Investment Rating - The report maintains an "Accumulate" rating for BOE Technology Group Co., Ltd. (京东方A) [5][6] Core Views - The company reported strong performance in the first half of 2024, with revenue of 143.73 billion yuan, a year-on-year increase of 13.61%, and a net profit attributable to shareholders of 3.31 billion yuan, up 223.80% year-on-year [3] - The LCD business continues to lead in global market share, while the OLED segment shows increasing shipment volumes, indicating a positive outlook for the company's profitability [4][6] - The company plans to repurchase shares worth up to 1 billion yuan to implement an employee stock ownership plan, which may enhance shareholder value [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 50.35 billion yuan, a year-on-year increase of 8.65% and a quarter-on-quarter increase of 5.99%. The net profit for the same period was 1.03 billion yuan, up 258.21% year-on-year but down 21.11% quarter-on-quarter [3] - The comprehensive gross margin for Q3 2024 was 17.41%, an increase of 2.58 percentage points year-on-year, but a slight decrease of 0.05 percentage points quarter-on-quarter [3] Business Segments - In the LCD segment, BOE remains the global leader in display shipments, with a market share of approximately 26% in August 2024 [4] - The OLED segment saw further growth in flexible AMOLED product shipments, driven by the release of high-end flagship models from various smartphone brands [3][4] Future Projections - The report adjusts revenue forecasts for 2024, 2025, and 2026 to 200.29 billion yuan, 226.00 billion yuan, and 239.21 billion yuan, respectively, with net profits projected at 4.63 billion yuan, 7.54 billion yuan, and 10.42 billion yuan [6][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.12 yuan, 0.20 yuan, and 0.28 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 37, 23, and 16 [6][7]

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：2024-020 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 | --- | --- | --- | |----------------------|--------|------------------------------------------------------------| | 参与单位名称 | | 参会投资机构 137 家，名单详见附件 | | 时间 | 2024 | 年 11 月 1 日 | | 地点 | | 电话会议 | | 上市公司接待人员姓名 | 郭 | 红 董事会秘书室副主任（ VP 级） | | | 滕 | 蛟 VCFO（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 | | | | LCD 方面，受体育赛事和备货需求的影响，二季度 LCD | | | | 行业稼动率提升至高位；随着阶段性备货力度走弱，三季度面 | | 投资者关系活动主要内 | | 板厂商坚持"按需生产"，根据 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance showed steady growth in Q3 2024, with significant improvements in revenue and profitability [2] - Revenue for the first three quarters of 2024 reached 1437.3 billion yuan, a year-on-year increase of 13.6% [2] - Net profit attributable to the parent company was 3.31 billion yuan, a year-on-year increase of 223.8% [2] - Gross profit margin and net profit margin for the first three quarters were 16.5% and 1.4%, respectively, up by 5.3 percentage points and 0.3 percentage points year-on-year [2] Business Development - The company is advancing its "Screen IoT" strategy, focusing on multiple business segments including display devices, IoT innovation, MLED, smart healthcare, and sensing technologies [3] - The 8.6th generation AMOLED production line was capped ahead of schedule in September 2024, with plans for mass production by 2026 [3] - MLED business is progressing well, with the Zhuhai MLED project expected to complete equipment installation by December 2024 and achieve mass production by Q1 2025 [3] - The company has successfully launched its first P0.3 Micro LED automotive display product and completed the construction of the Jinwan factory's 6-inch Micro LED mass production line [3] - Smart healthcare operations are expanding, with four digital hospitals currently in operation and the Chengdu Smart Healthcare Center nearing completion [3] Overseas Expansion - The company is expanding its overseas market presence, with the second phase of its Vietnam smart terminal factory set to begin production in 2025, targeting annual outputs of 3 million TVs, 7 million monitors, and 4 million e-paper devices [4] - MLED light boxes have been successfully deployed in Brazil, enhancing the company's brand visibility overseas [4] - Automotive displays have been integrated into leading overseas car manufacturers, maintaining the company's position as the top supplier in this segment [4] Financial Projections - Revenue is projected to grow from 203.8 billion yuan in 2024 to 242.5 billion yuan in 2026, with year-on-year growth rates of 16.77%, 11.99%, and 6.24%, respectively [1] - Net profit attributable to the parent company is expected to increase from 4.55 billion yuan in 2024 to 15.5 billion yuan in 2026, with year-on-year growth rates of 78.76%, 98.61%, and 71.40%, respectively [1] - EPS is forecasted to rise from 0.12 yuan per share in 2024 to 0.41 yuan per share in 2026 [1] - The company's P/E ratio is expected to decrease from 38.61x in 2024 to 11.34x in 2026, reflecting strong earnings growth [1] Financial Performance - The company's gross profit margin is projected to improve from 13.17% in 2024 to 18.78% in 2026 [10] - Net profit margin attributable to the parent company is expected to increase from 2.23% in 2024 to 6.39% in 2026 [10] - ROE is forecasted to rise from 3.45% in 2024 to 10.30% in 2026, indicating improving profitability and efficiency [11]

