Universal Display Corp (OLED) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Universal Display Corporation's third-quarter 2025 earnings conference call. My name is Sherry, and I will be your operator 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。歡迎參加環球顯示公司2025年第三季財報電話會議。我叫雪莉，今天由我來為您接聽電話。（操作員說明）提醒各位，本次會議將進行錄音，以便重播。

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

現在我將把會議交給投資者關係高級總監劉達麗絲。請繼續。

Thank you, and good afternoon, everyone. Welcome to Universal Display's third-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，大家下午好。歡迎參加 Universal Display 第三季財報電話會議。今天與我一起參加電話會議的有總裁兼執行長史蒂夫·阿布拉姆森，以及財務長兼財務主管布萊恩·米勒德。

Before Steve begins, let me remind you 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 expressed written consent of Universal Display is strictly prohibited.

在史蒂夫開始之前，我想提醒大家，今天的電話會議是 Universal Display 的服務。未經 Universal Display 的明確書面同意，嚴禁以任何形式轉載、轉發或重播本次通話的任何部分。

Further, this call is being webcast live and will be made available for a period of time on Universal Display's website.

此外，本次電話會議將進行網路直播，並將在 Universal Display 的網站上提供一段時間的回放。

This call contains time-sensitive information that is accurate only as of the date of the live webcast of this call November 6, 2025. 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.

本次通話包含有時效性的訊息，僅在 2025 年 11 月 6 日通話進行網路直播之日有效。在本次電話會議中，我們可能會根據目前的預期發表一些前瞻性聲明。這些聲明存在許多重大風險和不確定性，我們的實際結果可能與這些聲明有重大差異。

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.

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均有討論，任何考慮投資公司證券的人士都應該參考這些報告。Universal Display公司聲明，沒有義務更新上述任何聲明。

Now I'd like to turn the call over to Steve Abramson.

現在我想把電話交給史蒂夫‧阿布拉姆森。

Thanks, Darice, and welcome to everyone on today's call. Third-quarter revenue was $140 million, with operating profit of $43 million and net income of $44 million or $0.92 per diluted share. These results reflect timing dynamics as customer pull-ins in the first half of the year were more significant than previously thought. Based on current forecasts, we now expect full year revenues to be around the lower end of our guidance range of $650 million to $700 million.

謝謝達麗絲，也歡迎各位參加今天的電話會議。第三季營收為 1.4 億美元，營業利潤為 4,300 萬美元，淨利為 4,400 萬美元，即每股攤薄收益 0.92 美元。這些結果反映了時間動態，因為今年上半年的顧客湧入比之前預想的更為顯著。根據目前的預測，我們現在預計全年營收將在我們先前預測的 6.5 億美元至 7 億美元範圍的下限附近。

Our company was built on innovation and leadership, and that remains unwavering. From foundational research to high-volume commercialization, we continue to push the boundaries of all the technologies and materials. Today, our innovation engine is stronger than ever. Over the past decade, we've built a powerful artificial intelligence and machine learning platform that is transforming how we discover and develop new materials.

我們公司以創新和領導為基石，這一點始終不變。從基礎研究到大規模商業化，我們不斷突破所有技術和材料的界限。如今，我們的創新引擎比以往任何時候都更加強大。在過去十年間，我們建立了一個強大的人工智慧和機器學習平台，正在改變我們發現和開發新材料的方式。

By harnessing AI/ML to accelerate material discovery, we're identifying breakthrough compositions faster, reducing development cycles and expanding the frontiers of phosphorescent OLED. This capability is opening new horizons for our materials pipeline, enabling us to efficiently broaden our portfolio of next-generation reds, greens, yellows, blues and hosts to meet evolving customer needs.

