Core Viewpoint - The report from Guosen Securities expresses optimism about domestic panel leaders like BOE Technology Group (000725.SZ) capitalizing on the era of consumption upgrade and localization in China, leveraging scale effects, cost advantages, and market share to steadily improve profitability [1] Industry Overview - The LCD industry is experiencing a non-seasonal demand, with global large-size LCD panel revenue in February showing a month-on-month increase of 3.15% and a year-on-year increase of 18.88%, reaching $5.54 billion [2] - The average gross margin of major Chinese LCD manufacturers decreased by 0.77 percentage points year-on-year and 0.56 percentage points quarter-on-quarter to 14.91% in Q3 2024, while net profit margin increased by 0.15 percentage points year-on-year but decreased by 0.69 percentage points quarter-on-quarter to 1.75% [3] Price Trends - In March 2025, prices for various sizes of LCD TV panels increased month-on-month, with a forecast for April indicating stable prices across all sizes [4] - The prices for 10.1-inch, 14-inch, and 23.8-inch LCD IT panels remained stable in March 2025, with a slight increase in the 23.8-inch display panel price [4] Supply and Demand Dynamics - In February, the global large-size LCD panel shipment area grew by 28.27% year-on-year, with significant increases in shipments for TVs (31.54%), monitors (11.70%), notebooks (30.23%), and tablets (21.89%) [5] - The global large-size LCD production capacity is expected to grow by 2.31% in 2024 compared to 2023, with a slight increase in capacity expected in the first three quarters of 2024 [5] Market Outlook - The LCD industry is anticipated to stabilize in terms of capacity, with the potential for further concentration of market share due to the shutdown and sale of production lines by overseas manufacturers, which may help regulate LCD TV panel prices and enhance the profitability stability of LCD panel companies [6]

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-015 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-015 | 京东方科技集团股份有限公司 关于控股子公司担保额度预计的公告 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。 一、担保情况概述 京东方科技集团股份有限公司（以下简称"公司"）控股子公司京 东方华灿光电股份有限公司（以下简称"华灿光电"）根据业务发展需 要，拟对其合并报表范围内子公司提供合计不超过人民币 25 亿元的 担保预计额度，用于为其子公司申请的银行综合授信额度提供相应担 保。 | 担保方 | 被担保方 | 担保方持 股比例 | 被担保方最 近一期资产 | 截至2025年3月 25日担保余额 | 本次新增 担保额度 | 担保额度占公 司最近一期净 | 是否关 联担保 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 负债率 | （万元） | （万元） ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-016 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-016 | 京东方科技集团股份有限公司 关于举行业绩网上说明会并征集相关问题的公告 会议时间：2025 年 4 月 22 日（星期二）15:00-16:30 京东方科技集团股份有限公司 董 事 会 交流网址：全景路演（http://rs.p5w.net/） 参会人员：公司董事长、首席执行官（CEO）、首席运营官（COO）、 独立董事、首席财务官、董事会秘书等公司高级管理人员（如有特殊情况， 参会人员会有调整）。 二、问题征集 为了提升业绩说明会的交流效果，公司现向投资者提前公开征集问题， 欢迎广大投资者于 2025 年 4 月 21 日（星期一）24:00 前将有关问题通过 电子邮件的形式发送至公司邮箱：ir@boe.com.cn，公司将在业绩说明会上 对投资者普遍关注的问题进行交流，欢迎广大投资者积极参与。 特此公告。 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 ...

金融界4月16日消息，A股三大指数收盘涨跌不一，中证信息技术指数 (800信息，000935)下跌0.29%， 报4410.42点，成交额1012.91亿元。 数据统计显示，中证信息技术指数近一个月下跌12.54%，近三个月下跌1.37%，年至今下跌3.72%。 据了解，为反映中证800指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证800 指数样本按中证行业分类分为11个一级行业与35个二级行业，再以进入各一、二级行业的全部证券作为 样本编制指数，形成中证800行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证信息技术指数十大权重分别为：中芯国际（4.69%）、立讯精密（3.84%）、北 方华创（3.83%）、海光信息（3.69%）、京东方A（3.61%）、寒武纪（3.46%）、韦尔股份 （2.71%）、海康威视（2.69%）、中科曙光（2.47%）、中微公司（2.15%）。 从中证信息技术指数持仓的市场板块来看，深圳证券交易所占比50.43%、上海证券交易所占比 49.57%。 从中证信息技术指数持仓样本的行业来看，信息技术占比100.00%。 ...

Investment Rating - The report maintains a "Buy-A" investment rating with a six-month target price of 4.75 CNY [7][6]. Core Views - The company has demonstrated significant growth, with 2024 revenue reaching 198.38 billion CNY, a year-on-year increase of 13.66%, and a net profit of 5.32 billion CNY, up 108.97% [1][2]. - The semiconductor display sector remains strong, with the company adopting a demand-driven production model, benefiting from policies encouraging upgrades and structural improvements in key application areas [2][3]. - The "Screen IoT" strategy is yielding innovative business results, with substantial growth in MLED and smart medical applications, alongside advancements in AI integration [3]. Financial Performance - The company reported a net profit of 1.6 to 1.65 billion CNY for Q1 2025, reflecting a year-on-year growth of 63% to 68% [1]. - Revenue projections for 2024 to 2026 are estimated at 198.39 billion CNY, 227.35 billion CNY, and 248.95 billion CNY, respectively, with net profits expected to be 5.32 billion CNY, 8.93 billion CNY, and 12.6 billion CNY [6][9]. - The company’s total market capitalization is approximately 142.30 billion CNY, with a circulating market value of about 141.92 billion CNY [4]. Market Dynamics - The display industry is experiencing a "weak growth, rebalancing" phase, with the company maintaining its leading position in the semiconductor display market [2]. - The demand for TV applications has shown significant growth, particularly in the Chinese market, with a resurgence in the second half of 2024 [2][3].

