越重要。我們始終堅持專注於推進 OLED 技術並為客戶提供支持，這仍然是我們強大領導地位的基石。

We are innovators, advancing our portfolio of highly efficient, high-performing phosphorescent reds, greens, yellows, and forthcoming blues to support the market of today and tomorrow. Since 1998, our team of world-class scientists, engineers, and technicians have been driving continuous breakthroughs across critical performance metrics, boosting efficiency, extending lifetime, and enhancing color points.

我們是創新者，不斷改進我們的高效能、高性能磷光紅光、綠光、黃光和即將推出的藍色產品組合，以支持當前和未來的市場。自 1998 年以來，我們由世界一流的科學家、工程師和技術人員組成的團隊一直致力於在關鍵性能指標、提高效率、延長壽命和增強色點方面不斷取得突破。

Over the years we've achieved an impressive eightfold improvement in external quantum efficiency, significantly advancing OLED energy efficiency and overall device performance. At the same time, we've delivered an extraordinary 60,000-fold increase in material lifetime, setting new industry benchmarks.

多年來，我們在外部量子效率方面取得了令人印象深刻的八倍提升，顯著提高了 OLED 的能源效率和整體設備性能。同時，我們實現了材料壽命大幅延長 60,000 倍，並樹立了新的行業標竿。

Our expanding portfolio of OLED technologies and UniversalPHOLED materials enables customers to realize greater power savings, extend battery life, reduce device size, and support next-generation features like 5G and AI across a range of consumer OLED products.

我們不斷擴展的 OLED 技術和 UniversalPHOLED 材料組合使客戶能夠實現更大的節能效果、延長電池壽命、減小設備尺寸，並在一系列消費 OLED 產品中支援 5G 和 AI 等下一代功能。

Regarding blue, the journey has been challenging as all trailblazing breakthroughs are, and our teams continue to work tirelessly. We are excited about the strides we are making and are pleased by the news released this morning from LG Display announcing that they have successfully verified the commercialization level performance of blue phosphorescent OLED panels. We believe that our phosphorescent blue will be a game changer for our customers, the industry, consumers, and for us.

對於藍色而言，正如所有開創性的突破一樣，這趟旅程充滿挑戰，我們的團隊將繼續不懈努力。我們對所取得的進展感到興奮，並對 LG Display 今早發布的消息感到高興，他們宣布已成功驗證了藍色磷光 OLED 面板的商業化水平性能。我們相信，我們的磷光藍將會改變我們的客戶、產業、消費者以及我們自己的格局。

And on that note, let me turn the call over to Brian.

關於這一點，請允許我將電話轉給布萊恩。

Thank you, Steve, and again, thank you everyone for joining our call today. Revenue in the first quarter of 2025 was $166 million compared to $165 million in the first quarter of 2024. While we expect a certain level of ongoing uncertainty for us and our customers due to the factors mentioned by Steve, we continue to believe our revenues will be in the range of $640 million to $700 million.

謝謝你，史蒂夫，再次感謝大家今天參加我們的電話會議。2025 年第一季的營收為 1.66 億美元，而 2024 年第一季的營收為 1.65 億美元。雖然由於史蒂夫提到的因素，我們預計我們和我們的客戶將面臨一定程度的持續不確定性，但我們仍然相信我們的收入將在 6.4 億美元至 7 億美元之間。

Our total material sales were $86 million in the first quarter compared to material sales of $93 million in the first quarter of 2024. Green emitter sales, which include our yellow green emitters, were $64 million. This compares to $71 million in the first quarter of 2024. Red emitter sales were $21 million in the first quarter of 2025 and 2024.

我們第一季的材料總銷售額為 8,600 萬美元，而 2024 年第一季的材料銷售額為 9,300 萬美元。綠色發光體的銷售額（包括我們的黃綠色發光體）為 6,400 萬美元。相比之下，2024 年第一季的營收為 7,100 萬美元。2025 年和 2024 年第一季紅色發射體的銷售額為 2,100 萬美元。

As we've discussed in the past, material buying patterns can vary quarter to quarter. First-quarter royalty and license fees were $74 million compared to the prior year's period of $68 million. Adesis' first-quarter revenue was $6.6 million compared to $3.7 million in the first quarter of 2024. First-quarter cost of sales was $38 million, translating into total gross margins of 77%. This compares to $37 million and total gross margins of 78% in the first quarter of 2024.

