机构：国盛证券 研究员：夏君/刘玲 在CES 2026 上，京东方精电推出HERO 2.0 智能座舱。HERO 2.0 深度融合AI 技术，围绕视听体验、交 互方式、场景应用三大维度实现全方位焕新升级，更以突破性的"域控座舱"理念，实现"车家互联""车 商互联"。 风险提示：车载显示大屏化及多屏化需求不及预期，车载显示赛道竞争超预期，面板市场价格不及预期 或成本超预期，海外订单放量不及预期，地缘政治风险。 1）视觉体验方面，MicroLED PHUD 拥有50,000nits 超高亮度、115%NTSC超广色域、0.2mm 超精细像 素尺寸配合超广视角。15.6 英寸车规级MLED背光UB Cell 中控显示屏搭载局部调光技术，实现百万级 超高对比度。2）听觉体验方面，全球首发的AI 智能车载数字功放产品，搭载全场景降噪技术与AI 音 质修复技术。3）交互方式方面，依托AI 技术的深度赋能，座舱内多款产品全面融合触控、语音、手势 等多模态交互方式，用户可以通过舱内中控系统控制车内调光天窗，调节空调温度，还可以进行外卖点 餐、远程查看家中情况等，突破性实现"车家互联""车商互联"。4）场景应用方面，座舱内搭载高 ...

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (00710.HK) [5] Core Insights - BOE Technology Group is actively expanding its product offerings and international presence, recently launching the HERO 2.0 smart cockpit at CES 2026, which integrates AI technology to enhance audio-visual experiences, interaction methods, and application scenarios [1] - The company is also expanding its production capacity with the construction of the third phase of its Heyuan manufacturing base, expected to add over 10 million units of annual production capacity upon completion in December 2026 [2] - Revenue projections for 2025-2027 are approximately HKD 14 billion, HKD 15.5 billion, and HKD 17.5 billion, reflecting year-on-year growth of 4%, 10%, and 13% respectively, while net profit is expected to be HKD 3.7 billion, HKD 4.7 billion, and HKD 5.5 billion, with a slight decline in 2025 followed by growth in subsequent years [3][4] Financial Summary - For the fiscal year 2023, the company reported revenue of HKD 10.76 billion, with a projected increase to HKD 13.45 billion in 2024, and further growth to HKD 14.00 billion in 2025, representing a 0% growth in 2023 and 25% in 2024 [4][12] - The net profit for 2023 was HKD 475 million, with expectations of HKD 391 million in 2024 and a slight recovery to HKD 373 million in 2025, indicating a net profit margin of 4.4% in 2023, declining to 2.9% in 2024, and stabilizing around 3.0% in 2026 and 3.1% in 2027 [4][12] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 10.5x, 8.4x, and 7.2x respectively, indicating a favorable valuation trend [3][4]