透過利用人工智慧/機器學習加速材料發現，我們能夠更快找到突破性成分，縮短開發週期，並拓展磷光OLED的前沿領域。這項能力為我們的材料研發開闢了新的前景，使我們能夠有效地擴展下一代紅色、綠色、黃色、藍色和基質的產品組合，以滿足不斷變化的客戶需求。

We are also strengthening our foundation with strategic moves. Today, we announced a definitive agreement to acquire OLED patent assets from Merck KGaA, Darmstadt, Germany. This acquisition bolsters the building blocks for next-generation OLED performance. By integrating these assets into our R&D framework, we are accelerating our road map for high-efficiency devices. This transaction valued at $50 million and expected to close in January 2026, underscores our commitment to lead the OLED industry into its next era of growth and transformation.

我們也透過策略措施加強了自身基礎。今天，我們宣布與德國達姆施塔特默克集團達成最終協議，收購其OLED專利資產。此次收購增強了下一代OLED效能的基礎。透過將這些資產整合到我們的研發框架中，我們正在加速高效設備的發展路線圖。這項價值 5,000 萬美元的交易預計將於 2026 年 1 月完成，這凸顯了我們致力於引領 OLED 產業進入下一個成長和轉型時代的決心。

Blue continues to be a cornerstone of our innovation journey. The timing for the debut of OLED blue and commercial products will be guided by the OLED market. When adopted, we believe our phosphorescent blue will be a game changer delivering breakthrough efficiency and performance for our customers, driving progress across the OLED industry, enhancing experiences for consumers and fueling growth for our company.

藍色一直是我們在創新之旅中的基石。OLED 藍色和商業產品的上市時間將取決於 OLED 市場的發展。我們相信，一旦採用我們的磷光藍技術，它將帶來顛覆性的變革，為我們的客戶帶來突破性的效率和效能，推動 OLED 產業的進步，提升消費者的體驗，並促進公司的發展。

Looking ahead, we expect rising OLED adoption and new oil capacity coming online to drive growth in the OLED market. While macro uncertainties may persist, we believe that the OLED industry is entering a dynamic phase of expansion, primarily fueled by increasing demand for OLED and IT applications where penetration today is only about 5% of the market.

展望未來，我們預期OLED的普及和新增石油產能將推動OLED市場的成長。儘管宏觀經濟的不確定性可能持續存在，但我們認為 OLED 產業正在進入一個充滿活力的擴張階段，這主要是由於對 OLED 和 IT 應用的需求不斷增長所推動的，而目前這些應用的市場滲透率僅佔 5% 左右。

According to Omdia market research, OLED units from 2024 to 2028 are projected to grow across the consumer landscape. All IT units which encompasses tablets, laptops and monitors are expected to increase by 170%. OLED smartphones are forecasted to grow by 14%. OLED TVs are expected to grow by 11%, and the foldable OLED and emerging automotive markets are both expected to nearly triple by 2028.

根據 Omdia 市場研究，預計 2024 年至 2028 年 OLED 設備將在消費領域成長。包括平板電腦、筆記型電腦和顯示器在內的所有IT設備預計將成長170%。預計OLED智慧型手機的銷量將成長14%。預計 OLED 電視將成長 11%，可折疊 OLED 電視和新興汽車市場預計到 2028 年都將成長近三倍。

Next year also marks a pivotal growth stage in medium-sized OLED manufacturing capacity with the world's first Gen 8.6 OLED fabs in Korea and China slated to come online. We believe this is the beginning of a multiyear OLED CapEx growth cycle as leading OEMs expand their adoption across their portfolio of IT products.

明年也是中型 OLED 製造能力的關鍵成長階段，韓國和中國的全球首批 8.6 代 OLED 工廠預計將投入營運。我們認為，隨著領先的 OEM 廠商在其 IT 產品組合中擴大 OLED 技術的應用，這將開啟一個多年 OLED 資本支出成長週期。

Samsung's 15,000 plates per month Gen 8.6 OLED IT line is expected to start mass production in the second quarter of 2026. BOE's 32,000 plates per month Gen 8.6 fab is expected to begin production in the fourth quarter of 2026. The Visionox is 32,000 plates per month Gen 8.6 OLED production fab, and Hefei is progressing well with initial equipment POs currently being placed.

