Investment Rating - The report maintains a BUY rating for BOE Varitronix with a target price of HK$10.94, indicating a potential upside of 129.3% from the current price of HK$4.77 [4][9]. Core Insights - Management expects larger and high-end displays to drive sales growth, with a guidance of over 8% year-on-year sales growth, outperforming the industry average of 4% [2][9]. - High-end products are projected to achieve over 200% year-on-year growth, contributing significantly to overall sales in FY24E [2]. - The Chengdu plant is operating at full capacity, producing over 15 million pieces per month, with expectations for a recovery in utilization rates in the second half of FY24E [2][9]. - The net profit margin (NPM) is anticipated to recover in the second half of FY24E due to improved operational efficiency and ASP increases [2][9]. Financial Summary - Revenue is projected to grow from HK$10,760 million in FY23A to HK$11,699 million in FY24E, reflecting an 8.7% year-on-year increase [3][11]. - Net profit is expected to recover from HK$475.3 million in FY23A to HK$573.5 million in FY24E, representing a 20.7% year-on-year growth [3][11]. - The company is trading at a P/E ratio of 6.5x for FY24E, which is below the historical average, suggesting an attractive valuation [9][13]. Operational Highlights - The management highlighted that overseas demand for high-end products is rapidly increasing, contributing to the positive outlook for large displays and high-end products [2]. - The system business is expected to grow over 100% year-on-year in FY24E, with sales contributions projected to exceed 5% in FY24 and 5-10% in FY25E [2]. - The report indicates that the automotive display segment is also showing resilience, with expected growth in both domestic and overseas markets [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 10.94, based on a FY24E P/E ratio of 15 times [2][7]. Core Insights - The company is well-positioned to benefit from the ongoing upgrade trends in large and high-end displays, with management projecting an 8% year-over-year sales growth, outperforming the industry average of 4% [2][3]. - The management anticipates over 200% year-over-year growth in high-end products (oxide/LTPS/OLED) contributing significantly to FY24E sales [2][3]. - The company’s system business is expected to achieve over 100% year-over-year growth in FY24E, with sales contributions exceeding 5% in FY24 and 5-10% in FY25 [2][3]. Financial Summary - Revenue is projected to grow from HKD 10,760 million in FY23A to HKD 11,699 million in FY24E, reflecting an 8.7% year-over-year increase [3][9]. - Net profit is expected to recover to HKD 573.5 million in FY24E, up from HKD 475.3 million in FY23A, indicating a 20.7% year-over-year growth [3][9]. - The company’s EBITDA is forecasted to increase from HKD 771 million in FY23A to HKD 865.7 million in FY24E, representing a 12.3% growth [3][9]. Operational Updates - The Chengdu factory is currently operating at full capacity, producing over 15 million units per month, with expectations for UTR to stabilize in the second half of FY24E [2][3]. - Management noted that the factory has not incurred new depreciation costs and is transitioning to smaller and urgent orders rather than experiencing a demand slowdown [2][3]. Market Position - The company is experiencing rapid growth in overseas demand for high-end products, which is expected to drive ASP increases and NPM recovery [2][3]. - The report highlights the company's leadership in automotive displays and its positive outlook on order wins and overseas expansion [7].

京东方精电（710） 更新报告 买入 2024年05月13日 车载显示屏龙头，保持高端市场竞争优势 陈晓霞  2023 年业绩低于预期：京东方精电是京东方旗下唯一车载显示模 组和系统运营平台，为客户提供车载显示总成及智慧车载显示系 + 852-25321956 统。2023 收入 107.6 亿港元，增加 0.4%；净利润 4.75 亿港元，下 降 18%，低于市场预期。业绩压力主要来自二季度产品价格承压、 xx.chen@firstshanghai.com.hk 人民币贬值、库存减值以及成都工厂投产爬坡带来的成本压力。 主要资料  保持行业领先地位：根据 Omidia 数据，1）车载显示模组总出货 行业 汽车配件 量、2）中大尺寸（8 英寸及以上）出货量，3）氧化物及 LTPS 出货 量，未来 3 年全球复合增长率分别为 4.4%、8.35%和 18.16%。京东 股价 6.13港元 方精电在全球车显示屏市场交付数量、面积均维持市场份额第一。 目标价 9.06港元 在超大尺寸汽车显示屏、曲面显示器及显示系统、PHUD、增强型动 (+47.8%) 态实景抬头显示器（AR-HUD）、CMS、座椅扶手屏幕、侧 ...

