BOE(000725)2025-04-23 01:22Group 1: Industry and Market Overview - The international trade environment's uncertainty is affecting North American market demand, while domestic demand is stimulated by the "trade-in" policy, accelerating the trend towards larger LCD TVs and upgrading product structures to mid-to-high end [1][2] - Panel manufacturers are adhering to a "demand-driven production" strategy, adjusting production line utilization rates based on market demand, leading to a healthy inventory level in the industry [1][2] Group 2: Company Performance - In 2024, the company achieved a revenue of CNY 198.38 billion, representing a year-on-year growth of 13.66% [5] - The company maintains its leading position in the semiconductor display field, with global first-place shipments in five application areas: smartphones, tablets, laptops, monitors, and TVs [3] - R&D investment reached CNY 13.2 billion in 2024, a 16% increase year-on-year, accounting for nearly 7% of revenue [5] Group 3: Shareholder Returns - From 2015 to 2024, the company has implemented cash dividends for ten consecutive years, totaling nearly CNY 22 billion [6] - The company plans to distribute at least 35% of the net profit attributable to the parent company as cash dividends annually from 2025 to 2027 [7] - In 2024, the company intends to distribute CNY 1.87 billion in cash dividends, which is 35% of the consolidated net profit [7] Group 4: Product and Technology Innovations - The company has launched the world's first foldable screen and continues to lead in high-end TV innovations with its UB Cell technology [3][4] - As of 2024, the company has filed over 100,000 patents, with more than 90% being invention patents [3] Group 5: Future Outlook and Challenges - The average utilization rate of the LCD industry has been above 80% since Q1 2025, but is expected to be adjusted based on demand fluctuations [9] - The company aims to achieve a shipment target of 170 million flexible AMOLED units in 2025, building on a shipment of approximately 140 million units in 2024 [10]