LCD panel maker AUO to speed up transformation for continued business growth

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LCD panel maker AUO to speed up transformation for continued business growth

Rebecca Kuo, Tainan; Adam Hwang, DIGITIMES

Friday 20 August 2021

AU Optronics
AU Optronics Corp. designs, develops, manufactures, assembles and markets flat panel displays. The Company's principal products are thin-film transistor-liquid crystal display (TFT-LCD) panels. AUO is able to offer TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches.

The company was established in September 2001 by the merger of Acer Display Technology, Inc. and Unipac Optoelectronics Corporation.

In October 2006, AUO further merged with Quanta Display Inc. to create a larger TFT-LCD manufacturer with 20% of the world's large-sized TFT-LCD market, forming the company as of today.

Its panels are used in computer products, such as notebook computers and desktop monitors; consumer electronics products, such as mobile phones, digital photo frames, digital still cameras, portable navigation display, portable digital video disc players, LCD televisions, and industrial displays.

The Company sells its panels primarily to original equipment manufacturing service providers or brand customers. The Company groups its business into three marketing channels: Information Technology Displays, Consumer Products Displays and Television Displays. AUO is the first TFT-LCD manufacturer in Taiwan to mass produce TFT-LCD panels by means of G3.5, G4, G5, G6,G7.5 and G8.5 fabrications, and the constructing G8.5 fab was enter mass production in the second half of 2009. In March 2008 and June 2008, the Company acquired 45% and 26% of equity interests in Verticil Electronic Corp. and Dazzo Technology Corporation, respectively.
Performance

The company's stock price closed at NT$17.2 on the TSE on Friday, May 20, 2022.

The company has reported consolidated revenues of NT$20,223 million for April 2022, representing a 27.9% drop on month and 31.7% drop on year.

For the fourth quarter of 2021, the company totaled NT$93,034 million in consolidated revenues, down 6.1% sequentially and up 15.5% on year.

Brief

Full name: AU Optronics
Chinese name: 友達光電股份有限公司
Short name: AUO
Arconym: AUO
Stock code: 2409
Country: Taiwan
Tax ID: 84149738
Market: TSE
Established: 12 Aug 1996
Paid in capital: NT$96.24 billion
Listed on TSE: 8 Sep 2000
Website: www.auo.com
Related news
On display

AUO 6-inch all-screen panel
AUO's 6-inch full HD LTPS in-cell touch panel integrates the display driver IC and touch IC to simplify the overall module...
Photo: Company, Sep 18.
AUO 13.3-inch UHD LTPS oTP

AU Optronics (AUO) will showcase a full-range of LTPS notebook panels at Touch Taiwan 2017 September 20 to 22. The panels...
Photo: Company, Sep 18.
AUO 65-inch 8K4K display
AU Optronics (AUO) will showcase its 8K4K ultra high resolution TV display technology at Touch Taiwan 2016, a resolution...
Photo: Company, Aug 23.

Latest stock

AUO [2409] historical stock price (NT$)
Date	Volume (k)	Transactions	Value	Open	High	Low	Close	Change		Ask	Bid
23-May	52,703	9,359	900,597,642	17.15	17.25	17.00	17.05	-0.15	-0.87%	17.05	17.10
20-May	39,192	8,670	673,397,805	17.25	17.30	17.05	17.20	-0.05	-0.29%	17.20	17.25
19-May	84,917	17,537	1,471,348,067	17.35	17.50	17.20	17.25	-0.80	-4.43%	17.25	17.30
18-May	118,925	25,273	2,121,846,272	17.40	18.10	17.35	18.05	+0.90	+5.25%	18.00	18.05
17-May	30,492	5,700	523,343,600	17.15	17.25	17.05	17.15	+0.00	+0.00%	17.15	17.20
16-May	47,504	10,700	809,554,527	17.00	17.30	16.65	17.15	+0.15	+0.88%	17.10	17.15

