8月20日，京东与全球显示领域领先企业BOE(京东方)联合举办了"双京赋能计划"三周年庆典。过去三 年，双方通过深度协同，将京东对用户需求的深度洞察与BOE的尖端显示技术深度融合，开创了"需求 反哺研发-技术直达用户"的双向赋能典范，重塑了显示技术从创新到应用的最短价值链路，显著推动 BOE(京东方)技术品牌从行业走向大众，为产业树立了技术普惠与生态共赢的新标杆。 京东一直坚持提升消费者在成本、效率、服务与体验维度的满意度。从引领1ms响应电竞屏、99%+色 域专业创作屏到普及240Hz+超高刷标准，每一次用户反馈都驱动着京东与BOE(京东方)及品牌伙伴的技 术协同与生态重构，Mini LED背光、健康护眼等创新技术正在通过京东的全渠道触点,高效触达每一位 用户。作为"技术-产品-用户"核心连接枢纽的角色，京东将继续通过与上游伙伴、品牌方及JDG等的深 度协同，深化C2M产品机制与市场动向共享，整合多维营销资源与京东MALL等全渠道力量，完善从显 示技术到用户体验提升的全链条服务，共同塑造更沉浸、流畅的电竞视觉生态，推动行业跳出低效竞 争，实现可持续的价值闭环。 大会期间，包括京东、BOE(京东方)等多方代表 ...

Group 1 - The panel market is experiencing a temporary decline in TV panel prices due to reduced demand and adjustments in production rates, with expectations for stabilization in the third quarter [1][2] - In June, TV panel demand weakened, leading to price drops of $1 for 43-inch, 50-inch, and 55-inch panels, and $1 to $2 for 65-inch and 75-inch panels [1] - The second quarter saw a decrease in production rates among major manufacturers, with TCL reporting a drop in utilization rates below 85% due to reduced orders from TV brands [1] Group 2 - Industry experts anticipate a rebound in TV panel prices in the third quarter, driven by seasonal demand from events like Black Friday and Diwali, as well as domestic shopping festivals [2] - The overall TV panel shipment volume is expected to increase by 3% to 4% in the third quarter compared to the second quarter, as inventory levels become healthier [2] - The gaming monitor market is projected to grow by 34% year-on-year, with high-end gaming displays seeing a significant increase in shipments [5] Group 3 - The trend towards high-end gaming monitors continues, with a 71.5% increase in shipments of 4K gaming displays in the first quarter, surpassing the overall market growth [5] - AI applications are raising new requirements for display technology, particularly in terms of power consumption, which is critical for enhancing device performance without compromising battery life [5] - Technologies related to low power consumption, such as dynamic partitioning and oxide backplane technology, are expected to evolve in response to the demands of AI-driven consumer products [5]

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company's television ODM and smart interactive performance continue to show steady growth, with optimism regarding the growth potential from AI-enabled innovations and the expansion of its own brand overseas [5] - Revenue and profit forecasts for 2025-2027 are projected at 17.6 billion, 19.9 billion, and 22.0 billion yuan respectively, with year-on-year growth rates of +13%, +13%, and +11% [5] - The expected net profit attributable to the parent company for the same period is 1.0 billion, 1.2 billion, and 1.4 billion yuan, with year-on-year growth rates of +17%, +19%, and +17% [5] Revenue Analysis - In Q1, the company reported revenue of 3.142 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to the parent company of 215 million yuan, up 15.8% year-on-year [9] - The smart TV segment saw a revenue increase of 6% year-on-year, with volume and price changes of +31% and -19% respectively, attributed to a strategy of gaining market share through price adjustments [9] - The smart interactive segment experienced a 10% year-on-year revenue increase, driven by a recovery in demand, particularly in professional displays and gaming screens [9] - Innovative products achieved a remarkable 50% year-on-year revenue growth, with significant contributions from the company's own brands [9] Profitability Analysis - The gross margin for Q1 was 13.4%, reflecting a 0.4 percentage point increase year-on-year, primarily due to improved product mix and stable panel prices [9] - The net profit margin for Q1 improved by 0.3 percentage points year-on-year, with a notable decrease in various expense ratios, except for brand-building investments [9] - The company expects to maintain a positive trend in profitability, with net profit margins projected to improve gradually over the forecast period [10]