Q3 2023 LG Display Co Ltd Earnings Call
Speaker 1: transcript
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Speaker 1: transcript
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I will start with Q3 business results revenue was almost flat Q O Q in the midst of intense inventory correction continuing in the downstream industries as demand is slow to recover due to macroeconomic uncertainties with the impact being felt differently by product category like TV and mobile.
Speaker 2: transcript
Speaker 2: I will start with two three business results. Revenue was almost flat, G or Q, in the midst of intense inventory correction, continuing in the downstream industry.
Speaker 2: transcript
Speaker 2: As demand is slow to recover due to macroeconomic uncertainties, with the impact being felt differently by product category like TV, IT, and mobile. Revenue in Q3 was 4.785 trillion one of 1% Q.
Revenue in Q3 was $4 785 trillion, one up 1% Q O Q.
Speaker 1: transcript
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Speaker 2: transcript
Speaker 2: There was operating loss of 662 billion one, narrowing QOQ and YOI, maintaining the improvement.
There was operating loss of 662 billion won narrowing Q O Q and Y O Y maintaining the improvement trend as the company continues with business structure upgrade. It has also remained under passive cost innovation and operational efficiency.
Speaker 2: transcript
Speaker 2: As the company continues with business structure upgrade, it has also remained under pass of cost innovation and operational issues.
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Speaker 1: transcript
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Speaker 3: transcript
Speaker 3: Next on area shipment and ASP per square meter, Q3 area shipment was up 1% QOQ to 4.77 million square meters. ASP per square meter was $804 up $1 QOQ. ASP per square meter was $804 up $1 QOQ.
Next on area shipment and ASP per square meter Q3 area shipment was up 1% Q O Q2, 4.77 million square meters.
ASP per square meter was $804 up.
One dollar Q O Q.
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Speaker 1: transcript
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Speaker 1: transcript
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Speaker 1: transcript
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Speaker 2: transcript
Speaker 2: In terms of revenue breakdown by each product segment, TV panel's revenue mix was 23 percent, almost flat QOQ. IT accounted for 40 percent, down 2 percentage points QOQ due to delayed recovery in B2B demand. Mobile and others took up 28 percent, up by 5 percentage points following the seasonal increase in mobile panel shipments.
In terms of revenue breakdown by each product segment TV Panels' revenue mix was 23% almost flat Q O Q.
I T and county for a 40% down two percentage points Q O Q due to delayed recovery and b to be demand.
Mobile and others took up 28% up by five percentage points following the seasonal increase in mobile panel shipment.
Speaker 2: transcript
Speaker 2: Auto business revenue mix was at 9% down by 2% to point QQ as a result of
Auto business revenue mix was at 9% down by two percentage points Q O Q.
As a result of some shipment adjustment.
Speaker 2: transcript
Speaker 2: OLED revenue mix remained unchanged at 42%.
OLED revenue mix remained unchanged at 42%.
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Speaker 1: transcript
Speaker 1: the conclusion on the following is to keep on the retirement increase.
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Speaker 1: transcript
Speaker 1: The main profit ratio has risen compared to the previous quarter due to liquidity enhancement and short-term loss, and the debt ratio is 322%, and the net profit ratio is 151%.
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Speaker 2: transcript
Speaker 2: Companies' cash and cash equivalent was $4.087 trillion won. Inventory value was $3.349 trillion won, up by $667 billion won QOQ, to prepare for seasonal demand.
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When Tori value was 3.349 trillion won.
667 billion, one Q O Q to prepare for seasonal demand.
Speaker 2: transcript
Speaker 2: Key financial ratios were up QOQ, resulting from activities to strengthen liquidity as well as net loss in the quarter. Debt-to-equity ratio was 322 percent and net debt-to-equity ratio 151 percent.
Key financial ratios were up Q O Q, resulting from activities to strengthen liquidity as well as net loss in the quarter.
The equity ratio was 322% and net debt to equity ratio 151%.
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Speaker 1: transcript
Speaker 1: The basic cash was increased from 3.85 billion won to 2.35 billion won compared to the previous quarter for liquidity enhancement activities, and the final cash was recorded as 4.87 billion won.
Speaker 2: transcript
Speaker 2: Cash flow at quarter end was $4.087 trillion won, up by $235 billion won from the $3.853 trillion in the beginning from activities to strengthen liquidity.
Cash flow at quarter end was 4.087 trillion won up by 235 billion won from the 3853 trillion in the beginning from activities to strengthen liquidity.
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Speaker 1: transcript
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Speaker 1: transcript
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Speaker 2: transcript
Speaker 2: Next, on Q4 guidance, with increase in TV panel shipment to respond to year-end demand, as well as expansion in the previously delayed IT panel shipment, shipment area in Q4 is expected to grow by a high 10% QOQ.
Next on Q4 guidance with increase in TV panel shipment to respond to your end demand as well as expansion in the previously delayed I T panel shipment shipment area. In Q4 is expected to grow by high teen percent Q O Q.
Speaker 2: transcript
Speaker 2: Shipment of panels for smartphones with high ASP per square meter is expected to grow, likely to drive up ASP per square meter by mid-20% level QOQ.
Shipment of panels for smartphones with high ASP per square meter is expected to grow likely to drive up ASP per square meter by mid 20% level Q O Q. Thank you.
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Speaker 1: transcript
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Speaker 2: transcript
Speaker 2: Next, CFO Sunghyun Kim will walk us through the key highlights.
Next CFO sung and Jim who will walk us through the key highlights.
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Speaker 4: transcript
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Speaker 4: transcript
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Speaker 4: transcript
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Good afternoon. This is CFO sung Kim the company was able to narrow the loss in Q3 again following Q2, despite the challenging market environment, where a downstream demand remains sluggish by focusing on upgrading the business structure and innovating cost in.
Speaker 2: transcript
Speaker 2: Good afternoon, this is the CFO Sanghyun Kim. The company was able to narrow the loss in Q3 again, following Q2, despite the challenging market environment where downstream demand remains sluggish, by focusing on upgrading the business structure and innovating costs.
