Investment Rating - The investment rating for the company is "Accumulate" [2][5]. Core Views - The company reported strong performance in the first half of 2024, with revenue of 93.39 billion yuan, a year-on-year increase of 16.47%, and a net profit attributable to shareholders of 2.28 billion yuan, up 210.41% year-on-year [1]. - The panel industry is expected to enter a stable profit era, driven by a strategy of "production based on sales" and a reduction in price volatility [2]. - The company is advancing its 8.6 generation AMOLED production line, with a significant increase in flexible OLED shipments and stable pricing [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 47.50 billion yuan, a year-on-year increase of 12.54% and a quarter-on-quarter increase of 3.51%. The net profit for Q2 was 1.30 billion yuan, up 166.17% year-on-year and 32.16% quarter-on-quarter [1]. - The overall gross margin for Q2 2024 was 17.46%, an increase of 6.45 percentage points year-on-year and 2.98 percentage points quarter-on-quarter [1]. Product Segmentation - The display device business generated revenue of 78.01 billion yuan in the first half of 2024, a year-on-year increase of 14.87%, with a gross margin of 13.91%, up 7.92 percentage points [1]. - The IoT innovation business achieved revenue of 17.16 billion yuan, a year-on-year increase of approximately 10.57%, with a gross margin of 10.95%, up 2.97 percentage points [1]. - The MLED business saw revenue of 4.03 billion yuan, a year-on-year increase of 115.95% [1]. - The smart medical engineering business generated revenue of approximately 900 million yuan, a year-on-year increase of about 13.63% [1]. Market Dynamics - The global large-size LCD TV panel shipment volume increased by 1.5% year-on-year in the first half of 2024, with the company maintaining a market share of 23.8% [2]. - The demand for TV terminals was below expectations, but upcoming promotional seasons are expected to release pent-up demand [2]. - The price of LCD TV panels saw a decline in July and August, but a mild recovery is anticipated in Q4 2024 [2]. Future Projections - The company expects revenues of 217.01 billion yuan, 243.53 billion yuan, and 255.52 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.63 billion yuan, 7.91 billion yuan, and 8.83 billion yuan for the same years [5][6].

上 市 公 司 证 券 研 究 报 告 电子 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 3.79 | | 一年内最高/最低（元） | 4.56/3.53 | | 市净率 | 1.1 | | 息率（分红/股价） | 0.79 | | 流通 A 股市值（百万元） | 139,672 | | 上证指数/深证成指 | 2,848.73/8,103.76 | | | | | --- | --- | |----------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.42 | | 资产负债率 % 总股本 /流通 A 股（百万） | 52.52 37,650/36,853 | | 流通 B 股/H 股（百万 ...

Financial Performance - The company's depreciation for the first half of 2024 is approximately 18 billion, with expectations for an increase as new projects are completed and operational [2] - The overall revenue growth for the company is 16%, with all business segments showing growth except for the sensor business, which decreased by 11% [26] Capital Expenditure and Strategy - The capital expenditure plan for the next 3-5 years will focus on the semiconductor display business and extend into four high-potential areas: IoT innovation, sensing, MLED, and smart medical engineering [3] - The company aims to achieve a target of 1.6 billion OLED units for the year, with 65 million units shipped in the first half, reflecting a 25% year-on-year increase [8][33] Market Position and Competition - BOE has become a leading player in the semiconductor display industry, with significant investments in OLED technology, totaling nearly 200 billion in the LCD sector since 2003 [8] - The company acknowledges a competitive gap with Samsung in OLED technology but is committed to improving its product and technology capabilities [22][52] Operational Efficiency - The B7 production line has shown improved operational efficiency, leading to reduced losses, while the B11 line has faced challenges due to client order fluctuations [9] - The company emphasizes continuous improvement in internal operations, supply chain management, and yield enhancement to boost OLED production efficiency [13] Future Outlook - The company maintains confidence in achieving its OLED shipment target despite challenges, with expectations for a strong second half of the year driven by flagship product launches [33] - The dual target of reaching a revenue goal of 100 billion USD remains unchanged, reflecting a long-term strategic vision [21] Investor Relations - The company is considering measures for stock price stabilization, including potential share buybacks and communication with major shareholders [30][40] - There is a commitment to enhancing investor communication and engagement through more frequent offline events [32]

