BOE A (000725): Industry leader further raises market share and waits for LCD panel cycle to pick up

Semiconductor showed a downward cycle, resulting in slightly lower performance than expected the company’s 18-year revenue of 971.

100 million, +3 for ten years.

53%, net profit attributable to mother 34.

35 trillion, ten years -54.

61%, net of non-attributed net profit of 15.

180,000 yuan, at least -77.

28%, government subsidies in non-recurring gains and losses20.

74 ppm, an increase of 11 per year last year.

1.2 billion.

Basic income is 0.

1 yuan, -54 over the same period last year.

55%, performance is lower than market expectations.

The semiconductor display industry has entered a downward cycle since 18 years, and downstream demand has been sluggish, 天津夜网 and TV panel prices have been significantly adjusted. At the same time, AMOLED companies are still in an expansion period, which has led to performance exceeding expectations.

The market share has further increased, and innovation and R & D have been insisted on. The innovation transformation has surpassed 30% in 2018, rising from fourth to second in the world.

The volume area of innovative applications increased by about 110%. The flexible plexiglass segmentation to first-tier brand customers exceeded 2.7 million pieces, and the total reorganization of the module was about 18 million units.

R & D funding reached a new high of 5 billion.

The semiconductor display cycle has bottomed out, and the company is expected to come out of the bottom of the performance. With the bottom of the LCD boom cycle and the continuous decline of flexible AMOLED and the increase in competition, the company is expected to come out of the bottom of performance.

At the same time, the company’s continuous increase in market share of major products and continuous improvement in operating efficiency, and the deep cultivation of product market segments, the company will better meet the needs of different fields in the era of the Internet of Things, thereby achieving its own innovative transformation and development.

Risk Tip One: Downstream demand is sluggish, and the continuous increase in supply has caused oversupply in the semiconductor display industry.

Second, the company’s market share has increased and downstream demand for OLEDs has fallen short of expectations.

Third, the semiconductor display industry is not recovering as expected.

The short-term performance is under pressure, waiting for the semiconductor display cycle to pick up, maintaining the “overweight” rating is expected to return to the mother’s net profit in 19/20/21.



710,000 yuan, EPS 0.



20 yuan, a year-on-year growth rate of 22.

5% / 36.

5% / 23.

1%, currently corresponding to PE 33.



9X, industry comparable companies such as TCL Group, Shentianma A and other 19/20 average PE 22 / 17X, the company is slightly higher than the industry average, but considering that the company is the leader in the panel industry, the market share continues to increase, OLED technology and replacement volume are atIt is a leader in the country and has strong growth capacity in the future, maintaining the “overweight” rating.