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京东方A:三季度营收同环比增长,毛利率同比提升
国信证券· 2024-11-05 02:41
证券研究报告 | 2024年11月04日 京东方 A(000725.SZ) 优于大市 三季度营收同环比增长,毛利率同比提升 3Q24 公司营收同比增长 8.6%,毛利率环比基本持平。公司发布 2024 三季报, 1-3Q24 营收 1437.32 亿元(YoY+13.6%),归母净利润 33.10 亿元(YoY +223.8%)。3Q24 营收 503.45 亿元(YoY +8.6%,QoQ +6.0%),归母净利润 10.26 亿元(YoY +258.2%,QoQ -21.1%)。3Q24 公司毛利率17.4%(YoY +2.6pct, QoQ +0.0pct)。在 7-9 月 LCD TV 面板价格逐月下跌的背景下,公司实现营 收同环比增长,以及毛利率环比基本持平。 3Q24以旧换新政策推动TV面板需求提升,公司电视面板出货量同比增长9%。 据迪显咨询,受以旧换新政策推动,国内 TV 市场逐步复苏,推动 8-9 月面 板出货恢复。1-3Q24 全球 LCD TV 面板出货量 1.78 亿片,同比下滑 2%,出 货面积 1.29 亿平米,同比增长 2%。其中 3Q24 全球 LCD TV 面板出货量 595 ...
京东方A:2024年三季报点评:24H1业绩亮眼,盈利逻辑持续兑现
东方财富· 2024-11-04 03:23
京东方A(000725)2024年三季报点评 基本数据 170177. 92 总市值(百万元) 流通市值(百万元) 166570. 58 52 周最高/最低(元) 4. 92/3.53 52 周景高/最低 (PE) 90. 71/33. 37 52 周最高/最低 (PB) 1. 40/1. 06 52 周涨幅(%) 13. 26 52 周换手率(%) 246. 47 24H1业绩亮眼,盈利逻辑持续兑现 2024 年 11 月 04 日 【投资要点】 2024 年 10 月 31 日,京东方公告 2024 年三季报。2024 年上半年公司 实现营业收入 1437. 32 亿元,同比增长 13. 61%;实现归母净利润 33. 10 亿元,同比增长 223.80%。就 2024Q3 来看,公司实现营收 503.45 亿 元,同比增长 8.65%,环比增长 5.99%;实现归母净利润 10.26 亿元, 同比增长 258.21%,环比下降 21.11%。202403 公司综合毛利率为 17.41%,同比提升 2.58pcts, 环比下降 0.05pct。2024年前三季度, 公司销售/管理/研发/财务费用率合计为 ...
京东方A(000725) - 020-2024年11月1日投资者关系活动记录表
2024-11-03 13:52
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 ...
京东方A:2024年三季报业绩点评:业绩稳步增长,屏之物联多点开花
东吴证券· 2024-11-01 22:07
证券研究报告·公司点评报告·电子 京东方 A(000725) 2024 年三季报业绩点评:业绩稳步增长,屏 之物联多点开花 2024 年 11 月 01 日 买入(维持) | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 178414 | 174543 | 203818 | 228260 | 242503 | | 同比( % ) | (19.28) | (2.17) | 16.77 | 11.99 | 6.24 | | 归母净利润(百万元) | 7541 | 2547 | 4554 | 9044 | 15502 | | 同比( % ) | (70.95) | (66.22) | 78.76 | 98.61 | 71.40 | | EPS- 最新摊薄(元 / 股) | 0. ...
京东方A:Q3业绩亮眼,10月下旬电视面板价格触底
平安证券· 2024-11-01 00:42
公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 京东方A(000725.SZ) Q3业绩亮眼,10月下旬电视面板价格触底 推荐 ( 维持) 事项: 股价:4.67元 主要数据 | --- | --- | |------------------------------------|----------------------------------| | 行业 | 京东方 A | | 公司网址 | www.boe.com | | 大股东 / 持股 | 北京国有资本运营管理有限公 | | | 司 /10.79% | | 实际控制人 | 北京市人民政府国有资产监督管理委 | | | 员会 | | 总股本 ( 百万股 ) | 37,650 | | 流通 A 股 ( 百万股 ) | 36,852 | | 流通 B/H 股 ( 百万股 ) | 693 | | 总市值 ( 亿元 ) | 1,745 | | 流通 A 股市值 ( 亿元 ) | 1,721 | | | | | 每股净资产 ( 元 ) 资产负债率 (%) | 3.45 51.7 | | | | 行情走势图 证券分析师 陈福栋 投资咨询资格编号 S ...