Source: TSE, compiled by Digitimes

Latest sales

AUO: Consolidated revenues, Apr 2021 - Apr 2022 (NT$m)
Month	Sales	M/M	Y/Y	YTD	Y/Y
Apr-22	20,223	(27.9%)	(31.7%)	101,751	(9.6%)
Mar-22	28,043	9.3%	(8.7%)	81,528	(1.7%)
Feb-22	25,662	(7.8%)	0.2%	53,485	2.4%
Jan-22	27,823	(12.4%)	4.5%	27,823	4.5%
Dec-21	31,766	2.9%	10.1%	370,685	36.8%
Nov-21	30,885	1.7%	19%	338,920	40%
Oct-21	30,384	(7.9%)	18.1%	308,035	42.5%
Sep-21	32,999	0.9%	26.5%	277,651	45.8%
Aug-21	32,710	(1.9%)	34.9%	244,652	48.9%
Jul-21	33,346	(1.7%)	45.6%	211,942	51.3%
Jun-21	33,937	5.7%	57.1%	178,596	52.4%
May-21	32,118	8.5%	47.8%	144,659	51.3%
Apr-21	29,601	(3.6%)	46.8%	112,542	52.4%

*Figures are consolidated
Source: TSE, compiled by Digitimes, May 2022

AUO: Consolidated revenues, 4Q20 - 4Q21 (NT$m)
Quarter	Sales	Q/Q	Y/Y	YTD	Y/Y
4Q-21	93,034	(6.1%)	15.5%	370,685	36.8%
3Q-21	99,055	3.6%	35.3%	277,651	45.8%
2Q-21	95,656	15.3%	50.6%	178,596	52.4%
1Q-21	82,941	3%	54.5%	82,941	54.5%
4Q-20	80,535	10%	30%	270,955	0.8%

*Figures are consolidated
Source: TSE, compiled by Digitimes, May 2022

Latest balance sheet and income statement

AUO: Consolidated balance sheet, 4Q20 - 4Q21 (NT$k)
Item	4Q-2021	3Q-2021	2Q-2021	1Q-2021	4Q-2020
Current assets	192,026,398	203,946,470	209,713,770	191,275,548	168,317,673
Intangible assets	11,756,955	12,756,737	12,807,781	12,829,129	12,801,358
Non-current assets	232,784,648	231,141,370	233,954,546	238,673,727	238,952,622
Assets	424,811,046	435,087,840	443,668,316	429,949,275	407,270,295
Current liabilities	123,754,502	123,129,359	112,126,836	108,837,949	98,338,179
Non-current liabilities	63,090,073	69,675,671	109,698,786	118,195,618	115,141,751
Liabilities	186,844,575	192,805,030	221,825,622	227,033,567	213,479,930
Stockholders' equity	237,966,471	242,282,810	221,842,694	202,915,708	193,790,365

*Figures are consolidated
Source: TSE, compiled by Digitimes, May 2022

AUO: Consolidated income statement, 4Q20 - 4Q21 (NT$k)
Item	4Q-2021		3Q-2021		2Q-2021		1Q-2021		4Q-2020
Item	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales
Gross sales	93,034,036		99,054,986		95,655,500		82,940,619		80,535,020
Operating revenue	93,034,036	100%	99,054,986	100%	95,655,500	100%	82,940,619	100%	80,535,020	100%
Gross profit (loss) from operations	17,602,355	18.9%	27,413,425	27.7%	27,489,144	28.7%	18,262,833	22%	13,647,657	16.9%
Operating expenses	7,256,803	7.8%	6,986,693	7.1%	7,204,037	7.5%	6,244,608	7.5%	5,366,353	6.7%
Operating income (loss)	10,345,552	11.1%	20,426,732	20.6%	20,285,107	21.2%	12,018,225	14.5%	8,281,304	10.3%
Non-operating expenses and losses	1,711,403	1.8%	464,041	0.5%	543,162	0.6%	612,573	0.7%	77,696	0.1%
Income from continuing operations before income tax	12,056,955	13%	20,890,773	21.1%	20,828,269	21.8%	12,630,798	15.2%	8,359,000	10.4%
Net income (loss)	11,791,244	12.7%	19,963,883	20.2%	19,862,456	20.8%	11,841,515	14.3%	8,877,671	11%
Diluted earnings per share (NT$)	1.1		1.9		2		1.2		0.9