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：2024-019 | | 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 电话会议 | | | 参与单位名称 | 参会投资机构共 155 | 家，名单详见附件。 | | 时间 | 2024 年 8 月 28 日 | | | 地点 | 电话会议 | | | 上市公司接待人员姓名 | 杨晓萍 | 执行委员会委员、执行副总裁、首席财务官 | | | 刘洪峰 副总裁、董事会秘书 | | | | 郭 红 董事会秘书室副主任（ | 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 | | | ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's product technology continues to advance, leading to a significant improvement in profitability [1] - Revenue growth is steady, with both gross and net profit margins improving quarter by quarter [2] - The company is focused on its core strategy of "Screen IoT," with five major business segments undergoing product updates and iterations [3] - The company is expanding its overseas market presence, with multiple display products passing certification from overseas customers [3] - The company is expected to benefit from the cyclical recovery of the panel industry and its rapid deployment in the MLED sector [3] Financial Performance - 24H1 revenue reached 93.39 billion yuan, a year-on-year increase of 16.5% [2] - 24H1 net profit attributable to the parent company was 2.28 billion yuan, a year-on-year increase of 210.4% [2] - 24H1 gross profit margin was 16%, up 7 percentage points year-on-year [2] - 24H1 net profit margin was 1.9%, up 4 percentage points year-on-year [2] - 24Q2 revenue was 47.5 billion yuan, a year-on-year increase of 12.5% and a quarter-on-quarter increase of 3.5% [2] - 24Q2 net profit attributable to the parent company was 1.3 billion yuan, a year-on-year increase of 166.2% [2] - 24Q2 gross profit margin was 17.5%, up 3 percentage points quarter-on-quarter [2] - 24Q2 net profit margin was 2.7%, up 1.6 percentage points quarter-on-quarter [2] Business Segments - Display device business achieved revenue of 78.01 billion yuan, a year-on-year increase of 14.9%, with a gross profit margin of 14.0%, up 7 percentage points year-on-year [3] - IoT innovation business achieved revenue of 17.16 billion yuan, a year-on-year increase of 19.4%, with a gross profit margin of 11.0%, up 2.3 percentage points year-on-year [3] - MLED business achieved revenue of 4.03 billion yuan, a year-on-year increase of 116.0%, the fastest growth among all segments [3] - Smart healthcare business achieved revenue of 900 million yuan, a year-on-year increase of 13.6% [3] - Sensor business achieved revenue of 20 million yuan, a year-on-year decrease of 10.8% [3] Overseas Expansion - The company's first self-built smart factory in Vietnam, Phase II, has started construction, aiming to produce 3 million TVs, 7 million monitors, and 4 million e-papers annually, with mass production expected to begin in 2025 [3] - Automotive displays have been introduced to leading overseas automakers, with shipment volume ranking first in the industry [3] Financial Forecasts - Forecasted net profit attributable to the parent company for 2024-2026 is 4.55 billion yuan, 9.04 billion yuan, and 15.5 billion yuan, respectively [3] - Current market value corresponds to a PE ratio of 31x, 16x, and 9x for 2024-2026, respectively [3] Market Data - Closing price: 3.79 yuan [5] - One-year low/high price: 3.53 yuan / 4.56 yuan [5] - Price-to-book ratio: 1.11x [5] - Market capitalization of tradable A shares: 139.67 billion yuan [5] - Total market capitalization: 142.69 billion yuan [5] Key Financial Metrics - Earnings per share (EPS) for 2024E: 0.12 yuan [2] - Price-to-earnings (P/E) ratio for 2024E: 31.33x [2] - Gross profit margin for 24H1: 16% [2] - Net profit margin for 24H1: 1.9% [2]

股票简称：京东方 A 股票代码：000725 股票简称：京东方 B 股票代码：200725 中信建投证券股份有限公司 关于 京东方科技集团股份有限公司 2020 年股票期权与限制性股票激励计划 预留授予股票期权第二个行权期行权条件成就 之 独立财务顾问报告 二〇二四年八月 1 | 第一章 | 释义 3 | | --- | --- | | 第二章 | 声明 5 | | 第三章 | 基本假设 6 | | 第四章 | 本次激励计划履行的审批程序 7 | | 第五章 | 本次股票期权达到行权条件情况 10 | | 第六章 | 独立财务顾问的核查意见 14 | （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露的 关于本激励计划的相关信息。 第一章 释义 在本独立财务顾问报告中，除非另有说明，以下简称具有如下含义： | 京东方、上市 | 指 | 京东方科技集团股份有限公司 | | --- | --- | --- | | 公司、公司 | | | | 中 信 建 投 证 | | | | 券、本独立财 | 指 | 中信建投证券股份有限公司 | | 务顾问 | | | | 本 次 激 励 计 | 指 | 京东方 ...