Speaker 2: transcript
Speaker 2: In Q4, panel inventory adjustment will ease in the downstream industry.
In Q4 panel inventory adjustment will ease in the downstream industries and shipment of mid and large size products and panels for new mobile products will grow to respond to the year end seasonality.
Speaker 2: transcript
Speaker 2: and shipment of mid- and large-sized products and panels for new mobile products will grow to respond to the year-end seasonality.
The ability improvement continues.
Speaker 2: transcript
Speaker 2: as the company keeps up its cost innovation and operation efficiency activities. And turnaround is expected in Q4.
As the company keeps up its cost innovation and operational efficiency activities and turnaround is expected in Q4.
Speaker 4: transcript
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Speaker 4: transcript
Speaker 4: and the management strategy of the Olette business, which is particularly interested in the market.
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Speaker 4: transcript
Speaker 4: In the case of large OLEDs, we are focusing on large-scale products and strengthening customer portfolios.
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Speaker 4: transcript
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The company will keep strengthening key businesses to respond to market demand and changes in the business environment and improve its profit structure by persisting with the enterprise wide cost innovation.
Speaker 2: transcript
Speaker 2: The company will keep strengthening key businesses to respond to market demand and changes in the business environment and improve its profit structure by persisting with the enterprise-wide cost innovation.
Speaker 2: transcript
Speaker 2: Allow me to explain more about the OLED business strategy, which I understand to be of high interest in the market.
Now me to explain more about the OLED business strategy, which I understand to be of high interest in the market.
Speaker 4: transcript
Speaker 4: In large OLED, we will broaden our position in the premium TV market and improve profitability by boosting customer portfolio centered on ultra-large products and by innovating costs. For example, cutting material costs in key components. Second level of mobility modern consumption, Human logged-up
In large OLED, we will broaden our position in the premium TV market and improved profitability.
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Speaker 4: transcript
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Speaker 4: transcript
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Speaker 4: transcript
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Speaker 2: transcript
Speaker 2: In small and medium OLED, we are driving shipment of mobile products by fully utilizing the new ramped up capacity.
In small and medium OLED, we are driving shipments of mobile products by fully utilizing the new ramped up capacity.
Speaker 2: transcript
Speaker 2: We're also preparing for volume production and supply of IT OLED in 2024. Equipped with the technology marked by higher durability and performance like long life and high luminance.
We are also preparing for volume production and supply of I T. OLED in 2024 equipped with the technology March by higher durability and performance like long life and high luminance.
Speaker 2: transcript
Speaker 2: Over the mid to long term, the pace of OLED penetration is likely to differ by IT product, like monitor, notebook, PC, and tablet, as well as by consumer acceptance.
Over the mid to long term the pace of OLED penetration is likely to differ by Ikea product like monitor notebook PC and tablet as well as by consumer acceptance.
Speaker 2: transcript
Speaker 2: and it is important to efficiently utilize the existing infrastructure and respond wisely to varying customer needs and market opportunities.
And it is important to efficiently utilize the existing infrastructure and respond wisely to varying customer needs and market opportunities.
Speaker 4: transcript
Speaker 4: In the automotive industry, we are developing a standardized technology that combines tandem OLED and high-end LCD, and we are developing a standardized technology that combines tandem OLED and high-end LCD, with a distinct technological competitiveness, thorough quality management, and stable supply capacity.
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Speaker 2: transcript
Speaker 2: In automotive business, the company will keep solidifying its world number one position by expanding orders one and revenue based on our unique technology competitiveness that encompasses tandem OLED to high-end LCD.
In automotive business the company will keep solidifying its world number one position by expanding orders won and revenue based on our unique technology competitiveness that income passes tandem OLED to high end LCD.
Speaker 4: transcript
Speaker 4: as well as rigorous quality control and stable supply capability.
As well as rigorous quality control and stable supply capability.
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Speaker 4: transcript
Speaker 4: We will do our best to achieve more meaningful results next year.
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Speaker 2: transcript
Speaker 2: With little visibility into the future trajectory of real demand, the company plans to push ahead with intense restructuring of the revenue structure so as to achieve more meaningful performance next year.
With little visibility into the future trajectory of real demand the company plans to push ahead with intense restructuring of the revenue structure. So as to achieve more meaningful performance next year. Thank you very much for your attention.
Speaker 1: transcript
Speaker 1: This concludes the presentation on the main achievements of the 3rd quarter of 2023. Next, we will have a Q&A session. Operator, please give us the Q&A.
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Speaker 2: transcript
Speaker 2: That brings us to the end of Irving's presentation for Q3 2023. We will now take questions. Operator, please commence with the Q&A.
That brings us to the end of earnings presentation for Q3 2023, they will now take questions. Operator, please commence with the Q&A session.
Speaker 5: transcript
Speaker 5: Now, Q&A session will begin. Please press star 1, letter star, and 1 if you have any questions.
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Now Q&A session will begin please press star one that its not in one if you have any questions questions will be taken according to the order you have pressed a number sorry, one questions will be for cancellation. Please press star two that is sorry, and two on your phone in order to allow as many Q&A chances.
Speaker 5: transcript
Speaker 5: Questions will be taken according to the order. You have pressed the number, star one. Questions will be for cancellation. Please press star two, that is star and two on your phone. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions for each participant.
As possible within the restricted time, we would appreciate only two questions per each participant.
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Speaker 5: transcript
Speaker 5: The first question will be presented by Sunook Kim from Merit Securities. Please go ahead with your questions.
The first question will be presented by <unk> Kim from marriage Securities. Please go ahead with your question.
Speaker 6: transcript
Speaker 6: Hello, I'm Sunwoo Kim from Merits. Thank you for your question.
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Speaker 6: transcript
Speaker 6: Let's take a look at what market policy is like now, who create our smartphone attainment resolution. I beat you all hours!
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Thank you I have a two part question I would like to ask my first question then follow up with the second after the response now are the first question is about the issues of delay in the second half of the smartphone panel shipments.