京东方A(000725) - 2024 Q3 - 季度财报
2024-10-30 12:19
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]
京东方A:24H1业绩同比高增,半导体显示领域持续领先
华金证券· 2024-09-03 14:30
24H1 业绩同比高增,半导体显示领域持续领先 投资要点 24H1 业绩同比增长显著,持续保持半导体显示领域领先优势。(1)经营:2024 年上半年,公司经营情况同比显着改善,实现营业收入 933.86 亿元,同比增长 16.47%;实现归母净利润 22.84 亿元,同比增长 210.41%。其中,2024Q2,公司 实现营业收入 474.99 亿元,同比增长 12.54%,环比增长 3.51%;归母净利润为 13.00 亿元,同比增长 166.17%,环比增长 32.16%。(2)业务分析:在 LCD 领 域,五大主流应用出货量稳居全球第一,核心客户端占比持续提升。LCD 产品结构 持续优化,优势高端旗舰产品稳定突破,超大尺寸(≥85")产品保持全球出货量 一年股价表现 第一。柔性 AMOLED 方面,公司紧抓市场机遇,重点发力高端需求,打造多款品 牌首发产品,实现多个柔性 AMOLED 高端折叠产品客户独供。2024 年上半年公 司柔性 AMOLED 产品出货量超 6,500 万片,同比增长超 25%。在"屏之物联"发 展战略下,公司在实现显示业务持续领先的同时,"1+4+N+生态链"发展架构的 其他业务 ...
京东方A:二季度毛利率同环比改善
国信证券· 2024-09-03 01:02
证券研究报告 | 2024年09月02日 京东方 A(000725.SZ) 优于大市 二季度毛利率同环比改善 1H24 公司营收同比增长 16%,2Q24 营收、利润同环比增长。公司发布 2024 半年报,1H24 营收 933.86 亿元(YoY+16.47%),归母净利润 22.84 亿元(YoY +210.41%)。2Q24 营收 474.99 亿元(YoY +12.54%,QoQ +3.51%),归母净 利润 13.00 亿元(YoY +166.17%,QoQ +32.16%)。在供给端控产策略下, LCD TV 面板价格实现温和波动,行业盈利能力逐步改善,2Q24 公司毛利率 17.46%(YoY +6.4pct,QoQ +3.0pct)。分业务看,1H24 公司显示器件业务 营收 780.13 亿元(YoY +14.87%),物联网创新业务营收 171.56 亿元 (YoY+10.57%),MLED 业务营收 40.33 亿元(YoY +115.95%),智慧医工业 务营收 9.03 亿元(YoY +13.63%),传感业务营收 1.63 亿元(YoY -10.83%)。 1H24 LCD TV ...
京东方A:2024年中报点评:24H1业绩亮眼,面板行业将迎稳定盈利时代
东方财富· 2024-08-29 01:23
[Table_Title] 京东方A(000725)2024年中报点评 24H1业绩亮眼,面板行业将迎稳定盈利 时代 2024 年 08 月 29 日 [【投资要点】 Table_Summary] 2024 年 8 月 27 日晚,京东方公告 2024 年半年报。2024 年上半年公 司实现营业收入 933.86 亿元,同比增长 16.47%;实现归母净利润 22.84 亿元,同比增长 210.41%。就 2024Q2 来看,公司实现营收 474.99 亿元,同比增长 12.54%,环比增长 3.51%;实现归母净利润 13.00 亿 元,同比增长 166.17%,环比增长 32.16%。公司盈利能力大幅改善, 2024Q2 公司综合毛利率为 17.46%,同比提升 6.45pcts,环比提升 2.98pcts。 分产品来看,2024 年上半年(1)公司核心主业显示器件业务取得收 入 780.13 亿元,同比增长 14.87%,毛利率为 13.91%,同比提升 7.92pcts;(2)物联网创新业务实现收入 171.56 亿元,同比增长约 10.57%,毛利率为 10.95%,同比提升 2.97pcts;(3 ...
京东方A:面板龙头拐点已现,创新驱动业绩稳步提升
申万宏源· 2024-08-29 00:44
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 ...