Financial Performance - Revenue for 2023 reached HKD 10.76 billion, a 0.4% increase compared to HKD 10.72 billion in 2022[7][9] - EBITDA for 2023 was HKD 771 million, an 8% decrease from HKD 841 million in 2022[7][9] - Net profit attributable to shareholders in 2023 was HKD 475.3 million, an 18% decline from HKD 582.5 million in 2022[7][9] - Cash and term deposits balance as of December 31, 2023, stood at HKD 3.501 billion, up from HKD 2.881 billion at the end of 2022[7][9] - Bank loans decreased by 7% to HKD 620 million in 2023, with HKD 383 million being long-term loans primarily for capital expenditures[9] - Net profit attributable to shareholders decreased by HKD 107.2 million, down 18% year-on-year, primarily due to price adjustments and additional costs from new production facilities[12] - EBITDA decreased by 8% to HKD 771 million, with an EBITDA margin of 7.2%, influenced by depreciation and higher marginal costs[12] - Revenue for the fiscal year ending December 31, 2023, increased by 0.4% to HKD 10,760,000,000, driven by increased production capacity at the new facility in Chengdu and higher sales of TFT and touchscreen display modules[38] - Operating profit for 2023 decreased by 15% to HKD 570,000,000, primarily due to price adjustments, additional costs from the new facility, and higher marginal costs during the optimization phase[39] - Net profit attributable to shareholders decreased to HKD 475,000,000 in 2023 from HKD 582,000,000 in 2022, with basic earnings per share dropping to 60.4 HK cents from 78.4 HK cents[41] - The company proposed a final dividend of 19.0 HK cents per share, totaling HKD 150,000,000 for the year[41] - Cash and cash equivalents increased to HKD 3,501,000,000 in 2023 from HKD 2,819,000,000 in 2022, with significant holdings in RMB and USD[44][45] - The company's debt-to-equity ratio decreased to 14.1% in 2023 from 16.2% in 2022, reflecting efforts to reduce operational risks[42] - Cash flow from operating activities rose to HKD 1,307,000,000 in 2023 from HKD 834,000,000 in 2022, driven by optimized working capital management[43] - Net cash used in investing activities was HKD 224,000,000 in 2023, down from HKD 1,170,000,000 in 2022, with HKD 502,000,000 spent on property, plant, and equipment[43] - The company completed the use of HKD 798,800,000 raised from share placements and shareholder subscriptions, allocated to factory construction, equipment procurement, and working capital[46][47] - The company's bank loans decreased to HKD 620,000,000 in 2023 from HKD 667,000,000 in 2022, with a mix of fixed and floating interest rates[48] - Bank loans of HKD 171,044,000 were secured by land, buildings, plant, machinery, and equipment of a subsidiary, with the pledge agreement expected to take effect in 2024 after registration[49] - The group's outstanding capital commitments not provided in the financial statements amounted to HKD 346,000,000 as of December 31, 2023, down from HKD 905,000,000 in 2022[50] - Total assets increased to HKD 10,034,000,000 in 2023, up from HKD 8,283,000,000 in 2022, driven by new factory completion and higher cash and fixed deposits[40] - Inventory rose by 24% to HKD 1,947,000,000 in 2023, compared to HKD 1,568,000,000 in 2022, due to increased production capacity from the new factory[40] - The Board of Directors proposed a final dividend of 19.0 HK cents per share for 2023, with a total annual dividend of 19.0 HK cents per share, down from 23.0 HK cents in 2022[184] - The company maintains a stable dividend policy with a payout ratio of no less than 30%, subject to review and based on profits, cash flow, financial condition, and capital requirements[184] Market Position and Business Strategy - The company maintains a leading global market share in automotive TFT display products and medium-to-large display modules[3] - The company celebrated its 45th anniversary, highlighting a history of innovation and growth in the automotive and industrial display sectors[3] - The company aims to become a leading provider of automotive smart cockpit display assembly solutions[3] - The company is part of the BOE Group, focusing on automotive and industrial display solutions, and is the only automotive display and system operation platform within the group[3] - The company's vision includes expanding its impact and delivering more value to customers and communities[3] - Group revenue growth driven by increased TFT and touch panel display module production capacity, with TFT and touch panel display modules accounting for 91% of total revenue[12] - Automotive display business revenue increased by 1% to HKD 9.71 billion, accounting for 90% of total group revenue[17] - Industrial display business revenue decreased