BOE(SZ:000725) Guoxin Securities·2024-09-03 01:02Investment Rating - The investment rating for BOE Technology Group Co., Ltd. (京东方 A) is "Outperform the Market" [1][4]. Core Views - The company reported a revenue growth of 16% year-on-year for 1H24, with a significant increase in net profit by 210.41% year-on-year [1]. - In Q2 2024, the revenue reached 47.499 billion yuan, showing a year-on-year increase of 12.54% and a quarter-on-quarter increase of 3.51% [1]. - The gross margin improved to 17.46% in Q2 2024, reflecting a year-on-year increase of 6.4 percentage points and a quarter-on-quarter increase of 3.0 percentage points [1]. - The company maintains its leading position in the semiconductor display sector, with a steady increase in the shipment volume of mainstream applications in the LCD field [1]. - The flexible OLED panel shipments increased by 27% year-on-year, positioning the company as the second globally in this segment [1]. Financial Performance Summary - For 1H24, the company's revenue was 93.386 billion yuan, with a net profit of 2.284 billion yuan [1]. - The display device business generated revenue of 78.013 billion yuan, while the IoT innovation business brought in 17.156 billion yuan [1]. - The forecast for revenue growth is 18.8% for 2024, followed by 8.9% in 2025 and 8.3% in 2026, reaching 207.4 billion yuan, 225.9 billion yuan, and 244.6 billion yuan respectively [2][11]. - The net profit is expected to grow by 85.7% in 2024, 91.9% in 2025, and 36.7% in 2026, reaching 4.730 billion yuan, 9.076 billion yuan, and 12.403 billion yuan respectively [2][11].