BOE(000725)

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京东方A(000725) - 004-2025年1月23日投资者关系活动记录表-2
2025-01-24 01:20
Financial Performance - In 2024, the company expects a net profit attributable to shareholders of between 5.2 billion and 5.5 billion CNY, doubling year-on-year [1] - The estimated net profit for Q4 2024 is approximately 1.9 billion to 2.2 billion CNY, showing significant year-on-year growth and nearly doubling quarter-on-quarter [1][2] Market Dynamics - The demand for LCD TV products surged due to the "old-for-new" policy in mainland China and promotional activities in overseas markets, leading to increased shipment volumes and a rise in product prices [2][3] - The LCD industry’s operating rate was above 80% in December 2024, recovering from a low in October [3] Product Development - The company shipped over 40 million flexible AMOLED panels in Q4 2024, with a significant improvement in product structure and a 40% increase in foldable product shipments [2][4][5] - In 2024, the total shipment of flexible AMOLED panels reached approximately 140 million, with a notable increase in high-end product ratios [4] Depreciation and Capital Expenditure - The overall depreciation in 2024 is expected to slightly increase due to new production lines and the expiration of mature lines [6] - Future capital expenditures will focus on semiconductor display business and strategic areas such as IoT innovation, MLED, and smart medical technology [7] New Business Initiatives - The company is actively developing perovskite solar cells, achieving a sample with an industry-leading conversion efficiency [8][9] - The "AI+" strategy has been launched to enhance production efficiency and innovation across various business areas [9] Shareholder Returns - From 2015 to 2023, the company has implemented cash dividends totaling over 20 billion CNY, maintaining a payout ratio of over 30% of net profit [10] - The company has repurchased shares amounting to over 4.6 billion CNY in A-shares and nearly 1 billion HKD in B-shares from 2020 to 2022 [10]
京东方A(000725) - 003-2025年1月23日投资者关系活动记录表-1
2025-01-24 01:20
Group 1: Financial Performance - In 2024, the company expects a net profit attributable to shareholders of between 5.2 billion and 5.5 billion CNY, doubling year-on-year [1] - The estimated net profit for Q4 2024 is approximately 1.9 billion to 2.2 billion CNY, showing significant year-on-year growth and nearly doubling quarter-on-quarter [1] Group 2: Market Demand and Product Performance - The demand for LCD TV products surged due to the "old-for-new" policy in the mainland market and promotional activities in overseas markets, leading to increased shipment volumes and a rise in product prices [2][3] - In Q4 2024, the company shipped over 40 million flexible AMOLED panels, showing significant quarter-on-quarter growth and an improved product structure [2] Group 3: Industry Trends and Pricing - Global TV panel shipments and area are expected to grow in 2024, with a peak demand in Q2 driven by overseas sports events and a recovery in the mainland market in the second half of the year [3] - Starting December 2024, prices for some large-size LCD TV products began to rise, with mainstream sizes experiencing price increases in January 2025 [3] Group 4: Business Development and Future Plans - The company’s flexible AMOLED business saw a total shipment of approximately 140 million units in 2024, with a notable increase in high-end product share [4] - The 8.6-generation AMOLED production line project is expected to achieve mass production by the end of 2026, enhancing the company's competitiveness in the semiconductor display industry [5] Group 5: Depreciation and Financial Outlook - Overall depreciation is expected to slightly increase in 2024 due to new production lines, with minimal fluctuations anticipated in 2024 and 2025, followed by a potential decrease starting in 2026 [5]
京东方A(000725) - 002-2025年1月21日投资者关系活动记录表
2025-01-21 14:42
Financial Performance - In 2024, the company expects a net profit attributable to shareholders of between 5.2 billion and 5.5 billion CNY, doubling year-on-year [1] - The estimated net profit for Q4 2024 is approximately 1.9 billion to 2.2 billion CNY, showing significant year-on-year growth and nearly doubling quarter-on-quarter [1][2] Market Dynamics - The demand for LCD TV products surged due to the "trade-in" policy in mainland China and promotional activities in overseas markets, leading to increased shipment volumes and stabilizing prices [2] - In Q4 2024, the company shipped over 40 million flexible AMOLED panels, showing significant quarter-on-quarter growth and continuous improvement in product structure [2] Industry Trends - Global TV panel shipments