Suji Desilva: Okay. Got it. Maybe one last quick question. The OpEx from the current levels, do you expect it to be steady going forward? Or will you be adding to the OpEx? Or are there additional cost efficiency opportunities ahead? Thanks.
Shinyoung Park: I mean the voluntary resignation program that we executed at the end of Q1, that’s definitely helping our SG&A, R&D to go down and that’s what you saw in Q2. But R&D for the full-year 2023, we’re kind of similar to the last year’s level due to the development of like many new chips as YJ explained during the call. So you’re going to see some increase in R&D expenses in the second half of 2023. But the SG&A, we are trying to keep that at a reduced level benefited from the voluntary resignation program effect.
Suji Desilva: Okay, got it. Very helpful, Shinyoung. Thanks, everybody.
Operator: [Operator Instructions] Our next question comes from Martin Yang with Oppenheimer. Your line is open. Martin, your line is open. You can ask your question.
Martin Yang: Hi, can you hear me?
Operator: Yes, we can hear you now.
Martin Yang: Great. So my first question is maybe YJ, can you clarify your comments regarding your Korean panel customer and its alignment with Chinese smartphone OEMs. Can you give us more details on what you mean by the compliments? And what are the potential outcomes out of the different scenarios for the alignment with the customers?
Young-Joon Kim: Yes. Martin, very good question. So our Korean panel customer, they tend to have three different type of customer, the Chinese smartphone makers, internal mobile division and then the food company. So our chip that we have provided to them last year in 2022 was targeted for their business for capturing some Chinese high-end smartphone. So that’s what they’re working on. But as you know, the China’s OLED market is very competitive and they have five main panel makers. And I think according to some market research data, they captured almost to 40% of the worldwide production or shipment in Q2 this year. So I think that’s why some delay there, but that is same – at the same time, we are doing so many chips with the new panel – global panel customer. And I think our strategy is on track.
Martin Yang: Got it. My second question is on your – the fourth and fifth chips and how that translates to maybe new customer relationships. Can you maybe tell us how many panel maker customers do you expect to have, OLED panel maker customers do you expect to have by the end of 2024?
Young-Joon Kim: By end of 2024 [Technical Difficulty] Hello? Hello?
Martin Yang: Yes. I can hear you.
Young-Joon Kim: Yes. There is some echo here. We expect to get two or three more panel customer by then shipping.
Martin Yang: And are all of them are Chinese?
Young-Joon Kim: Hello? Hello?
Operator: Yes, we can hear you.
Young-Joon Kim: Yes. Okay.
Operator: Maybe you should ask your question again, Martin.
Martin Yang: Sure. Just a follow-up on the – my second question is, are you expecting those additional panel customers Chinese?
Young-Joon Kim: Yes. So we are expecting our future chips to be open to be used by other than our current global customer.
Martin Yang: I have no more questions. Thank you.
Operator: [Operator Instructions] And I’m not showing any questions at this time. I’d like to turn the call back over to Yujia for any closing remarks.
Yujia Zhai: Thank you. That concludes our Q2 earnings conference call. Please look for details of our future events on Magnachip’s Investor Relations website. Thank you, everyone. Take care.
Operator: Well, ladies and gentlemen, this does conclude today’s presentation. You may now disconnect and have a wonderful day.
