Core Viewpoint - The signing of a series of contracts by Shenzhen Jingzhida Technology Co., Ltd. is expected to positively impact the company's operating performance in 2025 and 2026, as these contracts are part of the company's routine business activities [2][7]. Group 1: Contract Details - The total amount of the contracts signed with subsidiaries of BOE Technology Group Co., Ltd. is RMB 252.94 million (including tax) [3][5]. - The contracts involve the provision of services for the modification of signal generators, automatic flat panel display aging equipment, manual flat panel display aging equipment, and automatic optical inspection machines [3][6]. - The contracts are classified as routine operational sales contracts and do not require approval from the board of directors or shareholders' meeting [3][5]. Group 2: Impact on Company Performance - The successful execution of these contracts is anticipated to have a positive effect on the company's operating performance for the years 2025 and 2026, with revenue recognition based on specific contract terms and accounting principles [2][7]. - The contracts will not affect the company's business independence, nor will they create dependency on the contracting parties [7]. Group 3: Risk Analysis - Although the contracting parties have good performance capabilities, there are potential risks during contract execution, such as force majeure or other factors that may affect the final fulfillment of the contracts [8]. - The long contract execution period may lead to risks such as rising raw material and labor costs, which could result in a decrease in gross profit margins [8].

Core Viewpoint - The article highlights the significant presence of Middle Eastern sovereign wealth funds, particularly the Abu Dhabi Investment Authority and the Kuwait Investment Authority, among the top shareholders of A-share listed companies in China, indicating their growing investment interest in the Chinese market [1][2]. Group 1: Kuwait Investment Authority - As of the end of Q1, the Kuwait Investment Authority appeared in the top ten shareholders of at least 24 A-share listed companies, with a cumulative market value of 5.493 billion yuan, reflecting a 36.95% increase from the previous period's 4.011 billion yuan [3][4]. - The Kuwait Investment Authority increased its holdings in Feilong Electric by 1.63 million shares, bringing its total to 8.17 million shares, with a market value of 301 million yuan, accounting for 1.88% of the circulating shares [3]. - The investment authority also raised its stake in Yingliu Co. by 540,000 shares, totaling 9.78 million shares, with a market value increase of 51.89 million yuan to 182 million yuan, representing 1.44% of the circulating shares [3]. Group 2: Abu Dhabi Investment Authority - The Abu Dhabi Investment Authority became a top ten shareholder in 27 A-share listed companies, with a cumulative market value of 10.657 billion yuan, a 74% increase from the previous period's 6.121 billion yuan [5][6]. - The authority significantly increased its holdings in BOE Technology Group by 1.266 billion shares, with a total market value of 1.555 billion yuan, representing 1% of the circulating shares [6]. - The investment focus of the Abu Dhabi Investment Authority has diversified from pharmaceuticals to a broader range of sectors, including hardware, building materials, food and beverage, non-ferrous metals, and chemicals [6].

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company reported a revenue of 198.4 billion yuan for 2024, a year-on-year increase of 14%, and a net profit attributable to shareholders of 5.32 billion yuan, a significant increase of 109% year-on-year [3][11] - In Q1 2025, the company achieved a revenue of 50.6 billion yuan, a 10% year-on-year growth, with a net profit of 1.61 billion yuan, up 64% year-on-year [3][11] Financial Performance Summary - Revenue (in million yuan): - 2023A: 174,543 - 2024A: 198,381 (13.7% growth) - 2025E: 223,692 (12.8% growth) - 2026E: 242,846 (8.6% growth) - 2027E: 263,808 (8.6% growth) [6] - Operating Profit (in million yuan): - 2023A: 1,519 - 2024A: 4,931 (224.7% growth) - 2025E: 9,170 (86.0% growth) - 2026E: 13,570 (48.0% growth) - 2027E: 18,707 (37.9% growth) [6] - Net Profit Attributable to Shareholders (in million yuan): - 2023A: 2,547 - 2024A: 5,323 (109.0% growth) - 2025E: 8,380 (57.4% growth) - 2026E: 11,471 (36.9% growth) - 2027E: 14,776 (28.8% growth) [6] - Earnings Per Share (in yuan): - 2023A: 0.07 - 2024A: 0.14 - 2025E: 0.22 - 2026E: 0.30 - 2027E: 0.39 [6] Market Position and Product Development - The company remains a global leader in semiconductor display technology, with its LCD products maintaining the highest shipment volume globally [11] - The company is focusing on optimizing product structure and enhancing its market position in innovative applications, particularly in high-end LCD solutions [11] - The company achieved a flexible OLED shipment volume of nearly 140 million units in 2024, ranking second globally, with a target of 170 million units for 2025 [11]

