格隆汇8月14日丨沃格光电(603773.SH)在投资者互动平台表示，玻璃基在半导体先进封装应用，对现有 封装基板材料的升级方案主要有玻璃基和ABF/PI,玻璃基封装到PCB，以及全玻璃多层堆叠方案，其中 全玻璃基多层堆叠方案技术难度极高，需要多层超薄玻璃基双面线路板进行玻璃键合，包括核心装备开 发等。全玻璃结构方案目前已获得著名客户认可，沃格光电在该产品的技术储备、设备能力位于行业绝 对领先，是全玻璃基线路板行业的引领者。目前通格微公司在上述多种结构和方案顺利推进和协助上下 游产业链进入产业化应用，终端应用场景包括光模块/CPO、存储、逻辑推理、自动驾驶、机器人、6G 通讯等多个领域。此外，湖北通格微多层GCP（玻璃线路板）产品在Micro LED直显（家居智能显示以 及近距离显示等）、6G通讯等多项领域均有项目开发和应用，并形成一定研发收入。上述应用场景主 要为技术突破实现的新市场增量，替代现有技术路径方案，市场空间极大。 ...

Core Viewpoint - BOE Technology Group is shifting its capital strategy focus from scale expansion to shareholder value creation, with a new development phase expected to enhance profitability and provide sustainable returns to shareholders [1][2]. Group 1: Business Strategy - The company introduced its "Screen-Internet of Things" strategy and highlighted its "N-th Curve" theory, focusing on display technology, glass substrate processing capabilities, and large-scale integrated intelligent manufacturing to create new business growth areas [2]. - BOE has made significant progress in the perovskite photovoltaic sector, establishing the largest pilot line in the industry, marking an important step towards industrialization [2]. - The flexible OLED market is rapidly growing, with technological innovations penetrating IT and automotive sectors, driving the OLED industry forward [1]. Group 2: Financial Outlook - BOE plans to reach a peak in capital expenditure and depreciation by 2025, after which it is expected to enter a phase of improved profitability [1]. - The company has launched its first comprehensive shareholder return plan, committing to a minimum annual cash dividend of 35% of net profit attributable to shareholders and a total of at least 1.5 billion yuan for share buybacks each year [2]. - The chairman emphasized the company's capability and commitment to providing stable and predictable returns to investors as it enters a new development stage [2].

Financial Performance and Shareholder Returns - In 2024, the company plans to distribute cash dividends of 18.7 billion RMB, accounting for 35% of the net profit attributable to the parent company [3][36] - The company aims to repurchase and cancel shares worth between 15 billion to 20 billion RMB annually [3][36] - From 2015 to 2024, the company has implemented cash dividends for 10 consecutive years, totaling nearly 22 billion RMB [3][37] - The company has repurchased A shares for over 5.6 billion RMB and B shares for nearly 1 billion HKD from 2020 to 2024 [3][37] Depreciation and Cash Flow - In 2024, the company's depreciation is expected to be approximately 38 billion RMB, with an increase anticipated due to new projects being put into operation [2] - The net cash flow from investment activities remains high, projected to exceed 30 billion RMB in 2024 [5][6] Strategic Development and Market Position - The company is focusing on the "Screen and IoT" strategy, aiming to integrate more functionalities into displays and expand into various application scenarios [7][8] - The company has established a "1+4+N+Ecosystem" development framework, emphasizing semiconductor display as the core capability [8][9] - The company is actively pursuing high-potential areas such as IoT innovation, sensing, MLED, and smart medical engineering [9][10] Market Trends and Product Development - The global automotive display panel shipment is expected to reach 230 million units in 2024, with a year-on-year growth of 6.3% [31] - The company aims to produce 1.7 billion OLED units in 2025, up from 1.4 billion in 2024 [32] - The company has successfully launched Micro LED products, achieving high brightness and contrast ratios, and plans to continue expanding this technology [28][55] Risk Management and Market Adaptation - The company has a robust risk management mechanism to address potential market challenges, including a dedicated team for monitoring risks [26][34] - The direct export to the US is minimal, thus limiting the impact of US tariffs on the company's operations [19][24] Innovation and Future Outlook - The company is committed to advancing technologies such as Micro LED and exploring new applications in the healthcare sector [28][55] - The company is optimistic about the future of the semiconductor display industry, focusing on sustainable growth and technological advancements [47]