and area are expected to grow in 2024, with a peak demand in Q2 driven by overseas sports events and a resurgence in the mainland market in Q4 due to subsidies [3] - By December 2024, some large-size LCD TV product prices began to rise, with mainstream sizes experiencing price increases in January 2025 [3] Production and Depreciation - The overall depreciation for 2024 is expected to increase slightly due to new production lines and the expiration of mature line depreciation [6] - From 2024 to 2025, depreciation is anticipated to remain stable, with a potential decrease starting in 2026 [6] New Business Developments - The company is actively pursuing perovskite solar cell technology, achieving a sample with an industry-leading conversion efficiency in 2024 [7] - The "AI+" strategy has been launched to enhance production, product innovation, and management efficiency [7]
京东方A:2024业绩大幅增长,“以旧换新”有望刺激行业景气向上
Ping An Securities· 2025-01-21 10:15
Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [12]. Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 5.2 billion to 5.5 billion yuan, representing a year-on-year growth of 104% to 116% [4][7]. - The demand stimulation from the "old-for-new" policy is anticipated to improve industry conditions, with the company maintaining its leading position in the semiconductor display sector [7][9]. - The report highlights a structural improvement in major application areas, particularly in the LCD segment, driven by a combination of supply-side production adjustments and demand-side policy incentives [7][9]. Financial Summary - The company’s projected financial performance for 2024 includes: - Revenue of approximately 202.1 billion yuan, a year-on-year increase of 15.8% [6]. - Net profit of 5.36 billion yuan, reflecting a year-on-year increase of 110.6% [6]. - Gross margin expected to rise to 16.4% [6]. - For 2025, the company is projected to achieve a net profit of 8.45 billion yuan, with a corresponding P/E ratio of 19.6 [9][10]. Market Position - The company continues to lead in global shipments across five major application areas, including smartphones, tablets, laptops, desktop monitors, and televisions [7][9]. - The report notes a significant increase in OLED shipments, with a focus on high-end products, and the company is expected to maintain its competitive edge in flexible AMOLED technology [7][9].
京东方A(000725) - 2024 Q4 - 年度业绩预告
2025-01-20 10:55
Financial Performance - The estimated net profit attributable to shareholders for 2024 is projected to be between CNY 5.2 billion and CNY 5.5 billion, representing a year-on-year growth of 104% to 116% compared to CNY 2.54744 billion in the previous year[2]. - The net profit after deducting non-recurring gains and losses is expected to be between CNY 3.5 billion and CNY 3.8 billion, a significant improvement from a loss of CNY 632.56 million in the same period last year[2]. - The basic earnings per share is forecasted to be between CNY 0.13 and CNY 0.15, up from CNY 0.06 in the previous year[2]. Market Position and Growth - The company maintained its leading position in the semiconductor display sector, achieving a doubling of operating performance despite a complex international environment and domestic economic challenges[5]. - In the LCD segment, the company experienced significant growth in television applications, with the Chinese market showing a recovery in the second half of the year and large-size products reaching new highs[5]. - The flexible AMOLED segment is expected to see an annual shipment of approximately 140 million units, with a 40% increase in overall shipments of foldable products[6]. Strategic Initiatives - The "Screen IoT" strategy has led to a doubling of revenue in the smart window business and continuous growth in the smart medical business[6]. - The "AI+" strategy has been officially launched, focusing on enhancing production, product innovation, and management through AI[7]. - The company emphasizes maximizing overall corporate value while implementing the "Screen IoT" strategic development system for high-quality growth[7]. Innovation and Technology - 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(000725) - 执行委员会主席工作细则修订对照表
2025-01-14 16:00
执行委员会主席工作细则修订对照表 (2025 年 1 月) (经公司第十一届董事会第一次会议审议通过) 京东方科技集团股份有限公司 | 序 | 条 | 原规则 | 条 | 修订后规则 | | --- | --- | --- | --- | --- | | 号 | 款 | | 款 | | | | | 为进一步完善京东方科技集团股份有限公 司(以下简称"公司")治理结构,规范运 | | 为进一步完善京东方科技集团股份有限公司 (以下简称"公司")治理结构,规范运营, | | | | 营,依据《中华人民共和国公司法》(以下 | | 依据《中华人民共和国公司法》(以下简称"《公 | | | | 简称"《公司法》")、《中华人民共和国 | | 司法》")、《中华人民共和国证券法》、《上 | | | 第 | 证券法》、《上市公司治理准则》、《深圳 | 第 | 市公司治理准则》、《深圳证券交易所上市公 | | 1 | 一 | 证券交易所主板上市公司规范运作指引》、 | 一 | 司自律监管指引第 1 号——主板上市公司规范 | | | 条 | 《京东方科技集团股份有限公司章程》(以 | 条 | 运作》、《京东方科技集团股份有 ...