三星每月可生產 15,000 塊面板的 Gen 8.6 OLED IT 生產線預計將於 2026 年第二季開始量產。京東方（BOE）的8.6代晶圓廠每月可生​​產32,000塊金屬板，預計2026年第四季開始投產。Visionox 的這家工廠是每月可生產 32,000 張 Gen 8.6 OLED 面板的生產線，合肥工廠的建設進展順利，目前正在下達首批設備採購訂單。

And just three weeks ago, TCL [China Star] broke ground on its first Gen 8.6 OLED plant in Guangzhou, China with a CapEx of approximately $4 billion and will have a design monthly capacity of 22,500 sheets. The digital world is accelerating towards intelligence and interconnectivity powered by AI, ultrafast networks and seamless experiences. This transformation demands displays that are not only brilliant, but highly efficient due to higher power consumption needs, that's where Universal Display leads.

就在三週前，TCL（中國星）在中國廣州破土動工興建其首個第八代 OLED 工廠，資本支出約 40 億美元，設計月產能為 22,500 張。數位世界正加速邁向由人工智慧、超高速網路和無縫體驗驅動的智慧化和互聯化。這種變革要求顯示器不僅要色彩絢麗，還要因為更高的功耗需求而具備極高的能效，而通用顯示器正引領著這項變革。

Our universal FOLED technology and materials are raising the bar for energy performance and next-generation devices. By delivering superior power savings, we enable longer battery life, cooler operation and advanced functionality across smartphones and wearables to automotive and IT displays. And the horizon is even more exciting our breakthrough phosphorus in blue is poised to unlock up to an additional 25% of energy efficiency, paving the way for greater sustainability with performance in displays.

我們通用的FOLED技術和材料正在提高能源性能和下一代設備的標準。透過提供卓越的節能效果，我們能夠延長智慧型手機、穿戴式裝置、汽車和 IT 顯示器的電池續航時間，降低運行溫度，並提升其功能。更令人興奮的是，我們在藍色磷光體方面取得的突破性進展有望釋放高達 25% 的額外能源效率，為顯示器的高性能和可持續性鋪平道路。

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

那麼，接下來我將把電話交給布萊恩。

Thank you, Steve. And again, thank you, everyone, for joining our call today.

謝謝你，史蒂夫。再次感謝各位今天參加我們的電話會議。

Revenue in the third quarter was $140 million compared to $162 million in the third quarter of 2024. Revenue for the first nine months of the year was $478 million compared to $485 million in the first nine months of 2024. For the full year, as Steve mentioned, we expect revenues to come in around the lower end of the guidance range of $650 million to $700 million. Amid ongoing macroeconomic uncertainty, this guidance reflects our best current assessment. We continue to estimate that our 2025 ratio of materials to royalty and licensing revenues will be in the ballpark of 1.3:1.

第三季營收為 1.4 億美元，而 2024 年第三季營收為 1.62 億美元。今年前九個月的收入為 4.78 億美元，而 2024 年前九個月的收入為 4.85 億美元。正如史蒂夫所提到的，我們預計全年營收將在 6.5 億美元至 7 億美元的預期範圍的下限附近。在宏觀經濟持續存在不確定性的情況下，本指引反映了我們目前最佳的評估。我們繼續估計，到 2025 年，我們的材料收入與特許權使用費和授權收入之比將在 1.3:1 左右。

Total material sales were $83 million in the third quarter of 2025, consistent with the prior year. Green emitter sales, which include our yellow green emitters, were $65 million. This compares to $63 million in the third quarter of 2024. Red emitter sales were $17 million, this compares to $20 million in the third quarter of 2024. As we have discussed in the past, material buying patterns can vary quarter to quarter.

