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：2024-014 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 国投证券：朱思 华商基金：康译丹 运舟资本：廖浚哲 时间 2024年5月16日 地点 京东方核心能力大楼 上市公司接待人员姓名 张 妍 董事会秘书室工作人员 讨论的内容主要为回答投资者提问，问答情况如下： 1、公司如何展望2024年LCD产品需求以及产品价格？ 答：2023 年终端市场整体疲弱，五大传统应用终端销量 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 45.9 billion yuan for Q1 2024, representing a year-on-year growth of 20.84%. The net profit attributable to shareholders was 984 million yuan, a significant increase of 297.80%, closely aligning with the upper limit of forecasts. The net profit after deducting non-recurring items was 597 million yuan, marking a substantial turnaround from losses. The net operating cash flow reached 16.2 billion yuan, up 60.34% year-on-year. Non-recurring gains mainly consisted of government subsidies amounting to 449 million yuan [4][5]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 45.9 billion yuan, a 20.84% increase year-on-year. The net profit attributable to shareholders was 984 million yuan, reflecting a 297.80% increase. The net profit excluding non-recurring items was 597 million yuan, indicating a significant recovery from previous losses. The net operating cash flow was 16.2 billion yuan, up 60.34% year-on-year, with non-recurring gains primarily from government subsidies of 449 million yuan [4][5]. Market Outlook - According to Omdia statistics, the LCD panel utilization rates for January to March were 75%, 64%, and 82%, respectively, showing a slight improvement from the average in Q4. The company’s LCD business faced minimal sequential decline pressure. Looking ahead to Q2 and Q3 of 2024, traditional panel stocking season is expected to drive demand due to major sporting events, which will likely lead to continued price increases for large-size LCDs. The prices for 65-inch and larger TV panels have already surpassed last year's peak levels, with further upward trends anticipated. Additionally, some IT products are showing slight price increases due to production capacity constraints, which is beneficial for the company [5]. Future Projections - The company aims to achieve a shipment target of 160 million flexible OLED panels for the year, representing over 30% growth. There are expectations for price increases in entry-level Android products, which may help the flexible OLED business reach breakeven or reduce losses. The operating cash flow for 2024 is projected to exceed 45 billion yuan, and if capital expenditures remain at last year's levels, free cash flow could surpass 20 billion yuan. As capital expenditure needs decline in the future, there is significant potential for increased dividends, positioning the company as a high-dividend asset in the future. EPS estimates for 2024-2026 are projected at 0.18, 0.29, and 0.40 yuan, with corresponding P/E ratios of 24.20X, 15.03X, and 10.86X [5].

Investment Rating - The report initiates coverage on BOE A (000725 SZ) with a "Recommend" rating [2] Core Views - BOE is a global leader in display panels, with its LCD and OLED businesses positioned to benefit from industry trends [4] - The company's LCD business is expected to stabilize as industry cycles weaken, while its OLED business is poised for growth and profitability [4][7] - BOE's OLED business is rapidly expanding, with significant technological and production advantages, and is expected to achieve profitability soon [4][7] Business Overview - BOE has a dominant position in the LCD market, with 6 G8 5/G8 6 and 2 G10 5 high-generation LCD production lines, making it the largest in the industry [4] - The company's OLED business is growing rapidly, with three G6 AMOLED production lines and a planned G8 6 high-generation OLED line targeting mid-sized IT products [4][7] - BOE's OLED shipments reached nearly 120 million units in 2023, with expectations to grow to 160 million units in 2024, covering almost all major domestic smartphone manufacturers [4] Financial Performance - BOE's revenue has shown significant fluctuations, peaking at 2210 4 billion yuan in 2021, with a decline to 1745 4 billion yuan in 2023 [4] - The company's net profit also fluctuated, reaching a peak of 25 96 billion yuan in 2021 and dropping to 2 55 billion yuan in 2023 [4] - For 2024-2026, the report forecasts revenue growth of 21 4%, 15 6%, and 9 2%, with net profit growth of 160 3%, 46 8%, and 29 5%, respectively [5] Industry Trends - The LCD industry is maturing, with production capacity concentrated in China, leading to a weakening of the industry's cyclical nature [4][17] - OLED technology is rapidly gaining ground in small-sized applications like smartphones and is expanding into mid-sized IT products, with significant growth potential [4][29] - The global OLED market is expected to grow, with BOE well-positioned to benefit from this trend due to its technological and production capabilities [4][29] Strategic Initiatives - BOE has adopted a "Screen of Things" strategy, focusing on integrating screens into various IoT applications and expanding its ecosystem [12] - The company is investing heavily in MLED technology, with a focus on both backlight and direct display applications, aiming to enhance its competitive edge in the display industry [44][45] Valuation and Recommendations - The report values BOE at 24 8X, 16 9X, and 13 0X PE for 2024-2026, respectively, based on its strong market position and growth potential in both LCD and OLED sectors [53] - The "Recommend" rating is based on BOE's leading position in the display panel industry, its technological strengths, and the favorable industry outlook [53]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance shows impressive growth, with revenue reaching 45.89 billion yuan, a year-on-year increase of 20.8%. The gross margin improved to 14.5%, up 7.6 percentage points from the previous year, and net profit attributable to shareholders surged by 297.8% to 980 million yuan [2][3] - The company continues to lead in the LCD sector and is rapidly advancing in the OLED industry, with significant investments in flexible AMOLED production lines, positioning itself for substantial growth in this segment [3] - The company is strategically expanding its "1+4+N" ecosystem to capitalize on opportunities in the smart IoT era, with innovations in various applications including smart vehicles and MLED technology [3] Financial Forecasts and Valuation - The company is expected to benefit from the recovery in panel demand, with projected net profits of 4.55 billion yuan, 9.04 billion yuan, and 15.5 billion yuan for 2024, 2025, and 2026 respectively. The corresponding P/E ratios are forecasted to be 36, 18, and 11 times [3][9]

