Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 174.54 billion yuan in 2023, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 2.55 billion yuan, down 66.2% year-on-year. However, the non-recurring net profit showed a significant improvement, with a growth of 71.7% year-on-year, reaching -0.63 billion yuan [2][10] - The company expects a gradual recovery in TV demand in 2024 after three years of decline, with an average shipment size projected to increase from 50.7 inches in 2023 to 52 inches in 2024. IT demand is also anticipated to rebound as interest rate hikes near their end [2][10] - The company achieved an OLED shipment volume of nearly 120 million units in 2023, a 50% year-on-year increase, and expects to maintain a growth rate of 30% in 2024, reaching 160 million units [2][10] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 174.54 billion yuan, with the display device business generating 147.05 billion yuan, IoT innovation business 38.90 billion yuan, MLED business 2.90 billion yuan, smart healthcare services 2.79 billion yuan, and sensor solutions 0.41 billion yuan [2][9] - The gross margin and net margin improved year-on-year, with gross margin at 12.6% and net margin at 0.2%, both showing increases of 0.8 percentage points and 1.2 percentage points respectively [2][10] Future Projections - Revenue projections for 2024-2026 are 216.60 billion yuan, 246.94 billion yuan, and 270.94 billion yuan respectively, with net profits expected to be 4.84 billion yuan, 9.77 billion yuan, and 15.92 billion yuan respectively [3][10] - The company anticipates a recovery in the display device business, with a projected growth rate of 24.1% in 2024, followed by 14.0% in 2025 and 9.7% in 2026 [9][10] Market Position - The company is positioned as a leader in the OLED market, with over 50% market share in LTPO and a record high in foldable screen shipments. The structural improvement in OLED products is expected to enhance profitability [2][10]

证券研究报告·公司点评报告·电子 京东方 A（000725） 2023 年报点评：营收逐季稳步提升，看好公 2024 年 04月 08日 司“1+4+N+生态链”布局 证券分析师 马天翼 买入（维持） 执业证书：S0600522090001 maty@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 金晶 营业总收入（百万元） 178,414 174,543 203,818 228,260 242,503 执业证书：S0600523050003 jinj@dwzq.com.cn 同比 -19.28% -2.17% 16.77% 11.99% 6.24% 归母净利润（百万元） 7,541 2,547 4,554 9,044 15,502 股价走势 同比 -70.95% -66.22% 78.76% 98.61% 71.40% 京东方A 沪深300 EPS-最新摊薄（元/股） 0.20 0.07 0.12 0.24 0.41 1% P/E（现价&最新摊薄） 21.47 63.56 35.55 17.90 10.44 - ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 174.54 billion yuan in 2023, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of 2.55 billion yuan, down 66.22% year-on-year [1][2]. - The company is a global leader in the semiconductor display industry, with a strong position in the LCD market, maintaining the highest shipment volumes in various applications and achieving record shipments in flexible OLED [2]. - The LCD industry is undergoing a new order, with pricing power shifting from Korean manufacturers to Chinese manufacturers, benefiting the company as it sees a continuous increase in revenue over four consecutive quarters in 2023 [2]. - The company is expected to see significant profit growth in the coming years, with projected net profits of 5.18 billion yuan, 9.72 billion yuan, and 14.52 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - In 2023, the company reported total revenue of 174.54 billion yuan, with a projected revenue increase to 210.05 billion yuan in 2024, representing a growth rate of 20.3% [3]. - The net profit attributable to shareholders is expected to rebound significantly in 2024, with a forecasted growth rate of 103.3% [3]. - The company's price-to-earnings (PE) ratio is projected to decrease from 64 in 2023 to 31 in 2024, indicating improved valuation as profits recover [3].