Speaker 2: transcript
Speaker 2: Thank you. I have a two-prire question. I would like to ask my first question, then follow up with the second after the response. Now, the first question is about
Speaker 2: transcript
Speaker 2: issues of delay in the second half of the smartphone panel shipment. So I wonder what have been the changes in the smart...
So I wonder what have been the changes in the smartphone.
Panel shipments in the second half for the company compared to the plan and also what would be the impact on the company's business performance.
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Speaker 4: transcript
Speaker 4: He always cares a lot about these questions and we are aware of that.
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Speaker 4: transcript
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Speaker 4: transcript
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Speaker 4: transcript
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Speaker 4: transcript
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Now this is the CFO responding to your first question and of course I do realize that this kind of question is important and perhaps necessary. But then I also would have to ask for your understanding that I must give you a stock response, meaning that we are actually.
Speaker 2: transcript
Speaker 2: Now this is the CFL responding to your first question. And of course I do realize that this kind of question is important and perhaps necessary, but then I also would have to ask for your understanding that I must give you a stock response, meaning that we are actually not at liberty to discuss issues that are related to certain.
Not at Liberty to discuss issues that are related to certain customers and this also is a I would say are related to the limitations of the nature of the industry itself.
Speaker 2: transcript
Speaker 2: And this also is, I would say, related to the limitations of the nature of the industry itself.
Speaker 2: transcript
Speaker 2: Now, having said that, yes, it is true that as the market is already aware, there have been some disruptions in our production in, let's say, in a form that is different from the past. But then we were able to...
Now, having said that yes. It is true that the ASCII marketing is already aware there have been some disruptions in our production.
In let's say in a form that is different from the past, but then we were able to overcome.
Overcome the issues and then now going into the fourth quarter.
Speaker 2: transcript
Speaker 2: And then now, going into the fourth quarter, you would know that there have been improvement or ramp-up...
You would know that there have been improvement or a ramp up in our production capacity. So we are going to we plan to fully utilize the new ramp up capacities.
Speaker 2: transcript
Speaker 2: So, we plan to fully utilize the new ramp-up capacity so that we will be able to make...
To make up for the.
Delay as much as possible.
Speaker 6: transcript
Speaker 6: Yes, thank you. I'll give you one more additional question. Following the last quarter, you just mentioned that you will switch to black in the fourth quarter. In the past, you have been communicating with the market that you will switch to black as a result of the acquisition of mobile products and other water-based businesses. I wonder if this is still valid and visible.
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Speaker 6: transcript
Speaker 6: There are many possibilities for individual rides, but now, there is such an mere difference. And the tripod is much higher in size too, particularly from now. This aspect is a great success in terms of space travel. The company is expanding these
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Speaker 2: transcript
Speaker 2: My next question is, now, as was the guidance in the previous quarter, it is the same communication, meaning that the company is looking forward to a turnaround in the fourth quarter. So that is, I understand on the back of the recovery in the mobile industry, but so I wonder whether the assessment or the projection by the company still remains valid. And does the company believe that there is
And my next question is as was the guidance in the previous quarter.
It is the same communication, meaning that the company is looking forward to a turnaround in the fourth quarter. So that is as I understand on the back of the recovery in the mobile industry, but so I wonder whether the assessment or the predictions by the company still remains valid and does the company believe that.
There is now some visibility into the achievement of this goal and of course, if there is a turnaround there is achieved and perhaps things might improve but still I would say that the environment is still challenging for example, the rates remain high borrowings appear to have gone up again throughout the quarters again.
Speaker 2: transcript
Speaker 2: And of course, if there is a turnaround that it achieved, then perhaps things might improve. But still, I would say that the environment is still challenging. For example, the rates remain high. Barrowings appear to have gone up again, throughout the quarters again. So that would also bring up the interest expense as well. So this is by no means an easy environment.
So that would also bring up the interest expense as well. So this is by no means an easy environment for the company and I Wonder whether there are any financing activities planned for the company to strengthen its liquidity and also how does the company plan to repay its borrowings.
Speaker 2: transcript
Speaker 4: transcript
Speaker 4: I am used to presenting the
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Speaker 4: transcript
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Speaker 4: transcript
Speaker 4: The fact that the situation in the market was very bad, and we focused on the things we focused on, and the things we focused on, and the things we focused on, and the things we focused on,
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Now regarding the turnaround yes, it remains as our targets for Q4, and we keep working very hard toward it and I would like to ask for your patience and support as we continue to work toward this which is which remains as.
Speaker 2: transcript
Speaker 2: Now regarding the turnaround, yes, it remains as our target for Q4, and we keep working very hard toward it. And I would like to ask for your patience and support as we continue to work toward this.
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Speaker 2: transcript
Speaker 2: And yes, it is true that the market environment is not easy, but as well, there's what we have been focusing on is to drive cost innovation.
And yes. It is true that the market environment is not easy, but that's about as what we have been focusing on is to drive cost innovation. So that we will be able to improve our profitability.
Speaker 2: transcript
Speaker 2: So that we will be able to improve our profitability through the level of the market.
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Speaker 4: transcript
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Speaker 4: transcript
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Speaker 4: transcript
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Speaker 4: transcript
Speaker 4: Therefore, our company will continue to strengthen the core business in line with market demand and business environment change, and we will continue to improve our revenue structure through continuous economic innovation at the warrior level.
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So again the company has been focusing its capabilities on and doing this and once the market improves I must say that of course that there have been these ups and downs in the past, but I must say that this time around this are let's say.
Speaker 2: transcript
Speaker 2: Again, the company has been focusing its capabilities on doing this, and once the market improves, I must say that of course there have been these ups and downs in the past, but I must say that this time around, this...
Speaker 2: transcript
Speaker 2: time is quite long and perhaps a bit more challenging than before, but once this is over, then I believe that all the activities that we have persisted with during that time are going to come back to us with quite a lot of benefits. So in the meantime, the company intends to strengthen its key businesses and also continue to drive ahead with the cost innovation so that we will be able to improve our... So in the end...
The tough time is quite long and perhaps a bit more challenging than before but once this is over there and I believe that all the activities that we have persistent weather during that time are going to come back to us with quite a lot of benefits. So in the meantime, the company intends to strengthen.