Investment Rating - The report assigns a "Buy-A" rating to BOE A (000725 SZ) with a 6-month target price of 5 19 RMB [4][5] Core Views - BOE A's Q1 2024 revenue reached 45 888 billion RMB, a YoY increase of 20 84%, with net profit attributable to shareholders surging 297 8% to 984 million RMB [1] - The company's LCD TV utilization rate exceeded 85% in March 2024, driven by strong demand and price increases in TV and IT products [2] - BOE A aims to achieve a 30% YoY growth in flexible AMOLED shipments, targeting 160 million units in 2024 [2] Industry and Market Position - BOE A maintains its leading position in the global LCD market, ranking first in shipments across five major application segments [3] - The company achieved a global first in shipments of ultra-large size (≥85 inches) LCD products and made breakthroughs in high-end TV markets with its ADS Pro technology [3] - In the OLED sector, BOE A shipped nearly 120 million flexible AMOLED units in 2023, with significant profitability improvements in mature production lines [3] Financial Projections - Revenue is projected to grow from 209 055 billion RMB in 2024 to 263 799 billion RMB in 2026, with net profit expected to increase from 5 122 billion RMB to 23 992 billion RMB over the same period [4] - The company's gross margin is forecasted to improve from 16 29% in 2024 to 17 11% in 2026 [8] Technological Innovation and Patents - BOE A has accumulated over 90,000 patent applications, with more than 30,000 related to flexible OLED technology [3] - The company ranks 15th globally in US patent authorizations for the sixth consecutive year, with over 40,000 valid patents worldwide [3] Valuation and Peer Comparison - The report values BOE A at 1 5x PB (MRQ), based on comparable companies TCL Technology and Rainbow Optoelectronics [4][9] - BOE A's current PB ratio is 1 28, lower than TCL Technology's 1 67 and Rainbow Optoelectronics' 1 41 [9]

BOE 2024 年第一季度报告 2024 年 4 月 京东方科技集团股份有限公司 BOE TECHNOLOGY GROUP CO., LTD. 京东方科技集团股份有限公司 2024 年第一季度报告 证券代码：000725 证券简称：京东方 A 公告编号：2024-026 证券代码：200725 证券简称：京东方 B 公告编号：2024-026 京东方科技集团股份有限公司 2024 年第一季度报告 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。 重要内容提示: 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈炎顺先生、总裁高文宝先生、主管会计工作负责人杨晓萍女 士及会计机构负责人(会计主管人员)滕蛟先生声明：保证季度报告中财务报表 的真实、准确、完整。 本报告分别以中英文两种语言编制，在对中英文文本的理解上发生歧义时， 以中文文本为准。 本报告未经过审计。 2 京东方科技集团股份有限公司 2024 ...

