BOE Doubles Profits
January 24, 2025
By Omid Rahmat
| Key Points | Data | | 2024 Annual Net Profit Forecast | RMB 5.2–5.5 billion (about double the previous year) | | 4Q 2024 Net Profit Forecast | RMB 1.9–2.2 billion; significant YoY growth; nearly doubling QoQ | | LCD TV Demand Drivers | “Old for new” policy in mainland China, overseas stocking | | Flexible AMOLED Shipments (2024) | ~140 million pieces; product structure moving higher-end; ~40% YoY growth in foldable shipments | | New Tri-fold Display | World’s first tri-fold product launched and delivered in mass production | | 8.6th-Generation AMOLED Line | Construction completed in 183 days | | LCD Panel Prices (Late 2024 – 2025) | Began rising in December 2024; broad price increases for mainstream sizes in January 2025 | | LCD Industry Utilization Rate (4Q 2024) | Dropped through October, rose in November, exceeded 80% in December | | Depreciation | Slight rise in 2024 due to new lines; stable in 2024–2025; expected to decline from 2026 | | Perovskite Photovoltaic Cells | 2.4m×1.2m sample produced in 2024; high conversion efficiency | | “AI+” Strategy | Officially launched to enhance production, product innovation, and operations |
BOE released its 2024 annual performance forecast this week, with a leap in profits. The company maintained first place in overall display shipments worldwide, including LCD shipments in five major applications. According to the company, fourth-quarter growth was driven by strong LCD TV demand fueled by the device replacemen policy in mainland China and stocking activity in overseas markets. This boosted prices, which had been declining earlier in the year, and increased shipments both YoY and QoQ. The projected profit numbers were given below by the company.
| BOE 2024 Estimates | This Reporting Period | Same Period Last Year | | Net Profit Attributable to Shareholders of the Listed Company | $743 million – $786 million
(converted from RMB 5,200 million – RMB 5,500 million)
Year-on-year growth: 104%–116% | $364 million
(converted from RMB 2,547.44 million) | | Net Profit After Deducting Non-Recurring Gains/Losses | $500 million – $543 million
(converted from RMB 3,500 million – RMB 3,800 million) | Loss: $90 million
(converted from RMB 632.56 million) | | Basic Earnings per Share | $0.019 – $0.021 per share
(converted from RMB 0.13 – RMB 0.15) | $0.009 per share
(converted from RMB 0.06) |
Flexible AMOLED shipments exceeded 40 million units in the fourth quarter, with an improved product mix. Over the full year, flexible AMOLED shipments reached about 140 million pieces, with a larger share of higher-end products. BOE introduced the world’s first tri-fold product, and total foldable shipments rose by about 40%. Its Tandem dual-stack solution was supplied exclusively to several brands’ flagship models, going into mass production.
The company also pursued mid-sized applications in automotive and IT, completing construction on China’s first 8.6th-generation AMOLED production line 183 days after groundbreaking. |
