BOE(SZ:000725) Great Wall Securities·2024-04-10 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's profitability is continuously recovering, with positive contributions expected from AMOLED and MLED businesses [1][7] - The company remains a leader in the semiconductor display industry, with significant growth in flexible AMOLED shipments and a strong position in the LCD market [3][7] Financial Performance Summary - In 2023, the company achieved operating revenue of 174.54 billion yuan, a slight decrease of 2.17% year-on-year, and a net profit attributable to shareholders of 2.55 billion yuan, down 66.22% year-on-year [2][3] - The company’s overall gross margin for 2023 was 12.55%, an increase of 0.85 percentage points year-on-year, while the net margin was 0.21%, up 1.19 percentage points year-on-year [3] - The company’s revenue is projected to grow to 201.34 billion yuan in 2024, with a year-on-year growth rate of 15.4% [2] Business Segment Performance - The display device business generated revenue of 1470.53 billion yuan in 2023, down 2.06% year-on-year, while the IoT innovation business saw a revenue increase of 13.30% to 389.00 billion yuan [3] - The MLED business revenue grew significantly by 81.42% to 29.02 billion yuan, and the smart medical engineering business revenue increased by 26.71% to 27.92 billion yuan [3] Future Outlook - The company is expected to benefit from the recovery in consumer electronics demand and rising panel prices, which will enhance profitability [7] - The forecast for net profit attributable to shareholders is 4.13 billion yuan for 2024, 8.56 billion yuan for 2025, and 10.29 billion yuan for 2026 [7]