Investment Rating - The report maintains a "Recommended" rating for the company [1][5]. Core Views - The company's Q3 performance is impressive, with a revenue of 50.35 billion yuan, representing a year-on-year increase of 8.65%, and a net profit attributable to shareholders of 1.03 billion yuan, up 258.21% year-on-year [2][3]. - The gross margin improved to 17.41%, an increase of 2.58 percentage points year-on-year [3]. - The price of television panels has reached a bottom in late October, with prices remaining stable due to production control during the National Day holiday and the "old-for-new" subsidy policy [3]. - The company maintains its leading position in the semiconductor display industry, with the highest shipment volume in the global market for LCD and OLED displays [3]. - The company's proprietary ADS Pro technology is the most widely shipped LCD technology, favored for its high environmental contrast and refresh rates [3]. - The company is accelerating its OLED production capacity, with the first domestic G8.6 AMOLED production line completed in just 183 days [3]. Financial Summary - The company’s revenue projections for 2024-2026 are adjusted to 5.364 billion yuan, 8.453 billion yuan, and 11.034 billion yuan respectively, with corresponding P/E ratios of 31.7X, 20.1X, and 15.4X [5]. - The company’s revenue for 2023 is projected at 174.543 billion yuan, with a net profit of 2.547 billion yuan [4][7]. - The gross margin is expected to improve to 16.4% in 2024, with a net margin of 2.7% [4][7]. - The company’s total assets are projected to decrease from 419.187 billion yuan in 2023 to 351.955 billion yuan by 2026 [7].

京东方科技集团股份有限公司 关于回购公司部分社会公众股份方案的公告 | 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-061 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-061 | 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。 重要提示： 2、拟回购数量：不低于 16,000 万股，不超过 28,000 万股，占公 司目前总股本约 0.42%-0.74%； 3、回购价格：不超过人民币 6.00 元/股； 4、回购金额：公司以自筹资金进行股份回购，拟回购股份的资 金规模不超过人民币 10 亿元； 5、回购期限: 自董事会审议通过回购股份方案之日起不超过 6 个 月。 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司股份回购规则》、《深圳证券交易所股票上市规则》、《深圳证券 交易所上市公司自律监管指引第 9 号——回购股份》（以下简称"《回 购指引》"）等相关规定，京东方科技集团股份有限公司（以下简称"公 司"）于 2 ...

股票简称：京东方 A 股票代码：000725 股票简称：京东方 B 股票代码：200725 中信建投证券股份有限公司 关于 京东方科技集团股份有限公司 2020 年股票期权与限制性股票激励计划 股票期权注销及限制性股票回购注销相关事项 之 独立财务顾问报告 二〇二四年十月 1 | 第一章 | 释义 3 | | --- | --- | | 第二章 | 声明 5 | | 第三章 | 基本假设 6 | | 第四章 | 本次激励计划履行的审批程序 7 | | 第五章 | 本次注销股票期权及回购注销限制性股票情况 11 | | 第六章 | 独立财务顾问的核查意见 13 | 第一章 释义 在本独立财务顾问报告中，除非另有说明，以下简称具有如下含义： | 京东方、上市 | 指 | 京东方科技集团股份有限公司 | | --- | --- | --- | | 公司、公司 | | | | 中 信 建 投 证 | | | | 券、本独立财 | 指 | 中信建投证券股份有限公司 | | 务顾问 | | | | 本 次 激 励 计 | 指 | 京东方 2020 年股票期权与限制性股票激励计划 | | 划、本次计划 | | | | 股票 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-062 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-062 | 京东方科技集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 根据《中华人民共和国公司法》、《深圳证券交易所股票上市规则》 及《京东方科技集团股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，京东方科技集团股份有限公司（以下简称"公司"）拟召 开 2024 年第二次临时股东大会，会议有关事项公告如下： 一、召开会议基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召集程序符合有关 法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开日期、时间： （1）现场会议开始时间：2024 年 11 月 15 日 14:00 （2）网络投票时间： 通过深圳证券交 ...

