台湾建华证券平面电视商机探讨

EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041560022--22338822881100550022--22338822335588221.CRTPDPLCDDLPLcos2.PDPLCDTVCRTTV3.24CRTTV4.TVPDPLCD5.DisplaySearch20032006PDPLCDTV8244.56.覑LCDTV30PDPTV40607.PDPLCDTV20048.16041PDP22004PDP20LCDTV63ThomsonTCL18.5PER=12X2004237112004LCDTV4010220043200412PBR=[e-mail]–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041570022--22338822881100550022--2233882233558822CRTPDPLCDDLPLcosLCDTVPDPTVCRTTV1.7CRTTVPDPLCDCRT1.CRTCRTElectronGunShadowMaskCRT2.PDPPDPCRTPDPPDP63323742465060633.LCDLCDTVTFTLCDSTNLCDTFTLCDTFTLCD54EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041580022--22338822881100550022--2233882233558822PDPLCDCRTTVPDPTVLCDTVCRTTV○○∆○X∆○X∆○○∆∆∆○○∆XMICDec.20032008241.200672.200824IEK2003124.620052008199333.820012008CAGR242003102002200516200320082520042010382008IEKDec.2003EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041590022--22338822881100550022--22338822335588220.050.0100.0150.0200.0250.0300.0350.0199819992000200120022003200420052006200720081501601701801902002100.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%1701741781841911990.0%2.2%2.4%3.3%4.0%3.9%20022003200420052006200719982008IEKDec2003DisplaySearch200220071.71.99CAGR2.6620021.6420071.5396.477.120022007DisplaySearchDec.2003EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041600022--22338822881100550022--22338822335588220%10%20%30%40%50%60%70%80%90%100%0.1%0.1%0.2%0.3%0.3%0.3%1.7%2.4%2.8%2.9%3.2%3.2%0.2%0.5%0.9%1.7%2.6%3.1%1.6%3.2%5.5%8.2%12.8%16.3%96.4%93.7%90.5%86.8%81.8%77.1%20022003200420052006200720022007DisplaySearchDec2003LCDTVPDPTV1.LCDTVLCDMonitorNotebookLCDTVLCDTVTN+IPSMVA1TNLCDMonitorNotebook20TVLCD15020EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041610022--22338822881100550022--22338822335588222IPSIPSTFTLCDIPSRGBRGBAdvanced-SuperIPS3MVAMVAIPSIPS4RubbinglessCFTFTITOLCDTVTN+SuperWide-ViewFilmPhase1Fujifilm--TNTN+SuperWide-ViewFilmPhase2Fujifilm--MVAPhase11996MVAPhase1997MVA-Premium2001PVA2001CPA2002MVASVA2003IPS1995SuperIPS/1998Advanced-SuperIPS/IBM/LGPhilips1999FFSHydis1999UltraFFSHydis2001IPSUltraAdvanced-SuperFineTFTNEC2003Dec.2003EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041620022--22338822881100550022--22338822335588222.30LCDTVLCD/PDPTV421520032130265673220052005LCD3241000*120051100*130061500*180071800*22001561530451761225361961216282146162426/2726121830238123212812401248420248460126IEKDec.2003TNIPSMVALCDTV32TV3.PDPTV4060TV140LCDTVPDPTV42PDPTV2799Toshiba498940LCDTV569940LCDTVEquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041630022--22338822881100550022--2233882233558822190%113%69%56%100%74%62%52%0%20%40%60%80%100%120%140%160%180%200%2003200420052006PDPLCDTV/42PDPTV40LCDTVNECToshibaPioneerHitachiSONYNEC2,7992,9993,2994,9893,6093,7994,3596,1995,699IEKDec.200324060PDPTVLCDTV85200342PDP20042006PDPLCD200642LCDPDP200420054060TVPDP42PDPLCDIEKDec.2003DisplaySearch20032006PDPLCDTV8244.51.PDP20022006CAGR8220015032PDPTVPDPTV40EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041640022--22338822881100550022--22338822335588221364128321,5803,0984,94301,0002,0003,0004,0005,0006,00020012002(f)2003(f)2004(f)2005(f)2006(f)DisplaySearch20064942001200682PDPDisplaySearchDec.20032.TFTLCDLCDTV2007CAGR44.5LCDTVTV262730200520063040DisplaySearch20032006LCDTV5603,24044.52004LCDTVLCDTVLCDTVLCDTV2,000150200105101,80020011.1110201,00050557008001602022.5208001,0005056.255Dec.2003EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041650022--22338822881100550022--223388223355882205,00010,00015,00020,00025,00030,00035,0002,8005,6009,80015,10024,40032,400200220032004200520062007LCDTVDisplaySearchDec.20031.DellITTVDell200369917LCDTVSharpSONY1.2.1.2.SamsungLGPhilips1.352.1.TVDell1.2.1.TV2.TVDec.20032.TVLCDPDPTVLCDPDPTVEquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041660022--22338822881100550022--2233882233558822LCDTVTFTLCD40TVPDPTVPioneerLCDPDPTVTVFPDTVSharp1.37LCDTVPDP2.20042Q37TV3.2005TVLCD4.LCDTV483Pioneer1.PDPTV2.PioneerPioneerVideoPioneerDisplayProducts3.200325Hitachi.1.32LCDTV37PDP2.PDPPlasmaFHPLCDHitachiDisplays3.532902005104.Sanyo1.32LCDTV37PDP2.LCD3.LCDTV4Toshiba&Panasonic1.32LCDTV37PDP2.LCDLCDTMDDisplayPDPPanasonicPLASMA3.Panasonic42004420PDP40SONY1.LCDPDP2004Samsung2,000102.LCD80LGPhilipsPDPNECPlasmaDisplaySamsung1.LCDPDPTV2.LCDLCDPDPSDILGPhilips1.LCDPDPTV2.LCDPDPDec.2003EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041670022--22338822881100550022--22338822335588223.153331733332033332132333263273328330333333323403Dec.200320041.2004abc200420041Q2Q3Q4Q2.09.13.96.02004--EquityResearch–TaiwanConsumerDurables&ApparelSegmentResearchJanuary1,20041680022--22338822881100550022--2233882233558822-5.0%-5.0%-1.4%-8.5%2.0%-6.0%3.9%4.1%5.1%1.3%9.1%7.6%2.1%010,00020,00030,00040,00012345678-10%-5%0%5%10%NowQ4034Q043Q042Q041Q042Q031Q031517W