There seems to be some concern about the first quarter, but that concern is way overblown.
The first quarter will be weaker than the fourth quarter for Apple. That's normal! Companies that sell to western consumers usually do best in the third and fourth quarters because of the Christmas season, and worst in the first quarter. It's not surprising that Apple's volume would be down.
For Nam Tai the third quarter had one weak month of iphone LCM production and low volume ipad production, and yet was still very profitable. The first quarter will have three months of iphone LCM production instead of one, so unless it's less than one third the already low rate of September, then the first quarter will still have higher iphone revenue.
Also, far too much is being made of Apple, while other customers are being ignored. In the second quarter, with $205M revenue, 44% was from Apple, while in the third quarter, with $380.5M, 38% of revenue was from Apple products. How can that be, that the revenue from Apple increased and yet revenue from other customers would seem to have increased even more?
I can see three main reasons:
1) Hitachi. Last year, Toshiba Mobile Display was 32.3% of revenue, Sony Mobile Display Corporation was 30.7%, Sharp was 10.5%, and Sony Computer Entertainment Europe Ltd. was 10.4%. Japan Display is a combination of Toshiba, Sony, and Hitachi. Note that Hitachi was not previously a customer. The creation of Japan Display in 2012 effectively added a new customer, and Nam Tai may now be getting business from the factories that used to belong to Hitachi.
2) Sony's mobile phone division. As I've said before, last year Sony went from 6th in smartphones to 3rd. That's not a small advance. Note that Sony was the largest customer last year (between the two separate divisions.) Presumably every Sony phone uses a Sony (now Japan Display) LCD screen, whereas with Apple only a small portion of iphone screens pass through Nam Tai, so growth in Sony means that much more. Sony produced around 35M phones in 2012, and hopes to produce 50M phones in 2013. Not only that, but the average screen size is increasing, and the larger the screen the more revenue Nam Tai gets.
3) Growth. Automotive displays (61.7M in 2012) are growing around 20% per year, and Sharp and Japan Display are the two dominant companies there. Tablets and smartphones are obviously doing quite well also.
We'll know more about how the first quarter will look soon, but don't make the mistake of thinking that Apple is more important than it is. Even a "slow" first quarter should be a huge amount of revenue considering how low the stock price is. We also know that they are in talks for a new product with existing customers, and I think we'll hear more about that during this quarter.