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company reported a revenue of 198.4 billion yuan for 2024, a year-on-year increase of 14%, and a net profit attributable to shareholders of 5.32 billion yuan, a significant increase of 109% year-on-year. The first quarter of 2025 saw a revenue of 50.6 billion yuan, a 10% increase year-on-year, with a net profit of 1.61 billion yuan, up 64% year-on-year [3][4] Financial Performance Summary - **Revenue**: - 2023: 174.54 billion yuan - 2024: 198.38 billion yuan (13.7% growth) - 2025E: 223.69 billion yuan (12.8% growth) - 2026E: 242.85 billion yuan (8.6% growth) - 2027E: 263.81 billion yuan (8.6% growth) [6] - **Net Profit**: - 2023: 2.55 billion yuan - 2024: 5.32 billion yuan (109% growth) - 2025E: 8.38 billion yuan (57.4% growth) - 2026E: 11.47 billion yuan (36.9% growth) - 2027E: 14.78 billion yuan (28.8% growth) [6] - **Earnings Per Share (EPS)**: - 2023: 0.07 yuan - 2024: 0.14 yuan - 2025E: 0.22 yuan - 2026E: 0.30 yuan - 2027E: 0.39 yuan [6] - **Profitability Ratios**: - Gross Margin: - 2024: 15.2% - 2025E: 16.6% - 2026E: 17.6% - 2027E: 18.4% [6] - Net Margin: - 2024: 2.7% - 2025E: 3.7% - 2026E: 4.7% - 2027E: 5.6% [6] - **Valuation Ratios**: - Price-to-Earnings (PE) Ratio: - 2024: 27.2 - 2025E: 17.3 - 2026E: 12.6 - 2027E: 9.8 [6] Market Position and Product Development - The company remains a leader in the global semiconductor display market, with its LCD products maintaining the highest shipment volume globally. The company is focusing on optimizing product structure and enhancing its market position in innovative applications, particularly in high-end LCD solutions [11] - The company has seen an increase in OLED shipments, with a target of 170 million units for 2025, and has made significant technological advancements in high-end folding products [11] - The company is expanding its influence in the Internet of Things (IoT) market, achieving record sales in high-end TV and gaming products, and has made breakthroughs in self-developed products for educational and office use [11]

Core Insights - The large screen splicing system industry has experienced rapid growth and has become an essential core infrastructure for information visualization, driven by increasing demand for information technology in critical areas such as monitoring and command centers [1][13] - The market size of the large screen splicing system in China is expected to reach 423 thousand units in sales volume and 8.82 billion yuan in sales revenue by 2024, representing year-on-year increases of 8.43% and 9.02% respectively [1][13] Industry Overview - The large screen splicing system consists of high-brightness, high-resolution display walls made up of individual projection display units, controlled by image processing software [3][7] - The main components include the projection wall, projector array, and control system, with the control system being the core [3][7] Product Types and Applications - The main types of products in the market include LCD, DLP, and PDP, each with distinct advantages and disadvantages [5][6] - LCD: Low power consumption, lightweight, long lifespan, but cannot achieve seamless splicing [5][6] - DLP: Very small seams, better full-screen image display, but has lower brightness and higher costs [5][6] - PDP: Uniform brightness and color, but lower reliability and higher power consumption [5][6] Industry Chain - The industry chain consists of upstream raw materials and components, midstream assembly companies, and downstream application fields such as public security, transportation, government, finance, and energy [7][9] Market Trends - The integration of artificial intelligence technology is expected to diversify application scenarios, enhancing the functionality of large screen splicing systems [21] - The industry is witnessing increasing concentration, with domestic and international companies intensifying R&D and market expansion efforts [22] - Collaborative development within the industry chain is anticipated to drive technological innovation and market growth [24] Competitive Landscape - The competitive landscape is characterized by both international brands with strong technological advantages and domestic companies focusing on cost-effectiveness and service quality [15][19] - Key players include GQY Vision, Weichuang Group, and Beijing CaiXun Technology, among others, each specializing in various aspects of the large screen splicing system [17][19]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [11] Core Insights - The semiconductor sector has reached a historical high in holdings, driven by the trend of self-sufficiency and the impact of Deepseek's computational capabilities [2][6] - The overall allocation to the electronic sector has increased, with the semiconductor segment being the primary driver of this growth [6][18] - Despite the positive outlook for semiconductors, other segments such as electronic products and components have seen slight reductions in allocation due to tariff uncertainties [2][8] Summary by Sections Semiconductor Sector - The semiconductor sector continues to show strong year-on-year growth, with major players receiving increased allocations [7][41] - The trend of computational power shifting from cloud to edge is benefiting leading companies in the AI edge supply chain, such as Zhaoyi Innovation and Hengxuan Technology [7][41] - SMIC, as a core player in the domestic self-sufficiency trend, has also seen significant increases in holdings [7][41] Electronic Products & Components - The electronic products and components sector has experienced a reduction in allocations due to tariff-related uncertainties affecting export directions [8][45] - Despite this, high-performing stocks like Winbond Technology have seen increased allocations due to strong earnings [8][45] - The overall demand for consumer electronics, including smartphones and PCs, is recovering, which may lead to a rebound in the sector if tariff tensions ease [8][45] Display Devices - The display device sector has seen a slight decrease in holdings, although panel prices have been on a mild upward trend since Q3 2024 [9][49] - Major players like TCL Technology and BOE have experienced noticeable declines in their holding ratios, while other display device companies have received increased allocations [9][49] - The outlook for panel prices remains stable, with expectations for continued growth in Q2 2025 [9][49]

