Financial Performance - The company's operating revenue for the reporting period was ¥93,386,241,632, representing a year-on-year increase of 16.47% compared to ¥80,177,875,220 in the same period last year[13]. - The net profit attributable to shareholders of the listed company reached ¥2,284,051,354, marking a significant increase of 210.41% from ¥735,809,609 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,613,403,381, up 201.83% from a loss of ¥1,584,440,291 in the same period last year[13]. - The net cash flow from operating activities was ¥24,878,969,292, reflecting a 53.16% increase from ¥16,243,669,123 in the previous year[13]. - Basic earnings per share were ¥0.06, a 200.00% increase from ¥0.02 in the same period last year[13]. - The total assets at the end of the reporting period were ¥422,367,862,387, showing a slight increase of 0.76% from ¥419,187,099,795 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company were ¥130,834,067,578, up 1.09% from ¥129,428,307,067 at the end of the previous year[13]. - The company reported a significant increase in cash and cash equivalents, with a net increase of ¥5.86 billion, compared to a decrease of ¥3.79 billion in the previous year, marking a 254.57% change[33]. - The company’s financial expenses decreased by 32.37% to ¥295.44 million, attributed to reduced interest expenses and increased foreign exchange gains[33]. - The company’s tax expenses decreased by 38.08% to ¥508.07 million, primarily due to temporary differences in assets during the reporting period[33]. Corporate Governance and Compliance - The board of directors confirmed the accuracy and completeness of the financial report for the first half of 2024[3]. - The report includes a commitment to transparency and compliance with regulatory requirements[3]. - The company has revised its governance documents in 2024 to enhance compliance and governance standards, including updates to the Articles of Association and independent director systems[57]. - The half-year financial report has not been audited, and there are no significant audit issues reported[83]. - The company has not engaged in any major related party transactions during the reporting period[85]. - There are no significant penalties or rectification measures reported during the period[85]. Innovation and Technology Development - The report highlights the company's focus on innovation and technology development in its strategic outlook[3]. - The company is focused on developing a "1+4+N+ecological chain" development framework, emphasizing semiconductor display as its core capability and expanding into IoT innovation, sensing, MLED, and smart medical engineering[18]. - The company aims to enhance its global market presence and diversify its product offerings to provide better quality products and services to users[18]. - The company has established multiple manufacturing bases across China and subsidiaries in various countries, ensuring a comprehensive service system covering major global regions[18]. - Over 4,000 new patent applications were filed in the first half of the year, with more than 90% being invention patents and over 30% being overseas patents[29]. - The company’s industrial software and intelligent manufacturing solutions are driving high-quality development in the semiconductor industry, leveraging over 30 years of experience[24]. - BOE's innovation capabilities have been recognized, ranking 12th in the "Global Top 100 Innovative Institutions" list by Clarivate Analytics in 2024[29]. Market Expansion and Strategic Initiatives - The company is expanding its global presence and enhancing its supply chain resilience to adapt to market challenges[54]. - The smart terminal business is accelerating its overseas expansion, with the second phase of the Vietnam smart terminal project commencing on schedule[27]. - The company is actively pursuing market expansion strategies, particularly in the IoT and smart medical sectors, to diversify its revenue streams[154]. - Future guidance indicates a cautious outlook, with expectations of continued challenges in the global supply chain affecting production and sales[154]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market presence[154]. Environmental Responsibility - The company has established a comprehensive environmental management system based on ISO14001 and complies with various national environmental protection laws and regulations[66]. - The company has committed to achieving carbon neutrality in its operations by 2050, with a focus on integrating green development into various operational dimensions[76]. - The company has implemented a carbon emission management system and conducts annual carbon audits to monitor its carbon footprint[76]. - The company has achieved a 100% disposal rate for hazardous waste, ensuring compliance with environmental regulations[70]. - The company emphasizes the importance of product lifecycle management, focusing on recyclability and minimal environmental impact during the design phase[77]. Shareholder and Equity Information - The company reported a total of ¥127,231,068,471 in assets with restricted rights, mainly due to collateral for guarantees[39]. - The company has granted a total of 95,859,475 restricted shares and 168,428,195 stock options to 2,434 incentive objects as part of its 2020 stock option and restricted stock incentive plan[63]. - The company plans to release 95,859,475 shares from equity incentive restrictions on April 11, 2024, and will complete the repurchase and cancellation of 2,547,779 shares on June 4, 2024[105]. - The largest shareholder, Beijing State-owned Capital Operation Management Co., Ltd., holds 4,063,333,333 shares, accounting for 10.79% of total shares[107]. - The total number of ordinary shareholders at the end of the reporting period is 1,134,173, including 1,102,840 A-share shareholders and 31,333 B-share shareholders[106]. Financial Instruments and Risk Management - The company measures expected credit losses based on the weighted average of credit losses of financial instruments, considering the longest contract term facing credit risk[173]. - The company categorizes accounts receivable into three groups based on credit risk: high, medium, and low risk, without significant differences in loss occurrence among different customer segments[175]. - The company recognizes impairment losses for financial assets when adverse events affecting expected future cash flows occur, such as significant financial difficulties of the issuer[177]. - The company directly reduces the carrying amount of financial assets when it no longer expects to recover cash flows, leading to derecognition of the asset[177]. Research and Development - Research and development investment rose by 10.93% to ¥5.84 billion, compared to ¥5.27 billion in the previous year[33]. - The company invests approximately 7% of its revenue annually in R&D, with 1.5% allocated to basic and frontier technology research, establishing itself as a leader in semiconductor display R&D[55]. - The company has maintained its commitment to research and development, with capitalized R&D expenditures exceeding 0.5% of total assets, reflecting its focus on innovation[159].