Its key businesses and also continue to drive ahead with the cost innovation.
That we will be able to improve our oh. So in line with your market environment. Thank you.
Speaker 7: transcript
Speaker 7: Who who?
Ooh Ooh Ooh.
Sure.
Speaker 4: transcript
Speaker 4: We've been going through a difficult situation for about two years, so we have a lot of investment in our business.
And the union doing it or doing some of them instead of it we'd probably need to go.
So we're gonna help somehow to them.
Cool.
Speaker 4: transcript
Speaker 4: orthe py seven har yet going elevment retsion.
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Speaker 4: transcript
Speaker 4: However, my health was poor.
Crumbling, you still keep going with them or to them, we do with the money to do well there.
Speaker 4: transcript
Speaker 4: However, as you know, there are many ways to arrange funds, but we still use the most traditional method.
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Speaker 4: transcript
Speaker 4: Also a quick your in an or agiccult to hand J someone. You quick talent will look other decision to thismer.
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Speaker 4: transcript
Speaker 4: rather than in the stock market, trust is still maintained in the financial market.
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Speaker 4: transcript
Speaker 4: The acy system, with the second certainy cookchildrening in a trio TA able common.
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Speaker 4: transcript
Speaker 4: three pigures of Cho nnat and GI to the TR? indico one are the eero basement I.
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One other you logically somewhat similar.
Some of them.
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And as we have been going through this tough time for about three years now and as you would know this is kind of a business or an industry that requires quite a lot of investment a.
Speaker 2: transcript
Speaker 2: And as we have been going through this tough time for about two years now, and as you would know, this is the kind of business or industry that requires quite a lot of investment would not so much return in the beginning.
With not so much a return in the beginning which is something that you you all know and so as we have gone through this a tough time for sometime it is also true that it has had an impact on our financial strength.
Speaker 2: transcript
Speaker 2: all know. Anyway, so as we have gone through this tough time for some time, it is also true that it has had an impact on our financial strength. And so, of course, there are various options in financing, but then we tend to keep to the traditional approach, which means that we still are maintaining stability.
And so of course that there are various options are in financing, but then we tend to keep to the traditional approach of it.
It means that we still are maintaining stability.
Speaker 2: transcript
Speaker 2: So rather than the stock market, now going to the financial market, we can sense that there is still quite a lot of trust in the company.
So rather than the stock market now going to the financial market. We can sense that there is still quite a lot of trust in the company.
Speaker 2: transcript
Speaker 2: So we have been working to get financing from government run banks as well as large commercial banks. So indeed most of the major financing institutions are working to finance a low interest and long-term interest.
So we have been working to get financing from a government run banks as well as large commercial banks. So indeed, most of the major financial institutions are working to finance at low interest in long term instruments.
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Speaker 5: transcript
Speaker 5: The following question will be presented by Hyunsuk Kim from Hana Securities. Please go ahead with your question.
Panama to accumulate too cheap and then how much I'm Gonna Kim Young soon you mean later.
The following question will be presented by Kim from Hyundai Securities. Please go ahead with your question.
Speaker 8: transcript
Speaker 8: I'm Kim Hyunsoo from Hanwha Life Insurance. Thank you for your question. I have two questions, LCD TV and OLED TV.
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Speaker 8: transcript
Speaker 8: First of all, there was a media report that the major LCD TV set makers will increase the purchase of LCD panels. Regarding this, I would like to ask you about the direction of the operation of the overall LCD TV panel business, including the Gwangju LCD FAB.
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Speaker 8: transcript
Speaker 8: Secondly, you gave guidance on the introduction of a medium-to-large-scale product panel in the fourth quarter. Can you understand that this increase in guidance is a guidance reflecting the expectations for the recovery of demand at the end of the year?
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Speaker 8: transcript
Speaker 8: I'd like to ask you a question related to this. What is the total number of falls in this year's large-scale May 1? The long-term low is still going on.
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Speaker 8: transcript
Speaker 8: From genery. We know how shakes on 600, some polalits- I H I, Ant and some form, sometimes not.
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Speaker 2: transcript
Speaker 2: Thank you for giving me the opportunity to ask my questions. I also have two questions, one on LCD TV and another on OLED TV. Now for the LCD TV, there have been reports lately that the major set makers will be increasing their purchasing of panels. Then I wonder what...
Thank you for giving me the opportunity to ask my questions. I also have two questions. One on LCD TV in another on OLED TV now for the LCD TV. There have been reports lately that I mean, a major set makers will be increasing their purchasing of panels than a I.
Wonder what the company's direction is in terms of the LCD TV business, including the Guangzhou LCD Fab and the second question is the there was earlier guidance on the increase in the shipment of medium to large size panels in Q4 and the question is whether it is reflecting the.
Speaker 2: transcript
Speaker 2: in terms of the LCD TV business, including the Guangzhou LCD Fab. And the second question is, there was earlier guidance on the increase in the shipment of medium to large size panels in Q4. And the question is, then whether it is reflecting the expected the new ???hal flexors.
Ah seasonality at year end with expected demand recovery and also if that is the case, then what would be the projection or outlook for the large OLED shipments for the year and also what is the company's plan for the medium to long term operations and also what is the company's projection.
Speaker 2: transcript
Speaker 2: And also, if that is the case, then what would be the projection or the outlook for the large OLED chip one for the year? And also what is the company's plan for the medium to long-term operations? And also what is the company's projection for the...
So longer term profitability.
This year. So can you give me that.
Is this year, so responding to your questions.
Speaker 5: transcript
Speaker 5: Yes, as you asked, it is true that TV companies are asking a lot about the change in the weight of LCD TV panel sourcing.
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Speaker 2: transcript
Speaker 2: As has been the question, yes, it is true that there have been quite a lot of questions about the from the Fed makers about their source.
Now as has been the AR question, Yes. It is true that there has been quite a lot of questions about the from the set makers about their sourcing of the LCD TV panel.
Speaker 5: transcript
Speaker 5: Or a T D T D panel. kcap paka to pose o goodu or hun jogay. So your in uro equal chicken. beijun RIO isshoe in luina or gogget today is a Sham, and junp sunun chaman is or swarching trio. K I one a green M gotd she one another another's email, So that Don go ch what those such.
