BOE(SZ:000725)2025-07-18 15:08Group 1: LCD Market Insights - The industry is adopting a "demand-driven production" strategy, adjusting production rates based on market demand changes [2] - In Q1 2025, the LCD TV panel prices increased due to strong export demand and "trade-in" policies, while in Q2, demand cooled, leading to adjustments in production rates [2][3] - As of July 2025, LCD TV prices for certain sizes have slightly decreased, while prices for MNT and NB panels remain stable [3] Group 2: AMOLED Business Development - The company has established a strong presence in the flexible AMOLED market, covering major smartphone brands and increasing the proportion of high-end products like LTPO and foldable displays [4] - The 8.6 generation AMOLED production line in Chengdu began equipment installation four months ahead of schedule, transitioning to operational phase [6] Group 3: Industry Production Rates - The average production rate in the LCD industry has been above 80% since Q1 2025, but saw a decline in Q2 due to reduced demand [5] Group 4: Revenue Structure and Future Trends - In 2024, the revenue structure for display devices is projected as follows: TV (26%), IT (34%), LCD mobile and others (13%), OLED (27%) [7] - The trend towards larger TV sizes and high-end IT products is expected to continue, while flexible AMOLED products are gaining market penetration in smartphones and other applications [8] Group 5: New Business Initiatives - The company is actively pursuing perovskite solar cell technology, achieving a conversion efficiency that ranks among the industry leaders [9] - The "AI+" strategy has been launched to enhance production efficiency and innovation across various business areas [9] Group 6: Financial Outlook and Shareholder Returns - The company plans to allocate at least 35% of its net profit to cash dividends annually from 2025 to 2027, with a minimum of RMB 1.5 billion for share buybacks [14] - The company has completed a stock buyback valued at nearly RMB 1 billion and is progressing with its 2024 profit distribution plan [14]