BOE(SZ:000725) Great Wall Securities·2024-06-13 03:01Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company reported a significant year-on-year increase in Q1 earnings, with revenue reaching 45.888 billion yuan, up 20.84% year-on-year, and net profit of 0.984 billion yuan, up 297.80% year-on-year [1][2] - The panel industry is expected to see a turning point in 2024, driven by a recovery in demand and rising prices for certain panel products [6] - The company is well-positioned in the semiconductor display industry, having become a global leader, with a focus on expanding its AMOLED and MLED businesses [6] Financial Summary - For 2024, the company expects revenue of 198 billion yuan, representing a 13.4% year-on-year growth [1] - The projected net profit for 2024 is 4.712 billion yuan, with an expected growth rate of 85.0% year-on-year [1] - The company's overall gross margin for Q1 2024 was 14.48%, an increase of 7.64 percentage points year-on-year [2] - The company anticipates a continued recovery in profitability, with EPS projected to be 0.13 yuan in 2024, 0.23 yuan in 2025, and 0.33 yuan in 2026 [6]