2025年第三季材料總銷售額為8,300萬美元，與去年同期持平。綠色發光二極體（包括我們的黃綠色發光二極管）的銷售額為 6500 萬美元。相比之下，2024 年第三季為 6,300 萬美元。紅色發光體銷售額為 1700 萬美元，而 2024 年第三季為 2000 萬美元。正如我們之前討論過的，材料採購模式可能會因季度而異。

Third-quarter royalty and licensing fees were $53 million, compared to $75 million in the prior year. This quarter included an out-of-period adjustment of $9.5 million, which reduced royalty and license fee revenues.

第三季特許權使用費和授權費為 5,300 萬美元，而去年同期為 7,500 萬美元。本季度包含 950 萬美元的期外調整，這減少了特許權使用費和許可費收入。

Adesis third-quarter revenue was $3.7 million compared to $3.6 million in the third quarter of 2024. Third-quarter cost of sales was $35 million, translating into total gross margins of 75%. This compares to $36 million and total gross margins of 78% in the third quarter of 2024. We continue to believe that total gross margins for the full year will be in the range of 76% to 77%.

Adesis 第三季營收為 370 萬美元，而 2024 年第三季營收為 360 萬美元。第三季銷售成本為 3,500 萬美元，毛利率為 75%。相較之下，2024 年第三季營收為 3,600 萬美元，總毛利率為 78%。我們仍然相信全年總毛利率將在 76% 至 77% 之間。

Operating expenses, excluding cost of sales, were $61 million in the third quarter of 2025 compared to $59 million in the third quarter of 2024. We continue to expect our 2025 OpEx to decline by a low single-digit percentage year over year. Operating income was $43 million in the third quarter, translating into operating margin of 31%. This compares to the prior year period of $67 million and operating margin of 41%.

2025 年第三季的營業費用（不含銷售成本）為 6,100 萬美元，而 2024 年第三季為 5,900 萬美元。我們仍然預計 2025 年營運支出將年減個位數百分比。第三季營業收入為 4,300 萬美元，營業利益率為 31%。相較之下，去年同期營收為 6,700 萬美元，營業利潤率為 41%。

Operating income in the first nine months of the year was $181 million compared to $186 million in the first 9 months of 2024. We now expect our full year operating margins to be in the range of 35% to 40%. The income tax rate was 19% in the third quarter of 2025. We expect the full year effective tax rate to remain around 19%. Third quarter 2025 net income was $44 million or $0.92 per diluted share. This compares to $67 million or $1.40 per diluted share in the comparable period of 2024.

今年前九個月的營業收入為 1.81 億美元，而 2024 年前九個月的營業收入為 1.86 億美元。我們現在預計全年營業利潤率將在 35% 至 40% 之間。2025年第三季所得稅稅率為19%。我們預計全年實際稅率將維持在 19% 左右。2025年第三季淨收入為4,400萬美元，即每股攤薄收益0.92美元。相比之下，2024 年同期為 6,700 萬美元，即每股攤薄收益 1.40 美元。

For the first nine months of the year, net income was $176 million or $3.68 per diluted share. Consistent with the first nine months of 2024 is $176 million or $3.69 per diluted share. We ended the quarter with approximately $1 billion in cash, cash equivalents and investments.

今年前九個月，淨收入為 1.76 億美元，即每股攤薄收益 3.68 美元。與 2024 年前九個月的情況一致，為 1.76 億美元，即每股攤薄收益 3.69 美元。本季末，我們持有約 10 億美元的現金、現金等價物和投資。

Our Board of Directors approved a $0.45 quarterly dividend, which will be paid on December 31, 2025, to shareholders of record as of the close of business on December 17, 2025. Our capital allocation program reflects our expected continued positive cash flow generation and commitment to return capital to our shareholders.

我們的董事會批准派發每股 0.45 美元的季度股息，將於 2025 年 12 月 31 日支付給截至 2025 年 12 月 17 日營業結束時登記在冊的股東。我們的資本配置計畫體現了我們對持續正現金流的預期以及對股東回報資本的承諾。

While third-quarter results reflect timing shifts, including customer pull-ins earlier in the year and an out-of-period adjustment, we anticipate renewed momentum and growth in the fourth quarter. Driven by our technology leadership, strong business model and deep customer relationships, we are well positioned to deliver long-term value in this growing market. As we look forward, we are focused on accelerating innovation, broadening our solutions and services and supporting OLED adoption across an ever-widening range of applications.

