%% %% 丨证券研究报告丨 公司研究丨点评报告丨京东方 A（000725.SZ） [Table_Title] 盈利同比大幅改善，现金流充沛 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 京东方公布 2024 年第三季度报告，报告期内公司实现营业收入 1437.32 亿元，同比增长 | | | 13.61% ；归母净利润 33.10 亿元，同比增长 223.80% ...

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2024-021 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------------------------|------------------------|---------------------------------------------------------|-------|-------|-------|--------------------------| | | | | | | | | | | 投资者关系活动类别 | | | √特定对象调研 □分析师会议 | | | | | | | □媒体采访 | | □业绩说明会 | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | √现场参观 | | | | | | | | | | | | | | | | | 参与单位名称 | □其他 | | 高毅资产：梁萌、何卓元、梁鸥、莫洁莹、金星 | | | | | | | 华泰证券：胡宇舟、秦晓天 | | | ...

证券研究报告 | 2024年11月04日 京东方 A（000725.SZ） 优于大市 三季度营收同环比增长，毛利率同比提升 3Q24 公司营收同比增长 8.6%，毛利率环比基本持平。公司发布 2024 三季报， 1-3Q24 营收 1437.32 亿元（YoY+13.6%），归母净利润 33.10 亿元（YoY +223.8%）。3Q24 营收 503.45 亿元（YoY +8.6%，QoQ +6.0%），归母净利润 10.26 亿元（YoY +258.2%，QoQ -21.1%）。3Q24 公司毛利率17.4%（YoY +2.6pct， QoQ +0.0pct）。在 7-9 月 LCD TV 面板价格逐月下跌的背景下，公司实现营 收同环比增长，以及毛利率环比基本持平。 3Q24以旧换新政策推动TV面板需求提升，公司电视面板出货量同比增长9%。 据迪显咨询，受以旧换新政策推动，国内 TV 市场逐步复苏，推动 8-9 月面 板出货恢复。1-3Q24 全球 LCD TV 面板出货量 1.78 亿片，同比下滑 2%，出 货面积 1.29 亿平米，同比增长 2%。其中 3Q24 全球 LCD TV 面板出货量 595 ...

京东方科技集团股份有限公司(以下简称"公司")于 2024 年 10 月 29 日召开的第十届董事会第三十八次会议审议通过了《关于回购公 司部分社会公众股份的议案》（内容详见公司于 2024 年 10 月 31 日 披露的《关于回购公司部分社会公众股份方案的公告》，公告编号： 2024-061）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股 份》的相关规定，现将公司披露董事会公告回购股份决议的前一个交 易日（即 2024 年 10 月 30 日）登记在册的前十名股东和前十名无限 售条件股东的名称及持股数量、比例等情况公告如下： 1 序号 股东名称 持股数量 占总股本比例 （%） 1 北京国有资本运营管理有限公司 4,063,333,333 10.79% 2 香港中央结算有限公司 2,438,832,387 6.48% 3 北京京东方投资发展有限公司 822,092,180 2.18% 4 北京京国瑞国企改革发展基金（有限合伙） 718,132,854 1.91% 5 中国工商银行股份有限公司－华泰柏瑞沪深 300 交易型开放式指数证券投资基金 694,997,747 1.85% 6 合肥建翔 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-065 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-065 | 京东方科技集团股份有限公司 公司后续将根据市场情况在回购期限内尽快推动实施本次回购 计划，并按照相关法律法规的规定及时履行信息披露义务。 特此公告。 京东方科技集团股份有限公司 关于回购部分社会公众股份事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司(以下简称"公司")于 2024 年 10 月 29 日召开的第十届董事会第三十八次会议审议通过了《关于回购公 司部分社会公众股份的议案》（内容详见公司于 2024 年 10 月 31 日披 露的《关于回购公司部分社会公众股份方案的公告》，公告编号：2024- 061）。 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自 律监管指引第 9 号——回购股份》等相关规定，公司应当在每个月的 前三个交易日内披露截至上月末的回购进展情况公 ...

Investment Rating - The report maintains an "Accumulate" rating for BOE Technology Group Co., Ltd. (京东方A) [5][6] Core Views - The company reported strong performance in the first half of 2024, with revenue of 143.73 billion yuan, a year-on-year increase of 13.61%, and a net profit attributable to shareholders of 3.31 billion yuan, up 223.80% year-on-year [3] - The LCD business continues to lead in global market share, while the OLED segment shows increasing shipment volumes, indicating a positive outlook for the company's profitability [4][6] - The company plans to repurchase shares worth up to 1 billion yuan to implement an employee stock ownership plan, which may enhance shareholder value [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 50.35 billion yuan, a year-on-year increase of 8.65% and a quarter-on-quarter increase of 5.99%. The net profit for the same period was 1.03 billion yuan, up 258.21% year-on-year but down 21.11% quarter-on-quarter [3] - The comprehensive gross margin for Q3 2024 was 17.41%, an increase of 2.58 percentage points year-on-year, but a slight decrease of 0.05 percentage points quarter-on-quarter [3] Business Segments - In the LCD segment, BOE remains the global leader in display shipments, with a market share of approximately 26% in August 2024 [4] - The OLED segment saw further growth in flexible AMOLED product shipments, driven by the release of high-end flagship models from various smartphone brands [3][4] Future Projections - The report adjusts revenue forecasts for 2024, 2025, and 2026 to 200.29 billion yuan, 226.00 billion yuan, and 239.21 billion yuan, respectively, with net profits projected at 4.63 billion yuan, 7.54 billion yuan, and 10.42 billion yuan [6][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.12 yuan, 0.20 yuan, and 0.28 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 37, 23, and 16 [6][7]

