| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-053 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-053 | 京东方科技集团股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"公司"）董事会于 2024 年 10 月 15 日收到董事吴礼顺先生提交的书面辞呈。因工作安排原因， 吴礼顺先生申请辞去公司董事及董事会专门委员会相关职务，辞职后 将不再担任公司任何职务。 截至本公告日，吴礼顺先生未持有公司股份。根据《公司法》、《公 司章程》等有关规定，吴礼顺先生的辞职未导致公司董事会成员低于 法定人数，不会影响公司董事会的正常运行，其书面辞呈自送达公司 董事会时生效。公司将根据有关规定尽快补选新的董事。 公司董事会对吴礼顺先生任职期间对公司做出的贡献表示衷心 的感谢。 1 特此公告。 京东方科技集团股份有限公司 董 事 会 2024 年 10 月 15 日 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-052 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-052 | 京东方科技集团股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"公司"）于近日收到中国 证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意京东 方科技集团股份有限公司向专业投资者公开发行公司债券注册的批复》 （证监许可〔2024〕1330号），批复主要内容如下： 京东方科技集团股份有限公司 董 事 会 2024 年 10 月 8 日 四、自同意注册之日起至本次公司债券发行结束前，你公司如发生重 大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文件的要求及公司股东大会的 授权办理本次公司债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 一、同意你公司向专业投资者公开发行面值总 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-051 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-051 | 京东方科技集团股份有限公司 关于高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"公司"）董事会于 2024 年 9 月 20 日收到高级管理人员张羽先生提交的书面辞呈。因工作调动原因， 张羽先生申请辞去公司执行委员会委员、执行副总裁职务，辞职后将不再 担任公司任何职务。根据相关规定，张羽先生的辞职申请自送达公司董事 会之日生效。 截至本公告披露日，张羽先生持有公司股份 751,600 股，其中 209,220 股为公司已授予但尚未解除限售的限制性股票，公司将根据《公司 2020 年股票期权与限制性股票激励计划（草案）》的规定回购注销其所持限制 性股票 209,220 股。张羽先生所持其余公司股份将按照《深圳证券交易所 股票上市规则》、《上市公司董事、监事和高级管理 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" [2] Core Views - The company has shown significant year-on-year growth in 2024H1, maintaining its leading position in the semiconductor display sector, with operating revenue reaching 93.386 billion yuan, a 16.47% increase, and net profit attributable to shareholders of 2.284 billion yuan, a 210.41% increase [1][4] - The LCD segment continues to dominate with stable shipments in five major applications, while the flexible AMOLED segment has seen over 25% growth in shipments, exceeding 65 million units in 2024H1 [1][4] - The company's strategic focus on "screen IoT" and the "1+4+N+ecosystem" framework has led to notable growth in other business segments, including IoT innovation, MLED, and smart medical engineering, with revenue growth rates of 11%, 116%, and 14% respectively [1][4] Business Analysis - In the LCD sector, the production capacity growth is slowing down due to the exit of certain manufacturers, leading to improved industry concentration and competition dynamics [1] - The demand for LCD products has shown signs of recovery, particularly in overseas markets, while the IT product sales have increased year-on-year [1] - The price of LCD TV panels has seen a recovery since February 2024, with prices stabilizing at high levels in June [1] - The flexible AMOLED market is expected to see a significant increase in shipments, particularly in foldable products, driven by the adoption of AMOLED technology in IT products [1][4] Financial Projections - Revenue projections for the company are estimated at 203.378 billion yuan, 227.336 billion yuan, and 247.410 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 16.5%, 11.8%, and 8.8% [4][5] - Net profit attributable to shareholders is projected to be 5.131 billion yuan, 9.086 billion yuan, and 11.097 billion yuan for the same years, with growth rates of 101.4%, 77.1%, and 22.1% [4][5] - The company maintains a strong R&D investment, with 5.8 billion yuan allocated in the first half of 2024, representing over 6% of revenue [1][4]

