Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (京东方 A) [5][7] Core Viewpoints - The company emphasizes that LCD will remain the mainstream display technology in the medium to long term, while the flexible OLED market is rapidly growing. The industry is transitioning from competition based on scale and market share to high-value-driven competition [2] - BOE is advancing its "N Curve" growth strategy, focusing on new business growth areas such as perovskite photovoltaic devices and glass-based packaging, which are expected to support future growth [3] - The company's profitability is expected to improve as it transitions its capital strategy towards value creation, with significant capital expenditures and depreciation peaks anticipated in 2025, leading to a more favorable environment for shareholder returns [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at CNY 215.996 billion, CNY 239.566 billion, and CNY 264.058 billion, respectively. Corresponding net profits are projected to be CNY 9.415 billion, CNY 13.410 billion, and CNY 15.513 billion [5][6] - The report indicates a significant recovery in net profit growth rates, with expected year-on-year increases of 76.9% in 2025 and 42.4% in 2026 [6] Financial Metrics - The report provides key financial metrics, including a projected P/E ratio of 15.9 for 2025 and a P/B ratio of 1.0, indicating a favorable valuation relative to earnings and book value [6][7] - The company's return on equity (ROE) is expected to improve from 6.6% in 2025 to 9.6% in 2027, reflecting enhanced profitability [6]

新华财经上海7月9日电（记者高少华）京东方（A股：000725；B股：200725）8日在上海举行投资者日 大会，向投资者全面介绍了"屏之物联"战略下企业发展亮点，"第N曲线"代表——钙钛矿光伏业务也首 度亮相资本市场。记者从大会获悉，京东方资本战略重心正从规模扩张转向股东价值创造的全新发展阶 段。大规模产线投资已不再是公司发展主旋律，京东方将于2025年迎来资本开支和折旧"双高峰"，此后 将有望步入盈利提升通道，盈利的确定性改善为持续回报股东创造了有利条件。 据介绍，当前显示行业供给端正进入存量时代，格局实现重塑，从过去"规模和市场份额"竞争逐渐转向 高价值驱动。液晶显示（LCD）仍将是未来中长期显示行业的主流应用技术，大尺寸化成为趋势，高分 辨率、高刷新率产品的推陈出新带来液晶显示技术旺盛的市场生命力。与此同时，柔性OLED市场规模 快速增长，技术创新加速向IT、车载等中尺寸领域渗透，带动OLED产业蓬勃发展。 转自：新华财经 编辑：林郑宏 京东方今年还推出了历史上首个全面涵盖分红、回购的股东回报规划，承诺未来三年每年现金分红不低 于归母净利润的35%、每年用于回购并注销的资金总额不低于15亿元、有条件的 ...