Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company is actively expanding its production capacity with the construction of a new manufacturing base, expected to add over 10 million units of annual production capacity by the end of 2026 [2]. - The introduction of the HERO 2.0 smart cockpit at CES 2026 showcases the company's integration of AI technology, enhancing visual, auditory, and interactive experiences [1]. - The company is transitioning from a component supplier to a solution provider through continuous product and service iterations [1]. Financial Performance - The projected total revenue for 2025-2027 is approximately HKD 14,002 million, HKD 15,451 million, and HKD 17,498 million, reflecting year-on-year growth rates of +4%, +10%, and +13% respectively [3][4]. - The expected net profit for the same period is HKD 373 million, HKD 467 million, and HKD 546 million, with year-on-year changes of -5%, +25%, and +17% respectively [3][4]. - The company's P/E ratios for 2025-2027 are projected to be 10.5x, 8.4x, and 7.2x [3]. Production and Capacity Expansion - The new manufacturing base in Heyuan will include smart production lines and R&D centers, further solidifying the company's market leadership in automotive display shipments [2]. - The company has established a global production and supply service system with bases in Heyuan, Chengdu, and Vietnam [2]. Product Innovation - The HERO 2.0 cockpit features advanced visual technology with MicroLED PHUD, achieving 50,000 nits brightness and 115% NTSC color gamut [1]. - The introduction of AI-powered digital amplifiers and multi-modal interaction methods enhances user experience within the cockpit [1].

Core Viewpoint - The Sichuan provincial government has announced a list of 830 key projects for 2026, with an expected total investment of 762.48 billion yuan, emphasizing project investment as a crucial driver for economic growth and high-quality development [1][4]. Group 1: Project Overview - The 830 key projects include 526 ongoing projects with an expected investment of 590.31 billion yuan and 304 new projects with an expected investment of 172.17 billion yuan for 2026 [1]. - The projects are categorized into four main types: industrial projects, infrastructure projects, livelihood and social projects, and ecological construction and environmental protection projects [1]. Group 2: Industrial Focus - Among the projects, industrial projects account for 425, with an expected investment of 363.75 billion yuan, representing 48.2% of the total number and 37.1% of the expected investment [1]. - Notable projects include a 63 billion yuan AMOLED production line by BOE Technology Group, which is expected to capture over 20% of the global market and 50% of the national market for flexible displays [2]. Group 3: Technological Innovation - Over 240 projects supporting new productive forces are included, with an expected investment exceeding 200 billion yuan, highlighting a focus on technological innovation [3]. - Specific projects include a 35 billion yuan aviation equipment manufacturing base and a 93.5 billion yuan intelligent manufacturing project, which will significantly enhance production capabilities in their respective sectors [3]. Group 4: Regional Contributions - Chengdu has 168 key projects listed, with a total investment of nearly 1.3 trillion yuan, accounting for 20.2% of the total projects and 24.4% of the total investment in the province [5]. - Key projects in Chengdu include a 236 billion yuan integrated transportation hub and a 1.128 trillion yuan housing project aimed at improving urban living conditions [5].

Core Insights - Chengdu is accelerating the construction of major industrial projects, including BOE's 8.6-generation AMOLED production line with a total investment of 63 billion yuan and BYD's semiconductor project with an investment of 22.1 billion yuan, both expected to be completed within the year [2][3] - The Sichuan provincial government has announced a list of key projects for 2026, with Chengdu contributing 168 projects totaling nearly 1.3 trillion yuan, representing 20.2% and 24.4% of the province's total [2][3] - The projects are categorized into four main types: industrial projects, infrastructure projects, social welfare projects, and ecological construction projects, all closely aligned with national strategies [2][3] Industrial Projects - Industrial projects account for the largest share of the key projects in Chengdu, with 48.2% in number and 37.1% in investment amount, reflecting the city's ambition to strengthen its real economy [3] - Notable projects include a 3.5 billion yuan intelligent manufacturing base for aerospace equipment and a 9.35 billion yuan intelligent manufacturing project for automobiles, which will significantly enhance Chengdu's capabilities in these sectors [3] - The BOE AMOLED production line is expected to capture over 20% of the global market and 50% of the national market for flexible displays, directly benefiting over 200 upstream and downstream enterprises [3] Infrastructure Projects - Chengdu is focusing on traditional infrastructure investments, including transportation, water conservancy, and energy, while also incorporating new infrastructure projects like the Chengdu Supercomputing Center [3] - The Chengdu-Chongqing high-speed rail integrated transportation hub project, with an investment of 23.6 billion yuan, is a key node that will transform the eastern new district of Chengdu into a transportation hub [2][3] Social Welfare Projects - Major social welfare projects include a 112.8 billion yuan housing project aimed at alleviating housing difficulties and a 8.4 billion yuan project for the development of high-quality hospitals, which will enhance medical resource distribution [3] - The city is also investing in elderly care facilities, with a project worth 2.47 billion yuan expected to provide 280,000 square meters of elderly care services [3] Ecological Projects - Environmental projects include a 4.32 billion yuan waste-to-energy plant and a 6.62 billion yuan sewage treatment capacity enhancement project, which will significantly improve the city's waste management and water quality [3] - These projects are part of Chengdu's commitment to enhancing public welfare while adhering to strict standards to prevent superficial projects and ensure compliance with national regulations [3]

