Investment Rating - The investment rating for the company is "Buy-A" [2] Core Views - The company maintains its leading position in the semiconductor display sector and continues to drive its transformation into the Internet of Things (IoT) [1] - The company's net profit for Q1 2024 is expected to be between 800 million to 1 billion yuan, representing a year-on-year growth of 223% to 304% [1] - In 2023, the company achieved a total revenue of 174.543 billion yuan, with quarterly revenue showing a consistent upward trend [1] - The company remains the global leader in LCD shipments across major application areas, with significant advancements in high-end flagship products and OLED technology [1][4] - The supply-demand dynamics in the industry are improving, with a slowdown in LCD capacity expansion and an anticipated recovery in demand for 2024 [2][4] Summary by Sections Financial Performance - The company reported quarterly revenues of 37.973 billion, 42.204 billion, 46.337 billion, and 48.028 billion yuan for Q1 to Q4 in 2023, with net profits of 247 million, 488 million, 286 million, and 1.525 billion yuan respectively [1] - Revenue projections for 2024 to 2026 are adjusted to 199.887 billion, 213.440 billion, and 234.421 billion yuan, with growth rates of 14.5%, 6.8%, and 9.8% respectively [4] - The net profit forecast for 2024 to 2026 is set at 4.142 billion, 8.131 billion, and 11.955 billion yuan, with growth rates of 62.6%, 96.3%, and 47.0% respectively [4] Market Dynamics - The LCD production line expansion is nearing its end, leading to a more optimized supply structure, with Chinese manufacturers increasing their market share to 70% in 2023 [2] - The overall demand in 2023 was weak, but a recovery is expected in 2024, particularly in the TV panel market, driven by major sporting events [2][4] - The IT panel market is anticipated to rebound as PC hardware upgrades stimulate replacement demand [4] Strategic Initiatives - The company is actively pursuing IoT transformation, achieving significant market penetration in various sectors, including smart finance and digital healthcare [1] - The launch of new high-end products and strategic partnerships in key industries is expected to enhance the company's market position [1][4]

证券研究报告 | 2024年04月11日 京东方 A（000725.SZ） 买入 盈利能力逐季改善，LCD 行业开启稳定盈利新阶段 核心观点 公司研究·财报点评 4Q23营收同环比增长，盈利能力逐季度改善。公司发布2023年年报，2023 电子·光学光电子 年营收1745.43亿元（YoY-2.2%），归母净利润25.47亿元（YoY-66.3%）。 证券分析师：胡剑 证券分析师：胡慧 4Q23营收480.28亿元（YoY +5.2%，QoQ +3.6%），归母净利润15.25亿元 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn （YoY -32.5%，QoQ +432.7%）。2023年在供给端按需生产背景下，LCD TV S0980521080001 S0980521080002 面板价格温和波动，公司盈利能力逐步改善，自3Q22公司毛利率持续环比 证券分析师：周靖翔 证券分析师：叶子 改善，4Q23毛利率16.2%（YoY +10.3pct，QoQ +1.4pct）。 021-60375402 0755-81982 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 显示器件 ＃investSuggestion＃ ＃ ＃d京yCo东mpa方ny＃ A （ 000725 ） investSug 增持 ( 维ges持tionC）h 000725 面板价格持续上＃ 涨title＃ ，看好后市需求 ange＃ ＃createTime1＃ 2024 年04 月10 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报，2023年全年实现营业收入1745.43亿元，同 市场数据日期 2024-04-09 比下降2.17%；归母净利润25.47亿元，同比下降66.26%；扣非归母净利润 收盘价（元） 4.33 -6.33亿元，同比减亏15.96亿；发布利润分配预案，拟每10股派发红利0.3 总股本（百万股） 37652.53 元（含税），股利支付率达到44%较上年有所提高。第四季度营业收入480.28 流通股本（百万股） 37453.57 亿元，同比增长5.17%，环比增长3.65%；归母净利润15.25亿元，同比下降 净资产（百万元） 129428.31 32.50%，环比 ...