Investment Rating - The investment rating for the company is "Accumulate-A" [2] Core Views - The semiconductor display industry is experiencing an upturn, leading to a significant increase in the company's net profit for the first half of 2024, with an expected year-on-year growth of 185% to 213% [1][4] - The company is focusing on high-end mid-size products by investing in the 8.6 generation AMOLED production line, which is expected to start mass production by the end of 2026 [2][4] - The company is also entering the flexible dimming new sector with the establishment of Ruisi Technology, which will produce flexible dimming films and electronic devices [2][4] Summary by Relevant Sections Financial Performance - The company anticipates a net profit of 1.116 billion to 1.316 billion yuan for Q2 2024, representing a year-on-year increase of 128.50% to 169.44% and a quarter-on-quarter increase of 13.46% to 33.78% [1] - For the first half of 2024, the expected net profit is between 2 billion to 2.3 billion yuan, indicating a year-on-year growth of 185% to 213% [1] Market Trends - The demand for large-size LCD panels is expected to increase due to major sporting events and e-commerce promotions, with a notable price increase in TV products observed in March and April 2024 [1] - The penetration rate of AMOLED products is on the rise, with the company maintaining growth in flexible AMOLED shipments [2] Investment Projects - The company announced the investment in the 8.6 generation AMOLED production line to cater to high-end mid-size product demands, particularly in the IT and automotive sectors [2][4] - The flexible dimming technology developed by Ruisi Technology aims to address challenges in automotive applications, enhancing the company's competitive edge in the flexible product market [2][4] Revenue and Profit Forecast - Revenue projections for 2024 to 2026 have been adjusted to 203.378 billion, 227.336 billion, and 247.410 billion yuan, with growth rates of 16.5%, 11.8%, and 8.8% respectively [4] - The net profit forecast for the same period has been revised to 51.31 billion, 90.86 billion, and 110.97 billion yuan, with growth rates of 101.4%, 77.1%, and 22.1% respectively [4]

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:2024-017 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 Aspex Management:Steven Liu UBS Securities:俞佳 时间 2024 年 7 月 17 日 地点 京东方核心能力大楼 上市公司接待人员姓名 罗文捷 证券事务代表 张 妍 董事会秘书室工作人员 李 柰 董事会秘书室工作人员 投资者参观了京东方技术创新中心展厅,参观后与公司进 行了交流。讨论的内容主要为回答投资者提问,问答情况如下: 1、公司如何看待 LCD 产品价格? 投资者关系活动主要内 答:产品价格方面,根据咨询机构数据及分析,5 月 LCD 容介绍 TV 面板价格涨幅收窄,6 月份高位维稳;桌面显示器类产品自 3 月份起部分产品价格上涨,6 月延续小幅上涨;笔记本电脑 类产品自 4 月下旬起部分产品价格小幅上涨,6 月延续小幅上 涨。 2、如何看待 LCD 行业稼动率变化? 答:根据咨询机构数据分析,3 月、4 月因下游品牌厂备 货需求旺盛,LCD 稼动率尤其是 ...

