Quote:Sales growth potential highlighted as dominant player in QD materials: In 2015, Hansol Chemical signed a contract with Samsung Electronics to jointly develop and exclusively supply QD materials. In the first year of deliveries, QD materials were featured in 0.8mn TVs. Samsung Electronics shipped a total 48mn LCD TVs (worth USD23.5bn) in 2016, of which Hansol Chemical’s QD materials seemingly appeared in 6% or 2.7mn units. Although only a small weighting of TVs feature QD as of yet, there is ample growth potential as the weighting of QD TVs are forecast to rise with more mega-size TVs and premium models. In a conservative assumption of 3.5mn QD TVs in 2017, QD materials sales would reach W70.5bn, up 28% YoY. LG Display’s white OLED TV panels that feature competing technology have the disadvantage of high manufacturing costs, giving QD displays a favorable edge, but demand for both technologies should persist for the time being. A decade has passed since large LCD panels have become mainstream, but large OLED panels have yet to be widely commercialized. In the coming 10 years, QD display panels will feature quantum dot enhancement film (QDEF) rather than quantum dot light-emitting diode (QLED) panels, which should steadily push up sales of related materials at Hansol Chemical. We estimate QD materials sales to achieve 21% CAGR and reach W79.9bn in 2018.
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