证券日报网讯京东方A8月8日发布公告，在公司回答调研者提问时表示，公司在柔性AMOLED领域多年 布局，已经构建起产能规模和技术优势，并积累了较好的客户资源，在柔性AMOLED领域全面覆盖手 机主要Top品牌客户，同时积极布局车载、IT等中尺寸创新应用，抢抓市场机遇，匹配下游客户需求。 受行业淡旺季影响，上、下半年柔性AMOLED出货量仍将有较大的差异。下半年，随着下游品牌厂商 新机密集发布，AMOLED整体出货量将有望比上半年环比持续提升。 （文章来源：证券日报） ...

Group 1: LCD Market Trends - The LCD industry is experiencing a recovery in demand, with panel prices expected to stabilize or rise again in Q3 2025 after a slight decline [1][2] - In Q1 2025, strong export demand and policies like "trade-in" stimulated overall demand, leading to high operating rates across the industry [1] - By Q2 2025, the international trade environment changed, causing a cooling in panel procurement demand, prompting companies to adjust their operating rates [1] Group 2: Flexible AMOLED Business Development - The company has established a strong capacity and technological advantage in the flexible AMOLED sector, covering major top brand clients in mobile phones and expanding into automotive and IT applications [3] - The shipment volume of flexible AMOLED is expected to increase in the second half of 2025 due to new product launches from downstream brand manufacturers [3] Group 3: IT Sector Technology Trends - LCD remains the mainstream technology in the IT sector, with Mini LED backlit LCD and OLED products expected to grow rapidly in the high-end market [4] - Flexible AMOLED products are anticipated to gain market share in high-end IT products due to their superior display quality and lightweight design [4][5] Group 4: 8.6 Generation AMOLED Production Line Progress - The company announced the investment in the 8.6 generation AMOLED production line in November 2023, aimed at producing high-end touch OLED displays for laptops and tablets [6] - The project is on track, with completion of the foundation in March 2024 and equipment installation starting in May 2025, four months ahead of schedule [6] Group 5: Future Industry Development Trends - The display industry is entering a rebalancing phase, shifting from a focus on scale and market share to high profitability, technology, and added value [7] - LCD will continue to be the mainstream application technology in the medium to long term, while OLED is expected to capture more opportunities in the high-end and mid-size markets [8]

Group 1: LCD Market Trends - The industry is adopting a "production based on demand" strategy, adjusting production rates according to market needs [1] - In Q1, strong export demand and "old-for-new" policies led to high production rates and price increases for mainstream LCD TV panel sizes [1] - Since Q2, the international trade environment has changed, leading to a cooling of panel procurement demand and adjustments in production rates [1] - By August, with the recovery of stocking demand, some LCD TV panel prices began to stabilize, and overall industry production rates are expected to recover [2] Group 2: Flexible AMOLED Business Progress - The company has established a capacity scale and technical advantages in the flexible AMOLED field, covering major top brand customers in mobile phones [3] - The shipment volume of flexible AMOLED is expected to increase in the second half of the year due to new product launches from downstream brand manufacturers [3] Group 3: IT Sector Technology Development Trends - LCD will remain the mainstream technology choice in the IT sector, with Mini LED backlit LCD products and OLED products growing rapidly in the high-end market [4] - Flexible AMOLED products are expected to penetrate high-end IT products due to their superior display effects and lightweight design [4] - The company is investing in an 8.6 generation AMOLED production line to enhance its competitiveness in the semiconductor display industry [6] Group 4: Future Industry Development Trends - The display industry is entering a rebalancing phase, shifting from a focus on scale and market share to high profitability, technology, and added value [7] - LCD demand structure is optimizing, with a trend towards larger TV sizes and high-resolution products [8] - OLED's market share in IT and automotive sectors is expected to grow, presenting more opportunities [8] Group 5: Supply Chain Advantages - The company emphasizes supply chain construction and collaborative development, promoting localization and synergy within the industry [8] - It maintains strong relationships with suppliers and collaborates with customers and research institutions to develop leading technologies [8]

