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 ...

| 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 ...

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 ...

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 年回购注销的 限制性股票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 年回购注销的限制性股票激励对象名单和数量： | 序号 | 姓名 | 激励方式 | 本次注销股数 | | --- | --- | --- | --- | | 1 | 齐勤瑞 | 限制性股票 | 99,000 | | 2 | 郭大川 | 限制性股票 | 106,095 | | 3 | 舒文韬 | 限制性股票 | 106,095 | | 4 | 郭小豪 | 限制性股票 | 106,095 | | 5 | 李杨 | 限制性股票 | 106,095 | | 6 | 周贺 | 限制性股票 | 106,095 | | 7 | 闫浩 | 限制性股票 | 106,095 | | 8 | 张纪 | 限制性股票 | 106,095 | | 9 | 郝昭慧 | 限制性股票 | 106,095 | | 10 | 杨志明 | 限制性股票 | 106,095 | | 11 | 王兴邦 | 限制性股票 | 106,095 | | 12 | ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-055 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-055 | 京东方科技集团股份有限公司 第十届监事会第十三次会议决议公告 本公司及监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"）第十届监事 会第十三次会议于 2024 年 10 月 18 日以电子邮件方式发出通知，2024 年 10 月 29 日（星期二）以通讯方式召开。 公司监事会共有监事 7 人，全部出席本次会议。 本次会议的通知、出席及表决均符合《中华人民共和国公司法》 和《京东方科技集团股份有限公司章程》等有关规定，会议由监事会 主席王谨女士主持。 一、会议审议并通过了如下议案： （一）关于审议《2024 年第三季度报告》的议案 具体内容详见与本公告同日披露的《京东方科技集团股份有限公 司 2024 年第三季度报告》。 表决结果：7 票同意，0 票反对，0 票弃权。 表决结果：7 票同意， ...

京东方科技集团股份有限公司 监事会定期报告书面审核意见 京东方科技集团股份有限公司监事会认真审阅了公司提供的定 期报告，认为公司的定期报告公允地反映了公司财务状况以及经营成 果和现金流量。 监 事 会 2024 年 10 月 30 日 京东方科技集团股份有限公司监事会谨此确认：公司《2024 年第 三季度报告》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 ...