京东方科技集团股份有限公司 2020 年股票期权与限制性股票激励计划 2024 年注销的 股票期权激励对象名单和数量 京东方科技集团股份有限公司 2020 年股票期权与限制性股票激 励计划 2024 年注销的股票期权激励对象名单和数量： | 序号 | 姓名 | 激励方式 | 本次注销股数 | | --- | --- | --- | --- | | 1 | 叶玲 | 股票期权 | 184,470 | | 2 | 刘军 | 股票期权 | 184,470 | | 3 | 赖韦霖 | 股票期权 | 221,100 | | 4 | 苏同上 | 股票期权 | 221,100 | | 5 | 薛戬 | 股票期权 | 184,470 | | 6 | 陈雪 | 股票期权 | 184,470 | | 7 | 夏辉 | 股票期权 | 184,470 | | 8 | 王瑶 | 股票期权 | 202,752 | | 9 | 齐梓希 | 股票期权 | 202,752 | | 10 | 闫方方 | 股票期权 | 184,470 | | 11 | 李鹏 | 股票期权 | 138,353 | | 12 | 袁迓华 | 股票期权 | 202,7 ...

Financial Performance - Revenue for the quarter reached RMB 50.35 billion, an increase of 8.65% year-over-year[4] - Net profit attributable to shareholders surged 258.21% to RMB 1.03 billion for the quarter[4] - Basic earnings per share (EPS) rose 200% to RMB 0.03 for the quarter[4] - Total revenue for the current period reached 143.73 billion RMB, an increase from 126.52 billion RMB in the same period last year[17] - Net profit attributable to the parent company's owners was 37.72 billion RMB, compared to 35.58 billion RMB in the previous year[16] - Operating profit for the quarter was RMB 2.67 billion, compared to a loss of RMB 507.8 million in the same period last year[18] - Net profit attributable to shareholders of the parent company was RMB 3.31 billion, a significant increase from RMB 1.02 billion in the previous year[18] - Total comprehensive income for the quarter was RMB 2 billion, compared to a loss of RMB 1.1 billion in the same period last year[18] - Basic and diluted earnings per share were RMB 0.09, up from RMB 0.02 in the previous year[18] - Total profit for the quarter was RMB 2.78 billion, compared to a loss of RMB 288.63 million in the same period last year[18] - Net profit from continuing operations was RMB 1.94 billion, compared to a loss of RMB 1.4 billion in the same period last year[18] Cash Flow - Operating cash flow for the first nine months of 2024 increased by 46.88% to RMB 33.87 billion[4] - Investment cash flow decreased by 562.05% due to increased spending on long-term assets[7] - Financing cash flow increased by 62.27% compared to the same period last year[7] - Operating cash inflow totaled 166.9 billion yuan, a 18.7% increase from 140.6 billion yuan in the previous period[20] - Operating cash outflow was 133.0 billion yuan, up 13.2% from 117.5 billion yuan in the prior period[20] - Net cash flow from operating activities reached 33.9 billion yuan, a 46.9% rise from 23.1 billion yuan[20] - Investment cash inflow decreased to 31.9 billion yuan, down 48.7% from 62.2 billion yuan[20] - Investment cash outflow was 54.9 billion yuan, a 16.5% decline from 65.7 billion yuan[20] - Net cash flow from investment activities was -23.0 billion yuan, compared to -3.5 billion yuan in the previous period[20] - Financing cash inflow increased to 31.0 billion yuan, up 29.7% from 23.9 billion yuan[20] - Financing cash outflow decreased to 39.2 billion yuan, down 14.1% from 45.7 billion yuan[20] - Net cash flow from financing activities improved to -8.2 billion yuan, compared to -21.8 billion yuan in the prior period[20] - Cash and cash equivalents at the end of the period stood at 54.7 billion yuan, down 13.1% from 63.0 billion yuan[20] Assets and Liabilities - Total assets decreased slightly by 0.42% to RMB 417.41 billion compared to the end of the previous year[4] - Total assets stood at 417.41 billion RMB, slightly down from 419.19 billion RMB at the end of the previous period[15] - Total liabilities decreased to 215.97 billion RMB from 221.39 billion RMB[15] - Long-term borrowings decreased to 104.82 billion RMB from 121.55 billion RMB[15] - The company's equity attributable to the parent company's owners increased to 132.02 billion RMB from 129.43 billion RMB[16] - The company's total equity reached 201.44 billion RMB, up from 197.80 billion RMB[16] - The company's monetary funds increased to 78.19 billion yuan from 72.47 billion yuan at the beginning of the