6 26 10.99 6 22.50 59 4.93-16.70 20 2007E 2008E 62.34 43.97 35.07 2.97 2.78 2.62 3.01 2.37 2.05 32.26 24.64 19.98 45849 A 23908 B /H 0006 2007 6 27 205 20 2007E 2008E 2009E 3.54-82.08 33.71 41.78 25.37 7.38 5.70 5.68 6.14 6.44 19.37 3.55 4.76 6.32 7.47-0. 0.02 0 0.17 0.23 0.74 0.13 0.18 0.25 0.31 2008 EPS 0.70 2008 40 30 33 2008 EPS 21.00 23.1 22.50 6 2007 7 2008 2007 5 1015 CAGR 30 021-63411380 Emailchenmf@htsec.com 243615 7.1 2008 1.9 2008 EPS 0.45
(0006) 1... 2 1.... 3 2.... 3 3.... 5 4.... 6 5.... 7 6.... 8 7... 9... 10
(0006) 2 2008EPS0.70 7 2008EPS0.25 242008EPS0.70 30332008EPS 21.0023.122.5 24 15 2007 2008 ISTC2007 2007
(0006) 3 1. CEO 2. 0903.HK2007Q1 21.5 32.4% Innolux 1 1Q2007 1Q20 4Q20 1Q2007 YoY(%) QoQ(%) Turnover 1,538.4 1,979.7 1,869.9 21.5-5.5 Gross proft 87.3 85.8 76.2-12.7-11.2 GM 5.7 4.3 4.1-28.2-6.0 Selling&Distribution 22.7 28.5 26.5 16.8-6.9 GNA 13.5-4.0 12.1-10.7-400.7 RND 11.2 11.8 13.1 17.6 11.2 Operating profit 47.80 61.4 38.3-19.8-37.5 Financial cost 7.3 10.0 9.8 34.1-2.1 PBT 40.2 51.9 29.0-27.7-44.0 PAT 37.3 40.3 25.9-30.7-35.8 Net income 35.2 39.2 23.8-32.4-39.3 NPM(%) 2.3 2.0 1.3
(0006) 4 220 1Q2007 LCD LCD 20 1Q2007 20 1Q2007 1 TPV 22.4 TPV TPV 37.3 TPV 34.9 2 Innolux 13.1 Innolux Sumsung 23.1 Sumsung 24.7 3 Samsung 12.9 Samsung LG 13.4 LG 18.2 4 BenQ 9.9 BenQ Proview 9.5 Proview 8.8 5 Liteon 7.0 Liteon CGC 4.4 CGC 4.9 6 LG 6.9 LG KTC 2.9 Liteon 2.5 7 Proview 5.4 Proview Liteon 2.6 KTC 2.4 8 Techview 4.8 Techview HKC 2.0 Hyundai 0.9 9 CMV 3.4 CMV HPC 1.8 HPC 0.8 10 Compal 2.7 Compal Hyundai 0.6 HKC 0.8 11.5 2.4 1.1 100.0 100.0 100.0 2007 2007 2007415 1915 5 200728 20072008Sumsung8CMO7.5 200711%52008 LCM2015.52007 20200730BLU20100 40050070BLU 15LCMBLU LCM23 50002007 CRT PC 10 6 12 6 25 6 11 4bloomberg 2008 1.92
(0006) 5 1 200 15"(XGA) 17"(SXGA) 19"W(WXGA+) 19"TN(SXGA) 180 160 140 120 100 80 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- 07 Feb- 07 Mar- 07 Apr- 07 May- 07 Jun- 07 Displaysearch 2 20 18 16 14 12 10 8 6 4 2 0 1Q2005 2Q2005 3Q2005 4Q2005 1Q20 2Q20 3Q20 4Q20 1Q2007 3 Bear Sterns 3. 35
(0006) 6 2005 20 2007 4.4 2000 1015 CAGR 15 Philips 23 Sony 32 40 20 4600 CAGR 30 20 25 70 LGSharpHP Dell ODM 2005 Philips 2007 5000 4. 2003 Innolux 100 PC PC 2004 2.6% 2007 14 2007 50 LG LG
(0006) 7 35 45 LCM BLUInverter LCMBLUInverter 50 100 PC 7.52009 PC 3 LCD 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2001 2002 2003 2004 2005 20 1Q2007 5. 7 24 1.67 24 3615 7.1 2008 1.9 2008 EPS 0.45 2008
(0006) 8 4 2005 20 2007E 2008E 2009E CRT 11.1 11.8 6.0 5.1 4.2 LCD 17.7 28.6 36.3 41.0 44.8 0.6 2.4 4.0 6.6 10.1 CRT 7.2 7.2 6.2 6.0 5.8 LCD 11.1 8.3 7.4 7.6 7.3 14.0 13.1 14.0 13.7 13.5 1,5 2,135 3,738 5,054 7,176 42 75 35 42 CRT 892 886 422 345 267 LCD 3,704 4,957 5,983 6,418 6,509 251 1,032 1,734 2,873 4,405 207 302 332 365 402 5.7 5.0 4.3 4.3 4.2 150 152 145 190 223 3.0 2.1 1.7 1.9 1.9 1-4 31 17 2008 EPS 5 EPS 2008 () 6. % 20 22 24 26 28 30 1.6 0.30 0.33 0.37 0.41 0.44 0.48 1.7 0.32 0.36 0.40 0.44 0.48 0.51 1.8 0.34 0.38 0.43 0.47 0.51 0.55 1.9 0.37 0.41 0.45 0.50 0.54 0.58 2.0 0.39 0.43 0.48 0.53 0.57 0.62 15 2007 2008 ISTC 2007 2007
