BOE(SZ:000725) GOLDEN SUN SECURITIES·2025-08-28 02:55Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company achieved a revenue of 101.28 billion yuan in the first half of 2025, representing a year-on-year growth of 8.45%, and a net profit attributable to shareholders of 3.25 billion yuan, up 42.15% year-on-year [1]. - The company continues to lead globally in LCD shipments, optimizing product structure and enhancing its competitive edge in high-end flagship products [2]. - The company is accelerating its OLED production capacity and innovating high-end solutions, with significant increases in flexible OLED product shipments [3]. - The company has implemented a shareholder return plan for 2025-2027, including cash dividends and share buybacks, to enhance shareholder value [4]. Financial Performance - For the first half of 2025, the company reported a revenue of 101.28 billion yuan and a net profit of 3.25 billion yuan, with a quarterly revenue of 50.68 billion yuan in Q2 2025, showing a year-on-year increase of 6.70% [1]. - The company forecasts revenues of 215.99 billion yuan, 239.57 billion yuan, and 264.06 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.42 billion yuan, 13.28 billion yuan, and 15.38 billion yuan [4][6]. - The company's current PB valuation is approximately 1.1 times for 2025 [4]. Market Position and Strategy - The company has maintained its leading position in the semiconductor display field, with the highest shipment volumes in major application areas such as mobile phones and televisions [2]. - The company is actively integrating industry assets through investments and share buybacks, enhancing control over quality production lines [2]. - The company is focusing on high-end flexible display solutions and expanding into automotive and IT applications [3].