BOE(000725) 国信证券·2025-02-05 02:31Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is expected to achieve a significant year-on-year growth in net profit for 2024, with estimates ranging from 52 to 55 billion yuan, representing a growth of 104% to 116% [1] - The company's fourth-quarter performance is anticipated to show a substantial increase, driven by domestic replacement policies and overseas promotional activities, leading to a recovery in LCD TV panel prices and a notable rise in shipment volumes [1][2] - The company is focusing on enhancing the high-end proportion of its OLED products, with a projected shipment of approximately 140 million flexible AMOLED panels in 2024, and is actively expanding into mid-size applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 53.36 billion yuan for 2024, with a year-on-year growth of 109.5%, and expects revenues to grow by 19.5% to 208.6 billion yuan [4] - The company's revenue and net profit projections for 2025 and 2026 are also optimistic, with expected revenues of 225.9 billion yuan and 244.6 billion yuan, and net profits of 91.2 billion yuan and 125.9 billion yuan respectively [4][5] Market Dynamics - The LCD TV panel prices have stabilized and are expected to rise due to the domestic replacement policy, with a significant increase in demand anticipated in the second half of 2024 [2] - The company maintains a leading position in global shipments across various applications, including smartphones and large-sized TVs, with a focus on ultra-large size products [2] Product Development - The company is set to launch the world's first foldable product in 2024, with a 40% increase in overall shipments of foldable products [3] - The company is also targeting the automotive and IT sectors for its flexible AMOLED products, with a projected shipment of 1 billion units in the small and medium-sized OLED panel market by 2025 [3]