正如我們過去討論過的，材料購買模式每季都會有所不同。第一季特許權使用費和許可費為 7,400 萬美元，而去年同期為 6,800 萬美元。Adesis 第一季的營收為 660 萬美元，而 2024 年第一季的營收為 370 萬美元。第一季銷售成本為 3,800 萬美元，總毛利率為 77%。相較之下，2024 年第一季的總毛利率為 3,700 萬美元，總毛利率為 78%。

First-quarter operating expenses, excluding cost of sales, were $58 million. In the first quarter of 2024, it was $65 million. The year-over-year decrease was primarily due to the reorganization of OVJP Corporation and reduced performance-based stock compensation. We continue to expect 2025 OpEx to be flat year over year.

第一季營運費用（不包括銷售成本）為 5,800 萬美元。2024 年第一季度，這一數字為 6,500 萬美元。年比下降主要由於OVJP公司的重組和基於績效的股票薪酬減少。我們仍然預計 2025 年營運支出將同比持平。

Operating income was $70 million in the first quarter, translating into operating margin of 42%. This compares the prior-year period of $63 million and operating margin of 38%. The income tax rate was 20% in the first quarter of 2025. We expect our effective tax rate for the year to be approximately 19%.

第一季營業收入為 7,000 萬美元，營業利潤率為 42%。相較之下，去年同期的營業利益率為 6,300 萬美元，營業利益率為 38%。2025年第一季所得稅稅率為20%。我們預計今年的有效稅率約為19%。

First quarter of 2025 net income increased by more than 13% year over year to $64 million, or $1.35 per diluted share. This compares to $57 million, or $1.19 per diluted share in the comparable period in 2024.

2025 年第一季淨收入年增超過 13%，達到 6,400 萬美元，即每股 1.35 美元。相較之下，2024 年同期的利潤為 5,700 萬美元，即每股攤薄收益 1.19 美元。

We ended the quarter with approximately $918 million in cash, cash equivalents, and investments. Our Board of Directors approved a $0.45 quarterly dividend, which will be paid on June 30, 2025, to stockholders of record as of the close of business on June 16, 2025.

本季末，我們的現金、現金等價物和投資約為 9.18 億美元。我們的董事會批准了 0.45 美元的季度股息，將於 2025 年 6 月 30 日支付給截至 2025 年 6 月 16 日營業結束時登記在冊的股東。

Additionally, we announced a $100 million share repurchase authorization. Our capital allocation program reflects our expected continued positive cash flow generation and commitment to return capital to our shareholders.

此外，我們也宣布了 1 億美元股票回購授權。我們的資本配置計畫反映了我們預期的持續正現金流產生和向股東返還資本的承諾。

And lastly, I want to mention that this year's SID Display Week kicks off in San Jose on May 11. To learn more about UDC, please visit us at booth number 323.

最後，我想提一下，今年的SID顯示週將於5月11日在聖荷西拉開序幕。如需了解有關 UDC 的更多信息，請訪問我們的 323 號展位。

With that, I'll turn the call back to Steve.

說完這些，我就把電話轉回給史蒂夫。

Thanks, Brian. Our company is grounded in innovation, strategic execution, and operational discipline. The journey to today was fueled by a relentless drive and refined through trials and challenges to shape more than success. It laid the foundation for the corporate culture we live and breathe today, one built on curiosity, creativity, commitment, and collaboration. Our culture empowers our teams to solve complex problems, reimagine what's possible, and lead with purpose.

謝謝，布萊恩。我們的公司以創新、策略執行和營運紀律為基礎。我們走到今天的歷程源自於不懈的努力，並透過考驗和挑戰不斷完善，最終取得了成功。它為我們今天賴以生存和發展的企業文化奠定了基礎，這種文化建立在好奇心、創造力、承諾和協作的基礎上。我們的文化使我們的團隊能夠解決複雜的問題、重新想像一切可能並有目的地領導。

I would like to thank each of our employees for their drive, desire, dedication, and heart in elevating and shaping Universal Display's accomplishments and advancements. We are committed to being a leader in the OLED ecosystem, achieving superior long-term growth and delivering cutting-edge technologies and materials for the industry, for our customers, and for our shareholders.