Group 1: LCD Market Trends - The industry is adopting a "production on demand" strategy, adjusting production rates based on market demand fluctuations [1] - In Q1, driven by strong export demand and the "old-for-new" policy, the overall terminal demand was robust, leading to a comprehensive price increase for mainstream LCD TV panel sizes [1] - Since July, a trend of inventory reduction has continued, resulting in a slight price decrease for certain LCD TV sizes [1] Group 2: Flexible AMOLED Business Progress - The company has established a capacity scale and technological advantage in the flexible AMOLED sector, covering major top brand clients in mobile phones with a significant increase in high-end product share [3] - The flexible AMOLED shipment target for 2025 is set at 170 million units, following a projected shipment of 140 million units in 2024, reflecting continued growth despite competitive market pressures [3] Group 3: Revenue Structure for Display Devices - In 2024, the revenue structure for the company's display devices is projected to be: TV products (26%), IT products (34%), LCD mobile phones and others (13%), and OLED products (27%) [4] Group 4: OLED Technology in IT Sector - Flexible AMOLED products are expected to gain market share in high-end IT products due to their superior display quality and lightweight design [5] - The company announced an investment in an 8.6-generation AMOLED production line, aimed at producing high-end touch OLED displays for laptops and tablets, with mass production expected by the end of 2026 [6] Group 5: Future Industry Trends - The display industry is entering a rebalancing phase, shifting from a focus on scale and market share to high profitability, technology, and added value [7] - LCD technology will remain the mainstream application in the medium to long term, while OLED is expected to capture more opportunities in high-end segments and mid-size markets [7]

Group 1: LCD Market Trends - The LCD industry is implementing a "demand-driven production" strategy, adjusting production rates based on market demand fluctuations [1] - In Q1 2025, the industry maintained high production rates due to strong export demand and "trade-in" policies, leading to a comprehensive price increase for mainstream LCD TV panel sizes [1] - By July 2025, prices for certain LCD TV sizes experienced a slight decline, while prices for MNT and NB panels remained stable [2] Group 2: Production Capacity and Utilization - The average utilization rate in the LCD industry began to recover in November 2024, remaining high in Q1 2025; however, it decreased in Q2 2025 due to a drop in demand [3] - Panel manufacturers are continuing to adjust production rates in Q3 2025 to align with demand [3] Group 3: Flexible AMOLED Business Development - The company has established a strong position in the flexible AMOLED sector, building capacity and technical advantages while accumulating a solid customer base [4] - The company is actively expanding into automotive and IT applications, aiming to capture market opportunities and meet downstream customer needs [4] Group 4: Future Industry Trends - The trend towards larger sizes in TV products is expected to continue, driving growth in area demand; IT demand is relatively stable with some high-end product trends emerging [5] - The penetration rate of flexible AMOLED products in smartphones is steadily increasing, with further growth anticipated in mid-size IT and automotive applications as technology matures [5] Group 5: MLED Business Progress - The MLED business is a key component of the company's "1+4+N+ecosystem" strategy, focusing on a full industry chain including COB, COG, SMD, and Micro LED technologies [6][7] - The launch of the Zhuhai Crystal Chip COB production line marks a significant advancement in the company's MLED manufacturing capabilities [7] - A joint venture with Shanghai Film Group aims to enhance movie screening experiences through MLED technology [7]

Group 1: Research Basic Information - The research object is BOE Technology Group Co., Ltd. [17] - The industry is optoelectronics [17] - The reception time is July 17, 2025 [17] - The listed company's reception staff includes Vice President and Board Secretary Guo Hong, and staff Zhang Yan and Wu Yilin from the Board Secretary's Office [17] Group 2: Detailed Research Institutions - The research institutions include GF Securities, a securities company, with representatives Wang Yuqiao and Xu Yiling, and Guotai Fund, a fund management company, with representatives Liu Bo, Zheng Youwei, Zhi Jian, Li Linjia, and Zhang Yang [18] Group 3: Core Views of the Report - The company's LCD business adjusts production line utilization rate according to market demand, with prices of some LCD TV sizes dropping slightly in July, while MNT and NB panel prices remain stable [24] - The company has built advantages in the flexible AMOLED field, with a significant increase in the proportion of high - end products such as LTPO and folding screens, and is also actively exploring mid - size innovative applications [25] - The company's Chengdu 8.6th - generation AMOLED production line project started equipment installation 4 months ahead of schedule in May, laying a foundation for subsequent production [26] - The average utilization rate of the LCD industry has fluctuated since November 2024, and panel manufacturers will continue to adjust it flexibly in the third quarter [26] - The company's depreciation in 2024 was about 38 billion yuan, and it is expected to peak this year [26] - The company announced a three - year (2025 - 2027) shareholder return plan, aiming to distribute at least 35% of net profit to shareholders in cash annually, with a repurchase amount of no less than 1.5 billion yuan, and has taken actions to implement it [27] - The company's future capital expenditure will focus on semiconductor display business and related high - potential fields based on the "Screen + IoT" strategy [28]

