BOE(000725) 国投证券·2024-05-01 09:00Investment Rating - The report assigns a "Buy-A" rating to BOE A (000725 SZ) with a 6-month target price of 5 19 RMB [4][5] Core Views - BOE A's Q1 2024 revenue reached 45 888 billion RMB, a YoY increase of 20 84%, with net profit attributable to shareholders surging 297 8% to 984 million RMB [1] - The company's LCD TV utilization rate exceeded 85% in March 2024, driven by strong demand and price increases in TV and IT products [2] - BOE A aims to achieve a 30% YoY growth in flexible AMOLED shipments, targeting 160 million units in 2024 [2] Industry and Market Position - BOE A maintains its leading position in the global LCD market, ranking first in shipments across five major application segments [3] - The company achieved a global first in shipments of ultra-large size (≥85 inches) LCD products and made breakthroughs in high-end TV markets with its ADS Pro technology [3] - In the OLED sector, BOE A shipped nearly 120 million flexible AMOLED units in 2023, with significant profitability improvements in mature production lines [3] Financial Projections - Revenue is projected to grow from 209 055 billion RMB in 2024 to 263 799 billion RMB in 2026, with net profit expected to increase from 5 122 billion RMB to 23 992 billion RMB over the same period [4] - The company's gross margin is forecasted to improve from 16 29% in 2024 to 17 11% in 2026 [8] Technological Innovation and Patents - BOE A has accumulated over 90,000 patent applications, with more than 30,000 related to flexible OLED technology [3] - The company ranks 15th globally in US patent authorizations for the sixth consecutive year, with over 40,000 valid patents worldwide [3] Valuation and Peer Comparison - The report values BOE A at 1 5x PB (MRQ), based on comparable companies TCL Technology and Rainbow Optoelectronics [4][9] - BOE A's current PB ratio is 1 28, lower than TCL Technology's 1 67 and Rainbow Optoelectronics' 1 41 [9]