3339 TEKCORE CO., LTD ( ) () 1. 2. 300,000 3. 0% 4. 5 90~95 5. 100% 6. () ( 96 6 29 0960031687 31 1 ) 1. 2. 3. 6,000,000 ~12,000,000 4. 60,000,000 ~120,000,000 5. (1) 267 15% 85% 28 1 3 (2) (3) 6. 85% 7. 31 3 : (http://newmops.tse.com.tw)
() () ( ) (%) 193,680 26.89 412,480 57.26 114,185 15.85 720,345 100.00 () (http//newmops.tse.com.tw) www.ftsi.com.tw 27 6 (02)2741-3434 www.tcsc.com.tw 2 3 (02)2779-0866 www.osc.com.tw/underwrite/sale4.asp (02)2361-8600 www.jihsun.com.tw 139 9 (02)2518-5518 www.entrust.com.tw 54 5 (02)2545-6888 www.toptrade.com.tw 12 (02)2314-8800 www.megasec.com.tw 95 3 (02)2327-8988 www.sksc.com.tw 123 2 (02)2503-7890 www.chinatrust.com.tw 3 (02)2722-2002 www.sinopac.com.tw 17 3 (02)2381-6288 www.weyong.com.tw (04)2319-2789 52 10 1 (04)3503-8880 101 17F-1 (049)226-1626 mailstock@tekcore.com.tw (049)226-1626 mailstock@tekcore.com.tw http://www.tekcore.com.tw
720,345 18 (049)226-1626 890531 http// www.tekcore.com.tw 95627 920916 ( ) ( ) (Nithipalan) ( ) ( ) (02)2381-6288 www.sinopac.com.tw 173 (02)2741-3434 www.ftsi.com.tw 276 (02)2779-0866 www.tcsc.com.tw 23 (02)2361-8600 www.osc.com.tw/underwrite/sale4.asp (02)2518-5518 www.jihsun.com.tw 1399 (02)2545-6888 www.entrust.com.tw 545 (02)2314-8800 www.toptrade.com.tw 12 (02)2327-8988 www.megasec.com.tw 953 (02)2503-7890 www.sksc.com.tw 1232 (04)2319-2789 www.weyong.com.tw 5210 1 (04)3503-8880 10117F-1 940603 94 06 03 3 17.44% (96410) 0.85 % (96 4 10) 10% (96410) 7.19% - 6.97% - 1.58% 0.22% 0.57% 0.63% 1.13% - 18 20 (049)226-1626 46 % 54 %95 24 3 782,348 ( 9 5 ) 104,162 1.84 63 31 96723
1 1 1 1 3 3 5 5 5 5 5 6 9 9 10 11 11 13 13 24 29 29 29 30 31 47 47 48 48
51 51 51 51 51 51 51 51 52 53 53 54 54 72 72 72 72 72 72 72 73 85 90 96
() 890531 () 18 18 20 (049)226-1626 () 89.05 193,680 89.09 89.10 106,364 300,044 90.03 90.08 MOCVD 90.11 91.04 75,814 420,000 375,858 91.04 91.08 MOCVD 91.09 91.12 ISO9001:2000 92.03 MOCVD 92.04 105,842 600,000 481,700 92.05 92.07 UV LED 92.08 UV LED 92.09 92.12 MOCVD 1
93.02 93.03 93.04 93.05 50,000 531,700 93 92 16, 638%, 356% 93.06 93.07 93.10 ISO14001 94.06 ISO14001 94.08 76,685 608,385 94.09 94 60 94.09 ISO /TS 16949 94.10 94.11 Deloitte FAST 50 11 Deloitte ( ) Fast500 34 94.11 ISO9001 95.04 95.06 95.06 74,460 682,845 95.06 95.07 ISO/TS 16949 95.08 37,500 720,345 95.09 2
() 1. : (1) 95 3 96331 % % 7,256 0.93 1,463 1.05 687 0.09 1,699 1.22 95 96 0.93%0.09%1.05%1.22% 95 96 (2) 2. : 3. :
4 Chip UV-LED Blue Laser Laser lift-off 96 95 61% LED 4. : 5. : LED LED LCD 6. : ( ) 7. 倂 8. 31 9. 95 15%96 35% 895 919 95 96 25% 10. 95 96
5 11. 946 12. () 1. (1)94317 94913 94105 95712 94 123 (2)94923 203,181 95225 953 (3) 941115 95 32 95413 95511 9561 95 16 95 929 2. 3. () () : () 1. 369 1 2.
