[Asia Economy Reporter Jang Hyowon] JNTC announced that it has secured a powerful performance momentum that will drive sales growth by 270 times.
JNTC (CEOs Jang Yongsung and Kim Yuntaek), a leading company in 3D cover glass, announced on the 6th that sales of extra-large cover glass for automotive electronics are showing a steep growth trend.
Automotive cover glass is an extra-large tempered glass for electronic displays designed ergonomically from the driver's seat to the passenger seat. Based on the original technology of 3D cover glass for mobile devices in 2020, JNTC succeeded in developing the world's first extra-large curved glass and achieved mass production in 2021 according to market demand. This is the company's core high value-added product.
JNTC achieved sales of about 2.68 billion KRW in the first year of the automotive business in 2021, followed by 19.6 billion KRW last year, and expects sales of around 55 billion KRW this year, a 280% increase compared to last year due to additional orders from customers. The company is confident that it will surpass annual sales of 200 billion KRW within the next four years and maintain a cumulative order backlog of more than 1.1 trillion KRW for all automotive cover glass, including already secured orders, by 2028.
Accordingly, JNTC is continuously improving the production efficiency of the equipment and processes already invested in to enable its Vietnam subsidiary's 3rd plant, dedicated to automotive cover glass production, to supply more than 200 billion KRW worth of products annually, and is also proactively reviewing some investment plans.
Recently, market research firm Omdia significantly raised its 2023 vehicle display market size forecast from 8.8 billion USD to 9.5 billion USD, and expects the market size to reach 10 billion USD (approximately 14 trillion KRW) for the first time in 2024. Globally, the demand for smart cars such as electric vehicles and autonomous driving is increasing, raising the necessity for car infotainment, and the trend toward larger vehicle displays is expected to intensify.
In response to these positive external environmental changes, JNTC stated, "With our proprietary automation technology that ensures high productivity throughout the entire process and unique leading technologies applying functional coating technologies such as AF, AR, and AG, we have secured an exclusive position not only in the existing mass-produced automotive cover glass market but also in new markets." In fact, these changes are ultimately leading to a surge in global sales of existing mass-produced automotive cover glass models and expansion into other premium vehicle models, creating a golden opportunity to achieve an unprecedented quantum leap through more aggressive order activities.
They added, "Starting from the first quarter, the fruits of customer diversification and product diversification across all business divisions will become more apparent," and "This year is expected to be a special year in which not only quantitative growth but also qualitative growth can be achieved simultaneously."
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