by 8% to HKD 1.05 billion, representing 10% of total group revenue[18] - New production facility in Chengdu increased capacity by over five times in 2023, enhancing production efficiency and supply capabilities[18] - Global automotive display module market expected to grow at a CAGR of 4.40% for total shipments, 8.35% for large and medium-sized displays, and 18.16% for oxide and LTPS technologies over the next three years[19] - The global automotive display system market is expected to reach nearly HKD 100 billion in China by 2026, with the global smart cockpit and smart mobility market projected to reach several hundred billion HKD by the same year[20] - The company maintained its leading market share in global automotive display deliveries, particularly for displays of 8 inches and larger, and received multiple awards from major automakers[20] - China's new energy vehicle (NEV) sales are expected to grow by approximately 21% in 2024, with NEV sales accounting for about 33% of total vehicle sales in 2023, up from 2022[20] - China's NEV sales accounted for approximately 60% of the global market share in 2023, driven by the world's largest NEV charging network[20] - The company anticipates significant growth opportunities in Europe due to the EU's ban on new petrol and diesel cars from 2035, which will drive demand for NEVs and related products[21] - The company's "HERO" project focuses on developing smart cockpit applications for health, entertainment, leisure, and office scenarios, targeting the evolving "third space" concept in vehicles[21] - The company expects China's leading NEV manufacturers to increase their market share globally, with the company already holding a significant portion of the Chinese NEV market[22] - The company is developing innovative products such as large-sized automotive displays, curved displays, and advanced systems like OLED and PHUD (Panoramic Head-Up Display) to enhance competitiveness[22] - The company's PHUD technology is expected to see significant growth, with global shipments projected to reach 500,000 units by 2025 and 7 million units by 2030[22] - The company is expanding its display module applications to various vehicle types, including agricultural vehicles, trucks, and other motor vehicles, to capture new business opportunities[23] - The company continues to develop new technologies to meet market demands, focusing on multi-screen, large-size, high-quality displays, and improved HMI for automotive manufacturers[24] - The company is expanding its automotive system business and emerging businesses like CMS, PHUD, AR-HUD, seat armrest screens, side door screens, rear flip screens, and co-pilot screens[24] - The company is collaborating with leading new energy vehicle manufacturers in China and expanding its system display solutions business overseas[24] - The company is optimizing supply chain management by shifting to lower-cost IC chip suppliers and implementing dual sourcing to maintain quality and cost efficiency[24] - The new factory, operational since 2022, is in the early production phase with higher costs and is focusing on increasing production, improving equipment utilization, enhancing product quality, and reducing production losses[24] - The company aims to improve supply chain management, strengthen product innovation, optimize production efficiency, and enhance product quality in 2024[25] - The company has secured orders for new energy vehicles and is promoting TFT display products to industrial instrument and high-end home appliance customers to expand its industrial display business[26] - The company's products are installed in various high-profile vehicles, including Geely, Aston Martin, and NIO, with advanced display technologies like AMOLED and Mini LED[27] - The company maintains a leading market share as a comprehensive automotive smart cockpit display solution provider, reaching major OEMs and new energy vehicle manufacturers[28] - The company adheres to international quality standards like ISO 9001 and IATF 16949 to meet the demands of both domestic and overseas customers[28] - The company has established competitive advantages in high-quality products, stable supply, cost-effective offerings, and excellent after-sales service[29] - The company is focusing on expanding its automotive display business, maintaining its leading position, and implementing a "three-step development strategy" to explore automotive display systems and smart cockpit solutions[29] - The company launched the "HERO" project in 2023, aiming to create intelligent cockpit experiences in health, entertainment, relaxation, and office scenarios[29] - The company has set ESG goals for 2025, including reducing carbon