1. 96410 () 91.06.25 94.06.03 3 4,589 8.63 5,178 7.19 () 91.06.25 94.06.03 3 4,450 8.37 5,022 6.97 91.06.25 94.06.03 3 1,005 1.89 1,135 1.58 1,091 1.50 91.06.25 94.06.03 3 280 0.53 413 0.57 277 0.39 () 91.06.25 94.06.03 3 722 1.36 814 1.13 284 0.40 93.06.30 94.06.03 3 93.06.30 94.06.03 3 CD1 95.06.15 95.06.15 2 118 0.19 156 0.22 CD1 91.06.25 94.06.03 3 217 0.41 455 0.63 93.06.30 94.06.03 3 6
2. 96520 (10.98%) (11.15%) (11.50%) (4.87%) (5.98%) (3.88%) (3.88%) (5.67%) (4.79%) (4.3%) (11.23%) (9.19%) (9.05%) (10.85%) (7.57%) (6.15%) (5.78%) (6.68%) (4.54%) (20%) (20%) (20%) (20%) () (32.5%) () (25%) () (20%) () (5%) (2.5%) () (1%) 96 5 20 () () (20%) () (9.14%) () (5.72%) () (5.60%) () (4.57) () (2.86%) () (2.86%) () (2.86%) () (2.86%) () (2.86%) (100%) () (100%) 7
3. () 1 1 (1) (2) ( ) (3) (4) (5) (6) (7) (8) (9) 30 (10) 27 8
() 1. () 89.05 10 19,368 193,680 19,368 193,680 89.10 11 30,004 300,044 30,004 300,044 106,364 91.04 15 42,000 420,000 37,586 375,858 75,814 92.04 20 60,000 600,000 48,170 481,700 105,842 93.04 25 60,000 600,000 53,170 531,700 50,000 94.08 10 75,000 750,000 60,839 63,804 608,385 12,881 95.07 23 75,000 750,000 68,285 682,845 74,460 95.08 10 75,000 750,000 72,035 34,142 720,345 3,358 89.05.31 (089)117739 89.11.03 (089)140625 91.05.08 09101155640 92.05.15 09201147910 93.05.19 09301087620 94.08.03 09401151780 95.07.10 09501135820 95.08.25 09501191000 2. 9
() 1. % 1 5,178 7.19 5,022 6.97 2,237 3.11 2,162 3.00 1,202 1.67 2,059 2.86 凃 1,878 2.61 1,600 2.22 47 0.066 1,477 2.05 943 1.31 1,475 2.05 1,424 1.98 1 2 2. 10
94 95 96 3 31 67.40 48.75 40.20 43.40 48.43 45.38 15.84 16.92 16.73 15.11 14.72 64,589 68,312 72,035 1.24 1.84 (0.19) 1.06 1.68 0.5 0.6 2 0.5 0.9 2 3 26.32 4 80.72 5 1.24 1 95.6.27 2 96425 72,034,541 9668 3 4 5 () 1. (1)96 6 8 1 2 3 4 13 5 13 ( ) (2)96 6 8 1 2 11
3 4 13 5 13 ( ) 2. 3. (1) () 4,480,645 6,720,000 5,600,322 (2) 96 6 8 95 6,720,000 672,000 7,155,109 9.39% (3) 95 125,946,683 11,200,645 5,600,322 95 68,312 1.60 4. 1-4,481 4,481-6,720 6,720 2 5,600 5,600 12
1. (1) (GaN LED Epi Wafer & Chip) (2) 13 94 95 GaN 672,929 97.05% 717,412 91.70% 20,173 2.91% 64,202 8.21% 277 0.04% 734 0.09% 693,379 100.00% 782,348 100.00% (3) (4) 1 2 (chip) 3UV-LED 4Blue Laser LED 5Laser lift-off LED 6 2. (1) 1 2006 (PIDA) LED LED 2005 LED 66.99 2006 77.50 2007 87.40 LED LCD 2006~2008 24.3%2008 LED 98.89 LED
LED 17% 2008 4.5 LED 1973 LED LED 33 2006 429 LED LED 14
