BOE(SZ:000725)2023-05-08 11:18Industry and Market Overview - Since Q1 2023, the supply-demand relationship in the market has gradually stabilized as external uncertainties are being digested [1] - According to consulting agency data, LCD TV panel prices have started to rise, driven by domestic promotional season stocking demand [1] - Panel manufacturers are cautiously increasing their operating rates in response to the gradual recovery of demand, adhering to the consensus of "production as needed, dynamic control of production" [1] Company Operating Status - In Q1 2023, the company maintained its leading position in the semiconductor display industry, with global first shipments in five major application areas: LCD smartphones, tablets, laptops, monitors, and TVs [2] - The company achieved a shipment volume of nearly 30 million flexible AMOLED panels in Q1 2023, with an annual shipment target of 120 million panels [2] - The revenue structure optimization shows that the income proportions from TV, IT, mobile phones, and other products are 23%, 31%, and 46% respectively, with OLED revenue proportion increasing quarter-on-quarter [2] Financial Performance - The company’s operating expenses (excluding R&D expenses) decreased significantly by 35% [3] - Despite facing pressure from the industry and macro environment, the company continues to implement cost reduction and efficiency enhancement measures [3] - In Q1 2023, the company’s net profit after deducting non-recurring gains and losses improved quarter-on-quarter due to reduced sales, management, and financial expenses [5] Future Outlook - The overall inventory level in the industry is expected to see a slight increase in Q2 2023, but the supply-demand relationship will continue to show a recovery trend [2] - The company aims to enhance the shipment volume and proportion of high-end flexible AMOLED products, focusing on new segments such as LTPO, foldable, and automotive displays [4] - The company’s capital expenditure will focus on strategic planning, including enhancing AMOLED global competitiveness and accelerating IoT transformation [6]