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Innolux Corp.3481.TWCompetitor analysis, valuation and peers

Taiwan · TWD·Information Technology›Electronic Components

Taiwanese maker of LCD display panels for TVs, monitors, laptops and automotive/industrial applications.

≈ A Taiwan LCD panel maker akin to AU OptronicsMomentum neutral 52
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$8.71B
US dollars, full cap
Free float
97%
of shares outstanding
$/day
$167M
20-day average traded
Fwd P/E
62.6×
forward earnings
ROIC−WACC
-8.2 pp
WACC 8.6%
Hurdle
+41 pp
Req g minus delivered
Next earnings
131 days
17 Mar 2027
Close · TWDNT$36.05
1D-5.1%
1W-15.3%
1M-31.1%
3M-24.6%
6M+32.3%
YTD+111.4%
1Y+161.2%
ATR %7.6%
52w lowhigh50.3% off high

What Innolux does

Taiwanese maker of LCD display panels for TVs, monitors, laptops and automotive/industrial applications.

Sells panels by area, with prices set by industry glass capacity, so utilization drives profit. It has moved from television panels toward automotive and industrial displays and advanced chip packaging. Formed in 2010 by merging Chimei Optoelectronics, Innolux Display and TPO Displays, with Foxconn's group a major shareholder.

In one line: A Taiwan LCD panel maker akin to AU Optronics.

Products and services

  • Large-size LCD panels (TV/monitor)
  • Small/mid panels (laptop, automotive)
  • Touch/sensor solutions

Customers

  • TV/monitor brands
  • Automotive electronics makers
  • Laptop OEMs

Where it sits in the supply chain

  • Information technology
  • Display panels
  • LCD TV/monitor/laptop/automotive panels

What could go right

  • Automotive display content growth

What could go wrong

  • LCD panel oversupply/pricing cycles
  • Chinese competitor scale

Moat: none (scale). LCD panels are a commoditized, oversupplied industry dominated by scale and Chinese competition.

Headquarters: Miaoli, Taiwan · Founded: 2003 · Employees: 42,297

Named competitors

Innolux at a glance

Size Innolux (3481.TW) is a Taiwan Information Technology company (Electronic Components) with a market value of $8.71B, the 60th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$36.05 on 6 Nov 2026.

Performance Over six months the shares gained 32.3%, against -24.6% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd highest of 21 in its peer set.

Growth Revenue grew 10.7% over the last twelve months (peer median +33.2%); the operating margin is 0.4% (peer median 12.9%).

Valuation It trades at 62.6× forward earnings against a peer median of 22.6× (4th most expensive of 20).

Price implies For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +41 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.

Capital Return on invested capital runs 8.2 points below its cost of capital (8.6% WACC).

Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).

Relative performance

10020011 May 202611 Aug 20266 Nov 20263481.TW 128Peer median 74
Six months, rebased to 100: Innolux against the median of its 20 peers (local-currency closes).

Innolux financials

Reported figures in TWD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueNT$245BNT$227BNT$217BNT$212BNT$224B
Revenue growth—+5%+2%-5%—
Gross profitNT$28.2BNT$18.5BNT$14.1BNT$3.02B-NT$7.00B
EBITDANT$31.2BNT$25.5BNT$23.2BNT$12.0BNT$765M
Net incomeNT$6.21BNT$250MNT$6.47B-NT$18.6B-NT$28.0B
Free cash flowNT$19.2BNT$9.48BNT$2.31B-NT$10.3B-NT$20.3B
Capital expenditureNT$10.9BNT$11.8BNT$16.1BNT$21.4BNT$21.1B
Total debtNT$64.1BNT$55.2BNT$34.8BNT$43.4BNT$40.6B

Quarterly statements and history in the cockpit →

Innolux competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-50%-25%0%+25%-50%-25%0%+25%238260322862746881833189TTMI002281VICR688322603459304400243630062030011549582313600601697624763481.TW6-month return →1-month return →
Up and to the right = strong over both horizons. Innolux is the large dot.

Fundamentals: revenue growth against valuation

0%+20%+40%+60%+80%0×100×200×238260322862746881833189TTMI002281688322304400243630062030011549582313236860060169763481.TWRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Innolux is the large dot.

Capital: growth delivered against growth the price implies

0%+20%+40%0%20%40%23823189TTMIVICR603459231323683481.TWGrowth delivered (Del g) →Growth the price implies (Req g, 7 yrs) →
Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Innolux is the large dot.

