Innolux Display Corp (群創光電), a flat-panel unit of Hon Hai Group (鴻海集團), is targeting annual revenue in excess of NT$1 trillion (US$30.8 billion) by 2013, company president Tuan Hsing-chien (段行建) said yesterday.
The company has also set its sights on 50 percent growth in annual revenue over the next five years, said Tuan while celebrating the company's fifth anniversary.
Innolux's revenues soared 48.3 percent year-on-year to NT$155.9 billion last year, a filing showed last week. Innolux shares have risen 22.2 percent year to date, closing at NT$89.3 on Friday.
In a client note on Friday, US investment bank Citigroup maintained a "buy" rating on Innolux but reduced its 12-month target price from NT$178 to NT$155 as a result of slower growth prospects.
Established in 2003, Innolux has two liquid-crystal-display (LCD) fabs and produces LCD monitor panels for use by other Hon Hai subsidiaries.
The company started construction of a new sixth-generation fab last month with mass production expected to begin in May next year, Tuan said.
He said the company had blossomed in its first five years and would begin branching out into new sectors -- including manufacturing panels used in notebook computers and handsets as well as LCD TV assembly -- in the next five years.
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