我要感謝我們的每一位員工，感謝他們的幹勁、渴望、奉獻精神和熱心，提升和塑造了 Universal Display 的成就和進步。我們致力於成為 OLED 生態系統的領導者，實現卓越的長期成長，並為產業、客戶和股東提供尖端技術和材料。

And with that operator, let's start the Q&A.

有了這個操作員，我們就可以開始問答了。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作員指示）高盛的 Brian Lee。

Hey, guys, this is Tyler Bisset on for Brian. Thanks for taking our questions.

嘿，大家好，我是 Tyler Bisset，為 Brian 主持節目。感謝您回答我們的問題。

On the blue update from LG Display, it sounds like your customer has reached commercialization, which was great to see. So how should we think about what that means for a timeline for when blue could show up in a commercial device? And are there certain milestones here for reaching more firm pricing terms? And then is it fair to assume that this is for a mobile device and not TVs?

關於 LG Display 的藍色更新，聽起來您的客戶已經實現了商業化，這很高興看到。那麼，我們應該如何思考這對於藍色出現在商業設備中的時間表意味著什麼？這裡是否有一些里程碑可以達到更確定的定價條款？那麼是否可以公平地假設這是針對行動裝置而不是電視的呢？

Yeah. Thanks, Tyler. Thanks for the questions. Yeah, on blue, we were certainly pleased to see the report today from LG Display up highlighting the success that they've had utilizing our phosphorescent blue. We previously commented that having a customer indicate success with our material will be a positive step forward. So we're pleased by the announcement.

是的。謝謝，泰勒。感謝您的提問。是的，關於藍色，我們很高興看到 LG Display 今天發布的報告強調了他們利用我們的磷光藍色所取得的成功。我們之前曾評論說，如果客戶對我們的材料表示成功，這將是向前邁出的積極一步。我們對這項公告感到非常高興。

Yeah, any specific plans in timeline of introducing into a product are really for our customers and their customers, the OEMs to speak to. And on pricing, we're in constant dialogue with our customers on various commercial matters, including blue pricing.

是的，任何關於引入產品的具體時間表計劃實際上都是為我們的客戶及其客戶（OEM）制定的。在定價方面，我們一直與客戶就各種商業問題進行對話，包括藍色定價。

And then with that announcement from LG Display, how should we think about the impact on other customers developing flow? Does this sort of start an acceleration of store to a potential race towards blue?

那麼，隨著 LG Display 的公告，我們該如何看待其對其他客戶開發流程的影響？這是否會加速商店向藍色的潛在競爭？

Yeah, our customers and we've been working with multiple customers on blue for a few years now. So our customers each have their own development programs that they're working toward on blue.

是的，我們的客戶，我們已經與多個藍色客戶合作了幾年。因此，我們的客戶各自都有自己致力於藍色發展的計畫。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

Hi, thanks. I just want to continue on the blue theme. The LG release talks about a hybrid solution. And I'm wondering if you can give us some sense as to where you are in terms of working with the industry to still see commercial viability of a pure phosphorescent TV solutions.

你好，謝謝。我只是想繼續藍色主題。LG 發布的產品談論了一種混合解決方案。我想知道您是否可以告訴我們，在與業界合作方面，您目前處於什麼階段，是否仍然看到純磷光電視解決方案的商業可行性。

How far along are we there? I mean, is that months the way you described previously going back to your original commentary around blue?

我們走了多遠？我的意思是，這幾個月來您一直以之前描述的方式回顧您對藍色的原始評論嗎？

Thanks, Jim. Our prior commentary on blue had really been focused on achieving commercial specs of our material. We haven't specified which architecture or structure it would be in. I think the key thing is this is a positive step forward in the use of our material and a commercial application and we're supporting all of our customers in their development efforts with blue.

謝謝，吉姆。我們之前對藍色的評論實際上主要集中於實現我們材料的商業規格。我們尚未指定它將採用哪種架構或結構。我認為關鍵在於這是我們在材料使用和商業應用方面邁出的積極一步，我們支持所有客戶使用藍色進行開發。

Okay. One thing that I think caught our -- it was out in the press release was when LG talked about the stability of blue fluorescence, the legacy material. And I'm wondering, can you help us better understand what that means as it relates to the stability of your materials and maybe what still needs to be achieved?

