BOE(SZ:000725) Shenwan Hongyuan Securities·2025-06-21 13:19Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company announced plans to acquire a 30% stake in Changhong Optoelectronics, which is expected to enhance its competitive advantage and expand its technology portfolio and production capacity [5][8] - The acquisition price is set at 4.849 billion yuan, and if successful, it will allow the company to strengthen its position in the LCD market [5] - The report highlights the ongoing consolidation in the LCD industry, particularly with the exit of overseas competitors, which presents opportunities for domestic manufacturers [8] - The company is expected to see significant profit elasticity as high-generation production line depreciation comes to an end [8] - The profit forecast for 2025-2027 has been raised, with net profits projected at 9.029 billion yuan for 2025, 11.179 billion yuan for 2026, and 14.440 billion yuan for 2027, corresponding to PE ratios of 16, 13, and 10 respectively [8] Financial Summary - Total revenue is projected to grow from 198.381 billion yuan in 2024 to 250.050 billion yuan in 2027, with a compound annual growth rate of approximately 10% [7][10] - The net profit is expected to increase significantly, with a forecast of 9.029 billion yuan in 2025, reflecting a year-on-year growth rate of 69.6% [7][10] - The company's gross margin is anticipated to improve from 15.2% in 2024 to 17.5% in 2027 [7]