Financial Performance - The estimated net profit attributable to shareholders for Q1 2024 is projected to be between 800 million and 1 billion CNY, representing a year-on-year growth of 223% to 304% compared to 247.32 million CNY in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is expected to be between 460 million and 660 million CNY, a significant improvement from a loss of 1.66793 billion CNY in the previous year[3]. - Basic earnings per share are anticipated to be approximately 0.021 to 0.026 CNY, compared to 0.003 CNY per share in the same period last year[3]. - Detailed financial data for Q1 2024 will be disclosed in the quarterly report, urging investors to pay attention to investment risks[6]. Industry Trends - The semiconductor display industry is experiencing a recovery in Q1 2024 due to favorable supply conditions and early release of downstream demand, despite being in a traditional off-season[4]. - In the LCD segment, the demand has been boosted by preparations for sports events and rising price expectations, leading to an early release of customer orders[5]. Product Performance - The company achieved a record high shipment of flexible AMOLED products in 2023, with Q1 2024 shipments continuing to grow year-on-year, and a target of 160 million units for the full year, representing over 30% growth[5]. Strategic Focus - The company aims to focus on "core business and high-quality development" in 2024, enhancing operational efficiency and technology levels under the "Screen IoT" strategy[5]. - The company plans to improve profitability of mature production lines as shipment volumes increase and high-end products gain traction, despite facing significant depreciation pressure in the AMOLED business[5]. - The company emphasizes a "demand-driven production" strategy, with production rates improving significantly in March following order releases[5].

证券研究报告 | 公司动态点评 2024 年 04月 02日 京东方 A（000725.SZ） 盈利能力持续修复，看好 AMOLED & MLED 业务贡献增量 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 178,414 174,543 201,336 242,308 296,003 股票信息 增长率yoy（%） -19.3 -2.2 15.4 20.4 22.2 归母净利润（百万元） 7,541 2,547 4,134 8,559 10,289 行业 电子 增长率yoy（%） -71.0 -66.2 62.3 107.0 20.2 2024年4月2日收盘价（元） 4.30 ROE（%） -0.9 0.2 2.3 4.9 5.9 总市值（百万元） 161,905.88 EPS最新摊薄（元） 0.20 0.07 0.11 0.23 0.27 流通市值（百万元） 158,070.95 P/E（倍） 21.7 64.1 39.5 19.1 15.9 总股本（百万股） 37,652.53 P/B（倍） 1.3 1.3 1.3 1.2 1.2 流通股本（百 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-021 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-021 | 京东方科技集团股份有限公司 关于 2020 年股票期权与限制性股票激励计划授予的 限制性股票第二个解除限售期解除限售股份 上市流通的提示性公告 京东方科技集团股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日召开第十届董事会第二十八次会议和第十届监事会第九次会议，会 议审议通过了《关于 2020 年股票期权与限制性股票激励计划授予的限制 性股票第二个解除限售期解除限售条件成就以及首次授予的股票期权第 二个行权期达到行权条件的议案》。公司 2020 年股票期权与限制性股票激 励计划（以下简称"本次激励计划"）第二个解除限售期解除限售条件已 经成就，根据 2020 年第二次临时股东大会的授权，董事会按照相关规定 为符合解除限售条件的 716 名激励对象办理了解除限售事宜，现将有关事 项公告如下： 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 174.54 billion yuan in 2023, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 2.55 billion yuan, down 66.2% year-on-year. However, the non-recurring net profit showed a significant improvement, with a growth of 71.7% year-on-year, reaching -0.63 billion yuan [2][10] - The company expects a gradual recovery in TV demand in 2024 after three years of decline, with an average shipment size projected to increase from 50.7 inches in 2023 to 52 inches in 2024. IT demand is also anticipated to rebound as interest rate hikes near their end [2][10] - The company achieved an OLED shipment volume of nearly 120 million units in 2023, a 50% year-on-year increase, and expects to maintain a growth rate of 30% in 2024, reaching 160 million units [2][10] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 174.54 billion yuan, with the display device business generating 147.05 billion yuan, IoT innovation business 38.90 billion yuan, MLED business 2.90 billion yuan, smart healthcare services 2.79 billion yuan, and sensor solutions 0.41 billion yuan [2][9] - The gross margin and net margin improved year-on-year, with gross margin at 12.6% and net margin at 0.2%, both showing increases of 0.8 percentage points and 1.2 percentage points respectively [2][10] Future Projections - Revenue projections for 2024-2026 are 216.60 billion yuan, 246.94 billion yuan, and 270.94 billion yuan respectively, with net profits expected to be 4.84 billion yuan, 9.77 billion yuan, and 15.92 billion yuan respectively [3][10] - The company anticipates a recovery in the display device business, with a projected growth rate of 24.1% in 2024, followed by 14.0% in 2025 and 9.7% in 2026 [9][10] Market Position - The company is positioned as a leader in the OLED market, with over 50% market share in LTPO and a record high in foldable screen shipments. The structural improvement in OLED products is expected to enhance profitability [2][10]

