BOE(SZ:000725) Zheng Quan Zhi Xing·2025-06-30 16:25Core Viewpoint - The credit rating agency maintains the long-term credit rating of BOE Technology Group Co., Ltd. at AAA, with a stable outlook, reflecting the company's strong market position and financial health [1][5]. Company Overview - BOE Technology Group, originally established as Beijing Oriental Electronics Group Co., Ltd., has evolved into a leading player in the global semiconductor display industry, with a significant market share and a robust financial structure [10][16]. - As of the end of 2024, the company reported total assets of CNY 429.98 billion and equity of CNY 204.55 billion, with a revenue of CNY 198.38 billion and a profit of CNY 5.09 billion [10][25]. Financial Performance - The company experienced a revenue increase of 10.27% in 2024, with total revenue reaching CNY 198.38 billion, and a profit increase of 269.89% to CNY 2.35 billion [25]. - The operating cash flow for 2024 was CNY 47.74 billion, indicating strong cash generation capabilities [9][25]. Industry Analysis - The semiconductor display industry is showing signs of recovery after a downturn, with a projected growth in global TFT-LCD and AMOLED panel capacity by 2.5% in 2024 [12][14]. - The demand for large-sized displays is increasing, with the average size of liquid crystal television panels rising to 49.6 inches in 2024 [12][14]. Competitive Position - BOE Technology Group holds a leading position in the global semiconductor display market, ranking first in shipment volume and area for major applications such as smartphones, tablets, and televisions in 2024 [7][17]. - The company is also a significant player in the flexible OLED market, with a shipment of approximately 140 million units, ranking second globally [7][17]. Research and Development - The company invested CNY 13.205 billion in R&D in 2024, accounting for 6.66% of its total revenue, and holds over 100,000 patent applications globally [19][20]. - BOE has been recognized as a leader in technology innovation, consistently ranking among the top in patent grants in the United States [19][20]. Future Outlook - The semiconductor display industry is expected to continue growing, driven by technological innovations and the expansion of application scenarios, with BOE's ongoing projects enhancing its competitiveness in the AMOLED sector [6][15]. - The company aims to strengthen its core competencies and expand its business ecosystem through strategic investments in IoT, sensing, MLED, and smart medical engineering [28].