emissions, energy and water consumption, and hazardous waste[29] - The company has globally launched a 14.6-inch QHD Oxide display product, which is already in mass production, and showcased a 45-inch 9K ultra-large Oxide cockpit screen at CES 2024[30] - The company is developing Tandem OLED technology, which combines high efficiency and long lifespan, and has multiple car-mounted f-OLED displays in mass production[30] - The company has successfully developed a ~5K ultra-high-definition naked-eye 3D display and integrated it into driver monitoring systems for immersive 3D interfaces[30] - The company is advancing ADS-Pro technology, incorporating Mini LED, BD Cell, high refresh rates, high resolution, and wide color gamut for superior display performance[30] - The company has secured multiple projects with renowned automakers for BD Cell and Mini LED displays, demonstrating customer recognition[30] - The company is researching real-time 3D reverse imaging systems with zero latency and exploring multi-viewpoint 3D displays to eliminate eye-tracking systems[30] - The company completed the development of a smart surface material that passed vehicle-grade reliability testing and is now focusing on developing more surface materials with Mini-LED backlighting[31] - The switchable privacy display (POD) technology received positive feedback from Tier-1 clients in 2023, with further improvements planned for 2024, targeting completion in Q4 2024[32] - The company developed a pressure-sensitive touch technology to reduce false touches in outdoor and marine applications, particularly suitable for motorcycle dashboards and marine use[33] - A new knob-touch semi-system for cost-effective solutions like motorcycle dashboards and home appliances completed reliability testing in Q2 2023 and entered the sampling phase in Q4 2023[34] - The company completed the design of a next-generation TFT solution for AR-HUD systems and developed LCoS-based AR-HUD technology, filing 34 patents[35] - The company achieved a milestone by becoming the first in China to pass the GB15084 national standard test for a CMS system, obtaining 3C certification[36] - The company secured a core client for a 17.3-inch rear entertainment ceiling screen and completed the development of a high-performance cockpit domain controller based on the SiEngine platform[36] - The company has a strong presence in the smart cockpit industry, showcasing leading smart cockpit display technology and innovative "HERO" cockpit interactive application scenarios[177] - The company has received multiple awards, including the Harman Best Technology Award, Schneider 2023 Quality Supplier Award, and Zero Run Auto Global Partner Conference Innovation Award[178] - BOE Varitronix Limited participated in various exhibitions and forums, such as CES and the International Automotive Display Summit, promoting new AR-HUD solutions and smart cockpit technologies[179] - The company has strategic collaborations with major automotive companies like Great Wall Motors, Changan Qiyuan, and BYD, focusing on smart cockpit and display innovations[180] ESG and Sustainability - The company has set ESG goals for 2025, including reducing carbon emissions, energy and water consumption, and hazardous waste[29] - The company has committed to achieving carbon neutrality by 2050, with a specific reduction of 2,812.7014 tCO2e in 2023[65] - The company updated and optimized its environmental and social indicator reporting system in 2023 to ensure accurate data collection and reporting[62] - The company conducted a greenhouse gas emissions inventory within its operational control scope and explored pathways to achieve carbon neutrality[65] - The company implemented energy-saving projects and utilized green energy, including the construction of a rooftop photovoltaic power generation project[65] - The company's ESG report for 2023 complies with the "importance," "quantification," "balance," and "consistency" reporting principles[63] - The company's Board of Directors oversees ESG strategy and reporting, with regular reviews of ESG performance and targets[64] - The company held a new regulation training session in June 2023, covering auditor training, new standards, and operational-level consultations[64] - The company's ESG governance and management mechanisms are integrated into its operations to achieve long-term environmental, social, and corporate value[64] - The company's ESG report covers operations in China (including Heyuan and Chengdu) and Hong Kong, which are its core operational locations[59] - The company's Board of Directors conducts at least two ESG communication meetings annually to review and approve ESG strategies and performance[60] - The company