证券日报网讯 11月24日晚间，维信诺发布公告称，公司无逾期担保，无涉及诉讼的担保，未因担保被 判决败诉而承担损失。 （文章来源：证券日报） ...

Core Points - BOE A announced a shareholder return plan for the next three years (2025-2027), committing to distribute at least 35% of the annual net profit attributable to the parent company as cash dividends each year [2] - The company plans to allocate no less than RMB 1.5 billion annually for share repurchase and cancellation, with additional repurchases for equity incentives to be planned separately [2] - The plan reflects a comprehensive analysis of the company's operational development, long-term strategy, external financing environment, industry status, competitive landscape, and future profitability [2] - The establishment of a continuous, stable, and predictable shareholder return mechanism marks a new stage in the company's development, aiming to share growth dividends with shareholders and achieve mutual benefits [2]

Group 1 - The core viewpoint of the article indicates that BOE A expects growth in both shipment volume and area for LCD products in 2023, despite a temporary slowdown in the trend towards larger sizes due to increased demand for smaller TV products driven by emerging markets [1] - The IT product segment is anticipated to see rapid growth in shipment volume due to replacement demand, while MNT product shipments are expected to remain flat year-on-year [1] - The industry is adopting a "production based on demand" strategy, adjusting production line utilization rates according to market demand elasticity, with an overall increase in average utilization rates in Q3, but a forecasted decline to below 80% in Q4 [1] Group 2 - LCD product prices are expected to show differentiation, with a slight decline in TV product prices in Q4, while IT product prices are projected to remain stable [1] - Looking ahead to next year, the replacement cycle and AI integration are expected to drive demand growth for IT products, while upcoming sports events like the World Cup are likely to boost TV product demand in Q1 [1]

Group 1 - The core viewpoint is that BOE A indicates an increase in OLED shipments in the second half of the year, despite an overall oversupply in the industry [2] - The industry is expected to see improved shipment volumes in Q3 and Q4, both year-on-year and quarter-on-quarter [2] - The product structure shows a forecasted decline in foldable product shipments, while the demand for LTPO from overseas brands is expected to increase [2] Group 2 - There is a rapid growth in shipments of low-end Ramless products, indicating a shift in market dynamics [2] - The domestic OLED market is becoming increasingly competitive, highlighting the challenges faced by companies in maintaining market share [2]

Core Viewpoint - BOE Technology Group (京东方A) anticipates growth in both shipment volume and area for LCD products in 2023, driven by government subsidies and export demand, despite a temporary slowdown in the trend towards larger screen sizes due to increased shipments of smaller TV products in emerging markets [1] Group 1: LCD Products - TV product shipments are expected to see growth for the year, with fluctuations in demand being smoothed out due to government support and export incentives [1] - The trend towards larger screen sizes is experiencing a temporary slowdown, influenced by the rising demand for smaller TV products in emerging markets [1] - Overall shipment volume and area for LCD products are projected to increase for the year [1] Group 2: IT Products - IT product shipments are expected to grow rapidly for the year, driven by replacement demand [1] - MNT (Monitor) product shipments are projected to remain flat year-on-year [1]

Core Viewpoint - BOE (京东方) is actively engaging with institutional investors to discuss the supply-demand dynamics, pricing trends, technological strategies, and shareholder return plans in the LCD and OLED markets [1] LCD Market - The demand for TV products is expected to grow in 2025 due to national subsidies and export policies, with shipment volume and area anticipated to increase, although the trend towards larger sizes may slow down due to rising demand for smaller sizes in emerging markets [2] - IT products are benefiting from replacement demand, with a forecasted rapid growth in shipment volume for the year, while monitor (MNT) product shipments are expected to remain flat year-on-year [2] - The industry is characterized by "production on demand," with an overall increase in average utilization rates in Q3, but a forecasted decline to below 80% in Q4 [2] - Price differentiation is expected in LCD products, with a slight price adjustment for TV products in Q4 while IT product prices are projected to remain stable [2] - The replacement cycle and AI technology are expected to continue driving IT product demand, while major sporting events like the World Cup may boost TV product demand in Q1 [2] OLED Competition - Despite entering the traditional peak season in the second half of the year, the overall supply of OLED remains excessive, with a notable differentiation in product structure [3] - The shipment volume of foldable products is expected to decline, while the demand for overseas brand LTPO products is increasing, and low-end Ramless products are seeing rapid growth [3] - BOE's AMOLED technology is becoming a key choice for high-end IT products due to its high picture quality and lightweight characteristics [3] - The newly established 8.6-generation AMOLED production line will focus on high-end touch displays for laptops and tablets, aiming to capture the high-end market [3] - The company has chosen LTPO backplane technology, which has been validated in its sixth-generation line and is recognized by customers for high-demand applications [3] Technological Layout and Capital Planning - BOE anticipates 2025 to be a peak year for capital expenditures, primarily due to the investment in the Chengdu 8.6-generation OLED production line [4] - Expenditures in 2026 will focus on subsequent equipment procurement, while a significant decrease in capital expenditures is expected in 2027 as production stabilizes and no new production line investments are planned [4] - Depreciation is expected to peak in 2025, with gradual declines thereafter as three sixth-generation flexible OLED production lines have been fully converted to fixed assets [4] - The company plans to use cash flow primarily for minority shareholder equity buybacks, with a recent reduction in capital for the Wuhan 10.5-generation line [4] Shareholder Return Mechanism - BOE's shareholder return plan, announced in April 2025, stipulates that annual cash distributions will not be less than 35% of the net profit attributable to the parent company [5] - The total amount allocated for share buybacks each year will not be less than 1.5 billion yuan, with additional plans for other purposes [5] - The company aims to establish a continuous, stable, and predictable shareholder return mechanism, reflecting its commitment to sharing growth dividends with shareholders [5]

