BOE(000725) 国盛证券·2025-04-25 01:21Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company, BOE Technology Group Co., Ltd., has established itself as a global leader in the semiconductor display industry, with a comprehensive business structure centered around semiconductor displays and extending into IoT innovations, sensors, MLED, and smart medical integration [1][16]. - The company is expected to benefit from the recovery of the panel cycle, with projected revenues of 215.996 billion, 239.566 billion, and 264.058 billion yuan for the years 2025, 2026, and 2027 respectively, alongside net profits of 9.415 billion, 13.434 billion, and 15.538 billion yuan for the same years [9][10]. Summary by Sections Company Overview - BOE was founded in April 1993 and has over 30 years of experience in the display industry, becoming a leading global enterprise with manufacturing bases across multiple countries [1][16]. - The company has a robust global service system covering major regions including Europe, America, Asia, and Africa [1]. LCD Business - The average size of global TV panels is projected to reach 51.5 inches in 2024, with BOE maintaining the largest market share in LCD shipments, accounting for 25.2% globally [2]. - The company is expected to benefit from the recovery in panel prices due to increasing demand for larger sizes and favorable domestic policies [2][9]. OLED Business - The global OLED display panel shipment area is expected to grow at a CAGR of 15.62% from 2023 to 2027, with BOE achieving a 50.7% market share in smartphone OLED panel shipments in 2024 [3]. - The company is positioned to expand its production capacity with the upcoming launch of its 8.6 generation AMOLED production line in 2026 [3]. Non-Display Business - BOE has implemented a "1+4+N" ecosystem strategy, focusing on extending its value chain through IoT innovations, sensors, MLED, and smart medical applications [4][9]. - The company aims to enhance its platform capabilities and core competitiveness by leveraging advancements in AI and big data [4]. Financial Performance - In 2024, the company reported revenues of 198.381 billion yuan, a year-on-year increase of 13.66%, and a net profit of 5.323 billion yuan, reflecting a significant recovery from previous losses [29]. - The display device business remains the primary revenue source, contributing over 80% to total revenues, with notable growth in various segments [34].