Investment Rating - The investment rating for BOE Technology Group Co., Ltd. (京东方 A) is "Outperform the Market" [1][4]. Core Views - The company reported a revenue growth of 16% year-on-year for 1H24, with a significant increase in net profit by 210.41% year-on-year [1]. - In Q2 2024, the revenue reached 47.499 billion yuan, showing a year-on-year increase of 12.54% and a quarter-on-quarter increase of 3.51% [1]. - The gross margin improved to 17.46% in Q2 2024, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 3.0 percentage points [1]. - The company maintains its leading position in the semiconductor display sector, with a steady increase in the shipment volume of mainstream applications in the LCD field [1]. - The flexible OLED panel shipments increased by 27% year-on-year, positioning the company as the second globally in this segment [1]. Financial Performance Summary - For 1H24, the company's revenue was 93.386 billion yuan, with a net profit of 2.284 billion yuan [1]. - The display device business generated revenue of 78.013 billion yuan, while the IoT innovation business brought in 17.156 billion yuan [1]. - The forecast for revenue growth is 18.8% for 2024, followed by 8.9% in 2025 and 8.3% in 2026, reaching 207.4 billion yuan, 225.9 billion yuan, and 244.6 billion yuan respectively [2][11]. - The net profit is expected to grow by 85.7% in 2024, 91.9% in 2025, and 36.7% in 2026, reaching 4.730 billion yuan, 9.076 billion yuan, and 12.403 billion yuan respectively [2][11].

Investment Rating - The investment rating for the company is "Accumulate" [2][5]. Core Views - The company reported strong performance in the first half of 2024, with revenue of 93.39 billion yuan, a year-on-year increase of 16.47%, and a net profit attributable to shareholders of 2.28 billion yuan, up 210.41% year-on-year [1]. - The panel industry is expected to enter a stable profit era, driven by a strategy of "production based on sales" and a reduction in price volatility [2]. - The company is advancing its 8.6 generation AMOLED production line, with a significant increase in flexible OLED shipments and stable pricing [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 47.50 billion yuan, a year-on-year increase of 12.54% and a quarter-on-quarter increase of 3.51%. The net profit for Q2 was 1.30 billion yuan, up 166.17% year-on-year and 32.16% quarter-on-quarter [1]. - The overall gross margin for Q2 2024 was 17.46%, an increase of 6.45 percentage points year-on-year and 2.98 percentage points quarter-on-quarter [1]. Product Segmentation - The display device business generated revenue of 78.01 billion yuan in the first half of 2024, a year-on-year increase of 14.87%, with a gross margin of 13.91%, up 7.92 percentage points [1]. - The IoT innovation business achieved revenue of 17.16 billion yuan, a year-on-year increase of approximately 10.57%, with a gross margin of 10.95%, up 2.97 percentage points [1]. - The MLED business saw revenue of 4.03 billion yuan, a year-on-year increase of 115.95% [1]. - The smart medical engineering business generated revenue of approximately 900 million yuan, a year-on-year increase of about 13.63% [1]. Market Dynamics - The global large-size LCD TV panel shipment volume increased by 1.5% year-on-year in the first half of 2024, with the company maintaining a market share of 23.8% [2]. - The demand for TV terminals was below expectations, but upcoming promotional seasons are expected to release pent-up demand [2]. - The price of LCD TV panels saw a decline in July and August, but a mild recovery is anticipated in Q4 2024 [2]. Future Projections - The company expects revenues of 217.01 billion yuan, 243.53 billion yuan, and 255.52 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.63 billion yuan, 7.91 billion yuan, and 8.83 billion yuan for the same years [5][6].

上 市 公 司 证 券 研 究 报 告 电子 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 3.79 | | 一年内最高/最低（元） | 4.56/3.53 | | 市净率 | 1.1 | | 息率（分红/股价） | 0.79 | | 流通 A 股市值（百万元） | 139,672 | | 上证指数/深证成指 | 2,848.73/8,103.76 | | | | | --- | --- | |----------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.42 | | 资产负债率 % 总股本 /流通 A 股（百万） | 52.52 37,650/36,853 | | 流通 B 股/H 股（百万 ...

Financial Performance - The company's depreciation for the first half of 2024 is approximately 18 billion, with expectations for an increase as new projects are completed and operational [2] - The overall revenue growth for the company is 16%, with all business segments showing growth except for the sensor business, which decreased by 11% [26] Capital Expenditure and Strategy - The capital expenditure plan for the next 3-5 years will focus on the semiconductor display business and extend into four high-potential areas: IoT innovation, sensing, MLED, and smart medical engineering [3] - The company aims to achieve a target of 1.6 billion OLED units for the year, with 65 million units shipped in the first half, reflecting a 25% year-on-year increase [8][33] Market Position and Competition - BOE has become a leading player in the semiconductor display industry, with significant investments in OLED technology, totaling nearly 200 billion in the LCD sector since 2003 [8] - The company acknowledges a competitive gap with Samsung in OLED technology but is committed to improving its product and technology capabilities [22][52] Operational Efficiency - The B7 production line has shown improved operational efficiency, leading to reduced losses, while the B11 line has faced challenges due to client order fluctuations [9] - The company emphasizes continuous improvement in internal operations, supply chain management, and yield enhancement to boost OLED production efficiency [13] Future Outlook - The company maintains confidence in achieving its OLED shipment target despite challenges, with expectations for a strong second half of the year driven by flagship product launches [33] - The dual target of reaching a revenue goal of 100 billion USD remains unchanged, reflecting a long-term strategic vision [21] Investor Relations - The company is considering measures for stock price stabilization, including potential share buybacks and communication with major shareholders [30][40] - There is a commitment to enhancing investor communication and engagement through more frequent offline events [32]