Group 1: LCD Market Insights - The demand for TV products is stimulated by national subsidies and export incentives, leading to an expected increase in annual shipment volume and area, despite fluctuations in demand throughout the year [1] - IT product shipments are anticipated to grow rapidly due to replacement demand, while MNT product shipments are expected to remain flat [1] - The average utilization rate in the LCD industry improved in Q3 but is projected to drop below 80% in Q4, leading to a slight price adjustment for TV products and stable pricing for IT products [2] Group 2: OLED Market Dynamics - The OLED market is experiencing an oversupply despite increased shipments in Q3 and Q4, with a notable rise in low-end Ramless product shipments and heightened competition in the domestic market [3] - The company plans to invest in an 8.6 generation AMOLED production line to enhance its competitiveness in high-end IT products, such as laptops and tablets [4] Group 3: Technology and Competitive Edge - The company has chosen the LTPO backplane technology for OLED, which has been validated in the sixth generation line, supporting high-end applications with comprehensive capabilities [5] - The penetration rate of OLED in high-end IT products remains below 10%, indicating limited market impact from capacity supply in the medium to long term [5] Group 4: MLED Business Development - The MLED business is a key component of the company's "1+4+N" ecosystem, focusing on Mini/Micro LED technology to drive rapid growth [6] Group 5: Financial Outlook and Capital Expenditure - Capital expenditures are expected to peak in 2025 due to significant investments in the 8.6 generation OLED production line, with a decline anticipated from 2027 onwards [8] - The company plans to allocate at least 35% of annual net profit to cash dividends and a minimum of RMB 1.5 billion for share repurchases each year from 2025 to 2027 [10] Group 6: Shareholder Engagement - The company is considering repurchasing minority shareholder equity as a key use of cash flow, particularly as capital expenditures decrease and cash flow improves [9] - A new shareholder return plan aims to establish a stable and predictable return mechanism, reflecting the company's commitment to sharing growth benefits with shareholders [12]

Core Viewpoint - The article discusses the recent shift of Apple's OLED panel order for the iPhone 17 Pro from BOE to Samsung Display, highlighting the implications for both companies and the industry as a whole [1][3][5]. Group 1: Order Changes and Technical Issues - Reports indicate that BOE was initially set to supply 10 million OLED panels for the iPhone 17 Pro but faced challenges with LTPO OLED panel reliability and production yield, leading to the order being reassigned to Samsung [3][5]. - The LTPO technology is critical for features like 120Hz adaptive refresh rates, and BOE's panels reportedly had a switching delay of over 15 milliseconds, exceeding Apple's 5 milliseconds requirement, with a production yield of only 32% [3][5]. - Despite claims that BOE resolved these technical issues by mid-November, Apple's supply chain decisions had already been finalized, resulting in Samsung's supply volume increasing from 80 million to approximately 90 million panels for the iPhone 17 series [3][5]. Group 2: BOE's Response and Market Position - BOE responded to the rumors by asserting that its partnerships with global clients remain stable and that all projects are progressing as planned, expressing regret over the misinformation [4][5]. - The company emphasized its commitment to ongoing technology development and collaboration with key clients, indicating a focus on entering the high-end LTPO OLED supply chain [4][5]. - The article notes that Apple's reliance on Samsung and LG Display for OLED panels highlights the challenges faced by Chinese manufacturers like BOE in achieving high-end technology breakthroughs [5].

格隆汇11月21日｜有投资者提问"网上多源消息说公司被某大客户取消LTPO面板订单是否属实？"，京 东方A在互动平台表示，公司始终与全球合作伙伴保持着紧密、稳定、互信的合作关系，所有业务项目 均在按计划有序推进。对于韩媒基于不实信息的报道，我们不予置评，并对其引发的市场传闻深表遗 憾。我们郑重提醒，所有合作信息请以京东方及客户的官方发布为准。谣言止于智者。让我们共同维护 中国显示产业来之不易的良性竞争环境与健康发展态势。 ...

有投资者在互动平台向京东方Ａ提问："网上消息说公司被某大客户取消LTPO面板订单是否属实？"对 此，京东方Ａ回复称："公司始终与全球合作伙伴保持着紧密、稳定、互信的合作关系，所有业务项目 均在按计划有序推进。对于韩媒基于不实信息的报道，我们不予置评，并对其引发的市场传闻深表遗 憾。我们郑重提醒，所有合作信息请以京东方及客户的官方发布为准。谣言止于智者。让我们共同维护 中国显示产业来之不易的良性竞争环境与健康发展态势。"（人民财讯） ...