车载显示龙头，转型tier1可期

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (00710.HK) [2][7] Core Views - The company reported a revenue of HKD 10.8 billion for 2023, a year-on-year increase of 0.4%, while the net profit attributable to shareholders was HKD 480 million, a decrease of 18% [2] - The second half of 2023 saw a revenue of HKD 5.6 billion, down 6% year-on-year, with a net profit of HKD 270 million, also down 18% [2] - The automotive display segment remains a stronghold, with revenue of HKD 9.7 billion, while the industrial display segment generated HKD 1.1 billion, accounting for 90% and 10% of total revenue respectively [2] - The company is expected to transition into a Tier 1 supplier in the automotive sector, with a projected market size of nearly HKD 100 billion by 2026 [2] Financial Summary - Revenue for 2024 is projected to be HKD 11.7 billion, with a growth rate of 9.02%, and net profit is expected to reach HKD 536 million, reflecting a growth rate of 12.69% [5] - The company's P/E ratio is forecasted to be 8, 7, and 6 times for 2024, 2025, and 2026 respectively [2][5] - The return on equity (ROE) is expected to improve gradually from 10.92% in 2023 to 11.99% in 2026 [5][6]