好的。我認為引起我們注意的一件事是——LG 在新聞稿中談到了傳統材料藍色螢光的穩定性。我想知道，您能否幫助我們更好地理解這與材料穩定性的關係以及可能還需要實現的目標？

Sure. Blue fluorescence has been in market for decades now, so it's a established product. So inherently, just based on the duration of the product being a market, there's more stability, as well as the wavelength of blue just creates a little bit of different characteristics, especially when you're developing phosphorescent material.

當然。藍色螢光已在市場上銷售了幾十年，因此它是一種成熟的產品。因此，從本質上講，僅基於產品在市場上的持續時間，它具有更高的穩定性，而且藍色的波長也會產生一些不同的特性，尤其是在開發磷光材料時。

Is this -- and I'll jump back in the queue. But is your expectation that the advantages you have on the low power side -- low-power consumption side with phosphorescence that this is that potentially over the near term going to be even more commercial solution that we see a combination of blue fluorescence and phosphorescence?

這是——然後我會重新回到隊列中。但是，您是否期望您在低功耗方面的優勢——低功耗方面與磷光相結合，在短期內這有可能成為更具商業化的解決方案，我們看到藍色螢光和磷光的結合？

I think it's really going to depend on (technical difficulty) approach that LG Display has taken that they've highlighted in their release today, and we're pleased to see the progress that they've had. But different customers may have different solutions for blue.

我認為這實際上取決於 LG Display 在今天的發布會上強調的（技術難度）方法，我們很高興看到他們的進展。但不同的客戶對於藍色可能有不同的解決方案。

I think the key thing is the energy efficiency of the phosphorescent material is critical compared to the fluorescent because by replacing the fluorescent with phosphorescent are able to increase the energy efficiency as noted in the release today.

我認為關鍵在於，與螢光相比，磷光材料的能源效率至關重要，因為正如今天的新聞稿中指出的那樣，用磷光材料取代螢光可以提高能源效率。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

Yes, thanks for taking my question. A couple of follow-ups for me, Brian. I think I understand the challenges in forecasting and market adoption, but I think is also we will be helpful for shareholders of UDC to understand the market development.

是的，感謝您回答我的問題。布萊恩，我還有一些後續問題。我認為我了解預測和市場採用的挑戰，但我認為這也會幫助 UDC 的股東了解市場發展。

So if this -- the LGs announcement is kind of hyper fluorescent blue, kind of a tandem junction, would it be fair to think of this as a bridge? It will be limited to a high-end premium devices? And the when the fluorescent blue is ready for commercialization as a standalone, then it would have a wider adoption? Could we think about this of the sequencing a bridge and then the mass reduction as a fair assessment? Then I have a follow-up.

所以，如果 LG 的公告是某種超螢光藍，某種串聯連接，那麼將其視為一座橋樑是否公平？它將被限制在高端優質設備上嗎？當螢光藍準備好作為獨立產品進行商業化時，它會得到更廣泛的應用嗎？我們能否將橋樑的排序和品質的減少視為一個公平的評估？然後我有一個後續問題。

Sure. Hi, Mehdi. So I think the key thing is this is a tandem structure that LG Display highlighted in their release today, so it's using a layer of floors and material and the layer of phosphorescent material from UDC. And from our perspective, this is a positive step in the use of our material and a commercial application.

當然。你好，Mehdi。所以我認為關鍵在於這是 LG Display 在今天的發布中強調的串聯結構，因此它使用了一層地板和材料以及一層來自 UDC 的磷光材料。從我們的角度來看，這是我們材料使用和商業應用的積極一步。

The ultimate product that LG or any of our other customers may choose to introduce our material into is up for them to speak to, them and the OEMs, and very difficult for us to predict at this time because it's really in their hands to to carry it forward from here.

LG 或我們的其他客戶最終會選擇將我們的材料引入到哪種產品中，這取決於他們與 OEM 之間的溝通，目前我們很難預測，因為從現在開始，一切都取決於他們自己。

Sure. That's fair. And then regarding the material gross margin, should we think about a step-up in gross margin improvement to get the low 60% for the year? Or would this improvement be more material so that you would go back to the 60% to 65% range?