证券研究报告·公司点评报告·电子 京东方 A（000725） 2023 年报点评：营收逐季稳步提升，看好公 2024 年 04月 08日 司“1+4+N+生态链”布局 证券分析师 马天翼 买入（维持） 执业证书：S0600522090001 maty@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 金晶 营业总收入（百万元） 178,414 174,543 203,818 228,260 242,503 执业证书：S0600523050003 jinj@dwzq.com.cn 同比 -19.28% -2.17% 16.77% 11.99% 6.24% 归母净利润（百万元） 7,541 2,547 4,554 9,044 15,502 股价走势 同比 -70.95% -66.22% 78.76% 98.61% 71.40% 京东方A 沪深300 EPS-最新摊薄（元/股） 0.20 0.07 0.12 0.24 0.41 1% P/E（现价&最新摊薄） 21.47 63.56 35.55 17.90 10.44 - ...

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： 一、激励对象因个人原因离职、个人业绩考核结果不达标，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 | 冯鸿博 | 股票期权 | 46,117 | | 2 | 吴月 | 股票期权 | 55,275 | | 3 | 王大伟 | 股票期权 | 46,117 | | 4 | 吴春明 | 股票期权 | 55,275 | | 5 | 曹芳 | 股票期权 | 55,275 | | 6 | 李鹏 | 股票期权 | 46,117 | | 7 | 张长峰 | 股票期权 | 55,275 | | 8 | 王洁琼 | 股票期权 | 55,275 | | 9 | 刘延春 | 股票期权 | 46,117 | | 10 | 边征 | 股票期权 | 50,688 | | 11 | 田露 | 股 ...

| 序 | | 条 | 原规则 | 条 | 修订后规则 | | --- | --- | --- | --- | --- | --- | | 号 | | 款 | | 款 | | | 董事会下设战略委员会、提名薪酬考核 | | | 咨询委员会。三个专门委员会全部由董事组 略委员会负责公司经营、技术和组织人事等重 | | | | 委员会、风控和审计委员会三个专门委 | | | | | | | 董事会下设战略委员会、提名薪酬考核委员 | | | | | 员会及战略咨询委员会。三个专门委员 | | 会、风控和审计委员会三个专门委员会及战略 | | | | | | | 会全部由董事组成。战略咨询委员会由 | | | | | | | 京东方创业老专家、国内外企业顾问及 | | | | | | | 成。战略咨询委员会由京东方创业老专家、国 | | | | | | | 董事等若干专家委员组成。战略委员会 | | | 内外企业顾问及董事等若干专家委员组成。战 | | | | 负责对需上报董事会的重大事项进行 | | | | | | | 研究并提出建议；风控和审计委员会负 | | | | | | | 大战略及其执行情况的审核；风控 ...