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Speaker 2: transcript
Speaker 2: Now there is quite a geographic concentration of the L.
No. There has been there is quite a geographic concentration of the LCD TV production capacity and also because of the U S. China friction due to consideration of Dcs and stability. It is true that there are many companies are now trying to diversify their sourcing.
Speaker 2: transcript
Speaker 2: And also because of the U.S.-China friction due to inconsequation of the CSM stability, it is true that many companies are not trying to diversify their sourcing strategy and as a result are also increasing their inquiries.
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Those are also increasing their inquiries to the company.
Speaker 5: transcript
Speaker 5: gona to do the imagine there also. How good could do? I couldn't contri pyangso I. So she did T this Al K en to canand of sida I and said: to go with theor you ch a some ago myon and paralan madan IO. She did. Fa has Amit couldok a to PIC pyan ocean you. So to thing. And another.
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But within the larger direction and the larger framework of upgrading the business structure.
Speaker 2: transcript
Speaker 2: But within the larger direction and the larger framework of upgrading the business structure, the company's strategy on LCD TV business remains unchanged. I think that we would have to wisely and flexibly respond to the requests coming from the setmakers so that we can strategically respond.
Companies are strategy on LCD TV business remains unchanged.
Set there'll be you would have to wisely and flexibly respond to requests coming from the set makers so that we can.
Strategically respond with varying options.
Speaker 2: transcript
Speaker 2: so that we will be able to enhance the value of our LCD file.
So there we will be able to enhance the value of our LCD fab.
There are no marketing bundling you want them to go.
Speaker 9: transcript
Speaker 9: This is Won-jae Lee, in charge of the marketing team at Daewoong. I will now answer questions about Daewoong OLED.
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Speaker 9: transcript
Speaker 9: By adjusting the segment of ARMY's concert in Jeju, we expect to see a quicker expansion of the opportunity for three quarters of kpop Day Celebration to be conducted.
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Speaker 9: transcript
Speaker 9: Aman maccrew. Young, young rosal pombinon tuntang job.
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Speaker 9: transcript
Speaker 9: High-end market demand growth is also expected to continue.
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Speaker 9: transcript
Speaker 9: And recently, the competition for the largest LCD sales volume has been intensifying in the Chinese market.
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Speaker 9: transcript
Speaker 9: That are you talk? chaer say good does, Don she do them home?
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Speaker 9: transcript
Speaker 9: with the COVID-19 pandemic, it will come to an i2
That's right.
Uh huh.
Yes.
No. It is expecting that panel shipment in our in the panel shipment is expected to grow over the third quarter, thanks to seasonality.
Speaker 2: transcript
Speaker 2: Now, it is expecting the panel shipment in the panel shipment is expected to grow over the third quarter thanks to seasonality.
But then the actual sales are not going to be as strong as the ordinary seasonality due to macro impact and also the demand for high end remained sluggish.
Speaker 2: transcript
Speaker 2: actual sales are not going to be as strong as the ordinary seasonality due to macro impact and also the demand for high-end remains sluggish.
Speaker 2: transcript
Speaker 2: Now, having said that, we are also seeing intensifying product competition for the ultra-large LCD sales coming from the Chinese region.
Now having said that we are also seeing intensifying product competition for the ultra large LCD sales coming from the China Chinese region.
And also with the.
Speaker 2: transcript
Speaker 2: the inventory correction policy among the set makers as well as the retailers, they expect that the panel shipment for the year is going to be under the set shipment at around $5 million.
Continuation of the inventory correction policy among the set makers as well as the retailers. They expect that the panel shipment for the year is going to be under the said shipment at around 5 million units.
Speaker 9: transcript
Speaker 9: However, it is expected to see a reverse growth of high-end demand in the next 24 years.
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Speaker 9: transcript
Speaker 9: I go to townwide burarden and Don' dokkui kubbana to down to michigbe.
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Speaker 9: transcript
Speaker 9: Re seive gau sweet on eorvan atired from banks of to the RO.
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Speaker 9: transcript
Speaker 9: How MAR there are one we do and don't So want to. Ago weeks over she look.
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Speaker 2: transcript
Speaker 2: But now, from 2024, there has been negative growth in demand for high-end products. And then also, so from 20.
But now are from 'twenty to 'twenty four there has been negative growth and demand for high end products and then also.
So from 2024, there is going to it is expected that there will be a negative demand for high end products and also the inventory will go back to normal and so based on our stable customer base. The company believes that we will be able to strengthen our position in the high end market and all.
Speaker 2: transcript
Speaker 2: It is expected that there will be a negative demand for high-end products, and also the inventory will go back to normal. And so based on our stable customer base, the company believes that we will be able to strengthen our position in the high-end market.
Speaker 2: transcript
Speaker 2: and also the set maker's profitability is improving and based on the higher volume and
So do you set makers profitability is improving and based on the higher volume and a larger sales the company expects to keep improving its profitability.
Speaker 2: transcript
Speaker 2: larger sales, the company expects to keep improving its profits.
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Speaker 9: transcript
Speaker 9: ordinance two he pungo's U to M all said of VIS government twentget triyal on cla ergy cill.
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Speaker 9: transcript
Speaker 9: For example, we work together as bad enforcement officers who work de tangent for an evil attitude.
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Speaker 9: transcript
Speaker 9: Go longon TV how you got 1, since I have done jcked down with CT young row, So Qu Cho.
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Speaker 2: transcript
Speaker 2: And this year, our efforts for cost innovation continued by trying to lower the materials cost, especially in key components and materials. And then going into next year, we will be running our FAB in linkage to the real demand, so they will be able to optimize the labor costs and also the fixed costs and variable costs. And we will try to improve our revenue per production
And this year in our efforts for cost innovation continued by trying to lower materials cost, especially in key components and materials and then going into next year, we will be running our fab.
Linkage to the real demand so they will be able to optimize the labor classes and also the fixed cost and variable cost.