雖然第三季業績反映了時間上的變化，包括年初的客戶湧入和非正常期間調整，但我們預計第四季將恢復成長勢頭。憑藉我們的技術領先地位、強大的商業模式和深厚的客戶關係，我們有能力在這個不斷增長的市場中創造長期價值。展望未來，我們將專注於加速創新，拓展解決方案和服務，並支持 OLED 在日益廣泛的應用領域中的普及。

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

這樣，我就把電話轉回給史蒂夫了。

Thanks, Brian. Looking ahead, we are committed to shaping the future through leadership, innovation and growth. Universal Display was founded on the belief that science and imagination can transform industries and that spirit continues to guide us today.

謝謝你，布萊恩。展望未來，我們將致力於透過領導力、創新和發展來塑造未來。Universal Display 的創立理念是科學和想像力可以改變產業，這種精神至今仍指引著我們。

Last month, we announced the inaugural winner of the Sherwin I. Seligsohn Innovation Award, established to honor our late founder's visionary leadership. The winning submission explores using organic materials to emulate the human brain's ability to sense, learn and adapt. Sherwin believe then pushing beyond limits and this award celebrates that legacy by recognizing bold thinkers who are redefining what's possible. The same spirit of exploration extends us beyond OLED.

上個月，我們宣布了首屆謝爾溫·I·塞利格森創新獎的獲獎者，該獎項的設立是為了紀念我們已故創始人富有遠見的領導才能。獲獎作品探討了利用有機材料來模擬人腦感知、學習和適應的能力。Sherwin 相信要突破極限，這個獎項正是為了表彰那些重新定義可能性的大膽思考者，以此來傳承這一理念。同樣的探索精神也讓我們超越了OLED領域。

Last week, our subsidiary, Universal Vapor Jet Corporation, UVJC, celebrated the grand opening of its new global headquarters and R&D center in Singapore. UVJC represents an additional chapter for our maskless, solventless, dry printing technology, UVJP, which is being developed for new frontiers, including semiconductors, pharmaceutical, batteries and photovoltaics while also positioning us for future opportunities in OLED TVs.

上週，我們的子公司 Universal Vapor Jet Corporation（UVJC）在新加坡舉行了新的全球總部和研發中心的盛大開幕儀式。UVJC 代表了我們無掩模、無溶劑、乾式印刷技術 UVJP 的另一個新篇章，該技術正在開發用於半導體、製藥、電池和光伏等新領域，同時也為我們在 OLED 電視領域的未來機遇奠定了基礎。

This evolution reflects our ability to leverage core expertise into emerging markets that will help shape tomorrow's technologies. Innovation also thrives through collaboration, this year marks 25 years of partnership with PPG, a relationship that has been instrumental in scaling our phosphorescent OLED materials and enabling remarkable industry growth.

這一演變體現了我們利用核心專業知識開拓新興市場的能力，這將有助於塑造未來的技術。創新也透過合作蓬勃發展，今年是與 PPG 合作的第 25 年，這種合作關係對我們擴大磷光 OLED 材料的規模並實現顯著的行業增長起到了至關重要的作用。

From our early days as a pioneering start-up to our global operations today. This partnership exemplifies how shared vision and complementary strengths can create lasting impact, and we're excited what the next 25 years will bring. As we celebrate these milestones, we remain focused on the road ahead, advancing OLED technology, accelerating material discovery and expanding into new frontiers. The digital world is evolving rapidly, and we are committed to leading that evolution with innovation that is bold partnerships that are enduring and a future that is bright.