15 LED LED 2005 LED LED 2002 2005 LED 3G LCD 2006 13% LED LED LED PDA LED LED LED 2008 LED 519 2006 20.98% 10.49% LED LED RGB LED
16 2 LED LED LED 2002 LED LED LED LED LED2002 2004 42 LED LED(RCLED) PDA LED YAG NBLCD-TV RGB LED LED(High Power LED) CreLumiledsNichiaOsram CCFL LED LED LED LED Market Access 2004 LED 1,919 160 LED LED / (lum/$) CIR LED 2008 844 200
LED LED 17
18 (2) LED LED LED LED LED LED LED GaInP GaN AL 2 O 3 GaN LED LED LED LED LED
(3) 1 LED HB-LED LED LED LED LED LED LED GaN GaN ( ) /LED ITO / LED LED ( ~380nm) LCD-TVLCD PDA / LED DVD POWER CHIP / LED DVD Player A. LED ( 100,000 ) ( ) LED LED LED LED B. LED 19
LED LED Straegies Unlimited 2006 LED 619 C. LED ( ) D. LED LED E. LED LED 60 lm/w LED LED HB-LED LED LED F. 2003 HD-DVD HDDVD video playback HDDVD video games HDDVD video recordable HDDVD-ROM HDDVD-RAM HDDVD 2002 2009 100% 2005 600% 20
2 LED LED LED(MOCVD) (Nichia)OSRAM CRÉE (LED) LED 3. (1) (Light Emitting Diode, LED) -(III-Nitrides) (Aln)6.2 (ev) (GaN)3.4 (InN)0.7 - (Metal-Organic Chemical Vapor Deposition, MOCVD) (Sapphire, Al2O3) LED LED (Chip) ( ) ( ) 21
(2) MOCVD X- (Photoluminescence system, PL) (Hall measurement) (TMGaTMInTEGaCp 2 Mg TMAl)NH 3 (g)sih 4 (g) (Sapphire) MOCVD X- MOCVD Aixtron LED LED LED LED LED LED (3) 91 (LED) 96 3 31 27 ( 3 2 22 ) 89% 22
(4) 91 92 93 94 95 57,941 29,697 53,187 63,747 79,708 89 05 31 (5) 91 1. LED 2. LED 92UV LED 1.0.8 mw@370 nm LED 2. / LED 933.ITO LED 4. (Flip-Chip) / LED 5. / LED 1.0.8 ~5 mw@380~420 nm LED 2. / LED(~460~525 nm) 3.ITO LED (48KL) 94 4. (Flip-Chip) (25LM/W)/ LED (40 mil) 5. / (25LM/W)LED (40, 28, 20 mil) 6. (Wp 405 nm) 1.365~375 nm LED 2. / LED 953. ITO 4. / LED (40, 30, 24 mil) 5. 23
(1) 94 95 521,760 75.25% 363,338 46.44% ( ) 171,521 24.74% 418,299 53.47% ( ) 98 0.01% 711 0.09% 693,379 100.00% 782,348 100.00% 95 46.4%53.6%94 75%25%; 95 LED 95 (2) 89 5 9193 LED LED 95 94 3.19%3.89% (3) 1 24
LED LED LED LED LED LED LED IEK2007/01 25
LED 2 HB-LED HB-LED 2002 HB-LED LED LED LED LED Strategies Unlimited : 26
(4) 1 16% ISO9001 ISO14001 TS16949 LED 2 8x12 40x40 370nm 430nm UV 3 4 10% LED MOCVD ( ) LED 5 LED 27
28 (5) 1 A. B. 2008 C. 2 A. 2003924 1029 LED+ LED 2002116 LumiLeds LightingCree Osram Opto Semiconductor GaN LED LED
B. LED ( ) C.LED 2. 94 95 672,929 717,412 6.61 37.46 39.09 4.35 20% 29
90.05.18~105.05.18 92.04.10~102.04.21 92.04.10~99.04.21 93.01.15~104.06.21 96.04.13~101.03.13 95.06.28~101.04.10 96.01.25~99.01.25 96.03.22~101.03.22 95.11.07~98.11.07 95.12.26~98.11.15 30