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2024-046 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2024-046 | 京东方科技集团股份有限公司 关于为下属子公司办理贷款置换继续提供担保的公告 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。 为满足下属子公司成都京东方光电科技有限公司（以下简称"成 都京东方"）实施成都第 6 代柔性 AMOLED 生产线项目，以及子公司 绵阳京东方光电科技有限公司（以下简称"绵阳京东方"）实施绵阳 第 6 代 AMOLED（柔性）生产线项目的资金需要，成都京东方及绵阳 京东方此前分别向国家开发银行经办分行及其牵头组建的银团（以下 简称"贷款方"）申请了外汇中长期固定资产贷款（以下简称"原贷 款"），由京东方科技集团股份有限公司（以下简称"公司"）为其 提供连带责任保证担保。截至目前，原贷款合同未到期余额为 96,861 万美元，其中成都京东方 43,402 万美元，绵阳京东方 53,459 万美元。 为进一 ...

京东方科技集团股份有限公司 安占福、曹嘉琦、曾磊、邓必成、丁世哲、方家、冯春楠、高恩慧、高荣荣、 郭会斌、郭磊、郭思瑶、胡兵、胡青飞、华晨、黄光伟、黄政仕、霍少华、贾丽 丽、江建明、姜茂荣、蒋瀚林、金成勋、李德君、李琳、李欠火、李欣凝、李鑫、 李壹相、李振国、梁晋、刘芳、刘涛、刘银梅、娄玉瑞、卢霜、卢运华、马禹、 穆元春、倪东、彭裕清、沈忠、石领、史海洋、司达、宋志勇、孙钢、陶永松、 汪雄、王丹、王鼎瑞、王纪东、王谦、王岩、王宜申、王永辉、王仲远、魏松涛、 吴航、吴佳楠、宣津、薛诚、杨江、杨莉、杨曼丽、杨松、杨晓峰、杨晓强、杨 晓勇、杨轶雯、于洪俊、于亮、袁璞、张超、张雷、张启海、张仁亮、张绍楠、 张旺、张志博、赵凯、赵振兴、赵子健。 注： 1、1 名激励对象因绩效考核的结果为 C，根据激励计划，标准系数为 0.5，公司拟注销其不 符合行权条件的部分股票期权共 48,576 股； 2、上表所列的本次可行权数量以中国证券登记结算有限公司深圳分公司实际确认数为准。 二、预留授予股票期权第二个行权期可行权的激励对象名单，83 人（以下名 单按姓名字母顺序排列） 2020 年股票期权与限制性股票激励计划预留授予股票期 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: （86-10） 5809-1000 传真: （86-10） 5809-1100 北京市竞天公诚律师事务所 关于京东方科技集团股份有限公司 2020 年股票期权与限制性股票激励计划预留授予股票期权 第二个行权期行权条件成就、 调整股票期权的行权价格以及限制性股票的回购价格 的法律意见书 致：京东方科技集团股份有限公司 本所接受京东方科技集团股份有限公司（以下称"公司"或"京东方"）的 委托，根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股权激励管理办法》（以 下称"《管理办法》"）、《深圳证券交易所上市公司自律监管指南第 1 号—— 业务办理》（以下称"《自律监管指南》"）等有关法律、法规和规范性文件、 《京东方科技集团股份有限公司章程》的规定以及《京东方科技集团股份有限公 司 2020 年股票期权与限制性股票激励计划（草案）》（以下称"《激励计划（草 案）》"）的规定，就公司实施 2020 年股票期权与限制性股票激励计划（以下 称"激励计划"或 ...

京东方科技集团股份有限公司 第十届监事会关于第十二次会议审议事项的意见 2、经核查，根据《激励计划》及相关规定，2020 年股票期权与 限制性股票激励计划预留授予股票期权第二个行权期已达到行权条 件。公司 83 名预留授予股票期权激励对象已满足行权条件，其作为 公司本次可行权的激励对象主体资格合法、有效。公司本次行权安排 符合相关法律、法规和规范性文件的有关规定。同意《关于 2020 年 股票期权与限制性股票激励计划预留授予股票期权第二个行权期行 权条件成就的议案》。 京东方科技集团股份有限公司 监 事 会 2024 年 8 月 27 日 根据《企业内部控制基本规范》、《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 1 号——主板上市公司 规范运作》等有关法律、法规的规定，京东方科技集团股份有限公司 （以下简称"公司"）第十届监事会第十二次会议审议通过了《关于 调整股票期权的行权价格以及限制性股票的回购价格的议案》和《关 于 2020 年股票期权与限制性股票激励计划预留授予股票期权第二个 行权期行权条件成就的议案》，并发表意见如下： 1、经审核，由于公司 2023 年年度权益分派的实 ...