京东方A(000725) - 2023年2月22日投资者关系活动记录表

Group 1: Market Overview - The global economy is facing challenges due to geopolitical risks and inflation, leading to weak consumer demand and a downturn in the semiconductor display industry, which has continued its decline since the second half of 2021 [1] - According to third-party data, LCD TV shipments are expected to see a significant increase in Q2 2023 due to promotional stocking [1] - The overall operating rate of panel manufacturers remains low, with strong demands for price increases; LCD TV panel prices are projected to rise by nearly 10% in March 2023 [2] Group 2: AMOLED Business Progress - In 2022, the company achieved its annual shipment target for flexible AMOLED, maintaining a growth rate of 30% year-on-year, with a notable increase in high-end product ratios [2] - Despite challenges from weak terminal consumption and price competition in entry-level products, the flexible AMOLED business is expected to continue significant growth in 2023 [2] - The company aims to enhance the profitability of its product mix by increasing the shipment ratio of high-end products and accelerating growth in new technologies and segments [2] Group 3: Competitive Advantages in Automotive Display - The company has established itself as a leader in the automotive display sector, achieving a global market share of over 16% in Q3 2022 [3] - The Chengdu automotive display base, which began production in 2022, is expected to produce approximately 15 million automotive display modules annually, covering sizes from 5 inches to 35 inches [3] Group 4: Depreciation and Capital Expenditure - The depreciation amount for the first three quarters of 2022 was approximately 25 billion RMB; the depreciation of LCD production lines is expected to enhance cost competitiveness [3] - Future capital expenditures will focus on new projects, outstanding payments for existing projects, and production line maintenance [4] - The company’s operational performance is improving, with a gradual reduction in the gap between net cash inflow from operating activities and net cash outflow from investing activities [4]