车载显示屏龙头，保持高端市场竞争优势

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.06, indicating a potential upside of 47.8% from the current price [2][4]. Core Viewpoints - The company, BOE Technology Group's subsidiary, is a leader in the automotive display market, providing advanced display modules and systems. Despite a challenging 2023 with revenue of HKD 10.76 billion (up 0.4%) and a net profit of HKD 475 million (down 18%), the company maintains a strong market position [1][2]. - The automotive display module market is expected to grow significantly, with global compound annual growth rates of 4.4% for total shipments, 8.35% for medium and large sizes, and 18.16% for oxide and LTPS shipments over the next three years [1]. - The company has a robust technological foundation in high-end products, including the global launch of a 14.6-inch QHD oxide display product, and is entering mass production for several advanced display technologies [1][2]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of HKD 10.76 billion, a slight increase of 0.4% from the previous year. The net profit was HKD 475 million, reflecting a decrease of 18% [5][6]. - Forecasts for 2024 and 2025 predict revenues of HKD 12.06 billion and HKD 13.58 billion, respectively, with net profits expected to rise to HKD 540 million and HKD 615 million [2][5]. Market Position - The company holds the largest market share in global automotive displays, with significant advancements in ultra-large displays and various innovative display technologies [1][2]. - The overseas market presents substantial growth potential, with expectations of double-digit growth as 39 client projects are set to enter mass production in 2024 [1][2]. Production Capacity - The Chengdu automotive display base has a designed annual production capacity of 15 million units and achieved full production in 2023, with a utilization rate of approximately 90% and a yield rate of about 97% [2][5].