BOE(SZ:000725) Hua Xia Shi Bao·2025-04-25 09:46Group 1: Company Performance - BOE Technology Group announced a flexible OLED shipment target of 170 million units for this year, representing a year-on-year growth of 21.4% [2] - The company's revenue for 2024 reached nearly 198.4 billion yuan, a year-on-year increase of 13.66%, with a net profit of 5.323 billion yuan, more than doubling from the previous year [2] - Despite strong financial results, BOE's stock price did not see significant recovery, trading at 3.85 yuan, up 1.32%, but still below the 4 yuan mark commonly seen in Q1 [2] Group 2: OLED Market Insights - The display device business, including TFT-LCD and AMOLED, accounted for 83.18% of BOE's total revenue, with OLED shipments last year at 140 million units, representing only 27% of the revenue but growing at a much faster rate than LCD [3] - The market for foldable screens and mid-sized IT products is a significant driver for BOE's OLED shipment target, with foldable screen shipments exceeding 7 million units last year, a growth of over 40% [3] - The global share of flexible OLED shipments increased from 13% in 2022 to 19% last year, with projections to reach 29% by 2031, indicating a 9% annual growth rate [3] Group 3: Production and Capacity Challenges - BOE did not meet its OLED shipment target of 160 million units last year due to production challenges and a competitive market environment, which affected overseas orders [5] - The company has invested in multiple production lines for flexible AMOLED, with plans for a new 8.6-generation line in Chengdu, expected to start production by the end of 2026 [4] Group 4: LCD Market Dynamics - LCD panels, which account for over 70% of BOE's display revenue, remain a key profit source, despite a decline in demand expected in the second quarter [6] - The average utilization rate for the LCD industry has been above 80% but is anticipated to adjust downward due to falling demand [6] - Tariff fluctuations are identified as a potential risk to LCD panel demand, impacting inventory and production strategies [7] Group 5: Market Position and Strategic Moves - Industry consolidation continues, with BOE potentially looking to acquire stakes in other companies to enhance its competitive position [8] - The management team has initiated a shareholder return plan, committing to distribute at least 35% of net profit as cash dividends annually and to repurchase shares worth 1.5 to 2 billion yuan [10] - BOE has launched several technology brands and a sustainable development brand, indicating a focus on innovation and environmental responsibility [11]