京东方精电（00710）：经营体现韧性，关注高端产品成长

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (00710.HK) [5] Core Views - The company demonstrated resilience in operations with a slight increase in revenue and profit in the first half of 2025, driven by growth in TFT products, touch screen display modules, and automotive system products [1] - The automotive display segment remains a strong growth driver, with a 9% year-on-year increase in revenue, solidifying the company's market position as a leader in global automotive display shipments [2] - The establishment of the second phase of the factory in Vietnam aims to mitigate tariff risks and align with overseas demand [3] Financial Performance - For the first half of 2025, the company reported revenue of HKD 6.67 billion, an 8% increase year-on-year, with net profit rising 5% to HKD 1.8 billion [1] - The EBITDA for the same period was HKD 340 million, reflecting a 7% year-on-year growth, with an EBITDA margin of approximately 5.1% [1] - The projected total revenue for 2025-2027 is estimated at HKD 15.16 billion, HKD 17.37 billion, and HKD 19.90 billion, respectively, with year-on-year growth rates of 13%, 15%, and 15% [3] Business Segments - The automotive display business generated HKD 6.25 billion in revenue, accounting for 94% of total revenue, with a focus on high-end technologies like LTPS [2] - The industrial display segment achieved revenue of HKD 430 million, representing 6% of total revenue, driven by demand in consumer electronics [2] - The company is expanding its system business, which has become a new growth engine, focusing on smart display systems and advanced cockpit systems [2] Future Outlook - The company anticipates a significant increase in revenue from the industrial sector, with projections indicating that the share of industrial revenue could rise to around 10% by 2027 [2] - The report forecasts a gradual improvement in net profit margins, with net profit expected to reach HKD 4.6 billion, HKD 5.6 billion, and HKD 6.8 billion for 2025, 2026, and 2027, respectively [3]