has established an ESG risk management team composed of senior management and the finance department, which meets regularly to ensure proper management of ESG risks[66] - The company maintains regular communication with stakeholders through various channels to understand the impact of its activities and their demands[67] - Key stakeholder communication channels include shareholder meetings, annual reports, direct communication, and investor conferences for shareholders/investors, while customers are engaged through direct communication, site visits, and the company website[68] - The company has identified highly important ESG issues, including recruitment and promotion, health and safety, and greenhouse gas emissions, among others[70] - The company emphasizes environmental protection, with emissions and waste treatment policies fully compliant with local regulations and ISO 14001 certification obtained since 2005[75] - The company generated 881.35 units of non-hazardous solid waste, with a recycling rate of 81.91%[76] - The company has a robust risk management and internal control framework based on the "three lines of defense" model, overseen by the board of directors and the audit committee[72] - The company maintains a zero-tolerance policy towards corruption, with strict compliance with anti-corruption laws and regular employee training on ethical behavior[73] - The company ensures all related-party transactions are conducted fairly and transparently, with strict internal controls and regular monitoring to safeguard shareholder interests[74] - The Chengdu factory, covering 151,000 square meters, began mass production in October 2022 and completed environmental protection acceptance in February 2023[77] - The Chengdu factory achieved ISO14001:2015 environmental management system certification in June 2023[77] - Total greenhouse gas emissions at the Heyuan factory decreased from 60,154.81 tons in 2022 to 54,726.43 tons in 2023, a reduction of 9%[78] - Direct CO2 equivalent emissions at the Chengdu factory were 34,652.42 tons in 2023, compared to no data available for 2022[78] - Non-methane total hydrocarbon emissions at the Heyuan factory decreased by 5% from 1.115 tons in 2022 to 1.060 tons in 2023[79] - The Chengdu factory's waste gas collection rate exceeds 90%, with organic waste gas emissions being less than 10% of Sichuan's local emission limits[79] - The Heyuan factory has been using bio-alcohol oil as fuel since December 2018, effectively reducing emissions[79] - Wastewater discharge at the Heyuan factory decreased from 863,197 tons in 2022 to 694,554 tons in 2023, a reduction of 19.5%[78] - Hazardous solid waste at the Chengdu factory was 48.48 tons in 2023, compared to no data available for 2022[78] - The Chengdu factory's natural gas vacuum hot water boiler uses low-nitrogen combustion technology, keeping pollutant concentrations below Chengdu's emission limits[79] - Direct CO2 emissions (Scope 1) from the Heyuan plant increased by 343.95 tons in 2023, reaching 448.75 tons, a 374.66% increase per unit of product compared to 2022[80] - Indirect CO2 emissions (Scope 2) from purchased electricity at the Heyuan plant amounted to 54,277.68 tons in 2023[80] - Total greenhouse gas emissions (Scope 1 and 2) for the Heyuan plant in 2023 were approximately 54,726.43 tons[80] - The Chengdu plant's total greenhouse gas emissions (Scope 1 and 2) in 2023 were approximately 18,483.92 tons, with Scope 1 emissions at 347.64 tons and Scope 2 emissions at 18,136.28 tons[80] - The company plans to purchase 6 million kWh of green electricity in 2024 to promote low-carbon energy[81] - Wastewater discharge at the Heyuan plant decreased by 19.5% in 2023 compared to 2022, totaling approximately 168,600 tons[83] - The Heyuan plant's wastewater treatment facility has a maximum daily treatment capacity of 4,000 m³, with current daily treatment at approximately 2,000 m³[83] - The Chengdu plant does not have an industrial wastewater treatment station as it does not involve toxic or harmful wastewater discharge[83] - The company is implementing ISO 50001 energy management system construction and certification to promote energy conservation and carbon reduction[

业绩简评 2024 年 3月 21日，公司发布 2023 年业绩公告。公司2023年收入 为108亿港元、同增 0.4%，归母净利为4.8 亿港元、同减 18%； 2023 年 H2收入为 56 亿港元、同减 6%，归母净利为2.7 亿港元、 同减 18%。 经营分析 分下游来看，2023年车载、工业显示器收入为 97、11亿港元，同 比1%、-8%，占比为90%、10%；分地区来看，中国区收入为 79亿 港元，占比73%、同增 5%，国内增速快于海外。 车载业务：显示器龙头地位稳固，未来转型 tier1 可期。车载显 港币(元) 成交金额(百万元) 示器件为百亿级别市场，根据 Omdia，预计未来三年全球车载显示 17.00 100 出货量 CAGR 达 4%。2023 年公司出货数量、出货面积、中大尺寸 15.00 89 00 出货量全球第一。预计 2026 年车载显示系统市场近1000 亿港币， 13.00 70 60 11.00 50 全球智能座舱及智能出行市场达数千亿港币。智能座舱方面，公 40 9.00 30 司已完成基于高算力的芯驰平台的座舱域控制器，采用硬件隔离 7.00 20 10 方案实现 ...