從我們早期的開拓型新創公司到現今的全球營運。此次合作充分體現了共同願景和優勢互補如何產生持久影響，我們對未來 25 年的發展充滿期待。在慶祝這些里程碑的同時，我們將繼續專注於未來的道路，推進 OLED 技術，加速材料發現，並拓展到新的領域。數位世界正在快速發展，我們致力於透過大膽創新、建立持久的合作夥伴關係以及創造光明未來來引領這一發展。

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.

我要感謝我們每一位員工，感謝他們的幹勁、熱情、奉獻精神和全心投入，正是他們的努力才提升和塑造了 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、我們的客戶和股東提供尖端技術和材料。

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

那麼，操作員，我們開始問答環節吧。

(Operator Instructions) Brian Lee.

（操作說明）布萊恩李。

I had a couple here. I guess, first off, understandably the pull forward from Q3 into Q2 that's showing up in kind of the results from a top line perspective. Then when I look at full year guide, even at the low point of the guidance range for revenue, as you mentioned, Q4 is going to -- looks like it's going to be a quarterly record for you in terms of revenue. So just curious kind of what -- is there anything that slipped out from Q3 into Q4 timing-wise?

我這裡有一對。首先，可以理解的是，第三季的業績提前到第二季度，這從整體業績來看是有影響的。然後，當我查看全年業績指引時，即使是收入指引範圍的最低點，正如你所提到的，第四季度看起來將會是你們季度收入的最高紀錄。所以我只是好奇，第三季有沒有什麼專案在時間安排上延後到了第四季？

And then if not, where is sort of the visibility around Q4 for that revenue kind of strength into year-end? Is that just product cycle-driven? Or are you seeing any new capacity being added in '26 starting to mobilize already in terms of material purchases here at year-end? Just trying to understand the Q4 strength.

如果情況並非如此，那麼第四季營收能否保持強勁成長動能並延續到年底？這只是受產品週期驅動的嗎？或者您看到 2026 年新增產能已開始在年底前投入使用，例如採購原材料？我只是想了解一下第四季的強勁表現。

Yes. Thanks, Brian. In terms of the Q4 guide, yes, your math is right that if we hit the low end of the guidance range, that will be a record. I think we posted $172 million of revenues in the second quarter of this year. So it'd be slightly north of that to hit the $650 million. And we continue to get forecasts from our customers on an ongoing basis. Those are indicating that we're going to have growth in a strong Q4. So it's that information that's really giving us the confidence to put out the guide that we have.

是的。謝謝你，布萊恩。就第四季業績指引而言，是的，你的計算是正確的，如果我們達到指引範圍的下限，那將是一個紀錄。我認為我們今年第二季的營收為 1.72 億美元。所以要達到 6.5 億美元，實際數字會略高於這個數字。我們持續不斷地從客戶那裡獲得預測數據。這些跡象表明，第四季我們將迎來強勁成長。正是這些資訊讓我們有信心發布這份指南。

Okay. Fair enough. And then again, at the low point of guidance, $650 million revenue or so you're basically flat year on year. And I know it sounds like Steve was saying at the beginning of the call, you're entering into a pretty encouraging backdrop of growth across all these new product categories and unit growth assumptions as well as capacity expansion.

好的。很公平。再者，即便以預期最低點計算，營收約 6.5 億美元，也基本與前一年持平。我知道這聽起來就像史蒂夫在電話會議開始時所說的那樣，你們正進入一個非常令人鼓舞的成長環境，涵蓋所有這些新產品類別和單位成長假設以及產能擴張。

So how should we be thinking about sort of the growth trajectory off of the past two years where you've been kind of flattish into '26, what are some of the puts and takes? And as some of the, I guess, year-end weakness here in '25, is that potentially slipping into '26 here?

那麼，鑑於過去兩年成長動能較為平緩，我們該如何看待2026年的成長軌跡呢？有哪些值得關注和考慮的因素？而且，我猜想，2025 年底的一些疲軟態勢是否有可能延續到 2026 年？

So as Steve mentioned in his prepared remarks, there's a number of things in terms of new capacity coming on in line next year that give us a lot of optimism about growth, not just next year but in the coming years across a variety of our customers, we've seen steady set of announcements over the last few years for new Gen 8.6 capacity with China Star as being the most recent.