Financial Performance - In 2023, the net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 71.74% year-on-year, laying a solid foundation for high-quality development [3]. - BOE reported a revenue of CNY 150 billion for 2023, representing a year-on-year increase of 15% [16]. - The company achieved a net profit of CNY 20 billion, up 10% compared to the previous year [16]. - The company's operating revenue for 2023 was ¥174,543,445,895, a decrease of 2.17% compared to ¥178,413,731,179 in 2022 [21]. - The net profit attributable to shareholders for 2023 was ¥2,547,435,360, representing a significant decline of 66.22% from ¥7,550,877,790 in 2022 [21]. - The net cash flow from operating activities for 2023 was ¥38,301,826,884, down 10.97% from ¥43,021,967,305 in 2022 [21]. - Basic and diluted earnings per share for 2023 were both ¥0.06, a decrease of 68.42% from ¥0.19 in 2022 [21]. - The company reported a total revenue of approximately 3.18 billion, a decrease from 9.78 billion in the previous period, indicating a significant decline in performance [28]. - The total operating revenue for the company was CNY 174.54 billion, a decrease of 2.17% compared to the previous year [51]. Market Position and Product Development - The total shipment of LCD products and five major mainstream product areas maintained the global number one position, with flexible OLED shipments reaching nearly 120 million pieces, setting a new annual record [4]. - The company has established the first 8.6-generation AMOLED production line in China, further ensuring its technological leadership [4]. - The company achieved revenue of approximately 147.05 billion CNY in the display device segment, maintaining its global leadership in LCD mainstream applications [44]. - The company ranked first globally in the shipment of ultra-large size (≥85 inches) products and achieved nearly 120 million shipments of flexible AMOLED products, significantly increasing year-on-year [39]. - The company has launched a new line of smart displays, which are expected to contribute an additional CNY 10 billion in revenue next year [16]. - The company is focusing on four main strategic areas: IoT innovation, sensing technology, MLED, and smart healthcare, to drive its transformation in the IoT era [31]. - The company has launched new products including cloud smart splicing and smart all-in-one machines, enhancing its market influence [46]. Research and Development - The company has applied for over 90,000 patents cumulatively, with more than 90% of new patent applications in 2023 being invention patents, and it ranked among the top 20 in the global patent authorization list for six consecutive years [5]. - BOE is investing CNY 5 billion in R&D for new display technologies, including OLED and Mini LED [16]. - The company has implemented a digital transformation project management system 2.0, focusing on enhancing operational efficiency through digitalization [42]. - The company has achieved mass production of a 20×30 large-size under-screen ultrasonic fingerprint recognition module, integrating pressure-sensitive functionality [68]. - The company has developed high-end gaming laptop specifications with ultra-high partitioning, brightness, and contrast, certified by VESA HDR1000 [68]. - The company has made breakthroughs in Mini/Micro LED display technology, establishing a technical barrier for future product development [68]. Sustainability and Environmental Initiatives - The company aims to achieve carbon neutrality in its display business operations by 2050, as part of its commitment to sustainable development [8]. - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025 [16]. - The company has committed to achieving carbon peak and carbon neutrality goals, with a focus on "comprehensive coordination, continuous carbon reduction, value extension, and green development" as part of its carbon emission management strategy [165]. - The company has joined the Science Based Targets initiative (SBTi), becoming the first semiconductor display panel manufacturer in mainland China to commit to limiting global temperature rise to below 1.5°C [165]. - The company has successfully implemented its stock option and restricted stock incentive plan, aligning management performance with long-term goals [150]. Corporate Governance and Investor Relations - The company has achieved a continuous A-level rating for information disclosure from the Shenzhen Stock Exchange for eight consecutive years, adhering to principles of transparency and accuracy [104]. - The company emphasizes compliance and high-quality corporate governance, revising ten governance documents to align with new regulations [103]. - The company has established a dedicated investor relations team to enhance communication with institutional investors and ensure compliance and fairness in investor relations activities [108]. - The company has engaged with 185 institutions during its earnings calls, indicating strong investor relations efforts [101]. - The company reported a total remuneration for directors, supervisors, and senior management during the reporting period amounted to RMB 54.0365 million (pre-tax) [130]. Strategic Growth and Market Expansion - The company aims to enter new markets in Southeast Asia and Europe, targeting a 25% market share in these regions by 2025 [16]. - The company is exploring strategic acquisitions to enhance its technology portfolio and market presence [16]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its capabilities [116]. - The company plans to continue expanding its market presence and is focusing on new product development and technological advancements [116]. - The company has set ambitious performance guidance for the upcoming fiscal year, aiming for continued revenue growth [127]. Employee Development and Training - The total number of employees at the end of the reporting period is 90,563, with 57,237 from major subsidiaries and 2,592 from the parent company [140]. - The company has a total of 33,000 training hours and over 40,000 participants in training programs throughout the year [143]. - The company emphasizes the importance of training and development in its talent cultivation strategy, aiming to enhance intellectual capital [143]. - The company has established a compensation system linked to employee positions, performance, and capabilities, ensuring external competitiveness and internal fairness [141]. Financial Management and Investments - The company has committed to invest CNY 300,000,000 to repay loans from Fuzhou Urban Investment Group, with 100% of the funds utilized [86]. - The company has a project for a new generation of semiconductor display device production line with a commitment of CNY 100,000,000, fully utilized [86]. - The company reported a significant asset impairment loss of ¥2,406,230,634, which accounted for -131.27% of total profit, mainly due to inventory write-downs based on market conditions [73]. - The company has not engaged in any asset or equity acquisition or sale transactions during the reporting period [184]. Legal and Compliance Matters - The company reported ongoing litigation with a total amount involved of 487.72 million yuan, but it did not form any expected liabilities [181]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [166]. - The company has not faced any bankruptcy reorganization matters during the reporting period [180].