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2024-020 投资者关系活动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 | --- | --- | --- | |----------------------|--------|------------------------------------------------------------| | 参与单位名称 | | 参会投资机构 137 家，名单详见附件 | | 时间 | 2024 | 年 11 月 1 日 | | 地点 | | 电话会议 | | 上市公司接待人员姓名 | 郭 | 红 董事会秘书室副主任（ VP 级） | | | 滕 | 蛟 VCFO（VP 级） | | | 罗文捷 | 证券事务代表 | | | | 讨论的主要内容： | | | | 一、行业及市场概况 | | | | LCD 方面，受体育赛事和备货需求的影响，二季度 LCD | | | | 行业稼动率提升至高位；随着阶段性备货力度走弱，三季度面 | | 投资者关系活动主要内 | | 板厂商坚持"按需生产"，根据 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance showed steady growth in Q3 2024, with significant improvements in revenue and profitability [2] - Revenue for the first three quarters of 2024 reached 1437.3 billion yuan, a year-on-year increase of 13.6% [2] - Net profit attributable to the parent company was 3.31 billion yuan, a year-on-year increase of 223.8% [2] - Gross profit margin and net profit margin for the first three quarters were 16.5% and 1.4%, respectively, up by 5.3 percentage points and 0.3 percentage points year-on-year [2] Business Development - The company is advancing its "Screen IoT" strategy, focusing on multiple business segments including display devices, IoT innovation, MLED, smart healthcare, and sensing technologies [3] - The 8.6th generation AMOLED production line was capped ahead of schedule in September 2024, with plans for mass production by 2026 [3] - MLED business is progressing well, with the Zhuhai MLED project expected to complete equipment installation by December 2024 and achieve mass production by Q1 2025 [3] - The company has successfully launched its first P0.3 Micro LED automotive display product and completed the construction of the Jinwan factory's 6-inch Micro LED mass production line [3] - Smart healthcare operations are expanding, with four digital hospitals currently in operation and the Chengdu Smart Healthcare Center nearing completion [3] Overseas Expansion - The company is expanding its overseas market presence, with the second phase of its Vietnam smart terminal factory set to begin production in 2025, targeting annual outputs of 3 million TVs, 7 million monitors, and 4 million e-paper devices [4] - MLED light boxes have been successfully deployed in Brazil, enhancing the company's brand visibility overseas [4] - Automotive displays have been integrated into leading overseas car manufacturers, maintaining the company's position as the top supplier in this segment [4] Financial Projections - Revenue is projected to grow from 203.8 billion yuan in 2024 to 242.5 billion yuan in 2026, with year-on-year growth rates of 16.77%, 11.99%, and 6.24%, respectively [1] - Net profit attributable to the parent company is expected to increase from 4.55 billion yuan in 2024 to 15.5 billion yuan in 2026, with year-on-year growth rates of 78.76%, 98.61%, and 71.40%, respectively [1] - EPS is forecasted to rise from 0.12 yuan per share in 2024 to 0.41 yuan per share in 2026 [1] - The company's P/E ratio is expected to decrease from 38.61x in 2024 to 11.34x in 2026, reflecting strong earnings growth [1] Financial Performance - The company's gross profit margin is projected to improve from 13.17% in 2024 to 18.78% in 2026 [10] - Net profit margin attributable to the parent company is expected to increase from 2.23% in 2024 to 6.39% in 2026 [10] - ROE is forecasted to rise from 3.45% in 2024 to 10.30% in 2026, indicating improving profitability and efficiency [11]

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 京东方A(000725.SZ) Q3业绩亮眼，10月下旬电视面板价格触底 推荐 ( 维持) 事项： 股价:4.67元 主要数据 | --- | --- | |------------------------------------|----------------------------------| | 行业 | 京东方 A | | 公司网址 | www.boe.com | | 大股东 / 持股 | 北京国有资本运营管理有限公 | | | 司 /10.79% | | 实际控制人 | 北京市人民政府国有资产监督管理委 | | | 员会 | | 总股本 ( 百万股 ) | 37,650 | | 流通 A 股 ( 百万股 ) | 36,852 | | 流通 B/H 股 ( 百万股 ) | 693 | | 总市值 ( 亿元 ) | 1,745 | | 流通 A 股市值 ( 亿元 ) | 1,721 | | | | | 每股净资产 ( 元 ) 资产负债率 (%) | 3.45 51.7 | | | | 行情走势图 证券分析师 陈福栋 投资咨询资格编号 S ...

京东方科技集团股份有限公司 关于回购公司部分社会公众股份方案的公告 | 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-061 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-061 | 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 重要提示： 2、拟回购数量：不低于 16,000 万股，不超过 28,000 万股，占公 司目前总股本约 0.42%-0.74%； 3、回购价格：不超过人民币 6.00 元/股； 4、回购金额：公司以自筹资金进行股份回购，拟回购股份的资 金规模不超过人民币 10 亿元； 5、回购期限: 自董事会审议通过回购股份方案之日起不超过 6 个 月。 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司股份回购规则》、《深圳证券交易所股票上市规则》、《深圳证券 交易所上市公司自律监管指引第 9 号——回购股份》（以下简称"《回 购指引》"）等相关规定，京东方科技集团股份有限公司（以下简称"公 司"）于 2 ...