京东方A：24H1业绩同比高增，半导体显示领域持续领先

Investment Rating - The investment rating for the company is maintained at "Buy-A" [2] Core Views - The company has shown significant year-on-year growth in 2024H1, maintaining its leading position in the semiconductor display sector, with operating revenue reaching 93.386 billion yuan, a 16.47% increase, and net profit attributable to shareholders of 2.284 billion yuan, a 210.41% increase [1][4] - The LCD segment continues to dominate with stable shipments in five major applications, while the flexible AMOLED segment has seen over 25% growth in shipments, exceeding 65 million units in 2024H1 [1][4] - The company's strategic focus on "screen IoT" and the "1+4+N+ecosystem" framework has led to notable growth in other business segments, including IoT innovation, MLED, and smart medical engineering, with revenue growth rates of 11%, 116%, and 14% respectively [1][4] Business Analysis - In the LCD sector, the production capacity growth is slowing down due to the exit of certain manufacturers, leading to improved industry concentration and competition dynamics [1] - The demand for LCD products has shown signs of recovery, particularly in overseas markets, while the IT product sales have increased year-on-year [1] - The price of LCD TV panels has seen a recovery since February 2024, with prices stabilizing at high levels in June [1] - The flexible AMOLED market is expected to see a significant increase in shipments, particularly in foldable products, driven by the adoption of AMOLED technology in IT products [1][4] Financial Projections - Revenue projections for the company are estimated at 203.378 billion yuan, 227.336 billion yuan, and 247.410 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 16.5%, 11.8%, and 8.8% [4][5] - Net profit attributable to shareholders is projected to be 5.131 billion yuan, 9.086 billion yuan, and 11.097 billion yuan for the same years, with growth rates of 101.4%, 77.1%, and 22.1% [4][5] - The company maintains a strong R&D investment, with 5.8 billion yuan allocated in the first half of 2024, representing over 6% of revenue [1][4]