And we will try to improve our revenue per production capacity or production area, especially in non television businesses. So they will be able to improve overall profitability.
Speaker 2: transcript
Speaker 2: or production area, especially in non-TV businesses, so they will be able to improve overall profitability.
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Speaker 5: transcript
Speaker 5: The following question will be presented by the team from KBS Security. Please go ahead with your questions.
Tom Road Human agency pool in KBR didn't go neck him to one you need to meter. The following question will be presented by two one came from Kb Securities. Please go ahead with your question.
Speaker 4: transcript
Speaker 4: Yes, thank you for the opportunity to ask a question. I have two questions about the auto display business.
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Speaker 4: transcript
Speaker 4: Considering the recent decline in the demand for electric cars, I wonder if there is no change in the 15% growth rate of the auto industry's medium-long-term sales growth rate in the last quarter's concordat. I would like to ask you about the auto industry's long-term export outlook and OLED export cost.
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Speaker 4: transcript
Speaker 4: Also, do you think it is possible to achieve a large-scale auto business next year? Please tell us about your prospects for profitability.
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Speaker 4: transcript
Speaker 4: I chunangi and to mattal auto. We here disquee UN at, although we Y the ID ious in a.
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Now I have two questions about the auto display business.
Speaker 2: transcript
Speaker 2: Now given the recent sluggish demand for EVs, then in the previous quarter, in the previous conference call, the company gave the guidance of about 15% revenue growth for auto business over the medium to longer term, and I wonder whether this guidance remains still valid.
Now given the reason sluggish demand for evs than in the previous quarter in the previous conference call. The company gave the guidance of about 15% revenue growth for auto business over the medium to longer term and I wonder whether this.
Guidance remains still valid for the company.
Speaker 2: transcript
Speaker 2: And then also, for the medium to longer term, what is the order backlog for the auto...
And then also what is the auto for the medium to longer term what is the order backlog for the auto business and out of that out of that what is the.
Speaker 2: transcript
Speaker 2: And out of that, what is the share of the OLED?
Sure of the OLED business.
Speaker 2: transcript
Speaker 2: and then uh... what would be the uh... overall and also based on the circumstances this company believe that they will be able to turn around the auto display business next year and also uh... what is going to be the uh... overall auto shipment guidance for the medium to longer
And then what would be the.
Overall and also based on these circumstances the company believed that it will be able to turn around the auto display business next year.
And also what is going to be the overall auto shipment guidance for the medium to longer term.
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Speaker 9: transcript
Speaker 9: They were talk by keting years and gy. That's unch. There are a paltificication.
This is Q Hansen, Vice president of auto marketing.
Speaker 9: transcript
Speaker 9: We are expecting annual sales to be 10% this year.
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Speaker 10: transcript
Speaker 10: We expect to see an average growth rate of 10% in the next five years. The annual revenue will be around 20 trillion won, and we expect to see a 30% growth rate by 2025.
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Speaker 2: transcript
Speaker 2: Now first, about revenue, the revenue for the year will be within 10% of the company-wide revenue. And then for the next five years, we are looking forward to revenue growth in the mid-10% level. And as for the order backlog, it is in the low 20 trillion won for this year, and it is set to grow by approximately 30% until 2025.
Now first about revenue the revenue for the year will be within 10% of the company wide revenue.
And then for the next five years, we are looking forward to revenue growth in the mid teen percent level.
And that's where the order backlog it is in the low 20 trillion won for this year.
And it is set to grow.
Approximately 30% until 2025.
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Speaker 10: transcript
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Speaker 10: transcript
Speaker 10: Dr. Lee Paw menus much um
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Speaker 10: transcript
Speaker 10: As the stable growth of Ollehd continues, I expect that the interest rate will also increase gradually.
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Speaker 2: transcript
Speaker 2: And in terms of the share of the order backlog for the high-end tandem OLED panel, it will be in the low 40 percent for this year and will top 50 percent from 2025 and on.
And in terms of the share of the order backlog for the high end tandem OLED panel it will be in the low 40% for this year and a little top 50% from 25 and on.
Speaker 2: transcript
Speaker 2: And given the fact that the stable revenue growth continues for OLED, it is expected that its profit contribution will also continue to grow.
And given the fact that the stable revenue grows continues for all that it. It it's expected that its profit contribution will also continue to grow.
But assuming the data publicly to get something done.
Speaker 10: transcript
Speaker 10: I will answer the second question. The reason for the opportunity is that cars are turning into electric cars and SDVs, and the lifestyle inside the car is changing. Because of this, the role of automotive displays is becoming more and more important, and the number of OLEDs and large LCDs is continuously increasing.
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And then moving onto the next question, which is about the opportunities and risks or threats in the automotive business now first about the opportunities we see that the auto market itself is gradually moving towards E V. N S. T V.
Speaker 2: transcript
Speaker 2: And then, moving on to the next question, which is about the opportunities and risks or threats in the automotive business. Now, first, about the opportunities, we see that the auto market itself is gradually moving toward EV and STV, meaning that it is becoming more and more...
Meaning that it is becoming more and more T V.
Speaker 2: transcript
Speaker 2: vehicle for lifestyle, and that means that the presence of the auto display is going to become even more important. And this is going to drive further demand for OLED as well as large...
Vehicle for lifestyle and that means that the presence of the auto display is going to become even more important and this is going to drive further demand for OLED as well as large display.
Speaker 10: transcript
Speaker 10: This icallyyou in T B I T didn't T you preate automotive display? How ING ING with this OM the tama as I attend them. Lad T P, each other likeis me. Global OM by Sonic K. how about me? ch Ho jogggins from J lo Ho.
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And in terms of risks no because of the continued sluggish demand in TV and I T. There is actually a heightened competition around auto display.
Speaker 2: transcript
Speaker 2: And in terms of risks, now because of the continuous sluggish demand in TV and IT, there is actually heightened competition around auto display. But then, thanks to the company's tandem OLED technology, as well as its superiority in LCD and other technology, and also based on our strong relations and cooperation with global partners, the company will be able to continue to strengthen its competitiveness in winning contracts.
