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页数:18页
时间:2018-03-10
《汇丰银行-台湾-半导体行业-亚洲led行业:微型发光二极管-尚未做好发光的准备-20171003-hsbc-asia led sector:micro led:not ready to shine》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、3October2017AsiaLEDsectorEQUITIESSEMICONDUCTORSMicroLED:notreadytoshineTaiwanTrialproductiontimelinekeepsgettingpushedoutasprogressSamsonHung*inresolvingproductionbottlenecksisveryslowResearchTechnologyAnalystHSBCSecurities(Taiwan)CorporationLimitedsamson.hm.hung@hsbc.com.twOur
2、proprietarycostanalysissuggestscostcouldbe2-5x+886266312863higherthanexistingdisplaysolutionsinthenext2-3yearsWillCho*Analyst,HardwareandMaterialsTheHongkongandShanghaiBankingCorporationKeytakeawaysfromtheMicroLEDforumsupportourviewLimited,SeoulSecuritiesBranchrickyjuilseo@kr.hsbc.c
3、omthatitistooearlytoturnpositiveonMicroLED+82237068777AnthonyLiao*Massproductionschedulekeepsgettingpushingout.Ayearago,manyAssociateHSBCSecurities(Taiwan)CorporationLimitedcommentatorsexpectedwideadoptionofMicroLED:thishasprovenoverlyanthony.wc.liao@hsbc.com.twoptimistic.Atthe2017Mi
4、croLEDforum,mostspeakersindicatednomass+886266312865productionofMicroLEDin2017or2018.Oneequipmentvendorwespoketofairly*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andissummarisedourview,sayingthathehopedthatbythetimeofthenextforumintwonotregistered/qualifiedpursuanttoFINRAregu
5、lationsyears,MicroLEDwouldbeaviabletechnologyforcommercialisation.Productionbottlenecksnotresolvedandcostistoohigh.WeweresurprisedtolearntherearestillnoconcretesolutionstokeyobstaclesinMicroLEDmassproductionincludingtheepi-waferuniformityissue,sharpfallingluminanceefficacyinasmall-cu
6、rrentenvironment,andissuesinmasstransferstage,includinginthetransfermethod,yieldrateinchiptransferandprocessingtime.SortingandrepaircostsarefurtherkeyissuespreventingMicroLEDeffectivelyreplacingexistingdisplaytechnologies.OurproprietarycostanalysissuggeststhecostofaMicroLEDbasedTVis2
7、x/5xhigherthananOLED/LCDTV.Evenassumingnotechnologyissues,thecostcouldstill20-40%higherthancurrentsolutions.Inmobilepanels,ouranalysisalsoshowstheMicroLEDmaterialcostalonecouldbehigherthantotalmodulecostofamobilepanel.TooearlytoinvestinMicroLEDtheme.WhileweagreethatMicroLEDhasmanyadv
8、antages,weth
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