This year marks the beginning of the growth phase for Micro LED products, with a rapid increase in adoption across various devices such as smartphones, smartwatches, and wearable products for augmented reality (AR), virtual reality (VR), and extended reality (XR). As a key supplier in the sector, PlayNitride-KY (6854) stands to benefit from its long-term strategic investments, which are now paying off. In addition to significant growth in the sales of its mass transfer equipment, the company plans to boost its production capacity by 60% to meet increasing downstream demand, setting the stage for a potential doubling of its annual revenue.
Research firm Omdia forecasts that shipments of Micro LED displays will rise from 100,000 units in 2024 to 34.6 million units by 2031, representing an annual compound growth rate of 130%. Additionally, analysts predict that Micro LED smartwatches and various types of metaverse devices, which are entering mass production this year, will become two dominant product categories in the end-user application market. Over the next three years, supply volume for these devices is expected to double.
Given the increasing strength of downstream demand, PlayNitride-KY’s Chip On Carrier (CoC) substrate processing for Micro LED mass transfer remains a crucial part of the company’s offering. Currently, the yield rate has reached 99%, and its market share exceeds 90%. The company aims to gradually increase its monthly production capacity from 2,000–2,500 units last year to 3,000–4,000 units. As part of its long-term capacity expansion plan, additional fundraising initiatives are not ruled out.
The increase in production capacity is driven in the short term by demand from US-based customers in the wearable device sector. Management is continuing to collaborate with Ennostar (3714) and AUO (2409) to strengthen the ecosystem. This year, the company expects to sell between 5 to 10 units of its mass transfer equipment. From January’s performance, PlayNitride-KY recorded earnings per share (EPS) of 0.09 NTD, a 121.43% year-over-year increase, continuing the positive profit trend seen since the second half of last year. With the expansion of revenue scale and a rising consolidated gross margin, the company is poised for significant growth, with further expansions into automotive and smartphone applications expected in the next two years.
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