BOE(SZ:000725) Minsheng Securities·2024-04-01 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 174.54 billion yuan in 2023, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of 2.55 billion yuan, down 66.22% year-on-year [1][2]. - The company is a global leader in the semiconductor display industry, with a strong position in the LCD market, maintaining the highest shipment volumes in various applications and achieving record shipments in flexible OLED [2]. - The LCD industry is undergoing a new order, with pricing power shifting from Korean manufacturers to Chinese manufacturers, benefiting the company as it sees a continuous increase in revenue over four consecutive quarters in 2023 [2]. - The company is expected to see significant profit growth in the coming years, with projected net profits of 5.18 billion yuan, 9.72 billion yuan, and 14.52 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - In 2023, the company reported total revenue of 174.54 billion yuan, with a projected revenue increase to 210.05 billion yuan in 2024, representing a growth rate of 20.3% [3]. - The net profit attributable to shareholders is expected to rebound significantly in 2024, with a forecasted growth rate of 103.3% [3]. - The company's price-to-earnings (PE) ratio is projected to decrease from 64 in 2023 to 31 in 2024, indicating improved valuation as profits recover [3].