今天很多读者给我留言，猫哥快看，川大智胜真的涨停了！a股简直就是在胡搞！ 其实这事也不新鲜，特朗普在国内有些地方也会被翻译成川普，a股没有公司名字叫特朗普，那么川大已经是字意上最接近的，再加上智胜，听起来就好 彩头，于是几年前就被当作特朗普概念股炒了。 刚开始的几次媒体报道都当笑话和闹剧看，但随着联动的次数越来越多，原本野生的概念也逐渐形成了共识。币圈李笑来有一句流传很广的话，傻逼的共 识也是共识。只要是共识，那就是有价值的。 包括a股之前炒名字里有龙有凤的玄学主线，也都是原创概念，自行搭建共识。但你不要觉得他们是瞎几把胡炒，这些资金看似博傻，但却不是真傻，他 们会精心挑选那些盘子小的，大股东被规则限制无法坚持减持的，里面套牢的公募机构少的股票来进行炒作，主打一个各玩各的，绝不抬轿，互不接盘。 你可以说这是a股的乱象之一，但并不是a股特产，无论是美股还是币圈，都有类似的现象。a股的问题是只有这些邪门歪道，而没有正本清源的王道。我 们的王道早就被年复一年的融资抽血给搞坏了。 多说一句，炒作川大智胜的注意有赚就走，之前几次特朗普概念都是帅不过三天。 统计局公布了6月份最新的70个大中型城市的房价，先上表格。 …… ...

2024 年 7 月 15 日 公司研究 LCD 行情修复逐步完成,OLED 业务拓展迅速 ——京东方 A(000725.SZ)跟踪报告之五 买入(维持) 当前价:4.30 元 作者 分析师:刘凯 执业证书编号:S0930517100002 021-52523849 kailiu@ebscn.com 分析师:朱宇澍 执业证书编号:S0930522050001 021-52523821 zhuyushu@ebscn.com 市场数据 总股本(亿股) 376.50 总市值(亿元): 1618.95 一年最低/最高(元): 3.50/4.53 近 3 月换手率: 55.46% 股价相对走势 -17% -10% -4% 3% 10% 07/23 10/23 01/24 04/24 京东方A 沪深300 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % | 1M | 3M | 1Y | | 相对 | 8.37 | 2.89 | 10.06 | | 绝对 | 6.42 | 0.73 | -0.88 | 资料来源:Wind 相关研报 业 ...

[I. Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) BOE forecasts H1 2024 net profit attributable to shareholders to be **RMB 2.1-2.3 billion**, up **185-213%**, with non-recurring net profit turning significantly profitable - The performance forecast period is from January 1 to June 30, 2024, with expected year-on-year performance growth[3](index=3&type=chunk) 2024 Semi-Annual Performance Forecast (Compared to Prior Year) | Indicator | Current Period Forecast (RMB million) | Prior Year Period (RMB million) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 2,100 – 2,300 | 735.81 | 185% - 213% | | Net Profit Excluding Non-Recurring Items | 1,450 – 1,650 | -1,584.44 | Turnaround to Profit | | Basic Earnings Per Share (RMB/share) | 0.05 – 0.06 | 0.02 | 150% - 200% | [II. Communication with Accounting Firms](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firms) The performance forecast data represents preliminary calculations by the company's finance department and has not been pre-audited by an accounting firm - The performance forecast data is a preliminary estimate by the company's finance department and has not been pre-audited by an accounting firm[4](index=4&type=chunk) [III. Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Significant performance growth is primarily attributed to the semiconductor display industry's improved prosperity, optimized industry structure, and the company's proactive strategies in LCD and AMOLED businesses [1. Industry Prosperity Improvement and Operational Enhancement](index=1&type=section&id=1.%20Industry%20Prosperity%20Improvement%20and%20Operational%20Enhancement) The semiconductor display industry experienced increased prosperity and an optimized competitive landscape during the reporting period, leading to improved company operations - During the reporting period, the semiconductor display industry's prosperity increased, and the industry structure continued to optimize[4](index=4&type=chunk) - The company's operational performance improved year-on-year, with net profit attributable to shareholders and net profit excluding non-recurring items showing significant growth compared to the same period last year[4](index=4&type=chunk) [2. LCD Business Performance](index=2&type=section&id=2.%20LCD%20Business%20Performance) The LCD business benefited from strong demand driven by major events and promotions, leading to price increases and optimized production strategies - In H1 2024, terminal customer stocking demand, especially for TV panels, was concentrated and released earlier, benefiting from major sporting events and e-commerce promotions[5](index=5&type=chunk) - TV panel prices showed a clear upward trend in March and April, with the increase gradually narrowing thereafter; prices for some IT products began to recover gradually[5](index=5&type=chunk) - The company adhered to "production on demand," flexibly adjusting production line utilization in response to demand changes, and continuously optimizing product structure to adapt to industry shifts[5](index=5&type=chunk) [3. AMOLED Business Performance](index=2&type=section&id=3.%20AMOLED%20Business%20Performance) AMOLED product shipments continued to grow, with the company focusing on high-end markets and enhancing competitiveness despite depreciation pressures - As AMOLED product penetration continued to rise, the company's flexible AMOLED product shipments maintained year-on-year growth in the first half[5](index=5&type=chunk) - Continuously cultivating the high-end AMOLED market, represented by foldable displays, to fully leverage the company's competitive advantages[5](index=5&type=chunk) - Facing short-term increasing depreciation pressure, the company will continuously improve its technical capabilities, match market demand, and enhance overall competitiveness[5](index=5&type=chunk) [4. Company Strategy and Future Development](index=2&type=section&id=4.%20Company%20Strategy%20and%20Future%20Development) Under the "Display of Things" strategy, the company will focus on core businesses, optimize its development structure, and build new value growth models - Under the guidance of the "Display of Things" strategy, the company will continue to adhere to the principle of "focusing on main business and high-quality development"[5](index=5&type=chunk) - Deepening the "1+4+N+Ecosystem Chain" business development architecture to continuously consolidate its leading position in the semiconductor display business[5](index=5&type=chunk) - Continuously promoting high-quality development across all businesses, strengthening the synergistic empowerment effect of the industrial ecosystem, and fostering new value growth models[5](index=5&type=chunk) [IV. Other Related Information](index=2&type=section&id=IV.%20Other%20Related%20Information) The company advises investors to be aware of investment risks, with detailed H1 2024 operating performance data to be disclosed in the subsequent semi-annual report - Specific data regarding the company's H1 2024 operating performance will be detailed in the 2024 semi-annual report[6](index=6&type=chunk) - Investors are kindly reminded to be aware of investment risks[6](index=6&type=chunk)