And thanks to the company's a tandem or that technology as well as its superiority in LCD and other technology and also based on our strong relationship our cooperation with global partners.
Denis will be able to continue to strengthen its competitiveness in winning contracts.
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Speaker 5: transcript
Speaker 5: ???? ??? ?? ?? NH????? ???????. The following question will be presented by Gyuha Lee from NH Investment and Securities. Please go ahead with your question.
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Speaker 1: transcript
Speaker 1: Hello, I'm from NHE Gear. Thank you for the opportunity to ask a question. I have two questions. First, looking at the price of LCD panels announced by the research institute earlier this week, we saw a decrease in the price of LCD panels in the medium to small size of LCD TVs. I wonder what you think about the outlook for the second half of the year and the future evaluation. Second, I wonder what you think about the demand outlook for each application in 2024. Third, I wonder what you think about the significant change in the market situation this year.
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Speaker 2: transcript
Speaker 2: Thank you. My first question is, according to the LCD panel prices that have been announced by a research organization earlier this week, there are signs that the panel prices are falling among the small and medium-sized LCD TVs.
Thank you. My first question is according to the LCD panel prices that have been announced by a research organization early this week, but there are signs that the panel prices are falling among the small and medium size.
Is LCD TV then what does the what is the company's outlook for the ESP in the second half and also in for the longer term and the second question is again, what is the company's outlook for the demand for application in 2024.
Speaker 2: transcript
Speaker 2: then what is the company's outlook for the ASP in the second half and also for the longer term?
Speaker 2: transcript
Speaker 2: And the second question is, again, what is the company's outlook for the demand per application in 2024? And compared to this year, what does the company believe will be some of the meaningful changes next year in the market?
And compared to this year, what does the company believe will be some of the meaningful changes next year in the market.
Yeah.
Speaker 11: transcript
Speaker 11: Hiacky, I'm the fatoo für die Winen?stift in early jim
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Speaker 2: transcript
Speaker 2: This is Ki Yong-E in charge of business intelligence, and I would like to answer the two questions at once.
This is Kim in charge of business intelligence and I would like to answer the two questions at once.
Speaker 11: transcript
Speaker 11: So first, let's talk about the price. To discuss a television-phannel poll, the ????
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Speaker 11: transcript
Speaker 11: You want to have another terms? Side to ield war.
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Speaker 2: transcript
Speaker 2: Now, first, about the TV panel price. It has been on the rise since October last year and has been on an upward trend for the past one year or so. And then, going into the latter half of October , it began to slightly fall, led by the small and mid-sized products.
Now first about the T V panel price it has been on the rise since October last year and has been on an upward trend for the past one year or so and then going into the latter half of October it began to slightly fall that's fine.
Small and mid sized products.
Speaker 11: transcript
Speaker 11: No TB. E choose to heable gyon commun as all the N hun bang I pie will hand G set set jity pannot, comm ER PO time open that I.
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Speaker 2: transcript
Speaker 2: And it is believed to be the result of the set maker's conservative management.
And it is believed to be the result of the set makers are conservative management and Conservative policy given the fact that we are not yet in a structural recovery of real demand and also our we are going into.
Speaker 2: transcript
Speaker 2: conservative policy, given the fact that we are not yet in a structural recovery of real demand and also we are going into the sustainability in the first half.
The seasonality in the first half of next year.
Speaker 11: transcript
Speaker 11: Build a fire contract waiting for bandwidths
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Speaker 2: transcript
Speaker 2: And it is expected that the panel makers will continue to flexibly adjust the utilization based on demand so that we can minimize the price volatility and continue to try to stabilize the AS.
And it is expected that the panel makers will continue to flexibly adjust utilization based on demand. So that we can minimize the price volatility and continue to try to stabilize J S. P.
Speaker 11: transcript
Speaker 11: There will be a small drop depending on the season, but for the time being, we expect that the price level will remain above the production cost of the industry.
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Speaker 2: transcript
Speaker 2: Looking ahead, there might be some ups and downs depending on the seasonality, but then the company believes that the ASP will remain at the level that would be higher than the industry's production costs.
Looking ahead, there might be some ups and downs, depending on the seasonality, but then the company believes that the ASP will remain at the level that would be higher than the industry is production cost.
Speaker 11: transcript
Speaker 11: In the case of the IT panel price, the supplementary payment is currently being maintained.
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Speaker 2: transcript
Speaker 2: price for the IT panels. It has been
Price for the I T panels it has been.
Speaker 2: transcript
Speaker 2: has remained flatish for some time now.
It has remained flattish.
For some time now.
Speaker 11: transcript
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Speaker 2: transcript
Speaker 2: But now, over the medium to long term, there are concerns of intensifying competition with expectations of demand recovery as well as the stronger supply capability of Chinese...
And now over the medium to long term there are concerns of intensifying competition with expectations of demand recovery as well as a stronger supply capability of Chinese makers.
Speaker 11: transcript
Speaker 11: So, when this environment and a cloud are close to the broadcast, it's a great hospital to let checked positive cases.
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Speaker 11: transcript
Speaker 11: So given that there are a combination of both positive and negative factors, the IT panel price is likely to remain flatish going into next year as well.
So given that there are a combination of both positive and negative factors D. I T panel price is likely to remain flattish going into next year as well.
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Speaker 11: transcript
Speaker 11: In the case of TBI, due to the solidification of the demand policy, we are expecting a flat demand level similar to this year next year.
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Speaker 2: transcript
Speaker 2: Now in terms of TV, it seems as if the...
Now in terms of T V. It seems as if the.
Speaker 2: transcript
Speaker 2: Structural slow demand has been established. So it appears as if the demand is going to remain flat
Structural slow demand has been established so it appears as if the demand is going to remain flat.
Into next year as well.
Speaker 11: transcript
Speaker 11: However, the demand for large-scale products is strong, so we expect to grow by about one digit this year in terms of the area.
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But there appears to be a strong demand for ultra large products. So then in terms of the area and it is likely to achieve about mid single digit growth.
Speaker 2: transcript
Speaker 2: But there appears to be a strong demand for ultra-large products.