當然。這很公平。然後關於材料毛利率，我們是否應該考慮提高毛利率以達到今年 60% 的低水平？或者這種改進會更加實質性，以至於您會回到 60% 到 65% 的範圍？

Yeah. So our guidance for the year for total gross margin is 76% to 77%, and that remains unchanged from what we communicated back in February. The materials gross margin does vary based on your customer mix as well as we have new contracts, we can also have different mixes of royalty and license to materials.

是的。因此，我們對今年的總毛利率的預期是 76% 至 77%，與我們 2 月公佈的預期相同。材料毛利率確實會根據您的客戶組合而變化，而且我們有新合同，我們也可以有不同的材料使用費和許可證組合。

So focusing a total gross margin of 76% to 77, we think is the most useful way of assessing the profitability of our contracts.

因此，我們認為，關注 76% 至 77% 的總毛利率是評估合約獲利能力最有效的方法。

Scott Searle, ROTH Capital Partners.

塞爾（Scott Searle），羅仕證券資本合夥公司（ROTH Capital Partners）。

Hey, guys, thanks for taking the questions. I apologize I'm going to go back to blue again.

嘿，夥計們，感謝你們回答問題。抱歉，我又要回到藍色了。

I just want to clarify that the LG implementation in terms of Universal Display's materials, you have picked commercial specs. Is that correct in terms of their implementation and not using a fluorescent in effect to cover up the shortcomings of your commercial blue?

我只是想澄清一下，就 Universal Display 的材料而言，LG 的實施已經選擇了商業規格。從實施角度來看，這樣做是否正確，實際上不使用螢光來掩蓋商業藍色的缺點？

And just in terms of materials then that are used in a tandem architecture here, is this in the ballpark of what you guys were expecting in terms of materials per device?

那麼就串聯架構中使用的材料而言，這是否與你們對每台設備的材料預期大致相同？

Yeah, Scott. So in terms of the specs, I mean, we've been previously talking about specs being achieved. And we previously said that our customer using our material in application that was deemed commercial would be a positive step forward. So that release today from LG Display, we think, demonstrates that our material performing at commercial levels.

是的，斯科特。因此，就規格而言，我的意思是，我們之前一直在談論要實現的規格。我們之前說過，我們的客戶在被視為商業的應用中使用我們的材料將是一個積極的進步。因此，我們認為 LG Display 今天發布的產品證明了我們的材料已達到商業水平。

And in terms of the ultimate material consumption per square inch in tandem versus single layer, that's really just dependent on each customer's recipe. And it's really something we can't comment on directly the quantity of material at this point.

至於每平方英吋串聯和單層的最終材料消耗量，這實際上取決於每個客戶的配方。目前我們確實無法直接評論資料的數量。

Okay. And just as a follow-up. Looking at the geographic mix, your revenue in China was up a little bit seasonally in the first quarter, I think about $10 million or so. It sounds like you've started to see what you are gaming, pull-ins potentially ahead of tariffs. Are you continuing to see that as we've gotten through the month of April? How should we be expecting, I guess, the sequential progression as we're going into the second quarter here with the current tariff environment? Thanks.

好的。這只是後續行動。從地理分佈來看，第一季你們在中國的營收略有季節性成長，我認為大約是 1,000 萬美元左右。聽起來你已經開始明白自己在玩什麼把戲了，也就是在關稅之前可能吸引的利益。我們已經度過了四月份，您是否繼續看到這種情況？我想，在當前的關稅環境下，當我們進入第二季時，我們應該如何預期連續的進展？謝謝。

So in Q1, we did see heightened Chinese sales -- sales to Chinese customers, as you mentioned. We weren't hearing anything from our customers in the first quarter that indicated that was tariff-related or preparatory for tariffs in April. As Steve mentioned in his remarks, we did see a heightened level of orders in the first few weeks of April, which certainly were in response to tariffs.

因此，在第一季度，我們確實看到中國銷售額有所增長——正如您所說，面向中國客戶的銷售額有所增長。我們在第一季沒有聽到任何來自客戶的消息表明這是與關稅相關的，或者是為 4 月的關稅做準備。正如史蒂夫在演講中提到的那樣，我們確實看到 4 月前幾週的訂單量增加，這肯定是對關稅的回應。

And as you know, that we do think that's pull-in from following months, and the full year, we still have the same guidance of $640 million to $700 million.