京东方科技集团股份有限公司 监事会议事规则 （2024 年 4 月 26 日经公司 2023 年度股东大会审议通过） 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"）监事会 的运作，根据《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》、《深圳证券交易所股票上市规则》（以下简称"《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》（以下 简称"《监管指引第 1 号—规范运作》"）和《京东方科技集团股份有限公司章程》 （以下简称"《公司章程》"）的规定，制定本规则。 第二条 本规则是监事会及监事会议事的行为准则，除非有主体限制，其内 容适用于公司全体监事及其他监事会参加人。 第三条 公司监事会应当向全体股东负责，对公司财务以及公司董事、总裁 及其他高级管理人员履行职责的合法合规性进行监督，维护公司及股东的合法权 益。 第一章 监 事 第四条 公司监事为自然人，有下列情形之一的，不能担任公司的监事： （一）无民事行为能力人或者限制民事行为能力人； （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 ...

京东方科技集团股份有限公司 （住所：北京市朝阳区酒仙桥路 10 号） 可续期公司债券临时受托管理事务报告 债券受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 发行人于2019年8月23日召开的第九届董事会第三次会议审议通过了《关于 公司符合发行可续期公司债券条件的议案》、《关于公司公开发行可续期公司债 券发行方案的议案》及《关于提请股东大会授权董事会全权办理本次公开发行可 续期公司债券相关事宜的议案》，并经发行人于2019年9月12日召开的公司2019 年第二次临时股东大会审议通过。 根据中国证监会《关于核准京东方科技集团股份有限公司向合格投资者公开 发行可续期公司债券的批复》（证监许可[2019]1801号），公司获准向合格投资 者公开发行面值总额不超过300亿元的公司债券。本次公司债券采用分期发行方 式，首期发自核准之日起12个月内完成；其余各期债券发行，自核准发行之日起 24个月内完成。 发行人进行了五期发行，截至本报告出具日尚处于存续期的债券"22BOEY1" 于2022年3月24日发行，发行金额人民币2,000,000,000元，发行利率3.50%。 本报告依据《公司债券发行与交易管理 ...

公司由原北京电子管厂及其创业员工作为主发起人，经北京市经济体制改革 办公室以京体改办字(1992)第 22 号文批准，于 1993 年 4 月 9 日以定向募集方式 设立，后按《公司法》进行规范，1997 年 1 月 27 日，北京市人民政府办公厅京 政办函(1997)14 号文批准公司重新登记，后经国务院证券委员会和北京市人民 政府批准，公司于 1997 年 5 月 21 日公开发行人民币特种股票（"境内上市外资 股"），依法转为募集的股份有限公司；在北京市朝阳区市场监督管理局注册登 记，取得营业执照，统一社会信用代码 911100001011016602。 第三条 公司于 1997 年 5 月 19 日经国务院证券委员会证委发[1997]32 号 批准，首次向境外投资人发行的以外币认购并且在境内上市的境内上市外资股为 11,500 万股，于 1997 年 6 月 10 日在深圳证券交易所上市。公司于 2000 年 11 月 23 日经中国证券监督管理委员会（以下简称"中国证监会"）证监公司字 [2000]197 号文核准，向社会公众增发人民币普通股 6000 万股，于 2001 年 1 月 12 日在深圳 ...

京东方科技集团股份有限公司 股东大会议事规则 （2024 年 4 月 26 日经公司 2023 年度股东大会审议通过） 第一章 总 则 第一条 为明确京东方科技集团股份有限公司（以下简称"公司"）股东大 会的职责权限，规范其运作程序，保证股东大会依法行使职权，根据《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》（以下简称 "《证券法》"）、《上市公司股东大会规则》、《深圳证券交易所股票上市规则》（以 下简称"《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》（以下简称"《监管指引第 1 号—规范运作》"）及《京 东方科技集团股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本规 则。 第二条 本规则自生效之日起，即成为规范公司股东大会的组织与行为，规 范公司股东权利与义务的具有法律约束力的文件。 第三条 股东大会由公司全体股东组成，是公司的最高权力机构。股东大会 应当在《公司法》和《公司章程》规定的范围内行使职权。 京东方科技集团股份有限公司股东大会议事规则 第六条 股东大会分为年度股东大会和临时股东大会。年度股东大会每年 召 ...