（原标题：今日，重要发布会，事关经济！） 重要新闻 多项经济数据将公布，国新办今日上午10时将举行新闻发布会，介绍2025年一季度国民经济运行情况。 中国人民银行会同金融监管总局、中国证监会、国家外汇局联合印发《金融"五篇大文章"总体统计制度（试行）》。 工业和信息化部组织制定的强制性国家标准《电动汽车用动力蓄电池安全要求》日前发布。 3．外交部发言人林剑15日表示，消博会、广交会、中国发展高层论坛等活动的成功举行，展现了各方加强经贸合作，抵御单边主义、保护主义的 决心和信心。中国是世界的市场、各国的机遇，将以高质量发展和高水平对外开放为世界经济注入稳定性和正能量。 4．社会保险基金监管局发布2024年全国职业年金基金市场化投资运营情况。截至2024年年底，全国31个省（自治区、直辖市）、新疆生产建设兵 团和中央单位职业年金基金投资运营规模3.11万亿元。自2019年2月启动市场化投资运营以来，全国职业年金年均投资收益率4.42%。 5．4月15日，海关总署召开进出口企业、行业协会商会座谈会。会上，进出口企业和行业协会商会负责人介绍了企业、行业生产运行和稳订单拓 市场情况，并提出政策措施建议。大家一致表示，坚 ...

4月15日晚，京东方A(000725)发布2024年业绩快报及一季度业绩预增公告。 2024年，京东方A实现营收1983.81亿元，同比增长13.66%；净利润为53.23亿元，同比增长108.97%；扣 非净利润为38.37亿元，同比增长706.60%。 京东方A表示，LCD方面，受供应端坚持按需生产、需求端"以旧换新"政策强力刺激、创新应用扩类增 量等影响，主要应用领域呈现结构性改善。电视类应用同比增长明显，中国大陆市场下半年重现增长态 势，大尺寸化程度再创新高；海外市场需求受体育赛事和促销拉动也呈现出向好的趋势，产品价格全年 波动上行。 同时，京东方A在智能手机、平板电脑、笔记本电脑、桌面显示器、电视等主流应用领域保持出货量全 球第一。公司重点发力超大尺寸(85寸及以上)产品，出货量位居全球第一；UBCell技术持续迭代，匹配 高端电视产品需求。 柔性AMOLED方面，2024年全年出货量约1.4亿片，同比持续增长，产品结构明显优化，高端占比显著 提升。其中，量产交付全球首款三折产品，折叠产品整体出货增长约40%；Tandem双层串联智能手机 终端方案独供多家品牌旗舰机型，实现量产出货。同时，京东方A积 ...

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between 1.6 billion and 1.65 billion CNY, representing a year-on-year growth of 63% to 68% compared to 983.81 million CNY in the same period last year [2]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 1.3 billion and 1.4 billion CNY, indicating a year-on-year increase of 118% to 135% from 596.69 million CNY [2]. - The basic earnings per share for Q1 2025 is projected to be between 0.042 CNY and 0.044 CNY, compared to 0.026 CNY in the same period last year [2]. - The company's revenue for Q1 2025 is expected to grow by over 10% year-on-year, achieving a historical high for first-quarter revenue [5]. Business Growth - The LCD business has seen significant growth due to the continuation of the "old for new" policy in mainland China and increased inventory from overseas clients, leading to a rise in both volume and price for TV products [5]. - The flexible AMOLED business has shown improvement despite being in the traditional off-season, benefiting from the "old for new" policy, particularly in the mid-range smartphone segment [5]. - The company is focusing on high-end markets represented by foldable devices and is actively expanding into automotive and IT applications to enhance its product and technology capabilities in the flexible AMOLED sector [5]. Future Reporting - The specific data regarding the company's Q1 2025 operating performance will be disclosed in detail in the Q1 2025 report [5].

Financial Performance - The total operating revenue for 2024 reached CNY 198.38 billion, an increase of 13.66% compared to the previous year[4] - Operating profit surged to CNY 4.93 billion, reflecting a growth of 224.67% year-on-year[4] - The total profit amounted to CNY 5.09 billion, marking a 177.45% increase from the prior year[4] - Net profit attributable to shareholders was CNY 5.32 billion, up 108.97% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 3.84 billion, a significant increase of 706.60% compared to the previous year[4] - Basic earnings per share rose to CNY 0.14, representing a growth of 133.33% year-on-year[4] Assets and Market Position - Total assets at the end of the reporting period were CNY 429.98 billion, a 2.57% increase from the beginning of the year[5] - The company maintained its leading position in the semiconductor display sector, achieving significant growth in various product categories, including a 40% increase in foldable product shipments[6][7] Strategic Initiatives - The company introduced the "AI+" strategy to enhance production efficiency and product innovation, alongside advancements in its "screen IoT" strategy[7] - The company successfully produced the industry's first 2.4m×1.2m perovskite solar cell sample, achieving top-level conversion efficiency[7]

京东方A公告，2024年度营业总收入为1983.81亿元，同比增长13.66%；归属于上市公司股东的净利润 为53.23亿元，同比增长108.97%；扣除非经常性损益后的归属于上市公司股东的净利润为38.37亿元， 同比增长706.60%；基本每股收益为0.14元，同比增长133.33%。 ...