如您所知，我們確實認為這是接下來幾個月和全年的拉動，我們仍然保持 6.4 億至 7 億美元的相同預期。

(Operator Instructions) Nam Kim, Arete Research.

（操作員指示）Nam Kim，Arete Research。

Thank you for taking my question. One more follow-up on blue. For this commercial OLED panel from LG Display news, do they use your Bluehost material or only (inaudible) material? I know you guys have been preparing for Bluehost as well, so just curious on this.

感謝您回答我的問題。關於藍色還有進一步的後續。對於 LG Display 新聞的這款商用 OLED 面板，他們是否使用了您的 Bluehost 材料或僅使用了（聽不清楚）材料？我知道你們也一直在為 Bluehost 做準備，所以對此很好奇。

And then secondly, on this press release, it seems to relate on IT device. Most IT devices today they already use tandem structure. So in that sense, nothing new. However, how should I interpret your work on single-stack structure? Any color you can share with me would be great. Thank you.

其次，這篇新聞稿似乎與 IT 設備有關。現今大多數 IT 設備已經採用串聯結構。從這個意義上來說，沒有什麼新鮮事。但是，我該如何解讀您關於單棧結構的工作呢？任何顏色都可以跟我分享。謝謝。

Thanks, Nam. So on the host, we've been selling Bluehost and emitter to various customers. We can't comment specifically on LG's recipe that they use for the pale they produced and announce today. And on the products, our customers have been evaluating our material for tandem as well as single layer, so it's really just dependent on the various development projects that each of them have within their organizations.

謝謝，Nam。因此在主機方面，我們一直在向各種客戶銷售 Bluehost 和發射器。我們無法具體評論 LG 今天生產和發布的淡色啤酒所使用的配方。在產品方面，我們的客戶一直在評估我們的串聯和單層材料，因此這實際上僅取決於他們各自組織內的各種開發項目。

[Eddie Araby], TD Cowen.

[Eddie Araby]，TD Cowen。

Hey, guys, this is Eddie for Krish. Just a clarification. I know this question was asked several times on this call. Do you think like from a technical perspective, the blue materials can now be used in smartphones, for example? I guess I just want to understand like how important the LG announcement as to the mass adoption for blue phosphorescent.

嘿，大家好，我是 Eddie，代表 Krish。只是澄清一下。我知道這個問題在這通通話中被問過好幾次。您是否認為從技術角度來看，藍色材料現在可以用於智慧型手機等場合？我想我只是想了解 LG 的聲明對於藍色磷光的大規模採用有多重要。

Sure. So, Eddie, the release today from from LG Display did reference used in smartphones as well as IT. But I think the key point being across all of our customers, we believe there's applicability for blue in all applications, certainly smartphones and IT and TVs as well. So we believe ultimately there's interest in it because of the power and energy efficiency benefits that the phosphorescent material brings to the solution. We believe and understand from our customers that there's interest in multiple applications.

當然。所以，Eddie，LG Display 今天發表的產品確實參考了智慧型手機和 IT 領域的應用。但我認為關鍵在於對我們所有的客戶，我們相信藍色適用於所有應用，當然也適用於智慧型手機、IT 和電視。因此，我們相信，人們最終會對它感興趣，因為磷光材料為解決方案帶來了功率和能源效率方面的好處。我們相信並且從我們的客戶那裡了解到他們對多種應用感興趣。

Got it. And do you guys cleared most of the milestones for that mass adoption?

知道了。你們是否已經完成了大規模採用的大部分里程碑？

We're very pleased with the progress that we're making and are working closely with our customers to ensure their success and ours.

我們對所取得的進展感到非常滿意，並正在與客戶密切合作，以確保他們的成功和我們的成功。

Got it. Just a follow-up. I think one of the major smartphone OEMs, there were like some news that they might use foldable phones. Would you remind us like what's the content difference between foldable phones and just regular smartphones? That's it for me. Thank you.

