Group 1: Industry Overview - The LCD industry has seen a gradual release of capacity, with a significant increase in the concentration of production among Chinese manufacturers, leading to improved supply dynamics [1] - The overall health of the global LCD industry, particularly in the TV sector, has improved, resulting in reduced volatility and steady enhancement of profitability for manufacturers [1] Group 2: Demand and Market Trends - Since Q3 2024, the "trade-in" policy has stimulated domestic TV consumption, particularly for large-screen TVs (75 inches and above), with significant sales growth [2] - The IT sector's demand remains relatively flat, but is expected to see year-on-year growth driven by e-sports demand and the "trade-in" policy [2] - The smartphone market is recovering, with increasing penetration of flexible AMOLED products and sustained growth in high-end foldable devices [2] Group 3: Pricing and Production Efficiency - LCD TV prices stabilized in October 2024, with potential price increases for certain large-screen products due to the "trade-in" policy [2] - The industry utilization rate for LCD production decreased in Q3 but rebounded to over 80% in November, reflecting a gradual recovery in end-user demand [2] Group 4: Depreciation and Future Projections - The depreciation of OLED production lines is expected to increase slightly due to the completion of several production line transitions, with minimal fluctuations anticipated in 2024 and 2025 [3] - Starting in 2026, overall depreciation is projected to decline as the company continues to optimize product structure and improve operational efficiency [3]

Group 1: Market Outlook and Production Capacity - The LCD industry has seen a significant increase in concentration due to the exit of some overseas manufacturers, leading to improved supply dynamics [1] - The production capacity utilization rate in the LCD industry decreased in Q3 but showed improvement in November as end-user demand gradually recovered [2] - The company anticipates stable LCD product prices in Q4, supported by the "old-for-new" policy stimulating domestic brand procurement [1] Group 2: AMOLED Production Line Investment - The company announced the investment in the 8.6 generation AMOLED production line in November last year to meet the demand for high-end touch OLED displays [2] - The project aims to produce high-end touch OLED displays for laptops and tablets, utilizing LTPO backplane technology for lower power consumption and longer lifespan [2] - The project is expected to achieve mass production by the end of 2026, enhancing the company's competitiveness in the semiconductor display industry [2] Group 3: Investment in Perovskite Solar Technology - The company is entering the perovskite photovoltaic sector due to the promising growth prospects in the new energy industry and the similarity in technology with semiconductor displays [3] - The company plans to leverage its accumulated expertise in optoelectronic conversion technology from the OLED display sector to accelerate the development of perovskite solar technology [3] - Future investments will focus on enhancing research and development in perovskite technology to achieve higher efficiency and longer lifespan [3] Group 4: Depreciation and Capital Expenditure - The company expects a slight increase in overall depreciation in the second half of the year due to the completion of several AMOLED production lines [3] - Future capital expenditures will primarily focus on the semiconductor display business, aligning with the company's strategic plan [4] - The company aims to optimize production line structures and improve operational efficiency to enhance profitability [3]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 5.27 CNY per share, based on a projected PB of 1.5 times for 2024 [5][19]. Core Insights - The company achieved total revenue of 143.73 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 13.61%. The net profit attributable to shareholders was 3.31 billion CNY, up 223.80% year-on-year [2][3]. - The company is optimizing its LCD product structure while increasing its OLED shipment volume. It maintains the global leading position in the shipment of large-size LCD products (≥85") and has made significant progress in flexible OLED products [3][10]. - The subsidiary, BOE Energy, is set to be listed on the New Third Board, which is expected to enhance the company's market competitiveness in the energy IoT sector and attract more investors [3][10]. Financial Forecasts - The company is projected to have EPS of 0.12, 0.24, and 0.32 CNY per share for the years 2024 to 2026, respectively. The BPS for 2024 is estimated at 3.51 CNY per share [19]. - Revenue growth rates for the display device business are expected to be 14%, 12%, and 10% from 2024 to 2026, with corresponding gross margins of 14%, 15%, and 16% [15][19]. - The IoT innovation business is anticipated to grow at rates of 11%, 10%, and 10% over the same period, maintaining a gross margin of 10% [16][19]. Business Segments - In the display device segment, the company continues to solidify its leading position in semiconductor displays, focusing on high-quality products across various applications, including mobile devices and TVs [10][15]. - The IoT innovation business is expanding its global footprint, with significant projects underway in Vietnam and various smart solutions being implemented in financial and industrial sectors [16][19]. - The sensor and solution segment is seeing breakthroughs in market expansion and product development, particularly in medical imaging and automotive applications [17][19]. - The MLED segment is enhancing its competitive edge through high-quality product offerings in outdoor and commercial display markets [18][19].

Core Viewpoint - The company, BOE Technology Group, is entering the perovskite photovoltaic industry due to the promising growth prospects and ample market capacity in the renewable energy sector, as well as the technical similarities between perovskite solar cells and semiconductor displays [1] Group 1 - The company identifies two main reasons for its entry into the perovskite photovoltaic industry: the future growth potential of the renewable energy sector and the significant market capacity that supports sustained growth [1] - The company plans to leverage its accumulated optoelectronic conversion technology and manufacturing expertise from the OLED display industry to enhance the research, production, and manufacturing of perovskite photovoltaics [1] - The company's subsidiary, BOE Energy, has a broad layout in the photovoltaic application sector, which will interact positively with the perovskite photovoltaic projects, accelerating the growth of the company's renewable energy-related business [1]

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2024-023 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------------------------------|----------------------------------------|-------------|-------|-------|--------------------------------------------------------|--------------------------------------|-------|-------| | | | | | | | | | | | | 投资者关系活动类别 | | √特定对象调研 □分析师会议 | | | | | | | | | | □媒体采访 | | □业绩说明会 | | | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | | | √现场参观 | | | | | | | | | | | | ...