Speaker 2: transcript
Speaker 2: So then in terms of the area, then it is likely to achieve about mid-single-digit growth.
Speaker 11: transcript
Speaker 11: Current talent supply is expected to grow enlarged next year with the heightening of channel supply.
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Speaker 2: transcript
Speaker 2: And for panel demand, thanks to the healthier inventory, we expect a slight growth in panel demand compared to the...
And for a panel demand.
Thanks to the healthier inventory, we expect a slight growth in power demand compared to this year.
Speaker 11: transcript
Speaker 11: IT continues to grow in a B2B and high-end way.
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Speaker 2: transcript
Speaker 2: Now in IT, overall, negative growth continues, led by B2B and high N.
Now in a T. Overall negative growth continues led by B to B and high end.
Speaker 11: transcript
Speaker 11: There are uncertainties in the market economy, such as high interest rates and inflation, but we are expecting some recovery in the second half of the year as the rate of reverse growth is reduced in 2023.
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Speaker 2: transcript
Speaker 2: It is also true that macroeconomic uncertainties remain like high interest and inflation, but then the negative growth has slowed down in 2023, and now there are expectations of recovery from the second half and on.
It is also true that macroeconomic uncertainties remain like high interest and inflation, but then the negative growth has slowed down in 2023 and now there are expectations of recovery from the second half and on.
Speaker 11: transcript
Speaker 11: I think I will.
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Speaker 11: transcript
Speaker 11: Table or conjournal demands. So plus someong jama is.
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And likewise for a T. The panel demand is expected to achieve positive growth S. E set inventory has become healthier.
Speaker 12: transcript
Speaker 12: And likewise for IT, the panel demand is expected to achieve positive growth as the set inventory has become healthier.
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Speaker 11: transcript
Speaker 11: 1. The smartphone has already been unveiled, then the new one is available.
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Speaker 2: transcript
Speaker 2: In terms of the smartphone, the market is generally in saturation, so we see that the...
Continuous to remain sluggish.
Speaker 11: transcript
Speaker 11: However, it is positive that the Oled market, which the company is targeting, is maintaining positive growth, and we expect positive growth for both the set and the panel in 2024.
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Now having said that it is a positive factor that the OLED market, which is the target market for the company is maintaining positive gross and looking into 2024, we look forward to similar positive growth in both sets and panels.
Speaker 2: transcript
Speaker 2: Having said that, it is a positive factor that the OLED market, which is the target market for the company, is maintaining positive growth. Looking into 2024, we look forward to similar positive growth in both sets and panels.
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Speaker 1: transcript
Speaker 1: Lastly, we will take one more question and conclude the presentation.
Thank you we will take one last question.
Speaker 5: transcript
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Speaker 5: transcript
Speaker 5: Hello. Thank you for your question. I have a question about the IT OLED, which is scheduled to be mass-produced next year. You briefly mentioned that you are preparing for it, but can you tell us about the detailed preparation situation, the expected market size, and the expected expiry date? Thank you.
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Thank you very much I have a question about the preparation on the I T OLED, which is set to go into volume production in 2024. So it was mentioned earlier that the preparation is underway smoothly, but then I wonder whether there are any changes to compared to the previous plan.
Speaker 2: transcript
Speaker 2: Thank you very much. I have a question about the preparation on the IT OLED, which is set to go into volume production in 2024. So it was mentioned earlier that the preparation is underway smoothly, but then I wonder whether there are any changes compared to the previous plan, and also what is the outlook for the market size and competition? So if the company could provide us with further updates.
And also what is your outlook for the market size and competition. So if you could if the company could provide us with further updates. Please thank you.
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Speaker 11: transcript
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Speaker 11: transcript
Speaker 11: I don't turn tell let's serv So So you got two K.
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Speaker 11: transcript
Speaker 11: a high-end panel with low power and long life.
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Speaker 2: transcript
Speaker 2: Thank you. This is Min-Hyung Lee in charge of Medium Small Display Strategy. Now, for the IT OLED, as has been disclosed, the plan is to continue to invest...
Thank you. This is min Jung Lee in charge of medium small display strategy now for the ideal that as has been disclosed the plan is to continue to invest into the first quarter of next year and after the investment is completed then we will.
Speaker 2: transcript
Speaker 2: first quarter of next year and after the investment is completed then we will go into mass production and the preparation is well underway. We will apply the technology that has been accumulated in auto as well as the large OLED business so that we will produce high-end panels that have the advantage of low power and long life.
I'll go into mass production in the preparation is well underway, we will apply the technology that has been accumulated in auto as well as the large OLED business. So that we will produce high end panels that have the advantage of low power and long life.
Speaker 11: transcript
Speaker 11: In the long term, we expect that the OLEDs in IT will have different penetration speeds depending on the characteristics of each product and the acceptance of the consumer.
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Speaker 10: transcript
Speaker 13: Therefore, our direction is to effectively utilize our infrastructure to respond to the needs of various customers and market opportunities.
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Speaker 2: transcript
Speaker 2: And over the mid to long term, in terms of the pace of OLED penetration, we believe that it is going to differ depending on the characteristics of the IT product, as well as the consumer's acceptance.
And over the mid to long term in terms of the pace of OLED penetration. We believe that it is going to differ depending on the characteristics of the I T product as well as the consumers' acceptance. So it is important for the company to wisely respond to varying customer needs.
Speaker 2: transcript
Speaker 2: So it is important for the company to wisely respond to varying customer needs and market opportunities by utilizing the existing...
And market opportunities by utilizing the existing infrastructure.
Speaker 1: transcript
Speaker 1: This concludes the 3-Minute Performance Explanation for LG Display 2023. Thank you for participating. If you have any additional questions, please contact the IR team. Thank you.
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Speaker 2: transcript
Speaker 2: We will now close Q3 2023 earnest conference call. Thank you once again for joining us today. Please do contact us at the IR team for any additional questions. Thank you.
We will now close Q3 2023 earnings conference call. Thank you once again for joining US today. Please do contact us at the IR team for any additional questions. Thank you.
[music].
Speaker 13: transcript
Speaker 14: No.