BOE(SZ:000725) Orient Securities·2025-05-03 12:23Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company reported a revenue of 198.4 billion yuan for 2024, a year-on-year increase of 14%, and a net profit attributable to shareholders of 5.32 billion yuan, a significant increase of 109% year-on-year [3][11] - In Q1 2025, the company achieved a revenue of 50.6 billion yuan, a 10% year-on-year growth, with a net profit of 1.61 billion yuan, up 64% year-on-year [3][11] Financial Performance Summary - Revenue (in million yuan): - 2023A: 174,543 - 2024A: 198,381 (13.7% growth) - 2025E: 223,692 (12.8% growth) - 2026E: 242,846 (8.6% growth) - 2027E: 263,808 (8.6% growth) [6] - Operating Profit (in million yuan): - 2023A: 1,519 - 2024A: 4,931 (224.7% growth) - 2025E: 9,170 (86.0% growth) - 2026E: 13,570 (48.0% growth) - 2027E: 18,707 (37.9% growth) [6] - Net Profit Attributable to Shareholders (in million yuan): - 2023A: 2,547 - 2024A: 5,323 (109.0% growth) - 2025E: 8,380 (57.4% growth) - 2026E: 11,471 (36.9% growth) - 2027E: 14,776 (28.8% growth) [6] - Earnings Per Share (in yuan): - 2023A: 0.07 - 2024A: 0.14 - 2025E: 0.22 - 2026E: 0.30 - 2027E: 0.39 [6] Market Position and Product Development - The company remains a global leader in semiconductor display technology, with its LCD products maintaining the highest shipment volume globally [11] - The company is focusing on optimizing product structure and enhancing its market position in innovative applications, particularly in high-end LCD solutions [11] - The company achieved a flexible OLED shipment volume of nearly 140 million units in 2024, ranking second globally, with a target of 170 million units for 2025 [11]