(By Tang Penji, Edited by Lü Dong)
Recently, BOE Technology Group Co., Ltd. (hereinafter referred to as "BOE") released its annual report for 2024. The data in the report shows that in 2024, BOE achieved a revenue of 198.381 billion yuan, an increase of 13.66% year-on-year; net profit attributable to shareholders of listed companies was 5.323 billion yuan, an increase of 108.97% year-on-year. By comparison, BOE's net profit in 2023 decreased by 66.22% year-on-year.
BOE stated that in 2024, the international environment was complex and changeable, while the domestic economy generally improved, presenting a "weak growth, rebalancing" pattern within the industry.
In terms of specific business segments, BOE's display device business generated revenue of 165.004 billion yuan in 2024, accounting for 83.18% of total revenue, with a year-on-year increase of 12.55%. This was mainly due to the recovery in demand for LCD panels (liquid crystal displays) and the promotion of large-sized TV products. Flexible OLED panels shipped approximately 140 million units throughout the year, ranking second globally. Foldable product shipments increased by about 40%, and the first global triple-fold product was mass-produced and delivered.
In other business areas, BOE's IoT innovation business revenue last year was 33.829 billion yuan, accounting for 17.05% of total revenue, with a year-on-year increase of 0.11%. MLED direct display business revenue reached 8.483 billion yuan, accounting for 4.28% of total revenue, with a year-on-year increase of 49.76%. The sensor business achieved revenue of 386 million yuan, accounting for 0.19% of total revenue, with a year-on-year decrease of 4.58%. The smart medical business achieved revenue of 1.839 billion yuan in 2024, accounting for 0.93% of total revenue, with a year-on-year increase of 9.73%. Other businesses and inter-segment offsets amounted to 11.161 billion yuan, accounting for -5.63% of revenue, with a year-on-year decline of 17.92%.
BOE's revenue composition in 2024 BOE
In terms of market segmentation, revenue from the Chinese mainland market was 99.52 billion yuan, accounting for 50.17% of total revenue, with a year-on-year increase of 23.57%. Revenue from other regions was 98.86 billion yuan, accounting for 49.83% of total revenue, with a year-on-year increase of 5.17%.
BOE's R&D expenses in 2024 reached 13.1 billion yuan, with a year-on-year increase of 15.94%. The financial report shows that under the "1+4+N+ecosystem chain" development framework, BOE will continue to promote the development of semiconductor displays, IoT innovations, sensors, MLEDs, and smart medical industries.
The earnings forecast indicates that BOE expects its first-quarter revenue in 2025 to grow by more than 10%, setting a new record high for first-quarter revenue; the attributable net profit is expected to be between 1.6 billion and 1.65 billion yuan, with a year-on-year increase of more than 60%; the attributable net profit after deduction of non-recurring gains and losses will increase by more than 110% year-on-year.
BOE stated that the LCD business in the Chinese mainland market has benefited from the "trade-in" policy, and overseas markets have seen customer inventory buildup, with some demand being released ahead of time. As a whole, especially TV products, are showing a "quantity-price increase" trend. In the first quarter, the LCD business showed significant year-on-year growth. For flexible AMOLED, the first quarter is traditionally a low season in the industry. Under the "trade-in" policy benefits, excluding the impact of increased depreciation, BOE expects that the operation of the flexible AMOLED business will improve year-on-year.
"Overall, the company continues to focus on the high-end market represented by folding products and actively layouts mid-size innovative applications such as automotive and IT to strengthen its product and technology capabilities and continuously enhance the overall competitiveness of its flexible AMOLED business," BOE stated.
According to the latest "Global Liquid Crystal TV Panel Market Monthly Tracking Report" released by RUNTO Technology, in 2024, global large-sized liquid crystal TV panel shipments were 237 million units, of which Chinese mainland liquid crystal TV panel manufacturers' total shipments reached 158 million units, accounting for 66.4%, down 2.3 percentage points from 2023. Despite this, the global liquid crystal TV panel industry still firmly holds the话语权 in the hands of Chinese mainland manufacturers. The combined market share of Japanese and Korean panel factories was 12.5%, and the combined market share of Taiwanese panel factories was 21.1%.
RUNTO Technology also pointed out that at this stage, the only leading manufacturer in the entire industry (with annual shipments over 50 million units) is BOE (BOE), with total shipments of approximately 59.7 million units, up 8.1% year-on-year, and a market share of 25.2%, up 0.7 percentage points from 2023.
The neck group's annual shipment volume is between 30 million and 50 million units, including CSOT (China Star Optoelectronics Technology), HKC (Huike), and Innolux (Quntron). The rankings of these three panel factories remained stable. Mainland China's panel factory CSOT shipped approximately 481 million units and HKC shipped approximately 362 million units throughout the year, with one increasing and one decreasing year-on-year; CSOT grew by 1.9%, and HKC fell by 4.8%; their market shares were 20.3% and 15.2%, respectively, down 0.6 and 1.6 percentage points. In 2025, if CSOT massively produces TV panels after absorbing LGD's Guangzhou factory, the market landscape will change.
As of the time of publication, BOE's stock price was 3.83 yuan per share, with a market value of 144.2 billion yuan.
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Original source: https://www.toutiao.com/article/7496408729681084968/
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