知道了。只是後續行動。我認為，主要的智慧型手機原始設備製造商之一，有消息稱他們可能會使用可折疊手機。您能否提醒我們折疊手機和一般智慧型手機之間的內容差異是什麼？對我來說就是這樣。謝謝。

Yeah. So on the foldable, that's really -- the way to think about it is square area. So all things being equal, assuming it's a single stack like most smartphones are made today, you would really just take the square area of any application in market today and determine the square area of the foldable to determine the incremental material opportunity for us.

是的。因此，對於可折疊設備來說，這實際上是——思考它的方式是方形區域。因此，在所有條件相同的情況下，假設它像當今大多數智慧型手機一樣採用單一堆棧，那麼您實際上只需獲取當今市場上任何應用程式的平方面積，並確定可折疊的平方面積，即可確定我們的增量材料機會。

Martin Yang, Oppenheimer & Co.

馬丁楊，奧本海默公司

Hi, thank you for taking my question. The first question is regarding things to look forward to before we see product shipping with blue. Can you point to any other milestones either by you or by your customers before we see actual product shipping?

你好，謝謝你回答我的問題。第一個問題是關於在我們看到藍色產品發貨之前值得期待的事情。在我們看到實際產品出貨之前，您能否指出您或您的客戶所取得的任何其他里程碑？

So thanks for the question, Martin. I think from this point forward, it's really going to be up to our customers to really communicate a lot of the progress that they're making as well as how their interactions are going with OEMs to to introduce it into a product. And we continue on our side to do work to develop new materials -- new blue materials that increased their performance characteristics, just like we do on the red and green side of our business where we're continually inventing new materials.

謝謝你的提問，馬丁。我認為從現在開始，這實際上將取決於我們的客戶，他們需要真正傳達他們所取得的進展，以及他們與 OEM 的互動情況，以便將其引入產品中。我們將繼續致力於開發新材料——新的藍色材料，以提高其性能特徵，就像我們在紅色和綠色業務方面所做的那樣，我們不斷發明新材料。

But we're very pleased with the progress we've made to date. Happy to see the announcements today by LG Display. But much the communication from this point forward is probably going to come from customers as they make progress in their efforts.

但我們對迄今為止的進展感到非常滿意。很高興看到 LG Display 今天發布的公告。但從現在開始，隨著客戶的努力取得進展，大部分溝通可能將來自客戶。

Thanks, Brian. And then can you confirm that with today's announcement and with LG's panel, there will be no other technical hurdles to clear for that LG product to be in a commercial device?

謝謝，布萊恩。然後，您能否確認，透過今天的公告和 LG 的面板，LG 產品在商業設備中不會再遇到其他技術障礙？

So that's really a question more for LG than for us since it's their product to bring to market and bring to the OEMs.

所以這對 LG 來說比對我們來說更重要，因為這是他們要推向市場並提供給 OEM 的產品。

Got it. Last question from me is on overall communication strategy regarding other potential announcement by your customers. So should we expect similar manner where the customers will be the one leading the press release or announcing a potential breakthroughs or innovation with your blue material?

知道了。我的最後一個問題是關於您的客戶可能發布的其他公告的整體溝通策略。那麼，我們是否應該期待類似的方式，即客戶將成為主導新聞稿或宣布藍色材料的潛在突破或創新的人？

Yeah. So the today's release was LG Display's release. If our other customers choose to release information, that's fine with us, but we're not the ones driving the strategy here on the communications front.

是的。所以今天的發布是 LG Display 的發布。如果我們的其他客戶選擇發布訊息，我們也沒意見，但我們並不是在溝通方面推動策略的人。

(Operator Instructions) Jim Ricchiuti, Needham & Company.

（操作員說明）Jim Ricchiuti，Needham & Company。

Did you quantify the level of orders that you saw that may have been related to tariffs? I'm just trying to get a sense of how impactful that might be in terms of potentially pulling from the back half of the year into the June quarter.

您是否量化了可能與關稅相關的訂單水準？我只是想了解這對從下半年到六月季度的潛在影響有多大。

We did not quantify the amount of orders that we saw in April, but it certainly was a heightened level compared to what we typically see in any given month. And we also need to see exactly how May, June plays out. But the full year, we still think is within that $640 million to $700 million range based on everything we're hearing it this point.