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2024-022 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------------------------------|----------------------|---------------------------------------------------------|-------|-------|-------|--------------------------| | | | | | | | | | | 投资者关系活动类别 | √特定对象调研 □分析师会议 | | | | | | | | | □媒体采访 | | □业绩说明会 | | | | | | | □新闻发布会 □路演活动 | | | | | | | | | □现场参观 | | | | | | | | | | | | | | | | | 参与单位名称 | √其他 电话会议 | | CoreView Capital Management Limited | | | | ：高乐 ...

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2024-021 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------------------------|------------------------|---------------------------------------------------------|-------|-------|-------|--------------------------| | | | | | | | | | | 投资者关系活动类别 | | | √特定对象调研 □分析师会议 | | | | | | | □媒体采访 | | □业绩说明会 | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | √现场参观 | | | | | | | | | | | | | | | | | 参与单位名称 | □其他 | | 高毅资产：梁萌、何卓元、梁鸥、莫洁莹、金星 | | | | | | | 华泰证券：胡宇舟、秦晓天 | | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10]. Core Views - In Q3 2024, the company's revenue increased by 8.6% year-on-year, with a gross margin of 17.4%, reflecting a year-on-year increase of 2.6 percentage points [1]. - The company achieved a total revenue of 143.73 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 3.31 billion yuan, up 223.8% year-on-year [1]. - The demand for TV panels was boosted by the "old-for-new" policy, leading to a 9% increase in TV panel shipments year-on-year [1]. - The global LCD TV panel shipments in Q3 2024 remained stable at 59.5 million units, while the company's shipments reached 15.3 million units, maintaining a market share of 24% [1]. - The release of new smartphone models, such as Apple's iPhone 16 series, has driven a recovery in demand for flexible OLED panels, with the company's flexible AMOLED smartphone panel shipments growing by 2% year-on-year [1]. Financial Forecasts - The company expects revenue growth of 18.8%, 8.9%, and 8.3% for 2024, 2025, and 2026, reaching 207.39 billion, 225.92 billion, and 244.61 billion yuan respectively [2]. - Net profit is projected to grow by 85.7%, 91.9%, and 36.7% for the same periods, reaching 4.73 billion, 9.08 billion, and 12.40 billion yuan respectively [2]. - The price-to-book (PB) ratios for 2024, 2025, and 2026 are expected to be 1.27, 1.22, and 1.16 respectively [1][2].

Investment Rating - The report maintains an "Accumulate" rating for BOE Technology Group Co., Ltd. (京东方A) [5][6] Core Views - The company reported strong performance in the first half of 2024, with revenue of 143.73 billion yuan, a year-on-year increase of 13.61%, and a net profit attributable to shareholders of 3.31 billion yuan, up 223.80% year-on-year [3] - The LCD business continues to lead in global market share, while the OLED segment shows increasing shipment volumes, indicating a positive outlook for the company's profitability [4][6] - The company plans to repurchase shares worth up to 1 billion yuan to implement an employee stock ownership plan, which may enhance shareholder value [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 50.35 billion yuan, a year-on-year increase of 8.65% and a quarter-on-quarter increase of 5.99%. The net profit for the same period was 1.03 billion yuan, up 258.21% year-on-year but down 21.11% quarter-on-quarter [3] - The comprehensive gross margin for Q3 2024 was 17.41%, an increase of 2.58 percentage points year-on-year, but a slight decrease of 0.05 percentage points quarter-on-quarter [3] Business Segments - In the LCD segment, BOE remains the global leader in display shipments, with a market share of approximately 26% in August 2024 [4] - The OLED segment saw further growth in flexible AMOLED product shipments, driven by the release of high-end flagship models from various smartphone brands [3][4] Future Projections - The report adjusts revenue forecasts for 2024, 2025, and 2026 to 200.29 billion yuan, 226.00 billion yuan, and 239.21 billion yuan, respectively, with net profits projected at 4.63 billion yuan, 7.54 billion yuan, and 10.42 billion yuan [6][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.12 yuan, 0.20 yuan, and 0.28 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 37, 23, and 16 [6][7]

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2024-020 投资者关系活动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 | --- | --- | --- | |----------------------|--------|------------------------------------------------------------| | 参与单位名称 | | 参会投资机构 137 家，名单详见附件 | | 时间 | 2024 | 年 11 月 1 日 | | 地点 | | 电话会议 | | 上市公司接待人员姓名 | 郭 | 红 董事会秘书室副主任（ VP 级） | | | 滕 | 蛟 VCFO（VP 级） | | | 罗文捷 | 证券事务代表 | | | | 讨论的主要内容： | | | | 一、行业及市场概况 | | | | LCD 方面，受体育赛事和备货需求的影响，二季度 LCD | | | | 行业稼动率提升至高位；随着阶段性备货力度走弱，三季度面 | | 投资者关系活动主要内 | | 板厂商坚持"按需生产"，根据 ...