正如史蒂夫在準備好的演講稿中提到的，明年即將投產的新產能有很多，這讓我們對成長充滿樂觀，不僅是明年，而且在未來幾年，我們眾多客戶都將迎來成長。在過去幾年裡，我們看到一系列關於新的第 8.6 代產能的公告，其中中國星是最近的一個。

And in terms of the '24, '25 growth, there was a few onetime items in '24 that also made it a little bit of a challenging comp. And looking into next year, we certainly are projecting continued growth.

至於 2024 年和 2025 年的成長，2024 年有一些一次性因素，這也使得比較起來有點困難。展望明年，我們預計成長動能將持續。

Okay. Great. Fair enough. Last one for me, and I'll pass it on. The LG display contract, I believe, that is up for renewal at end of the year. Any thoughts you can share around how those contract negotiations are faring? And then are there any potential implications for the blue commercialization time line from those contract negotiations?

好的。偉大的。很公平。這是我最後一個了，我會把它轉交給別人。我認為，LG的顯示器合約將在年底到期續約。關於合約談判的進展情況，您有什麼看法可以分享嗎？那麼，這些合約談判是否會對藍色商業化時程產生任何潛在影響？

So we're certainly in a dialogue with LG Display about a new contract. We fully expect there will be one we've been working with them for more than 15 years now. they're a long-term partner of ours. So we're in the process of finishing up those details in terms of the new contract.

所以我們正在與 LG Display 就新合約進行對話。我們完全相信會有一個，因為我們與他們合作已經超過15年了。他們是我們長期的合作夥伴。所以我們正在敲定新合約的細節。

Mehdi Hosseini, Susquehanna International Group.

Mehdi Hosseini，Susquehanna國際集團。

This is [Manish] on for Mehdi Hosseini. I just have two quick questions. First, so we just wanted to know like how much is Universal Display today as a percentage of the BOM cost for [Tandem] display? And then in regards to phosphorus and blue when it does reach commercialization and gets adopted in volume, could you walk us through the impact it could have on your content per phone or your overall dollar content opportunity?

這是馬尼什為梅赫迪·侯賽尼效力。我只有兩個問題要問。首先，我們想知道 Universal Display 目前在 [Tandem] 顯示器的物料清單成本中佔多大比例？那麼，關於磷和藍光技術，當它們實現商業化並被大規模採用時，您能否為我們詳細介紹一下，它會對每部手機的內容或整體內容投資機會產生什麼影響？

So on the first point in terms of our cost of the bill of materials, we are a very small portion of the bill of materials for displays, even single-layer displays and even tandem structures where there's somewhere between likely 1.5 to 2 times the quantity of material in a tandem structure compared to a single layer. Even if you were to add a 1.5 or so factor on top of that single layer cost were still a very small portion of the overall cost structure of displays, regardless of whether it's smartphone or TV or what have you.

因此，就我們的物料清單成本而言，我們僅佔顯示器物料清單中很小的一部分，即使是單層顯示器，甚至是串聯結構，串聯結構的材料用量可能是單層結構的 1.5 到 2 倍。即使在此基礎上增加約 1.5 倍的成本，單層成本仍只佔顯示器整體成本結構的一小部分，無論是智慧型手機、電視或其他任何顯示器。

On Blue, we certainly believe that phosphorescent blue has a premium price associated with it. We've been very consistent in that view. There's a significant investment we've made over many years of R&D resources and effort to bring it closer to commercialization. So we believe that it will be a premium to our ready green pricing, but still priced very reasonably such that it won't be a hindrance to adoption.

我們堅信，藍色螢光漆的價格必然較高。我們一直堅持這一觀點。多年來，我們投入了大量研發資源和精力，使其更接近商業化。因此我們相信，它的價格會比我們現有的綠色產品定價高出一些，但價格仍然非常合理，不會阻礙產品的普及。

(Operator Instructions) Martin Yang, Oppenheimer & Company.

