BOE(SZ:000725)2025-06-04 00:40Group 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]