京东方科技集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------------|----------------------------|--------------------------------------------------------| | | | 编号：2024-019 | | 投资者关系活动类别 | √特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他 电话会议 | | | 参与单位名称 | 参会投资机构共 155 | 家，名单详见附件。 | | 时间 | 2024 年 8 月 28 日 | | | 地点 | 电话会议 | | | 上市公司接待人员姓名 | 杨晓萍 | 执行委员会委员、执行副总裁、首席财务官 | | | 刘洪峰 副总裁、董事会秘书 | | | | 郭 红 董事会秘书室副主任（ | VP 级） | | | 罗文捷 证券事务代表 | | | | 讨论的主要内容： | | | | 一、行业及市场概况 | | | ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's product technology continues to advance, leading to a significant improvement in profitability [1] - Revenue growth is steady, with both gross and net profit margins improving quarter by quarter [2] - The company is focused on its core strategy of "Screen IoT," with five major business segments undergoing product updates and iterations [3] - The company is expanding its overseas market presence, with multiple display products passing certification from overseas customers [3] - The company is expected to benefit from the cyclical recovery of the panel industry and its rapid deployment in the MLED sector [3] Financial Performance - 24H1 revenue reached 93.39 billion yuan, a year-on-year increase of 16.5% [2] - 24H1 net profit attributable to the parent company was 2.28 billion yuan, a year-on-year increase of 210.4% [2] - 24H1 gross profit margin was 16%, up 7 percentage points year-on-year [2] - 24H1 net profit margin was 1.9%, up 4 percentage points year-on-year [2] - 24Q2 revenue was 47.5 billion yuan, a year-on-year increase of 12.5% and a quarter-on-quarter increase of 3.5% [2] - 24Q2 net profit attributable to the parent company was 1.3 billion yuan, a year-on-year increase of 166.2% [2] - 24Q2 gross profit margin was 17.5%, up 3 percentage points quarter-on-quarter [2] - 24Q2 net profit margin was 2.7%, up 1.6 percentage points quarter-on-quarter [2] Business Segments - Display device business achieved revenue of 78.01 billion yuan, a year-on-year increase of 14.9%, with a gross profit margin of 14.0%, up 7 percentage points year-on-year [3] - IoT innovation business achieved revenue of 17.16 billion yuan, a year-on-year increase of 19.4%, with a gross profit margin of 11.0%, up 2.3 percentage points year-on-year [3] - MLED business achieved revenue of 4.03 billion yuan, a year-on-year increase of 116.0%, the fastest growth among all segments [3] - Smart healthcare business achieved revenue of 900 million yuan, a year-on-year increase of 13.6% [3] - Sensor business achieved revenue of 20 million yuan, a year-on-year decrease of 10.8% [3] Overseas Expansion - The company's first self-built smart factory in Vietnam, Phase II, has started construction, aiming to produce 3 million TVs, 7 million monitors, and 4 million e-papers annually, with mass production expected to begin in 2025 [3] - Automotive displays have been introduced to leading overseas automakers, with shipment volume ranking first in the industry [3] Financial Forecasts - Forecasted net profit attributable to the parent company for 2024-2026 is 4.55 billion yuan, 9.04 billion yuan, and 15.5 billion yuan, respectively [3] - Current market value corresponds to a PE ratio of 31x, 16x, and 9x for 2024-2026, respectively [3] Market Data - Closing price: 3.79 yuan [5] - One-year low/high price: 3.53 yuan / 4.56 yuan [5] - Price-to-book ratio: 1.11x [5] - Market capitalization of tradable A shares: 139.67 billion yuan [5] - Total market capitalization: 142.69 billion yuan [5] Key Financial Metrics - Earnings per share (EPS) for 2024E: 0.12 yuan [2] - Price-to-earnings (P/E) ratio for 2024E: 31.33x [2] - Gross profit margin for 24H1: 16% [2] - Net profit margin for 24H1: 1.9% [2]