BOE(000725) Ping An Securities·2024-11-01 00:42Investment Rating - The report maintains a "Recommended" rating for the company [1][5]. Core Views - The company's Q3 performance is impressive, with a revenue of 50.35 billion yuan, representing a year-on-year increase of 8.65%, and a net profit attributable to shareholders of 1.03 billion yuan, up 258.21% year-on-year [2][3]. - The gross margin improved to 17.41%, an increase of 2.58 percentage points year-on-year [3]. - The price of television panels has reached a bottom in late October, with prices remaining stable due to production control during the National Day holiday and the "old-for-new" subsidy policy [3]. - The company maintains its leading position in the semiconductor display industry, with the highest shipment volume in the global market for LCD and OLED displays [3]. - The company's proprietary ADS Pro technology is the most widely shipped LCD technology, favored for its high environmental contrast and refresh rates [3]. - The company is accelerating its OLED production capacity, with the first domestic G8.6 AMOLED production line completed in just 183 days [3]. Financial Summary - The company’s revenue projections for 2024-2026 are adjusted to 5.364 billion yuan, 8.453 billion yuan, and 11.034 billion yuan respectively, with corresponding P/E ratios of 31.7X, 20.1X, and 15.4X [5]. - The company’s revenue for 2023 is projected at 174.543 billion yuan, with a net profit of 2.547 billion yuan [4][7]. - The gross margin is expected to improve to 16.4% in 2024, with a net margin of 2.7% [4][7]. - The company’s total assets are projected to decrease from 419.187 billion yuan in 2023 to 351.955 billion yuan by 2026 [7].