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1、3October2017AsiaLEDsectorEQUITIESSEMICONDUCTORSMicroLED:notreadytoshineTaiwanTrialproductiontimelinekeepsgettingpushedoutasprogressSamsonHung*inresolvingproductionbottlenecksisveryslowResearchTechnologyAnalystHSBCSecurities(Taiwan)CorporationLimitedsamson.hm.hung@hsbc.com.twOur

2、proprietarycostanalysissuggestscostcouldbe2-5x+886266312863higherthanexistingdisplaysolutionsinthenext2-3yearsWillCho*Analyst,HardwareandMaterialsTheHongkongandShanghaiBankingCorporationKeytakeawaysfromtheMicroLEDforumsupportourviewLimited,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