我們沒有量化四月份的訂單數量，但與我們通常在任何一個月看到的訂單數量相比，這肯定是一個較高的水平。我們還需要確切地觀察五月和六月的情況。但根據目前聽到的所有消息，我們仍然認為全年收入將在 6.4 億至 7 億美元的範圍內。

And then I don't recall -- I may have missed it. Did you say what the blue development revenue was in the quarter?

然後我就不記得了——我可能錯過了。您說了本季藍色開發收入是多少嗎？

Yeah, great question. The blue development revenues in Q1 were $1.1 million approximately, and that's both host and emitter sales to our customers.

是的，很好的問題。第一季的藍色開發收入約為 110 萬美元，其中包括向客戶銷售的主機和發射器。

And then final question for me is just on OpEx. What are you anticipating the OpEx relative to the last year for the full year?

對我來說最後一個問題是關於營運支出 (OpEx)。您預計全年的營運支出相對於去年有多少？

We're still projecting the OpEx is going to be -- yeah, exactly, it's going to be flat compared to 2024. We did see lower level in Q1 due to a number of factors, but the full year we're still believing is relatively flat compared to last year.

我們仍然預計營運支出將會——是的，與 2024 年相比將持平。由於多種因素，我們確實看到第一季的水平較低，但我們仍然認為全年與去年相比相對持平。

And I guess that's where I may be just getting a little confused. I thought that initially you were anticipating OpEx to be up in '25, but you're basically had been saying flat.

我想這就是我可能有點困惑的地方。我以為您最初預計營運支出將在 25 年上升，但您基本上說的是持平。

Yeah. We've been expecting SG&A to be slightly up and R&D to be pretty flat, and in aggregate, it to be relatively flat as well. So based on what we know right now, we're expecting total OpEx to be flat for the year.

是的。我們一直預期銷售、一般及行政開支會略有上升，研發開支會相當平穩，整體而言，也會相對穩定。因此，根據我們目前所掌握的信息，我們預計全年總營運支出將保持穩定。

Scott Searle, ROTH Capital Partners.

羅斯資本合夥公司的 Scott Searle。

Thank you. Just a quick question on tandem. Given the announcement from LG today, we started to see some of the design activity from an Apple standpoint in terms of their tablets. Is there more of a shift from a market perspective towards tandem architectures? Or is it still just kind of one-offs here or there?

謝謝。關於串聯的一個簡單問題。鑑於 LG 今天發布的消息，我們開始從蘋果的角度看到其平板電腦的一些設計活動。從市場角度來看，串聯架構是否有轉變？或者它仍然只是偶爾發生的事？

I'm just trying to get my hands around if there's any sort of a bigger trend going on here. Thanks.

我只是想了解這裡是否存在任何更大的趨勢。謝謝。

Yeah, good question, Scott. Tandem has a number of benefits that it's been used in primarily IT applications to date. And the benefits being really that by having two layers of emissive material, you can have greater lifetime. And a number of the OEMs are after that for products that are on all day long, especially have a lot of white pixels that are on all day long.

是的，斯科特，問得好。Tandem 具有許多優點，迄今主要用於 IT 應用。其真正的好處是，透過使用兩層發射材料，可以延長使用壽命。許多 OEM 廠商都在追求全天開啟的產品，尤其是那些整天開啟有大量白色像素的產品。

And so that's why tandem has been used in a number of IT products. There were a few last year that were announced that had tandem structures. But we think that even in the IT market, there's going to continue to be a mix of tandem and single layer based on what we know at this point.

這就是為什麼串聯技術已在許多 IT 產品中應用。去年宣布的幾項技術均具有串聯結構。但我們認為，根據我們目前所了解的情況，即使在 IT 市場，串聯和單層的混合仍將繼續存在。

In smartphones, there's been a very limited number of tandem smartphones. But the vast, vast majority of smartphones are single layer and we expect that to continue to be the case.

在智慧型手機領域，串聯智慧型手機的數量非常有限。但絕大多數智慧型手機都是單層的，我們預計這種情況將持續下去。

Thank you. This concludes our question-and-answer session. I would like to turn the call back over to Brian Millard for any additional or closing remarks.

謝謝。我們的問答環節到此結束。我想將電話轉回給 Brian Millard，讓他做任何補充或結束語。

Thank you for your time today. We appreciate your interest and support.

感謝您今天抽出時間。我們感謝您的關注與支持。

Thank you. That concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。