Depth-Company-BOE A (000725): Downward panel prices drag down performance OLED opens up growth space

Depth * Company * BOE A (000725): Downward panel prices drag down performance OLED opens up growth space

The company released the semi-annual report for 2019: in the first half of 2019, the company achieved revenue of 550.

390,000 yuan, an increase of 26 over the same period last year.

60%; net profit attributable to mother 16.

68 ppm, a decrease of 43 from the same period last year.

92%.

Key points of support level Panel prices continued to fall, dragging down the first half of the year’s performance, and 佛山桑拿网 the climbing revenue of the new production line increased steadily.

The company achieved revenue of 550 in the first half of the year.

390,000 yuan, an increase of 26 in ten years.

60%.

Looking at each segment, the port device segment achieved revenue of 508.

96 ppm, an increase of 29 in ten years.

94%; Smart IoT segment achieved revenue of 75.

2.2 billion, an annual increase of 2.

38%; smart medical industry segment achieved revenue 6.

64 ppm, an increase of 26 in ten years.

09%.

The revenue growth of the port device segment with a relatively high proportion of revenue was mainly due to the Chengdu OLED line and Hefei.

5th generation line to maximize throughput capacity improvement.

However, due to the continued decline in LCD panel prices, the gross margin of the port device segment fell in the first half of the year.

36 single companies, the company’s comprehensive gross profit rate fell down 2.

Four averages, net profit attributable to mother decreased by 43.

92%.

OLED achieves a new breakthrough, 10.

The yield of the 5th generation line and the ramp-up of production capacity went smoothly.

In the first half of the year, the scale of the 6th-generation flexible AMOLED production line in Chengdu exceeded 1,000 pieces, an increase of over 300% over the previous year, and the yield level reached a new high, reaching a high level.The construction of the 6th generation flexible AMOLED production line is progressing as planned.

BOE Hefei No. 10.

The 5th generation TFT-LCD production line achieved full production with a yield of over 90%; Wuhan’s 10th.

The 5th generation TFT-LCD production line was completed.

The transformation of the Internet of Things continued to advance.

In the first half of the year, the smart factory service group smart factory 1 upgrade project realized the move-in of equipment, and the smart factory 2 large-scale flexible automation line promoted the production of equipment as planned.

The digital art business group’s new painting screen M2 is launched, and the development of new painting screens S3 and R1 is progressing as planned.

The IoT solution business group, Smart Finance, has obtained over 1,000 network transformation orders and upgraded and transformed more than 330 networks. Smart politics and education independently developed a 75-inch 8K studio system.

In the smart medical sector, the mobile health business group realized the sale of 15 peripheral products such as smart watches, body fat scales, and sphygmomanometers. The outpatient service of Mingde Hospital in the health service business group continued to increase by 33%, and Hefei Hospital opened a full consultation.

It is estimated that the company’s EPS in 19-21 will be 0.

13, 0.

16 and 0.

22 yuan, corresponding to PE is 29, 24 and 17 times.

Considering the company’s leading position in the panel field, maintain Buy rating. Major risks faced by the rating Asset restructuring progress was less than expected; FPGA business market development was less than expected.