Innolux competitors and peer comparison

Head to head with its named competitors (3481.TW vs 2409.TW vs 000725.SZ vs 034220.KS)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Innolux 3481.TW$8.71B+32%+11%0%62.6×37.3%
AUO 2409.TW$6.02B+49%-1%-2%n/an/a
BOE Technology 000725.SZ$25.3B+9%-4%2%21.4×-3.9%
LG Display 034220.KS$2.61B-42%-7%2%n/a-13.4%

How Innolux compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Innolux against its 20 peers (data as of 6 Nov 2026)
Measure3481.TWPeer medianRank in peer set
1-month return-31.1%-36.3%7th highest of 21
6-month return+32.3%-24.6%2nd highest of 21
Distance from 52-week high-50.3%-52.1%10th highest of 21
Revenue growth (TTM)+10.7%+33.2%5th lowest of 21
Operating margin0.4%12.9%2nd lowest of 21
Forward P/E62.6×22.6×4th most expensive of 20
Growth the price implies (Req g, 7 yrs)37.3%32.7%5th least demanding of 9
Growth delivered (Del g)-3.4%+6.6%lowest of 9
Hurdle (Req g minus delivered)+40.8 pp+17.4 pp2nd most demanding of 9
ROIC minus cost of capital-8.2 pp+0.8 pp3rd lowest of 21
EV / EBITDA8.2×13.2×cheapest of 10
Net debt / EBITDA-1.1×-0.5×3rd least indebted of 10

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Innolux 3481.TWTaiwan$8.71B+32%+11%0%62.6×37.3%-3.4%
Sunny Optical 2382.HKHong Kong$8.92B-3%+20%8%14.8×4.9%+1.9%
Shenzhen Kinwong Electronic 603228.SSChina$8.38B-23%+33%12%22.6×n/an/a
Taiwan Union Technology 6274.TWOTaiwan$8.21B-26%+87%23%13.9×n/an/a
Shengyi Electronics 688183.SSChina$7.95B-44%+46%21%19.4×n/an/a
Kinsus Interconnect Technology 3189.TWTaiwan$10.7B+27%+34%14%29.4×41.2%+7.7%
TTM Technologies TTMIUnited States$7.01B-58%+38%12%8.5×24.1%+6.7%
Accelink Technologies 002281.SZChina$10.8B-37%+32%11%42.6×n/an/a
VICR VICRUnited States$6.78B-43%+41%25%25.9×46.0%+6.6%
Orbbec 688322.SSChina$6.73B+37%+1%0%202.4×n/an/a
Jiangxi Redboard Technology 603459.SSChina$6.70B-4%+36%17%n/a53.4%+36.1%
Tripod Technology 3044.TWTaiwan$6.57B-15%+21%19%10.7×n/an/a
Shenzhen Fastprint Circuit Tech 002436.SZChina$6.54B-7%+26%6%57.3×n/an/a
Advanced Fiber Resources Zhuhai 300620.SZChina$6.50B-27%+86%18%107.0×n/an/a
Shenzhen Everwin Precision Technology 300115.SZChina$5.95B-12%+19%2%124.0×n/an/a
Zhen Ding Technology Holding Lt 4958.TWTaiwan$12.8B-12%+5%9%18.4×n/an/a
Compeq Manufacturing 2313.TWTaiwan$5.93B-42%+8%11%15.9×14.6%+4.7%
Gold Circuit Electronics 2368.TWTaiwan$12.9B-45%+68%26%14.5×14.2%+20.7%
Founder Technology 600601.SSChina$5.70B-27%+73%19%47.6×n/an/a
Taiyo Yuden 6976.TJapan$5.63B+4%+6%6%28.8×47.0%+3.4%
Victory Giant Technology (HuiZhou) 2476.HKHong Kong$13.6B-67%+45%26%12.4×n/an/a

Questions

Who are Innolux's main competitors?
Named competitors: AU Optronics (2409.TW), BOE Technology (000725.SZ), LG Display (034220.KS). The cockpit's measured peer set (industry) also includes Sunny Optical (2382.HK), Shenzhen Kinwong Electronic (603228.SS), Taiwan Union Technology (6274.TWO), Shengyi Electronics (688183.SS), Kinsus Interconnect Technology (3189.TW), TTM Technologies (TTMI).
Is Innolux expensive compared with its peers?
On forward p/e it trades at 62.6× against a peer median of 22.6×, 4th most expensive of 20 in its peer set. For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +41 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
How has Innolux stock performed?
Over six months to 6 Nov 2026 the shares returned +32.3% against -24.6% for the median peer; over one year +161.2%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.