BOE(000725) 平安证券·2025-01-21 10:15Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [12]. Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 5.2 billion to 5.5 billion yuan, representing a year-on-year growth of 104% to 116% [4][7]. - The demand stimulation from the "old-for-new" policy is anticipated to improve industry conditions, with the company maintaining its leading position in the semiconductor display sector [7][9]. - The report highlights a structural improvement in major application areas, particularly in the LCD segment, driven by a combination of supply-side production adjustments and demand-side policy incentives [7][9]. Financial Summary - The company’s projected financial performance for 2024 includes: - Revenue of approximately 202.1 billion yuan, a year-on-year increase of 15.8% [6]. - Net profit of 5.36 billion yuan, reflecting a year-on-year increase of 110.6% [6]. - Gross margin expected to rise to 16.4% [6]. - For 2025, the company is projected to achieve a net profit of 8.45 billion yuan, with a corresponding P/E ratio of 19.6 [9][10]. Market Position - The company continues to lead in global shipments across five major application areas, including smartphones, tablets, laptops, desktop monitors, and televisions [7][9]. - The report notes a significant increase in OLED shipments, with a focus on high-end products, and the company is expected to maintain its competitive edge in flexible AMOLED technology [7][9].