Group 1: LCD Product Pricing and Market Trends - LCD panel prices saw a narrowing increase in May, with stability in June; desktop monitor prices began to rise in May and continued slight increases in June [1] - LCD industry utilization rates remained high in March and April, but showed a slight decline in May and June due to reduced downstream brand inventory needs [1] Group 2: AMOLED Production Line Investment - The company announced the investment in the 8.6 generation AMOLED production line in November 2023, with groundbreaking completed in March 2024, aiming for mass production by the end of 2026 [2] - This investment is based on the company's long-term cooperation with major global brands and aims to enhance competitiveness in the high-end market [2] Group 3: Depreciation and Cost Competitiveness - The company's depreciation amount for 2023 is approximately 35 billion yuan, with an expected increase in 2024 [2] - As several LCD production lines reach the end of their depreciation period, the cost competitiveness of LCD products is expected to improve [2] Group 4: LCD IT Sector Developments - The company has established a leading advantage in the LCD IT sector, focusing on high-refresh-rate, ultra-high-definition, and curved products to meet diverse customer needs [3] - Continuous advancements in oxide technology have led to improvements in resolution, refresh rate, power consumption, and other key metrics [3] Group 5: AI Technology Integration - The introduction of AI PC concepts is expected to drive demand for IT products, enhancing user experience [3] - The company's oxide technology features low power consumption and high resolution, aligning well with the needs of AI PC display technology [3]

Investment 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]

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：2024-015 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 富国基金：王园园、于渤、袁兵兵、孙柏蔚、方竹静、周羽 中信证券：程子盈、孙红 时间 2024年6月12日 地点 京东方技术创新中心 上市公司接待人员姓名 罗文捷 证券事务代表 李 柰 董事会秘书室工作人员 讨论的内容主要为回答投资者提问，问答情况如下： 1、公司如何展望2024年LCD产品需求以及产品价格？ 答：2023 年终端市场整体疲弱，五大传统应用终端销量 ...

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：2024-014 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 国投证券：朱思 华商基金：康译丹 运舟资本：廖浚哲 时间 2024年5月16日 地点 京东方核心能力大楼 上市公司接待人员姓名 张 妍 董事会秘书室工作人员 讨论的内容主要为回答投资者提问，问答情况如下： 1、公司如何展望2024年LCD产品需求以及产品价格？ 答：2023 年终端市场整体疲弱，五大传统应用终端销量 ...