TSMC's revenue in March was NT $171.9 billion, a year-on-year increase of 33.2%, reaching a historic high; BOE plans to increase OLED panel delivery by nearly 70% this year

1. TSMC's March revenue reached NT $171.9 billion, a year-on-year increase of 33.2%, setting a new historical high

TSMC announced today that its March revenue was NT $171.967 billion, the second highest in history. The overall revenue for the first quarter reached NT $491.076 billion, setting a new record for quarterly revenue and exceeding operational targets.

The legal representative stated that the main reason for TSMC's revenue recovery in March was the resumption of normal operations and the increase in working days. TSMC's revenue in March was 171.967 billion yuan, a month on month increase of 17% and a year-on-year increase of 33.2%. In the first quarter, the revenue was 491.076 billion yuan, exceeding the operating target of 458.16 billion to 474.72 billion yuan, rewriting the historical record for single quarter revenue, with a quarterly increase of 12.07% and a year-on-year increase of 35.5%.

The legal representative also pointed out that the strong demand for high-performance computing and automotive electronics markets, coupled with the increase in OEM quotes and the relatively favorable exchange rate of the New Taiwan Dollar, were the main driving forces behind TSMC's record high revenue in the first quarter. TSMC is expected to hold a legal person briefing on April 14. It is also reported that Intel CEO Kissinger is visiting customers and suppliers in Asia, will travel to Taiwan, China, Japan and India, and is expected to meet with TSMC executives.

BOE will expand the production of OLED panels to meet the needs of Apple and other international customers, while seeking to narrow the gap with Korean competitors.

2. BOE plans to increase OLED panel delivery by nearly 70% this year

According to a report on the 8th, BOE announced on Wednesday (6th) that it plans to increase OLED panel delivery by nearly 70% this year. Its two production lines in Chengdu and Mianyang, Sichuan are expected to operate at full capacity this fiscal year, and the third production line in Chongqing is currently in full production. These increases will increase OLED production from 60 million units in 2021 to 100 million units this year.

The Chongqing production line is testing panel quality with top smartphone and tablet manufacturers. The Sichuan factory is already supplying Apple, and BOE clearly hopes that the Chongqing factory can also provide panels for Apple. BOE is also considering building a new OLED factory in Chengdu, and stated that this is based on an evaluation of its strategy, market, technology, and financial situation. The new factory is scheduled to go online by the end of 2024, but production capacity has not yet been announced.

Nikkei pointed out that although BOE currently holds the world's largest share in the LCD panel field, surpassing its Korean competitors, Samsung Electronics and LG Display from South Korea are still in a leading position in the OLED panel field. The launch of the Chongqing factory and the construction of the new Chengdu factory will enable BOE to approach its competitors.

Sales outside of China will greatly affect this situation. Sales in Asia, excluding China, increased by 75% to 96.1 billion yuan (RMB), becoming the largest market. Sales in the Americas increased by 2.3 times, reaching 23.7 billion yuan, while sales in Europe increased by 14%, reaching 5.4 billion yuan.