京东方科技集团股份有限公司 投资者关系活动记录表 根据市场需求弹性调节产线稼动率。根据咨询机构数据，第三 季度行业平均稼动率整体提升，预计第四季度将回落至 80%以 下。由此，咨询机构预计，LCD 产品价格将出现分化，第四季 度 TV 产品价格小幅回调，IT 产品价格整体维持稳定。 展望明年，换机周期和 AI 赋能有望推动 IT 产品需求增长， 世界杯等体育赛事也将带动 TV 产品需求在一季度实现增长。 2、公司如何看待 OLED 供需及产品结构情况？ OLED 方面，下半年进入传统旺季，行业内三季度、四季 度出货量同、环比均实现提升，但行业整体仍呈现供过于求。 从产品结构看，下半年折叠产品出货量预计回落，海外品牌 LTPO 需求占比进一步提升，低端 Ramless 产品出货量快速增 长，国内 OLED 市场竞争日趋激烈。 3、OLED 技术在 IT 领域发展情况？ 编号：2025-030 | 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 ...

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：2025-029 | 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 | 华宝基金：毛文博、马文博 | | | 申银万国证券：袁航 | | 时间 | 2025 年 11 月 20 日 | | 地点 | 电话会议 | | 上市公司接待人员姓名 | 罗文捷 证券事务代表 | | | 于含悦 董事会秘书室工作人员 | | | 吴易霖 董事会秘书室工作人员 讨论的主要内容为回答投资者提问，问答情况如下： | | | 1、公司如何看待 LCD 供需及产品价格趋势？ | | | 答：LCD 方面，TV 产品出货受国补、抢出口刺激需求前 | | 投资者关系活动主要内 | 移，年内淡旺波动明显熨平，全年出货量、出货面积均有望实 | | 容介绍 | 现增长；但受新兴市场需求带动中小尺寸 TV 产品出货量提升 | | | 影响，大尺寸化趋势阶段性放缓。IT 产品受换机需求带动，全 | | | 年出货量 ...

Group 1: Industry and Market Overview - In 2025, the total shipment volume and area of LCD products are expected to see slight year-on-year growth, driven by demand for small-sized TVs in emerging markets, while large-sized TV growth may slow temporarily [1][2] - IT product shipments, particularly for notebooks (NB) and tablet PCs (TPC), are projected to experience rapid growth due to replacement demand [2] - The average utilization rate in the industry is expected to rise in Q3 but fall below 80% in Q4, leading to a differentiated pricing outlook for LCD products [2] Group 2: Product Performance and Trends - For the first three quarters of 2025, the revenue structure of display devices is as follows: TV products (28%), IT products (37%), LCD mobile and other products (12%), and OLED products (23%) [5] - The global shipment volume of OLED products is anticipated to grow in 2025, although the overall market remains oversupplied [3][4] Group 3: Future Outlook and Capital Expenditure - The capital expenditure is expected to decline after peaking in 2025 due to significant investments in the Chengdu 8.6 generation OLED production line, with further spending focused on maintenance and innovative projects from 2027 onwards [6] - The company plans to utilize cash flow for minority shareholder equity buybacks, particularly in the context of improving cash flow and decreasing capital expenditures [7]

Group 1: LCD Market Outlook - The total shipment volume and area of LCD products are expected to see a slight year-on-year increase in 2025 [1] - TV product shipments and area are projected to grow, but the trend towards larger sizes is temporarily slowing due to increased demand for smaller-sized TVs in emerging markets [1] - IT products, driven by replacement demand, are expected to see rapid growth in shipments, while MNT product shipments are anticipated to remain flat [1][2] - The average utilization rate in the industry is expected to drop below 80% in Q4 2025, following a peak in Q3 [2] Group 2: AMOLED Business Progress - The company has established a competitive position in the flexible AMOLED market, covering major top smartphone brands and increasing the proportion of high-end products [3] - The shipment target for flexible AMOLED in 2025 aims for double-digit growth from 140 million units in the previous year [3][4] - The third quarter OLED shipment volume was approximately 40 million units, with expectations for double-digit growth for the year [5] Group 3: Capital Expenditure Trends - Future capital expenditures are expected to decline, with 2025 being a peak year due to significant investments in the Chengdu 8.6 generation OLED production line [6] - Expenditures in 2026 will still occur for subsequent equipment purchases, but a significant drop is anticipated starting in 2027 as new production line investments are not planned [6][7]