() 1. 616,570 2. (1) 3,000 100 300,000 (2) 6,000 12,000 10 43 300,000 (3) 3. 96 97 97 197,974 43,846 43,846 48,182 62,100 97 418,596 91,874 100,364 83,767 68,091 74,500 616,570 135,720 144,210 131,949 130,191 74,500 4. (1) 2,710 362~544 350 11,382 (2) / 96 97 98 99 37,035 37,035 126,018 39,371 26,770 224,280 224,280 795,563 226,481 152,117 224,280 224,280 765,737 203,274 136,189 224,280 224,280 738,397 183,295 122,514 31
1. 1. 2. 300,000 100 3. 0% 4. 5. 1. (1) (2) (3) 2. 6. 7. 8. 100 9. 1. 150,000 10 2. 72,035 3. 720,345 10. 96 1,192,410 11. 12. 1. 2. 13. 1. 2. 4 376 14. 1. 2. 15. 16. 17. 18. 19. 20. 21. 22. 32
23. 1. 0% 0.5% 96 3 2.65% 0.5% 2. 7.33% 1. (1) 6,000 12,000 96 6 8 96 6 8 (2) 6,000 12,000 43 300,000 267 15% 85 96 6 8 33
3,000 100 300,000 31 (3) LED LED 1 95 6 19 96 6 2 (MOCVD) A. MOCVD MOCVD MOCVD MOCVD 96 5 MOCVD 96 7 11 97 1 96 6 MOCVD MOCVD 34
B. MOCVD MOCVD MOCVD MOCVD 96 7 MOCVD 96 7 10 97 1 96 6 MOCVD MOCVD 2. (1) LED LED 95 782,348 94 693,379 12.83 LED LED (2) LED LED A. 2005 2 16 LED 7 35
95 LED 2004 543 2010 1,593 LED B.LED 2010 100 LED IEK LED 2010 100 LED C. LED ( ) (Multichips) (Single Chip) 36
PDA LCD TV 黄 MOCVD MOCVD 37
D. MOCVD LED MOCVD MOCVD 2 A. LED LED LED LED Strategies Unlimited 2005 LED 57.35 LED(HB LED) 34.53 LED 60% 2008 LED 76.2 HB LED 56 LED 73.4% LED HB LED LED B. (LED) 92 412,266 93 38
638,218 94 693,379 95 782,348 LED 95 MOCVD MOCVD LED 3. (1) 96 6 96 7 96 97 97 197,974 43,846 43,846 48,182 62,100 97 418,596 91,874 100,364 83,767 68,091 74,500 616,570 135,720 144,210 131,949 130,191 74,500 1 LED 96 6 96 197,974 39
2 418,596 MOCVD 96 5 MOCVD 96 7 11 97 1 96 7 MOCVD MOCVD 96 7 MOCVD 96 7 10 97 1 96 7 (2) 1 ( ) 2,710 362~544 350 厰 11,382 2 / 96 37,035 37,035 126,018 39,371 26,770 97 224,280 224,280 795,563 226,481 152,117 98 224,280 224,280 765,737 203,274 136,189 99 224,280 224,280 738,397 183,295 122,514 40
96 26,770 7,572 34,342 34,342 97 152,117 83,846 235,963 270,305 98 136,189 87,764 223,953 494,258 99 122,514 87,764 210,278 704,536 A. 418,596 MOCVD MOCVD 96 96 22,500 14,535 97 108,000 116,280 LED LED IEK 20 B. MOCVD 2,600 96 2,500 10 96 99 56,250 243,000 218,700 196,830 5,000 96 4,800 1 96 99 69,768 552,563 547,037 541,567 41
C. MOCVD 10 96 99 19,182 13,557 74,578 52,708 60,409 42,694 48,931 34,582 5 96 99 20,189 13,212 151,903 99,409 142,865 93,495 134,364 87,932 D. 51 101 MOCVD 4. () (1) 42 1. 1. 1. 2. 2. 3. 4. 2. 1. 1. 2. 3. 3. 1. 1. 2. 2. 3. 4. 3.