Core Viewpoint - The company announced a procurement contract with Chengdu BOE Display Technology Co., Ltd. for a total amount of 655,400,000.00 yuan, which is expected to positively impact the performance in 2025 and 2026 [1] Group 1 - The contract pertains to linear evaporation sources and includes delivery, inspection, installation, training, and warranty services [1] - The contract will not affect the company's business independence nor create dependency on the counterparty [1]

Core Viewpoint - The company announced a procurement contract with Chengdu BOE Display Technology Co., Ltd. for linear evaporation sources, amounting to 655 million yuan (including tax) [1] Group 1: Contract Details - The contract has become effective and will terminate upon the completion of rights and obligations by both parties [1] - The company is responsible for equipment delivery, arrival inspection, installation and debugging, training, and warranty [1] Group 2: Financial Impact - The contract is expected to have a positive impact on the company's performance in the fiscal years 2025 and 2026 [1] - There is a possibility of delayed revenue recognition according to the contract requirements [1]

【WitsView整理】 4月29日， 深圳精智达技术股份有限公司 （ 下文简称"精智达" ） 发布公告 称，公司于近日与京东方 下属公司成都京东方显示技术有限公司、成都京东方光电科技有限公司 签订了一系列合同，合同累计总金额为人民币2.5294亿元（含税）。 据了解，成都京东方显示技术有限公司系京东方控股子公司（持股52.63%），成都京东方光电科 技有限公司系京东方全资子公司（持股100%）。后者在成都负责一条4.5代TFT-LCD生产线以及一 条第6代柔性AMOLED生产线的运营。 精智达表示，本次签订的一系列合同属于公司日常经营行为。合同的履行预计将对公司2025、 2026年度经营业绩产生积极影响，公司将根据具体合同的相关规定以及公司收入确认原则在相应 的会计期间确认收入。 #显示设备 #京东方 #精智达 #LCD #OLED 【WitsView面板产业交流群】 TrendForce 集 邦 咨 询 面板产业链市场供需及价格报告 面板产业市况季度报告 面板价格"Plus"和市况更新月度报告 · 面板价格预测月度报告 面板出货追踪月度报告 · · 市场供需季度分析报告 季度面板产能状况季度报告 。 面 ...

Investment Rating - The report maintains an "Overweight" rating for the technology sector, indicating an expectation that the sector will outperform the benchmark index [6]. Core Insights - The report discusses the potential of India becoming Apple's next manufacturing hub, highlighting the advantages in tariff costs for exports to the U.S. compared to China [1]. - It emphasizes that while Apple has the theoretical capacity to produce 66 million units in India, initial production will still rely on China due to challenges in launching high-end models [3][4]. - The report notes that the localization of key components in India is still in its early stages, with a projected localization rate of only 35% by 2024, aiming for 60% by 2027 [4]. Summary by Sections Section 1: Manufacturing Capacity - Foxconn and Tata Electronics are rapidly expanding their production capabilities in India, with Foxconn planning to produce 25 to 30 million iPhones by 2025 [2]. - The combined area of Apple-related manufacturing facilities in India has exceeded 4 million square meters, surpassing Foxconn's Shenzhen facility [2]. Section 2: Production Challenges - Initial production of high-end iPhone models in India faces significant challenges, including engineering collaboration and supply chain responsiveness, which are not yet at the level of Chinese facilities [3]. Section 3: Component Localization - Despite progress in assembling iPhones in India, critical components such as camera modules and OLED panels are still heavily reliant on imports from China and other Asian countries [4]. - The Indian government has introduced initiatives to boost local manufacturing of electronic components, but substantial progress is still required [4]. Section 4: Investment Recommendations - The report suggests focusing on undervalued quality stocks and companies benefiting from local expansion in India, such as Foxconn and Tata Electronics [5]. - It advises caution regarding companies that may experience stock price declines due to industry news but have limited short-term production transition capabilities [5].