(0006) 9 7 1700 2008 EPS 0.03 0.25 Philips 2008 EPS 0.70 A 2008 40 7 6 30 33 2008 EPS 21.00 23.1 22.50 6 105 2007 7 6 A EPS PEx P/S (20) (x) 20 2007E 2008E 20 2007E 2008E P/B (20) x (20) ROE (20) 000021.SZ 136 145 0.39 0.72 0.65 42.41 22.97 25.45 1.41 4.70 3.73 0006.SZ 46 50 0.13 0.18 0.22 84.54 61. 49.95 1.58 3.03 5.72 600100.SH 196 216 0.28 0.44 0.65 134.21 85.41 57.82 1.78 6.82 14.04 6001.SH 145 162 0.15 0.16 0.24 86.87 81.44 54.29 2. 8.37 7.31 87.01 62.72 46.88 1.71 5.73 7.70 85.70 71.25 52.12 1.68 5.76 6.52
(0006) 10 20 2007E 2008E 2009E 20 2007E 2008E 2009E P/E 83.35 62.34 43.97 35.07 319,940 369,595 415,561 461,295 P/B 1.86 2.97 2.78 2.62 301,634 348,528 389,979 431,478 P/S 1.57 1.36 1.21 1.09 18,240 20,990 25,496 29,722 EV/EBITDA 44.37 32.26 24.64 19.98 13,656 16,632 18,700 19,720 4,1 6,468 6,233 6,919 20 2007E 2008E 2009E 6,649 8,981 12,734 15,964 0.36 0.40 0.41 0.42 EBIT 5,994 8,549 11,737 14,827 / 0.00 0.00 0.00 0.00 3,968 5,158 5,825 6,369-14.77-19.78-11.78-13.05 EBITDA 9,963 13,707 17,562 21,196 2.31 2.19 2.25 2.30 1,940 5,187 5,704 6,274 1.90 1.78 1.84 1.88 1.10 0.96 1.00 1.03 604 898 1,273 1,596 0 0 0 0 % 20 2007E 2008E 2009E 6,045 8,083 11,460 14,367 5.72 5.70 6.16 6.46 () 0.13 0.18 0.25 0.31 3.11 3.71 4.23 4.59 1.89 2.19 2.76 3.11 3.63 4.76 6.32 7.47 20 2007E 2008E 2009E 2.68 3.41 4.49 5.26 61,794 61,714 71,146 80,375 3.63 4.76 6.32 7.47 28,005 32,351 36,375 40,378 22,801 26,346 29,479 32,616 20 2007E 2008E 2009E 130,151 140,681 159,775 178,637 6.13 6.22 6.26 6.26 75,559 76,351 75,651 74,652 12.27 12.49 12.56 12.55 225,904 237,100 255,375 273,126 1.38 1.50 1.57 1.63 25,775 29,783 33,325 36,871 4.21 4.86 5.53 6.23 0 0 0 0 3,109 3,109 3,109 3,109 % 20 2007E 2008E 2009E 59,516 67,214 74,029 80,851 30.95 15.52 12.44 11.01 0 0 0 0 1.15 15.08 21.46 16.57 166,388 169,886 181,346 192,275 EBIT -540.24 42.62 37.29 26.33 0 0 0 0 EBITDA 387.79 37.58 28.13 20.69 5.91 3.71 3.96 4.19-82.08 33.71 41.78 25.37 20 2007E 2008E 2009E 6,045 8,083 11,460 14,367 3,968 5,158 5,825 6,369-8,901 3,905 3,765 3,726 864-151 7,740 10,514 5,471 5,007 5,258 0 0 0-9,124 5,471 5,007 5,258 17,490 4,224 696 1,016 27,444 3,476 7,616 10,729 27,813 3,865 8,513 11,752 0 0 0 0 0 0 0 0-14,020-4,153 996-2,302 4,3-80 9,432 9,229 0.03-0.00 0.17 0.23
(0006) 11 25 2007 6 27 78 19 85 14 70 11 0 0 1 0 234 15 20 15 10 5 0 Jun- Aug- Oct- Dec- Feb-07 Apr-07 Jun-07 615% 65%15% 6-5%5% 6-5%-15% 6-15% 65% 65%5% 65%
(0006) 12 02163411619 wangym@htsec.com 02163411586 gaodd@htsec.com 02163411638 skwu@htsec.com 02163411374 luying@htsec.com 02163411380 chenmf@htsec.com 02163411376 dingpin@htsec.com 02163411393 kljiang@htsec.com 02163411373 zhangluan@htsec.com 02163411375 dengyong@htsec.com 02163411369 guqing@htsec.com 02163411366 lianmk@htsec.com 02163411392 liujin@htsec.com 02163411379 maying@htsec.com 02163411391 ymniu@htsec.com 02163411384 qiucc@htsec.com 02163411367 qiuzc@htsec.com 02163411370 yezg@htsec.com 02163411383 zhanwh@htsec.com 02163411394 zhaot@htsec.com 02163411382 longh@htsec.com 02163411362 liuyq@htsec.com 02163411368 maozh@htsec.com 02163411359 panhw@htsec.com 02163411372 shuaih@htsec.com 02163411378 wangyh@htsec.com 02163411386 yug@htsec.com 02163411385 yanp@htsec.com 02163411377 yanghj@htsec.com 02163411365 yelf@htsec.com 02163411387 zhour@htsec.com 02163411637 lml@htsec.com 02163411656 chenl@htsec.com 02163411652 zrchen@htsec.com 02163411651 wanghui@htsec.com 02163411657 xiey@htsec.com 02163411650 yujg@htsec.com 02163411364 chenjiuhong@htsec.com 02163411357 wuyiping@htsec.com 02163411799 huangzf@htsec.com
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