证券研究报告 | 2024年03月02日 京东方 A（000725.SZ） 买入 年度柔性 OLED 出货量目标达成，4Q23 净利润环比大幅改善 核心观点 公司研究·财报点评 4Q23归母净利润环比增长346%-416%。公司发布2023年业绩预告，预计2023 电子·光学光电子 年归母净利润23-25亿元，同比下降67%-70%，扣非后归母净利润亏损 证券分析师：胡剑 证券分析师：胡慧 5.5-7.5亿元，同比减亏66%-75%。4Q23归母净利润12.8-14.8亿元，环比 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn 增长346.85%-416.78%，扣非后归母净利润7.4-9.4亿元，环比大幅改善。 S0980521080001 S0980521080002 LCDTV面板供给端通过调控稼动率控制价格已见成效。LCD面板方面，供给 证券分析师：周靖翔 证券分析师：叶子 021-60375402 0755-81982153 端坚持按需生产，回顾2023全年LCD TV面板价格情况，据WitsView数据， z ...

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：2024-008 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 √现场参观 □其他 长江证券：杨洋 东吴证券：马天翼 广发证券：郇正林 方正证券：申浩然 华创证券：熊翊宇 华泰证券：胡宇舟 民生证券：李少青 参与单位名称 中信证券：程子盈 ...

Core Insights - Huawei has released three types of foldable smartphones, with the latest being the Mate X5 launched on September 8, 2023, and has registered patents for a three-fold screen device [1][4]. Patent Information - Huawei registered two patents related to three-fold screens in March and July 2022, detailing a device with three housings and two connecting components [1][2]. - The patents describe mechanisms that ensure the device folds in a specific sequence to enhance usability and lifespan [2][3]. Market Position - In the first three quarters of 2023, Huawei held the largest market share in the foldable smartphone segment in China at 31.7%, followed by OPPO, Samsung, Honor, and Vivo [4]. - The shipment volumes for foldable smartphones in China showed significant growth, with year-on-year increases of 52.8%, 173%, and 90.4% in the first, second, and third quarters, respectively [4]. Industry Developments - Samsung has showcased prototypes of three-fold smartphones, including the Flex S and Flex G, which feature dual-hinge designs [5]. - Other domestic manufacturers like Huaxing Optoelectronics, Visionox, and BOE have also presented their three-fold screen concepts [5][6]. Technical Challenges - The three-fold screen technology faces challenges such as managing internal and external folding simultaneously, which puts significant stress on the flexible screen [7]. - The reverse folding stress can lead to structural instability and affect the display lifespan [7].

Investment Rating - The investment rating for the company is "Add-A" [2] Core Views - The company is expected to see significant growth in net profit for Q4 2023, with estimates ranging from 1.278 billion to 1.478 billion yuan, representing a quarter-on-quarter increase of 347% to 417% [1] - The company is focusing on the Micro OLED and Micro LED technologies, which are anticipated to meet the demands of the mid-to-high-end XR consumer market, driven by leading global brands [1][2] - The company is establishing a new semiconductor display production line in Beijing, utilizing LTPO technology, aimed at producing VR displays for the rapidly growing metaverse market [1] - The company has a strategic plan to enhance its production capabilities in Micro LED technology, with a manufacturing base in Zhuhai expected to achieve mass production by December 2024 [1] Financial Performance - The company forecasts a total revenue of 180.573 billion yuan for 2023, with a slight year-on-year growth of 1.2% [4] - The adjusted net profit for 2023 is projected to be between 2.319 billion and 2.519 billion yuan, reflecting a year-on-year decline of 69.3% [4] - The company anticipates a recovery in net profit to 4.331 billion yuan in 2024, with a growth rate of 86.8% [4] - The projected P/E ratios for the upcoming years are 59.3 for 2023, 31.7 for 2024, and 13.7 for 2025, indicating a potential improvement in valuation as earnings recover [4] Market Position and Strategy - The company is actively enhancing its product offerings in the OLED market, particularly in flexible AMOLED displays, which have seen a significant increase in shipment volume, reaching nearly 120 million units in 2023 [2] - The company is also focusing on upgrading its LCD products to AMOLED, particularly in the automotive and IT sectors, to capture a broader market share [2] - The strategic investments in new technologies and production lines are expected to position the company as a leader in the next-generation display technology market [1][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：2024-007 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □其他 Capital Group：Arthur Caye、Mihir Mehta、Thomas Batten、Timur Sugito、纪昕 Comgest：陈学亮 Fullerton：王宇轩 参与单位名称 HSBC AM：马诗阳 Jefferies： Edison Lee、Nick Cheng Cadence Translate：Jonathan Rechtman、钟昊 时间 2024年1月29日 ...

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：2024-006 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 华夏基金：徐恒、罗绍武、张皓智、谢小龙、谢弘涵 国联证券：王海、王静 时间 2024年1月23日 地点 北京京东方显示技术有限公司 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 投资者参观了北京京东方显示技术有限公司G8.5生产线 展厅及产线参观走廊，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： ...