KeyBanc Capital Markets分析师Brandon Nispel则认为，苹果的财报"稳健"，而指引"值得关注"，预计 iPhone和整体收入将实现两位数增长。不过，考虑到近期股价涨幅，他预计苹果股价短期可能"休整"。 Nispel给予苹果"中性"评级。 Needham分析师Laura Martin虽然给予苹果"持有"评级，她也称强劲指引"凸显了苹果的护城河"。不过， 她对iPhone 17的需求是否可持续表示疑虑。"我们继续保持观望态度，因为苹果当前的估值相对昂贵， 基本面增长面临挑战，竞争压力上升。"Martin在报告中写道，"我们认为，苹果股价可能需要等待下一 轮iPhone换机周期才能再度走强。" 除上述机构外，包括Melius在内的多家投行也在财报后上调了苹果目标价，而Jefferies则直接上调了评 级。 智通财经APP获悉，苹果公司(AAPL.US)周五成为市场焦点，该公司公布的截至12月财年的第一财季业 绩指引远超华尔街预期。苹果预计在截至12月底的季度中实现强劲增长，尤其在中国市场重现增长势 头。然而，尽管指引亮眼，苹果股价在周五早盘交易中由涨转跌，抹去盘前涨幅。其供应商如Sk ...

Core Viewpoint - Apple's stock price surged nearly 4%, reaching a historical high for the first time since 2025, surpassing Microsoft to become the second-largest company by market capitalization in the U.S. This strong rebound is primarily driven by the unexpected sales performance of the iPhone 17 series, with sales in the first 10 days exceeding the previous generation by 14% in both China and the U.S. Analysts believe Apple is entering a long-awaited upgrade cycle [1][3][5]. Group 1: Stock Performance and Market Position - Apple's stock closed at $262.24, marking a 3.9% increase and breaking the highest record since December of the previous year, thus overtaking Microsoft [3]. - After a significant decline of 31% earlier this year, Apple's stock has rebounded over 50%, transitioning to an overall increase for the year by the end of September [3]. Group 2: iPhone 17 Series Demand - The strong demand for the new iPhone series has sparked optimism about a long-anticipated upgrade wave, particularly among consumers who have not upgraded since the pandemic [5]. - The iPhone 17 series, including the new iPhone Air, has received a positive market response, with analysts predicting a 4% revenue growth in Apple's smartphone segment for the latest fiscal year, reaching $209.3 billion [5][6]. Group 3: Analyst Sentiment - Loop Capital upgraded Apple's rating from "hold" to "buy," citing the beginning of a long-awaited upgrade cycle driven by product updates and new designs, raising the target price to $315, indicating a potential upside of about 20% from the recent closing price [8]. - Other analysts, including Evercore ISI and Melius Research, have also turned bullish on Apple, noting that the current upgrade cycle may differ from previous averages and that the new models are performing strongly in the Chinese market [9]. Group 4: Skepticism and Concerns - Some analysts express skepticism about whether the early sales momentum of the iPhone 17 can sustain Apple's current valuation, as the company's price-to-earnings ratio exceeds 32, significantly higher than its 10-year average of 22 [10]. - Jefferies analyst Edison Lee, one of the few with a "sell" or equivalent rating on Apple, warned that the sales momentum for the iPhone 17 is cooling and that expectations for a foldable iPhone may be overestimated due to potential high pricing [11].