京东方A(000725) - 职业经理人管理制度修订对照表
2025-01-14 16:00
京东方科技集团股份有限公司 职业经理人管理制度修订对照表 (经公司第十一届董事会第一次会议审议通过) | 序 | 条 | 原规则 | 条 | 修订后规则 | | --- | --- | --- | --- | --- | | 号 | 款 | | 款 | | | | | 集团组织与人事战略委员会管理职责 | | 集团组织与人事委员会管理职责 | | | | 集团组织与人事战略委员会按照相关程 | | 集团组织与人事委员会按照相关程序对职业 | | | | 序对职业经理人选聘、考核及日常管理工 | | 经理人选聘、考核及日常管理工作严格把关。 | | | | 作严格把关。具体包括: | | 具体包括: | | | 第 | 1.制定职业经理人相关管理制度,包括职 | 第 | 1.制定职业经理人相关管理制度,包括职业 | | 1 | 五 | 业经理人管理制度、干部管理办法、考核 | 五 | 经理人管理制度、干部管理办法、考核管理相 | | | 条 | 管理相关制度; | 条 | 关制度; | | | | 2.对职业经理人管理流程严格把关,包括 | | 2.对职业经理人管理流程严格把关,包括选 | | | | 选聘候选 ...
京东方A(000725) - 董事会战略委员会组成及议事规则(2025年1月)
2025-01-14 16:00
京东方科技集团股份有限公司 董事会战略委员会组成及议事规则 (2025 年 1 月) (2025 年 1 月 14 日,经公司第十一届董事会第一次会议审议通过) 第一章 总 则 第一条 为规范京东方科技集团股份有限公司(以下简称"公司")董事会 战略委员会(以下简称"战委会")成员组成和议事规则,保证公司重大战略的 落实,根据《京东方科技集团股份有限公司章程》等有关规定制定本规则。 第二条 战委会是公司董事会下设的专门工作机构,为公司董事会休会期 间的常设机构,审批公司战略规划到执行的关键举措、公司战略性新业务机会洞 察与孵化、公司可持续发展战略规划,指导公司重大战略事项,负责对需上报董 事会的重大事项进行研究并提出建议。 第三条 本规则是战委会及战委会会议议事的行为准则,其内容适用于全 体战委会委员及其他战委会会议参加人。 第二章 人员组成 第四条 战委会设主任一名,由董事长担任,负责主持委员会工作,委员由 公司执行董事组成。 战委会设秘书若干。战委会秘书由主任提名,报请战委会批准产生。 战委会下设战委会办公室,由首席战略官组织、品牌与融媒体中心、董事会 秘书室组成,具体工作由战委会秘书统筹。 第五条 战委 ...
京东方A(000725) - 关于京东方科技集团股份有限公司2025年第一次临时股东大会的法律意见书
2025-01-14 16:00
中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于京东方科技集团股份有限公司 2025 年第一次临时股东大会的法律意见书 法律意见,保证本法律意见书不存在虚假记载、误导性陈述及重大遗漏。本所同 意公司将本法律意见书作为本次股东大会必需文件公告,并依法对所出具之法律 意见承担责任。未经本所书面同意,本法律意见书不得用于其他任何目的。 基于上述,根据中国法律法规的要求,按照律师行业公认的业务标准、道德 规范和勤勉尽责精神,本所谨出具法律意见如下: 一、本次股东大会的召开程序 北京市竞天公诚律师事务所(以下称"本所")接受京东方科技集团股份有 限公司(以下称"公司")的委托,指派本所律师列席了公司于 2025 年 1 月 14 日在京东方科技集团股份有限公司会议室(北京市北京经济技术开发区西环中路 12 号)召开的公司 2025 年第一次临时股东大会(以下称"本次股东大会"), 并依据《中华人民共和国公司法》《中华人民共和国证券法》等中国现行法律、 法规和其他 ...
京东方A(000725) - 执行委员会主席工作细则(2025年1月)
2025-01-14 16:00
京东方科技集团股份有限公司 执行委员会主席工作细则 (2025 年 1 月) (2025 年 1 月 14 日,经公司第十一届董事会第一次会议审议通过) 第一章 总 则 第一条 为进一步完善京东方科技集团股份有限公司(以下简称"公司")治 理结构,规范运营,依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》、《上市公司治理准则》、《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》、《京东方科技集团股份有限公司 章程》(以下简称"《公司章程》")、《京东方科技集团股份有限公司执行委员会组 成及议事规则》及公司运营管理的有关规定,制订本细则。 第二条 执行委员会(以下简称"执委会")主席主持公司日常经营和管理工 作,组织落实董事会和执委会决议、向董事会汇报、对董事会负责。 第二章 执委会主席的任职资格和任免程序 第三条 执委会主席任职应当具备以下条件: 第四条 执委会主席为自然人,有下列情形之一的,不能担任公司的执委会主 席: (一)无民事行为能力或者限制民事行为能力; (二)因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序, 被判处刑罚,执行期 ...