Core Viewpoint - BOE Technology Group Co., Ltd. reported a slight increase in revenue for the fiscal year 2023, but a significant decrease in net profit attributable to shareholders, primarily due to price adjustments and increased operational costs [1] Financial Performance - Revenue for the year reached HKD 10.76 billion, representing a year-on-year growth of 0.35% [1] - Net profit attributable to shareholders was HKD 475 million, a decrease of 18.4% compared to the previous year [1] - Basic earnings per share stood at HKD 0.604 [1] - The final dividend declared was HKD 0.19 per share [1] Cost Factors - The decline in net profit was mainly attributed to price adjustments and additional costs associated with new production facilities in Chengdu, China, including personnel costs, property expenses, and depreciation of plant and equipment [1] - The overall marginal cost of products remained high in 2023 due to ongoing capacity enhancements and optimization efforts [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） 2023 年年度全年業績公告 主席報告 財務摘要 | --- | --- | --- | |---------------------------------------------|--------------------------------------|--------------------------------------| | 百萬港元 2023 | 年年度 2022 | 年年度 | | 收益 | 10,760 | 10,722 | | 利息、稅項、折舊及攤銷前利潤 （ EBITDA 1 ） | 771 | 841 | | 股東應佔溢利 | 475.3 | 582.5 | | 基本每股盈利 | 60.4 港仙 | 78.4 港仙 | | 攤薄每股盈利 | 60.2 港仙 | 77.8 港仙 | | 末期股息每股 | ...

| --- | --- | --- | --- | --- | |------------------------------------------|--------|-------|-------|------------------------| | | | | | | | | | | | | | | | | | | | O | | | | | | | 0 | ● | | | | ２０２３ 年 中 期 報 告 ● | 9 | | | | | ● C O BOE | ● lima | O | | 京東方精電有限公司 | 目錄 2 3 關於京東方精電 公司資料 16 管理層討論及分析 主席報告 23 可持續性 營運回顧 29 41 其他資料 中期財務資料內之審閱報告 42 43 綜合損益及其他全面收益表 綜合損益表 44 45 綜合權益變動表 綜合財務狀況表 47 48 簡明綜合現金流量表 未經審核中期財務報告附註 5 20 使命 顯示賦能美好出行 價值觀 成為智慧車載顯示及解決方案領導者 u 京東方精電有限公司 // 2023年中期報告 關於 京東方精電 京東方精電有限公司（「本公司」）及其附屬公司（「 ...

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) 2023 年中期業績公告 主席報告 財務摘要 百萬港元 截至2023年6月30日 截至2022年6月30日 止6個月 止6個月 收益 5,210 4,831 利息、稅項、折舊及攤銷前利潤 324 359 （EBITDA1） 股東應佔溢利 202.5 250.9 基本每股盈利 25.8港仙 34.5港仙 攤薄每股盈利 25.7港仙 34.2港仙 截至2023年6月30日 截至2022年12月31日 現金及定期存款結餘 2,360 2,881 1 利息、稅項、折舊及攤銷前利潤(EBITDA)指本期溢利，另加於計算本期溢利時扣除之以下數額：融資成本、所得稅， 折舊及攤銷。 ...

60 | --- | --- | --- | --- | |-----------------------|-------|----------|------------------------| | | | | | | | | | | | | | | | | C | | | | | ２０２２ 年 年 年 報 | | ● O | | | ● | | 9 | | | ● O | BOE | ● O linn | 京東方精電有限公司 | 使命 顯示賦能美好出行 價值觀 成為智慧車載顯示及解決方案領導者 y 目錄 2 3 關於京東方精電 公司資料 5 14 主席報告 管理層討論及分析 19 22 營運回顧 環境、社會及管治報告 52 58 董事及高級管理層 企業管治報告 69 89 獨立核數師報告 董事會報告 95 96 綜合損益表 綜合損益及其他全面收益表 97 98 綜合權益變動表 綜合財務狀況表 100 101 財務報表附註 綜合現金流量表 155 本集團擁有之物業 五年概要 156 l 002 BOE Varitronix Limited // Annual Report 2022 關於 京東方精電 京東 ...