Market Overview - On October 20, US stock indices experienced significant gains, with the Dow Jones rising by 1.12%, the S&P 500 increasing by 1.07%, and the Nasdaq up by 1.37% [2][5] - Notable tech stocks saw substantial increases, with Apple leading the charge, reaching a new all-time high [5] Company Highlights - GSIT (Guangzhou Shipyard International Technology) saw its stock price surge by 155.31%, closing at $12.97 per share, with continued gains in after-hours trading [2][3] - Apple Inc. reached a market capitalization of $3.89 trillion, becoming the second-largest company in the US by market value, surpassing Microsoft [5] - The iPhone 17 series has shown a 14% increase in sales compared to the iPhone 16 during the same period, indicating strong consumer demand [6] Economic Indicators - Gold futures rose by 3.82% to $4,374.30 per ounce, driven by increased demand for safe-haven assets amid expectations of a Federal Reserve rate cut [10] - The probability of a 25 basis point rate cut by the Federal Reserve in October is at 99.4%, with a 98.6% chance of a cumulative 50 basis point cut by December [10] Cloud Services Incident - Amazon Web Services (AWS) experienced a significant outage affecting thousands of websites and applications, highlighting the risks associated with reliance on a few cloud service providers [7][8]

Core Viewpoint - Apple's stock price reached a historic closing record on Monday, driven by positive demand signals for the new iPhone series and an upgrade in stock rating by Loop Capital from "Hold" to "Buy" [1][2]. Group 1: Stock Performance - On Monday, Apple's stock rose by 3.94%, closing at $262.24, marking a new high since December of the previous year [1]. - Year-to-date, Apple had been a laggard in the S&P 500, with a cumulative decline of 31% at the low in April, but has since rebounded over 50% [1]. - The stock's expected price-to-earnings ratio has exceeded 32 times, significantly higher than its 10-year average of 22 times [5]. Group 2: Market Demand and Analyst Opinions - Counterpoint Research indicated that the sales of the iPhone 17 series in the first ten days exceeded those of the iPhone 16 series by 14% in both the U.S. and China [1]. - Loop Capital's analyst Ananda Baruah noted that the market is at the beginning of a long-awaited upgrade cycle, driven by user demand and new design incentives [2]. - Evercore ISI included Apple in its "tactical outperformance" list, citing that iPhone demand data suggests the current upgrade cycle may exceed typical levels [5]. Group 3: Valuation Concerns - Despite the positive outlook from some analysts, there are concerns regarding the sustainability of the initial sales momentum for the iPhone 17 series [6]. - Apple's stock is currently the highest valued among the "Magnificent Seven" tech stocks, except for Tesla, raising questions about its valuation relative to peers [5]. - Only about 60% of analysts have a "Buy" rating on Apple, indicating a lack of consensus on its attractiveness compared to other major tech stocks [5].

Core Viewpoint - Apple's stock price reached a new high for the first time since December last year, driven by strong consumer demand for the new generation of iPhones [1] Group 1 - Apple's stock rose by 3.1% during trading, reaching $260.20, marking a cumulative rebound of 51% from its low in April [1] - Reports indicate that demand for the iPhone series is better than expected, fueling market hopes for the anticipated upgrade cycle [1] - The stock has also benefited from a reduction in tariff-related risks [1] Group 2 - Despite the recent stock price high, Apple's overall performance this year remains relatively lagging, with a year-to-date increase of only 3.7% compared to the nearly 20% rise in the Nasdaq 100 index [1]

Core Insights - The launch of the iPhone 17 is driving Apple to achieve its strongest smartphone sales growth since the COVID-19 pandemic, with market response exceeding expectations [1] - Analysts predict a 4% revenue growth for Apple's smartphone segment in the latest fiscal year, reaching $209.3 billion, with further growth expected in the following years [1][3] - Significant upgrades in the iPhone's camera, screen, and battery are attracting more customers to replace older devices, indicating a potential upgrade cycle [2] Group 1 - The iPhone 17's delivery times are longer than previous years, suggesting strong demand [1][2] - Analysts from Deepwater Asset Management and IDC noted that the waiting time for the new iPhone is approximately 13% longer than last year, indicating a robust product cycle [2] - Apple is set to release its Q4 earnings on October 30, which will include initial sales data for the iPhone 17 [2] Group 2 - Sales volume for iPhones is expected to remain around 235 million units between fiscal years 2024 and 2026, with projections of exceeding 240 million units by 2027 [3] - iPhones account for over half of Apple's annual revenue of approximately $390 billion, and the success of the iPhone 17 could help the company recover from a challenging 2025 [3] - Some analysts caution that market expectations for the new iPhone may be overly optimistic, with Jefferies recently downgrading Apple's stock rating due to high demand expectations [3]