43 4. 1. 2. 3. 1. 2. 5. 1. 2. 3. 4. 10%15% 1. 2. (2) (GDR)
600,000 300,000 600,000 600,000 300,000 ( ) ( ) (1) 2.65 - - - (2) 6,625 0 0 0 96 7 72,034 72,034 72,034 72,034 72,034 84,534 85,987 85,260 96 72,034 73,075 77,847 75,460 (3) 6,625 0 0 0 0.092 / 0 / 0 / 0 / (4) 1.42% 7.47% 4.55% (5) 14.79% 16.23% 15.52% (6) 1,198,669 1,805,294 1,805,294 1,805,294 16.64 21.35 20.99 21.17 1. 2.65% 2. ( 96 8 ) 600,000 2.65% 5/126,625 15,900 600,000 48 96 11 96 12,500 300,000 96 11 3 (1) 48 11 12,500 (600,000 /48 ) 84,534 73,075 (72,034 +1/12 12,500 ) (2) 43 13,953 7 77,847 (72,034 +5/12 13,953 ) (3) 3,000 100 6,976 43 7 11 85,260 (72,034 +6,976 +300,000 /48 ) 75,460 (72,034 +5/12 6,976 +1/12 6,250 ) 4. =1- / 5. =1-( / ) 6.96 7.47% 6,625 15,900 44
0% (3) 300,000 300,000 600,000 5 0% 96 3 2.65% 0.5% (4) 1 14.79% 16.23% 15.52% 600,000 48 45
1 1 96 5 31 96 5 31 1 72,034 72,034 (600,000 48 ) 1 85.21% 14.79% 600,000 15% 85% 1 1 96 5 31 1 72,034 +0 72,034 (600,000 43 ) 1 83.77% 16.23% 15% 85% 1 1 1 (96 5 31 96 ) (96 5 31 96 ) 72,034 +0 72,034 6,976 (300,000 48 ) 15.52% 46
2 96 21.17 16.64 20.99 () 1. 2. (1) ( ) (2) (3) (4) (5) 47
() 96 3 31 91 92 93 94 95 42.95 40.16 29.53 30.71 27.15 28.84 151.92 166.37 162.18 161.22 172.82 168.53 206.22 230.79 256.97 290.90 324.91 316.43 135.10 180.58 197.96 224.75 224.06 188.67 (1,580.13) 10.96 18.83 12.01 15.36 (8.35) 1.51 4.38 3.34 2.75 2.79 2.45 81 83 109 133 131 149 2.13 2.99 3.06 3.71 3.23 1.99 5.18 8.30 7.22 6.58 5.81 5.25 171 122 119 98 113 183 0.16 0.79 0.91 0.93 0.94 0.64 0.09 0.38 0.47 0.50 0.47 0.33 (6.19) 12.29 15.65 5.86 8.58 (1.37) (12.44) 19.40 23.06 7.88 11.54 (1.24) (21.58) 20.78 31.92 17.36 14.47 (1.42) ( ) (26.11) 21.12 30.70 13.89 14.46 (1.90) () ()(66.36) 23.03 28.79 10.88 16.10 (9.84) ( ) (1.10) 2.20 3.12 1.06 1.68 (0.19) 28.34 101.73 141.70 56.1 1.66 9.47 29.30 47.55 58.4 5.89 15.58 13.65 4.44 0.18 3.23 3.10 5.53 4.82 (5.69) 1.11 1.06 1.08 1.08 0.88 48
20 1. 95 LED, 95, 95 15.36 94 12.01 2. 95 LED, 95, 95 94 3. 95 LED, 95, 95 94 4. 95 LED 95 94 5. 95 LED 95 94 6. 95 94, 7. 95 94, 94 8. 95, 94 1 2 10,167 122 3 49
50 1. (1) / (2) ( + )/ 2. (1) / (2) ( )/ (3) / 3. (1) ( ) / ( ) (2) 365/ (3) / (4) ( ) = / ( ) (5) 365/ (6) / (7) / 4. (1) (1- )/ (2) / (3) / (4) ( )/ 5. (1) / (2) / ( ) (3) ( )/( ) 6. (1) ( )/ (2) /( )
() 1. 55~60 2. 61~ 66 3. 67~71 () () () 95 94 (1) 1 2 3 95 74,460 7,446 23 4 95 (2) 51 % 736,944 549,176 187,768 34.19 834,665 743,904 90,761 12.20 93,123 90,375 2,748 3.04 1,673,162 1,391,131 282,031 20.27 226,814 188,788 38,026 20.14 223,495 235,362 (11,867) (5.04) 3,882 3,011 871 28.93 454,192 427,161 27,031 6.33 720,345 608,385 111,960 18.40 277,640 180,842 96,798 53.53 223,452 175,864 47,588 27.06 1,218,971 963,970 255,001 26.45
