BOE(000725)2025-04-23 07:14Financial Performance and Shareholder Returns - In 2024, the company plans to distribute cash dividends of 18.7 billion RMB, accounting for 35% of the net profit attributable to the parent company [3][36] - The company aims to repurchase and cancel shares worth between 15 billion to 20 billion RMB annually [3][36] - From 2015 to 2024, the company has implemented cash dividends for 10 consecutive years, totaling nearly 22 billion RMB [3][37] - The company has repurchased A shares for over 5.6 billion RMB and B shares for nearly 1 billion HKD from 2020 to 2024 [3][37] Depreciation and Cash Flow - In 2024, the company's depreciation is expected to be approximately 38 billion RMB, with an increase anticipated due to new projects being put into operation [2] - The net cash flow from investment activities remains high, projected to exceed 30 billion RMB in 2024 [5][6] Strategic Development and Market Position - The company is focusing on the "Screen and IoT" strategy, aiming to integrate more functionalities into displays and expand into various application scenarios [7][8] - The company has established a "1+4+N+Ecosystem" development framework, emphasizing semiconductor display as the core capability [8][9] - The company is actively pursuing high-potential areas such as IoT innovation, sensing, MLED, and smart medical engineering [9][10] Market Trends and Product Development - The global automotive display panel shipment is expected to reach 230 million units in 2024, with a year-on-year growth of 6.3% [31] - The company aims to produce 1.7 billion OLED units in 2025, up from 1.4 billion in 2024 [32] - The company has successfully launched Micro LED products, achieving high brightness and contrast ratios, and plans to continue expanding this technology [28][55] Risk Management and Market Adaptation - The company has a robust risk management mechanism to address potential market challenges, including a dedicated team for monitoring risks [26][34] - The direct export to the US is minimal, thus limiting the impact of US tariffs on the company's operations [19][24] Innovation and Future Outlook - The company is committed to advancing technologies such as Micro LED and exploring new applications in the healthcare sector [28][55] - The company is optimistic about the future of the semiconductor display industry, focusing on sustainable growth and technological advancements [47]