Core Insights - The article highlights the significant advancements made by BOE Technology Group at CES 2026, showcasing their innovative products and technologies in the automotive display sector, particularly focusing on smart cockpit solutions and AI integration [1][20]. Group 1: Product Innovations - BOE launched the HERO2.0 smart cockpit, featuring a comprehensive array of new products that integrate display technologies, AI, and innovative applications across various scenarios [1]. - The company introduced a full range of high-end automotive display products under three major technology brands: ADS Pro, f-OLED, and α-MLED, achieving breakthroughs in image quality, form factor innovation, and scene adaptability [2][20]. - The 15.6-inch automotive-grade UB Cell display utilizes Mini LED backlighting for precise light control, offering a million-level contrast ratio and deep blacks, comparable to OLED quality [5]. - The world's first 17-inch OLED rollable terminal was unveiled, capable of expanding from a 9.5-inch to a 17-inch display, enhancing portability and large-screen experience for mobile applications [7]. - A 30,000-nit MicroLED head-up display was introduced, providing clear visibility in outdoor conditions, while dual 12.3-inch MiniLED products deliver exceptional color performance [5]. Group 2: AI Integration and Interaction - AI technology was deeply integrated into product innovation, significantly increasing the proportion of soft and hard integration systems, enhancing the interactive experience of smart cockpits [9]. - The MicroLED PHUD panoramic head-up display features 50,000 nits brightness and supports multi-modal interactions, including touch, voice, and gesture controls [9]. - The AI-powered in-car digital amplifier utilizes AI noise reduction and sound quality restoration technologies, delivering high-quality audio experiences even in adverse conditions [11]. Group 3: Smart Interaction and Functionality - The introduction of a 3D ultrasonic fingerprint recognition car key allows for precise identification in challenging environments, enhancing user interaction and personalization [13]. - A dual-axis intelligent control screen enables dynamic adjustment of display angles based on driver posture, improving the overall driving experience [15]. - The innovative dual 24-inch "sky screen" integrates high color gamut and contrast technologies, enhancing the aesthetic appeal of the automotive cockpit [17]. Group 4: Ecosystem and Future Directions - BOE aims to integrate core technological capabilities with ecological resources, focusing on innovative scene-based solutions that extend from core cockpit scenarios to broader applications [18]. - The company is expanding into smart pet care, smart cycling, smart home, and smart retail sectors, showcasing a commitment to technological innovation across various industries [18][20]. - Future strategies will continue to emphasize technological innovation to enhance intelligent experiences in application scenarios, fostering collaboration with global partners [20].

Core Insights - BOE Technology Group showcased over 22 green products at CES 2026, marking a historical high for the company [2][3] - The company emphasizes its commitment to sustainable innovation and ecological collaboration, presenting 11 collaborative products with various partners [7][12] Group 1: Green Product Innovations - The company introduced HERO2.0 smart cockpit and over 20 green technology products, highlighting its global influence in sustainable innovation [1] - In the smart mobility sector, BOE's OLED technology enhances visual clarity and driving safety while optimizing energy efficiency, with a 50% reduction in power consumption and carbon emissions for its 14.6-inch IGZO display [4] - The photovoltaic dimming curtain wall utilizes advanced perovskite photovoltaic technology, showcasing unique advantages in low-light power generation [5] Group 2: Commitment to Sustainability - BOE aims to achieve carbon neutrality in its operations by 2050, supported by a governance structure that promotes carbon accounting and energy-saving initiatives [6] - The company has established dual certification systems for energy management (ISO 50001) and environmental management (ISO 14001), extending its green development philosophy to its supply chain [6] - BOE's manufacturing bases in Chengdu and Heyuan have been recognized as provincial green factories, with Chengdu recently named a "near-zero carbon emission industrial enterprise" [6] Group 3: Ecological Collaboration - BOE partnered with various ecological partners to present 11 collaborative products across multiple fields, including smart cockpits and smart homes, demonstrating its global ecological influence [7][12] - The company has expanded its business network to cover 16 countries and regions, collaborating with nearly 600 ecological partners [9] - During CES, BOE engaged in deep discussions with over 40 partners, including top luxury automotive brands, enhancing its brand influence and technical strength in the global market [9][10]