() 95 94 () 809,423 714,762 94,661 13.2% (27,075) (21,383) 5,692 26.6% 782,348 693,379, 88,969 12.8% (507,208) (440,204) 67,004 15.2% 275,140 253,175, 21,965 8.7% (170,902) (147,562) 23,340 15.8% 104,238 105,613, (1,375) (1.3%) 14,813 10,9550 3,858 35.2% (14,889) (32,086) (17,197) (53.6%) 104,162 84,4824 19,680 23.3% ( ) 21,784 (9,000) (30,784) (342.0%) 125,946 75,4825 50,464 66.9% 1 2 3 95 4 921 52
() 1. 95 94 () % (%) 56.10 141.70 (60.41) (%) 47.55 29.30 62.29 (%) 4.44 13.65 (67.47) 95,, 95 94, 94 2. 53 ( ) 1 3 2 1+2-3 77,628 100,000 753,000 (575,372) 0 600,000 1. (1) 96,, (2) (3) 2. 96 () 1. 92 93 94 95 96 96.06 180,134 90,000 90,134
2. 96 97 98 99 100 ; ; 36,000 432,000 432,000 272,160 76,204 38,103 48,000 576,000 576,000 326,592 84,913 42,456 48,000 576,000 576,000 293,932 70,543 35,271 48,000 576,000 576,000 264,539 58,198 29,099 18,000 216,000 216,000 141,120 40,522 20,260 198,000 2,376,000 2,376,000 1,298,343 330,380 165,189 54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72 () 1. 93 1. 2. 3. 94 1. 2. 3. CQCN 95 1. 2. 2. 76 77 78~83
() 7 (A) (1) () () (B) (%)B/A(2) () 7 0 100 () 6 0 86 6 0 86 7 0 100 3 0 43 7 0 100 7 0 100 5 0 71 0 0 0 95 6 5 0 71 (95 6 15 ) 4 0 57 1 2 1 (%) 2 () (%) () () 73
74 369 1 http //www.tekcore.com.tw ( )
( ) 1 2 92 9471 6% 60 1 2 ( http://newmops.tse.com.tw) 3 敍 () () () 75
6,000,000 12,000,000 76
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96 ()96 12mil 15mil 塲 95 12mil 15mil 12mil 96 12mil 0.53 0.4715mil 1.12 0.67 12mil 0.81 0.7615mil 1.90 1.61 95 96 ITO-Blue-12mil 0.5314 0.4796-9.74% ITO-Blue-15mil 1.1239 0.6681-40.56% ITO-Green-12mil 0.8120 0.7677-5.46% ITO-Green-15mil 1.9031 1.6126-15.26% () 93 94 95 96 (%) (%) (%) 638,218 693,379 8.64 782,348 12.8 139,018 (18.68) ( 1) 2,406,628 1,834,417 (23.78) 961,792 818,564 (14.89) 841,188 2.76 234,453 51.12 2,909,695 3,361,174 15.52 6,290,480 87.15 1,768,741 39.93 2,694,070 2,633,727 (2.24) 3,213,505 22.01 884,905 21.63 1 95.11.21 2 3 941230 9631( ) 4 934 9412 959 1. 93~95 96 638,218 693,379 782,348 139,018 8.64%12.80%(18.68%)94 8.64% (14.89%)(23.78%)(2.24%) 95 LED 94 12.8% 95 94 96 LED Nichia LED 78
LED 2 96 LED LED 95 LED LED 96 LED LED 2. 93 94 95 96 47.78 36.51 (23.59) 35.17 (3.67) 27.22 (22.60) 47.80 2.71 (94.33) 40.79 17.57 (56.93) 6.02 (65.74) (3.64) (160.47) 37.64 28.36 (24.65) 30.51 7.58 30.43 (0.26) 25.67 15.56 (39.38) 16.10 3.47 11.43 (29.00) 93~95 96 47.78%36.51%35.17%27.22% LED 95 93~95 96 93~95 96 94 (23.59%) LED 94 95 (3,67%) 96 (22.60%) 94 96 79
3. \ 93 94 95 96 3.06 3.71 3.23 1.99 1.71 1.70 1 () 2.41 2.10 3.03 2.26 2.37 1.68 2.18 1.93 119 98 113 183 214 215 1 () 151 174 120 162 154 217 167 189 93-96 1 95.11.21 296. 3 (LD)44% 4% (LED) 52% 93~95 96 3.06 3.71 3.23 1.99 94 93 94 LED 2003 LED LED 94LED LED 95 94 95 94 94 96 3 93~95 ()96 12mil 15mil 塲 95 12mil 15mil 12mil 96 12mil 0.53 0.4715mil 1.12 0.67 12mil 0.81 0.7615mil 1.90 1.61 80
