BOE(SZ:000725) Soochow Securities·2024-05-06 04:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance shows impressive growth, with revenue reaching 45.89 billion yuan, a year-on-year increase of 20.8%. The gross margin improved to 14.5%, up 7.6 percentage points from the previous year, and net profit attributable to shareholders surged by 297.8% to 980 million yuan [2][3] - The company continues to lead in the LCD sector and is rapidly advancing in the OLED industry, with significant investments in flexible AMOLED production lines, positioning itself for substantial growth in this segment [3] - The company is strategically expanding its "1+4+N" ecosystem to capitalize on opportunities in the smart IoT era, with innovations in various applications including smart vehicles and MLED technology [3] Financial Forecasts and Valuation - The company is expected to benefit from the recovery in panel demand, with projected net profits of 4.55 billion yuan, 9.04 billion yuan, and 15.5 billion yuan for 2024, 2025, and 2026 respectively. The corresponding P/E ratios are forecasted to be 36, 18, and 11 times [3][9]