BOE(SZ:000725) Guoxin Securities·2024-11-05 02:41Investment Rating - The investment rating for the company is "Outperform the Market" [3][10]. Core Views - In Q3 2024, the company's revenue increased by 8.6% year-on-year, with a gross margin of 17.4%, reflecting a year-on-year increase of 2.6 percentage points [1]. - The company achieved a total revenue of 143.73 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 3.31 billion yuan, up 223.8% year-on-year [1]. - The demand for TV panels was boosted by the "old-for-new" policy, leading to a 9% increase in TV panel shipments year-on-year [1]. - The global LCD TV panel shipments in Q3 2024 remained stable at 59.5 million units, while the company's shipments reached 15.3 million units, maintaining a market share of 24% [1]. - The release of new smartphone models, such as Apple's iPhone 16 series, has driven a recovery in demand for flexible OLED panels, with the company's flexible AMOLED smartphone panel shipments growing by 2% year-on-year [1]. Financial Forecasts - The company expects revenue growth of 18.8%, 8.9%, and 8.3% for 2024, 2025, and 2026, reaching 207.39 billion, 225.92 billion, and 244.61 billion yuan respectively [2]. - Net profit is projected to grow by 85.7%, 91.9%, and 36.7% for the same periods, reaching 4.73 billion, 9.08 billion, and 12.40 billion yuan respectively [2]. - The price-to-book (PB) ratios for 2024, 2025, and 2026 are expected to be 1.27, 1.22, and 1.16 respectively [1][2].