Core Viewpoint - BOE has achieved a significant breakthrough in the research and development of medium-sized OLED technology with the successful lighting of its first product from the newly built 8.6-generation AMOLED production line in Chengdu, laying a solid foundation for future mass production and delivery [1] Investment and Production Capacity - The total investment for the new production line is 63 billion yuan, with a designed capacity of 32,000 glass substrates per month, focusing on high-end touch OLED displays for smart terminals such as laptops and tablets [1] - With the new production line, BOE will operate four AMOLED production lines, continuously enhancing its OLED production capacity [1] Technology and Efficiency - The production line utilizes FMM product technology compatible with flexible OLED and Hybrid OLED, offering significant advantages in yield, production efficiency, product quality, and luminous efficiency compared to other technological routes [1] - The adoption of low-temperature polycrystalline silicon oxide (LTPO) backplane technology and Tandem stacked light-emitting device preparation processes enables the OLED screens to achieve lower power consumption and longer lifespan, driving the iterative upgrade of downstream laptop and tablet products [1] Historical Context and Future Outlook - BOE has already established three 6th-generation flexible AMOLED production lines in Chengdu, Chongqing, and Mianyang, with a cumulative OLED display shipment exceeding 500 million units [1] - The successful lighting of this new production line and its planned mass production next year will further solidify BOE's position in the OLED market [1]

Core Viewpoint - BOE Technology Group (京东方精电) announced the purchase of a total of 500,000 shares from the market to fulfill the requirements of its current and future share incentive plans, as per the terms of the trust agreement [1] Group 1 - The share purchase is scheduled for January 12, 2026 [1] - The shares will be used for the company's share incentive plans [1]

Core Viewpoint - BOE Technology Group (京东方精电) announced that on January 12, 2026, a trustee will purchase a total of 500,000 shares from the market to meet the requirements of the current and future share incentive plans as per the terms of the share incentive plan and trust agreement [1] Group 1 - The company is set to acquire 500,000 shares to support its share incentive plans [1] - The acquisition is scheduled for January 12, 2026, indicating a strategic move to enhance employee motivation and retention [1] - The shares will be purchased from the market, reflecting the company's commitment to its incentive programs [1]

Core Viewpoint - BOE Technology Group (京东方精电) announced that on January 12, 2026, a trustee will purchase a total of 500,000 shares from the market to meet the requirements of the current and future share incentive plans as per the terms of the share incentive plan and trust agreement [1] Group 1 - The company is set to acquire 500,000 shares to support its share incentive plans [1] - The purchase is scheduled for January 12, 2026, indicating a planned approach to share management [1] - The acquisition will be conducted by a trustee, highlighting a structured process in line with the company's incentive strategy [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 京東方精電有限公司 (於百慕達註冊成立之有限公司) (股份代號：710) 自願公告 根據股份獎勵計劃購買股份 茲提述京東方精電有限公司（「本公司」）刊發日期為2020年8月28日的公告（「該 公告」），內容有關本公司于2020年8月28日採納股份獎勵計劃（「股份獎勵計 劃」）、日期為2021年3月29日、2022年6月15日、2022年12月21日、2023年3月22 日、2024年3月24日及2025年4月14日的公告，內容有關根據股份獎勵計劃授予獎 勵股份、和日期為2025年4月8日、2025年4月9日、2025年4月15日、2025年4月16 日、2025年4月17日、2025年4月23日、2025年4月24日、2025年4月25日、2025年9 月4日、2025年9月9日、2025年9月10日、2025年10月13日、2025年10月17日、2025 年11月5日、2025年11月7日、2025 ...