Group 1: Industry Outlook - The LCD industry is shifting towards a "demand-driven production" strategy, leading to a healthier inventory level and a return to normal demand rhythms [1] - The industry is transitioning from competition based on scale and market share to focusing on high-profit applications, high-value products, advanced technologies, and strong brands [1][2] Group 2: Product Pricing Trends - LCD TV panel prices have increased since January 2025 due to strong terminal demand, but are expected to stabilize in May as procurement demand cools [3] - MNT panel prices are experiencing moderate increases, while NB panel prices remain stable [3] Group 3: Flexible AMOLED Business Development - The company has established a competitive edge in the flexible AMOLED sector, covering major smartphone brands and expanding into automotive and IT applications [4] - Continuous enhancement of product and technology capabilities is planned to improve overall competitiveness in the flexible AMOLED market [4] Group 4: Capital Expenditure and Depreciation - The company anticipates a depreciation of approximately RMB 38 billion in 2024, with an increase expected due to the completion of new projects and the maturity of existing production lines [7] - Future capital expenditures will focus on semiconductor display business and strategic projects in IoT innovation, sensing, MLED, and smart medical engineering [9][10] Group 5: Shareholder Return Strategy - The company plans to distribute at least 35% of the annual net profit to shareholders in cash and allocate no less than RMB 1.5 billion for share buybacks annually [8] - A cash dividend of approximately RMB 1.87 billion was approved, representing 35% of the consolidated net profit for the year [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][20]. Core Insights - The company has shown significant improvement in profitability, with a notable reduction in losses for 2024. The main business segments, including automotive displays and flexible AMOLED, are experiencing strong growth, contributing to the recovery of profitability despite challenges such as increased depreciation costs [2][10]. - The flexible AMOLED segment is expected to continue expanding, driven by rising demand and product upgrades, particularly in the smartphone market where it accounts for over 60% of display revenue [3][10]. - The company is well-positioned to benefit from structural opportunities in the global display market, including the growth of high-specification display technologies and new applications in the electric vehicle sector [10]. Financial Summary - For 2024, the company is projected to achieve a revenue of 33.494 billion yuan, a year-on-year growth of 3.79%. The net profit attributable to the parent company is expected to be -669 million yuan, reflecting a 68.13% improvement compared to the previous year [1][2]. - The gross margin for 2024 is forecasted at 13.28%, an increase of 6.50 percentage points year-on-year, while the net margin is projected at -2.06%, up by 4.48 percentage points [2][10]. - The company anticipates a gradual recovery in net profit, with estimates of 195 million yuan in 2025, 696 million yuan in 2026, and 976 million yuan in 2027, alongside corresponding EPS of 0.08 yuan, 0.28 yuan, and 0.40 yuan respectively [1][10].

由 中国科学院宁波材料技术与工程研究所光电信息材料与器件实验室 、 华中科技大学武汉光电国家 研究中心 联合 DT新材料主办 ， 第三届钙钛矿材料与器件产业发展论坛 即将于5月23-24日在苏州 召开。 论坛将聚焦于 柔性钙钛矿光伏 、 钙钛矿叠层 ，以及由 柔性钙钛矿所衍生出的前沿消费电子领域 （ 如智能物联、可穿戴设备等室内弱光环境应用） ， 针对实际落地过程中面临的诸多问题及 技术难点 展开深入探讨。 大会邀请了 叶继春、陈炜、周欢萍、易陈谊、 徐雪青、 王睿、胡笑添、钟宇飞 等长期致力于产学研 一体的教授专家，以及 协鑫、通威、正泰 等叠层领域龙头代表企业， 脉络、尚柔、大正微纳、柔烁 光电 等一众柔性领域新兴领先企业也将会发表主题报告。 欢迎报名交流，加速钙钛矿迈向未来 【DT新材料】 获悉，近日，有投资者在互动平台上向京东方A询问钙钛矿业务方向进展情况， 京东方 有关负责人表示，在战略升维"第N曲线"理论指导下，公司已布局钙钛矿光伏与玻璃基封装业务，并已 取得阶段性成果；此外，持续深化"AI+"战略，强化多模式产品创新，助力工业制造与运营管理升级。 京东方目前已建成25mm*25mm手套箱实验室， ...