Innolux Corp.

Company Background

Innolux is Taiwan's leading display panel manufacturer, with assets totaling over $15 billion. It is the world's third-largest flat-panel maker after South Korea's Samsung and LG.

The company manufactures a wide range of LCD panels and touch panel screens used in TVs, desktop computers, laptops, and medical- and automotive-use panels. Innolux employs more than 95,000 people worldwide. Its major plants are in the Taiwanese cities of Zhunan and Tainan. The company also operates module plants in mainland China.

Innolux is looking to grow and has been expanding production capacity. It plans to invest about $3 billion in a sixth-generation LCD plant producing smartphones screens in the southern Taiwanese city of Kaohsiung, hoping to increase its competitiveness against rivals from South Korea and China. The facility will be used to supply a panel factory that employs low-temperature polysilicon technology -- used in Apple's iPhones -- and expected to enter production in late 2016.

Innolux also focuses on LCD panels for 4K TVs, which boast image resolutions four times finer than full high-definition TVs.

A subsidiary of Foxconn Technology Group in Taiwan, Innolux was established in 2003. It merged with Chi Mei Optoelectronics and Toppoly Optoelectronics in 2010, in what was the industry's largest-ever merger. Chimei Innolux was renamed Innolux in 2012 to differentiate it from the Chimei brand.

Chairman Tuan Hsing-chien is considered an LCD industry pioneer. Before joining Innolux, he founded Taiwan's first thin-film transistor LCD company, Unipac Optoelectronics. Unipac later merged with Acer Display Technology to form AU Optronics, an Innolux rival in Taiwan.

Business Summary

Innolux Corp. is engaged in the manufacture and sale of thin-film-transistor liquid-crystal display and touch panel modules. It offers television, desktop monitors and notebook computer, audio and video, and mobile panels. It also offers glass, film, and one glass capacitive touch panels. The company was founded on January 14, 2003 and is headquartered in Miaoli, Taiwan.

Financial Highlights

Dec 2022	TWD	USD
Revenue	223,715.75M	7,503.97M
Gross Profit	-6,999.44M	-234.77M
Operating income	-31,664.99M	-1,062.12M
Income before tax	-26,212.50M	-879.23M
Net income	-27,990.25M	-938.86M
EBITDA	764.99M	25.65M
Diluted EPS	-2.75	-0.09
Dividends Per Share	1.04	0.03
Total Assets	383,741.49M	12,485.28M
Total liabilities	130,746.77M	4,253.93M
Total equity	252,475.22M	8,214.45M
Operating cash flow	790.33M	26.50M
	Currency in TWD	Currency in USD

Historical Data

TWD | USD

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	279,376.11M	251,971.20M	269,911.05M	350,076.69M	223,715.75M
Gross Profit	26,677.16M	2,857.72M	23,703.48M	91,380.78M	-6,999.44M
Operating income	4,835.29M	-19,933.89M	1,811.79M	62,713.07M	-31,664.99M
Income before tax	6,125.56M	-16,832.72M	2,380.57M	62,345.96M	-26,212.50M
Net income	2,222.76M	-17,442.99M	1,636.14M	57,534.46M	-27,990.25M
EBITDA	40,702.70M	15,171.31M	37,352.11M	98,985.93M	764.99M
Diluted EPS	0.24	-1.95	0.18	5.90	-2.75
Dividends Per Share	0.06	0.11	0.44	2.10	1.04
Total Assets	411,919.60M	369,764.34M	379,559.83M	467,519.59M	383,741.49M
Total liabilities	156,928.89M	137,654.31M	141,992.79M	162,722.65M	130,746.77M
Total equity	254,990.70M	231,927.70M	237,369.66M	304,347.40M	252,475.22M
Operating cash flow	53,581.33M	14,638.94M	22,540.18M	102,287.66M	790.33M

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	9,264.83M	8,151.05M	9,166.76M	12,533.23M	7,503.97M
Gross Profit	884.68M	92.44M	805.02M	3,271.55M	-234.77M
Operating income	160.35M	-644.84M	61.53M	2,245.21M	-1,062.12M
Income before tax	203.13M	-544.52M	80.84M	2,232.07M	-879.23M
Net income	73.71M	-564.26M	55.56M	2,059.81M	-938.86M
EBITDA	1,349.80M	490.77M	1,268.55M	3,543.83M	25.65M
Diluted EPS	0.00	-0.06	0.00	0.21	-0.09
Dividends Per Share	0.00	0.00	0.01	0.07	0.03
Total Assets	13,401.42M	12,334.93M	13,508.42M	16,898.09M	12,485.28M
Total liabilities	5,105.53M	4,591.99M	5,053.48M	5,881.47M	4,253.93M
Total equity	8,295.88M	7,736.85M	8,447.91M	11,000.37M	8,214.45M
Operating cash flow	1,776.89M	473.55M	765.51M	3,662.04M	26.50M

Valuation Measures

Dec 2022
PER	--
ROA	-6.57%
ROE	-10.05%
Operating margin	-14.15%
Profit margin	-12.51%

Key executives

Chairman & Chief Executive Officer: Jim Hung
President, Chief Operating Officer & Director: Yang Chu-Hsiang
Chief Financial Officer: Jhih-Siou Liou
Director & Executive Vice President: Chin Lung Ting
Vice President & General Manager-Mobile Product: Yang Hung-Wen

Shareholders

Hon Hai Precision Industry Co., Ltd. (3.0%)
BlackRock Fund Advisors (2.0%)
The Vanguard Group, Inc. (1.9%)
Dimensional Fund Advisors LP (1.5%)
Norges Bank Investment Management (1.2%)
BlackRock Advisors (UK) Ltd. (0.7%)
Geode Capital Management LLC (0.6%)
Charles Schwab Investment Management, Inc. (0.5%)
Abrdn Alternative Investments Ltd. (0.3%)
Mellon Investments Corp. (0.2%)

Contact Details

Website:http://www.innolux.com
Address: No. 160 Kesyue Road, Hsinchu Science Park, Miaoli, 35053, Taiwan
Phone: +886.37.58.6600

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Competitors

BOE Technology Group Co., Ltd. Class A
TCL Technology Group Corporation Class A
AUO Corporation
LG Display Co., Ltd
e-Litecom Co., Ltd
DSK Co., Ltd
INVENIA Co., Ltd.
VIA optronics AG Sponsored ADR
Visteon Corporation

Last Updated on 27 Mar, 2023