95 96 ITO-Blue-12mil 0.5314 0.4796-9.74% ITO-Blue-15mil 1.1239 0.6681-40.56% ITO-Green-12mil 0.8120 0.7677-5.46% ITO-Green-15mil 1.9031 1.6126-15.26% () LED GaN LED 93 94 95 96 (%) (%) (%) 638,218 693,379 8.64 782,348 12.8 139,018 (18.68) ( 1) 2,406,628 1,834,417 (23.78) 961,792 818,564 (14.89) 841,188 2.76 234,453 51.12 2,909,695 3,361,174 15.52 6,290,480 87.15 1,768,741 39.93 2,694,070 2,633,727 (2.24) 3,213,505 22.01 884,905 21.63 304,909 253,175 (16.97) 275,140 8.7 37,843 (50.92) ( 1) 1,150,383 49,680 (95.68) 392,308 143,845 (63.31) 50,640 (64.80) (8,531) (124.72) ( ) 1,095,230 953,298 (12.96) 1,919,421 101.35 538,187 66.03 691,609 409,762 (40.75) 517,456 26.28 101,104 (30.27) 169,738 105,613 (37.78) 104,238 (1.3) (10,250) (125.49) ( 1) 803,308 (433,055) (153.91) 194,093 (72,823) (137.52) (139,933) (92.15) (56,231) (5,244.65) ( ) 644,129 546,216 (15.20) 1,150,659 110.67 283,581 60.01 458,258 122,799 (73.20) 199,189 62.21 22,855 (69.58) 1 95.11.21 2 3 941230 9631( ) 4 934 9412 959 81
1. 93~95 96 638,218 693,379 782,348 139,018 8.64%12.80%(18.68%)94 8.64% (14.89%)(23.78%)(2.24%) 95 LED 94 12.8% 95 94 96 LED Nichia LED LED 2 96 LED LED 95 LED LED 96 LED LED 2. 93 94 95 96 47.78 36.51 (23.59) 35.17 (3.67) 27.22 (22.60) 47.80 2.71 (94.33) 40.79 17.57 (56.93) 6.02 (65.74) (3.64) (160.47) 37.64 28.36 (24.65) 30.51 7.58 30.43 (0.26) 25.67 15.56 (39.38) 16.10 3.47 11.43 (29.00) 93~95 96 47.78%36.51%35.17%27.22% LED 95 93~95 96 93~95 96 94 (23.59%) LED 94 95 (3,67%) 96 (22.60%) 82
94 96 83
叁 84
() 1,500,000 720,345 () 96 6 8 96 6 8 95 71,551 60,000 120,000 911,896 () 6,000 12,000 15% 900 1,800 85%5,100 10,200 () () () 1 (1) 93 3.57 0.8 1.2 2.00 94 1.24 0.5 0.5 1.00 95 (2) 1.84 0.6 0.9 1.50 2 96 4 25 72,034,541 96 6 8 () 96 3 31 96 3 31 1,205,294 96 3 31 72,035 ( ) 16.73 96 85
() 1. 93 94 95 96 554,416 549,176 736,944 716,930 697,867 743,904 834,665 868,313 5,959 7,676 8,430 12,884 91,480 90,375 93,123 95,731 1,349,722 1,391,131 1,673,162 1,693,858 215,755 188,788 226,814 226,565 180,654 235,362 223,495 258,117 2,188 3,011 3,882 3,882 398,597 427,161 454,191 488,564 951,125 963,970 1,218,971 1,205,294 93~95 96 2. 93 94 95 96 638,218 693,379 782,348 139,018 333,309 440,204 507,208 101,175 304,909 253,175 275,140 37,843 135,171 147,562 170,902 48,093 169,738 105,613 104,238 (10,250) 8,483 10,955 14,813 3,954 14,973 32,086 14,889 7,381 163,248 84,482 104,162 (13,677) 183,748 75,482 125,946 (13,677) () () 3.57 1.24 1.84 (0.19) 93~95 96 86
() 96 6 8 96 06 08 43 96 06 12 () 96 06 12 96.06.11 96.06.07~96.06.11 96.06.05~96.06.11 45.80 46.75 46.67 45.20 46.15 46.07 45.20 43 95.13% () 43 95.13% 87
88
89
96731 96731 101731 0% 90
91 () / / ( ) ( ) () () 96723 110% ( ) () () 71.5 () 1. ( ) ( ) (1) (2)+ (3) 1 2 ( )
92 3 2. 1.5% ( ) 1 () 3. (1) ( ) 1 ( ) 2 4.
93 () () ( ) 101% ( ) 80% () () 1. 2. () () 3. () () 1.
