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  • BOE, Tianma, TCL Report Strong Profits In 2021_03/27/22
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AP System Expects Slow 1H20 Ending in 28% Y/Y Revenue Growth
March 29, 2020

Advanced Process System (APS), the leading ELA, encapsulation and LLO provider, announced its 2019 revenue and operating income were $396M, down 39% Y/Y and $31M, down 41% Y/Y, respectively, well below their targets. According to Hana Securities Q1’20 revenues and operating income are forecast at $80.2M and $5.4M, down 43% sequentially.  Chinese FPD  installations are expected to be pushed from the 1H20 to 2H20  resulting in 60% of 2020 revenues in Q3’ and Q4 of 2020.  
 
Table 1: Revenues & Operating Income Trend and Forecast
Picture
Source: Company, Hana Securities, OLED-A

Hana projects an increase in flexible display capacity of 157K substrates per month based on 9 additional lines in China and 2 additional lines at SDC.  APS’ estimated new booking could be $685M in 2020.  APS announced that the company has received POs from
  • BOE B12 issued a PO to AP for ELA for $123.8M ON February 24, 2020.
  • CSOT T4 issued a PO to AP for ELA for $72.6M on January 7, 2020 
The company expects to receive POs in 2020 and 2021. from:
  • BOE B12 45K/M
  • CSOT T4 30K/M
  • GVO V2 15K/M
  • Visionox V3 30K/M
  • Wuhan Tianma 15K/M
Additional orders are expected from the following although no time table has been announced
  • BOE B15 15K/M
  • CSOT T5 45K/M
  • SDC 45K/M
  • Tianma 45K/M
  • Visionox V3&V4 45K/M

​Figure 1: Global Flexible OLED Investment Trend & Forecast (K/M)
Picture
Source: Valuewise, Hana Securities
​

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