（操作說明）Martin Yang，奧本海默公司。

I want to maybe dig into the end markets a bit more. with regards to your guidance, is there any incremental changes by end markets, for example, smartphones, ITs and TVs that gave you a different outlook for the year?

我想更深入地探討一下終端市場。關於您的指導意見，終端市場（例如智慧型手機、IT設備和電視）是否有任何細微的變化，讓您對今年的前景有不同的看法？

Martin, I think as it relates to this year, nothing noteworthy that's come up in terms of the specific end markets. Certainly, as we've previously discussed and as Steve mentioned on the call today, the IT market is where we see significant growth in the coming years with the new capacity coming online from our customers as well as OEM product road maps and their plans over the next few years to adopt more and more OLED displays across their product portfolio.

馬丁，我認為就今年而言，在具體的終端市場方面，沒有什麼值得注意的事情發生。當然，正如我們之前討論過的，也正如史蒂夫今天在電話會議上提到的，隨著客戶新增產能的投入使用，以及OEM產品路線圖的製定和未來幾年在其產品組合中採用越來越多的OLED顯示屏的計劃，IT市場在未來幾年將迎來顯著增長。

We also, on the smartphone side, see foldables as a big opportunity for our business. certainly, the Square area being larger is compelling. This year, I wouldn't say there's anything abnormal that's come up on the foldable side, other than you continue to hear quarter after quarter more and more OEMs announcing increasing foldable models. And even if you're going the trifold route and previewing some of those tri-fold models.

在智慧型手機領域，我們也認為折疊螢幕手機為我們的業務帶來了巨大的機會。當然，Square 區域更大這一點也極具吸引力。今年，除了不斷有越來越多的汽車製造商宣布推出更多可折疊車型之外，折疊螢幕手機領域並沒有出現任何異常情況。即使你打算採用三摺頁設計，並且正在預覽一些三摺頁模型。

So as we head into the next few years, that's where we really see a lot of the opportunity for our business is the increasing surface areas and new form factors in smartphones as well as generally the IT market having greater adoption.

因此，展望未來幾年，我們認為智慧型手機表面積的不斷擴大和新外形設計的出現，以及IT市場整體的更大普及，將為我們的業務帶來許多機會。

Next question on new capacity that are coming online in the next two years. What will be the helpful metrics to help us understand the capacity or the startup cost, the start of as how the material demand can impact your sales before they enter full commercial production?

下一個問題是關於未來兩年即將投入使用的新增產能。哪些指標可以幫助我們了解產能或啟動成本，以及在全面商業化生產之前，原料需求如何影響您的銷售？

So I think that there's always a seeding process that goes into turning on a new fab and getting it ready for mass production. We do see that routinely when new capacity comes online. In terms of data points to look for metrics, I mean, it will certainly come through in our results when those orders come through.

所以我認為，在啟動一個新的晶圓廠並使其做好大規模生產的準備之前，總會有一個播種過程。當新增產能投入使用時，我們經常會看到這種情況。至於需要關注的數據點指標，我的意思是，當這些訂單到達時，肯定會在我們的結果中反映出來。

I think also our customers are getting obviously more efficient on an ongoing basis at how much material they need to use in each of those seating processes. But we would certainly expect to see some level of seating once those fabs are in preparation for mass production.

我認為我們的客戶在座椅製造過程中，在材料使用方面也明顯越來越有效率。但一旦這些工廠做好大規模生產的準備，我們肯定會看到一定數量的座位。

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

問答環節到此結束。我謹將發言權交還給布萊恩·米勒德，讓他作補充或總結發言。

Thank you all for your time today. We appreciate your interest and support. We're excited about the opportunities ahead and look forward to speaking to you next quarter.

感謝各位今天抽出時間。感謝您的關注與支持。我們對未來的機會感到興奮，並期待下個季度與您交流。

Thank you. This concludes today's 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了。