94 2. () () 3. () () ( ) ( ) () 10% ( ) ( ) () ( ) ( )
1.5% 0.5% 2.0% 0.5% 95
96 6 8 96 06 08 (1) 93 3.57 0.8 1.2 2.00 94 1.24 0.5 0.5 1.00 95 (2) 1.84 0.6 0.9 1.50 1 2 96 4 25 72,034,541 96 6 8 96 3 31 96 3 31 1,205,294 96 3 31 72,035 ( ) 16.73 96 96
1. 93 94 95 96 554,416 549,176 736,944 716,930 697,867 743,904 834,665 868,313 5,959 7,676 8,430 12,884 91,480 90,375 93,123 95,731 1,349,722 1,391,131 1,673,162 1,693,858 215,755 188,788 226,814 226,565 180,654 235,362 223,495 258,117 2,188 3,011 3,882 3,882 398,597 427,161 454,191 488,564 951,125 963,970 1,218,971 1,205,294 93~95 96 2. 93 94 95 96 638,218 693,379 782,348 139,018 333,309 440,204 507,208 101,175 304,909 253,175 275,140 37,843 135,171 147,562 170,902 48,093 169,738 105,613 104,238 (10,250) 8,483 10,955 14,813 3,954 14,973 32,086 14,889 7,381 163,248 84,482 104,162 (13,677) 183,748 75,482 125,946 (13,677) () 3.57 () 1.24 1.84 (0.19) 93~95 96 97
98 0 1. (1) = [MA1MA3MA5] MA1MA3MA5 MA1= 1 MA3= 3 MA5= 5 96723 101~120 110 96 101 ( 630 ) ( ) 80% ()
(2) 960723 96.07.20 96.07.18~96.07.20 96.07.16~96.06.20 65.00 64.67 63.00 65.00 110 71.5 1,398 (100,000/71.5) 2. (1) (2) 110 (3) 1. Quadrantic Tree Binomial Tree Two Variable Factors (1) (2) (3) (4) (terminal nodes) Cox-Ross-Rubinstein 99
Stochastic Process ds µsdtσsdz S ds µ σ dz Normal Distribution(1,0)Wiener Process dt S Su Su 2 Su 3 Sd S Su Sd 2 Sd Sd 3 µ e σ sqrt t D e -σ sqrt t A e r t P ad ud OptionsFuturesand other Derivatives Securities / John C. Hull mean-reverting rt rt+1rtδ rt+2rt2δ rt+1rtδ rt+2rt rt+2rt2δ upper limit 2µ lower limit 0µ qrt1 rt rt 1qrt 2µ 2µ 100
δ mean variance µ δµ/2 µδ t=1 t=2 t=3 S, rt Su, rtδ Su, rtδ Su 2, rt2δ Su 2, rt Su 2, rt2δ Sd, rtδ Sd, rtδ S, rt2δ S, rt S, rt2δ Sd 2, rt2δ Sd 2, rt Sd 2, rt2δ CB CB CB CB A. CV CV B. CB CB 1coupon C. CB m m1 m1 0 i m10 jm1 COBi,j coupon CBi,j 1P 1q Cbi+1,j P 1 q CBi,j1 1P gcbi1,j+1 P q 1rm,j Spreaddt CBi,jmaxCOBi,j, CV COBi,j CB CV100/K S,CV CB P Q Rm,j m j 101
Spread Dt (1r m,jspread ) dt D. CB00 CB 2. 113,233 96 7 23 71.50 110% 96 7 23 65.00 96 7 23 ( )260 47.97% 2.55% 96 7 20 2.55 95 7 23 96 7 23 1.91% 2.37% 95 7 23 96 7 23 4.38% 5 0% Y3=0.5% Y4=0.5% 0.5 0 3 ~ 40 100 (1) (PresentValue) (CreditRisk Premium) A96101 96 196719 2.55 102
183 4.38% DCF(Discounted Cash Flow) 1 101.50% 101,500 (1+4.38%)3 = 89,251 2 102.00% 102,000 (1+4.38%)4 = 85,927 3 100,000 (1+4.38%)5 = 80,707 (2) DCF 113,233 80,707 32,526 3. 113,233 2.415% 110,563 113,233 /(1+2.415%) =110,563 / 100,000 (110,563 0.9 =99,506 ) 103
0% 110% 5 ( ) ( ) 101% ( ) 80% () 101.50%102.00% () ( ) ( ) () 10% ( ) ( ) () ( ) 104
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