period[14] - Accounts receivable decreased slightly to 33.13 billion yuan from 33.37 billion yuan[14] - Inventory increased to 24.47 billion yuan from 24.12 billion yuan[14] - Fixed assets remained stable at 209.82 billion yuan compared to 210.37 billion yuan at the beginning of the period[14] - Long-term equity investments decreased to 13.19 billion yuan from 13.73 billion yuan[14] - Investment property increased to 1.87 billion yuan from 1.41 billion yuan[14] - Other non-current financial assets increased to 2.32 billion yuan from 2.25 billion yuan[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 1,164,635, including 1,133,471 A-share shareholders and 31,164 B-share shareholders[9] - Beijing State-owned Capital Operation and Management Co., Ltd. holds 10.79% of the shares, totaling 4,063,333,333 shares[9] - Hong Kong Securities Clearing Company Ltd. holds 7.13% of the shares, totaling 2,682,567,255 shares[9] - Beijing BOE Investment Development Co., Ltd. and Beijing Jingguorui State-owned Enterprise Reform and Development Fund (Limited Partnership) hold 2.18% of the shares, totaling 822,092,180 shares[9] - Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange Traded Fund holds 1.91% of the shares, totaling 718,132,854 shares[9] - Hefei Jianxiang Investment Co., Ltd. holds 1.77% of the shares, totaling 666,195,772 shares[9] - Fuqing Hirong Venture Capital Group Co., Ltd. holds 1.43% of the shares, totaling 538,599,640 shares[9] - China Construction Bank Corporation - E Fund CSI 300 Exchange Traded Open-End Index Fund holds 1.25% of the shares, totaling 470,565,623 shares[9] - Shanghai Gaoyi Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin Fund holds 0.94% of the shares, totaling 352,999,919 shares[9] - Ningxia Risheng High-Tech Industry Co., Ltd. holds 0.88% of the shares, totaling 331,487,366 shares[9] Expenses and Costs - R&D expenses increased to 8.82 billion RMB, up from 8.15 billion RMB in the previous year[17] - Sales expenses rose to 3.28 billion RMB, up from 2.84 billion RMB in the previous year[17] - Financial expenses increased to 1.24 billion RMB, compared to 1.08 billion RMB in the previous year[17] - Income tax expense for the quarter was RMB 840.26 million, down from RMB 1.11 billion in the same period last year[18] - Other comprehensive income after tax was RMB 63.13 million, compared to RMB 294.07 million in the same period last year[18] - Minority interest loss was RMB 1.37 billion, compared to a loss of RMB 2.42 billion in the same period last year[18] Investments and Projects - Construction-in-progress decreased by 32% as new projects were completed and transferred to fixed assets[7] - The company received approval to issue corporate bonds with a total face value of no more than 10 billion yuan[13] - 83 incentive targets met the conditions for exercising stock options, with 8,116,020 shares exercisable, accounting for 0.02% of the total shares[13] - The company completed the registration of the second exercise period of reserved stock options under the 2020 equity incentive plan[13] Government Subsidies and Non-Recurring Gains - Government subsidies contributed RMB 293.75 million to non-recurring gains for the quarter[5] - Asset impairment losses increased by 186% due to inventory write-downs[7] Revenue and Sales - Cash received from sales of goods and services was RMB 157.03 billion, an increase from RMB 128.86 billion in the same period last year[19]

根据《企业内部控制基本规范》、《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等有关法律、法规的规定，京东方科技集团股份有限公司 （以下简称"公司"）第十届监事会第十三次会议审议通过了《关于 回购注销部分限制性股票的议案》和《关于注销部分股票期权的议案》， 并发表意见如下： 经核查，根据《京东方科技集团股份有限公司 2020 年股票期权 与限制性股票激励计划（草案）》（以下简称"《激励计划》"）及相关 规定，2020 年股票期权与限制性股票激励计划部分授予对象因个人 原因离职、退休，公司回购注销其已获授但尚未解除限售的全部限制 性股票共 4,965,213 股，及注销其已获授尚未行权的股票期权共 12,323,557 股；部分授予对象因绩效考核结果为 C，公司注销其不符 合股票期权行权条件的部分股票期权 48,576 股。根据《激励计划》 的规定，股票期权各行权期结束后，激励对象未行权的当期股票期权 应当终止行权，公司应当及时注销。预留授予的股票期权第一个行权 期已结束，公司注销其已获授但尚未行权的股票期权 8,311,912 股。 公司本次合计注销 ...