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Affected by the cyclical factors of the LCD panel industry, BOE has been operating losses for many years. Among them, in 2011, after deducting non-recurring gains and losses, the net loss was 3.87 billion yuan; in 2012, after deducting non-recurring gains and losses, the net loss was 540 million yuan. The loss of this operation is of great significance.
It is worth noting that BOE's main business TFT-LCD panel revenue was 14.1 billion yuan, up 71.68% year-on-year, while its gross profit margin was 23.45%, an increase of 24.13% over the same period of the previous year.
On the 19th, Zhang Yu, vice president of BOE, told the “First Financial Daily†that the reason why the gross profit margin of more than 20% was obtained was that BOE accelerated the launch speed of new products and high-end products, such as the 5.5-inch full HD screen. 4K*2K ultra-high-definition screen, as well as custom screens developed with customers.
On the 19th, the financial report showed that BOE's large and medium-sized panels achieved sales of 19.06 million pieces in the first half of the year, with sales revenue of 8.5 billion yuan, and completed the development of 19 new products and 13 new technologies. The sales of small and medium-sized panels in the first half of the year reached 120 million pieces. The revenue is 5.6 billion yuan, of which the proportion of smartphone shipments exceeds 85%.
Regarding whether this high-margin state can continue, Zhang Yu told reporters that this still depends on BOE's next technological innovation. He told reporters that it is expected that the ultra-high-definition screen of 4K*8K will be launched in the second half of the year to occupy the high-end market. BOE will dilute the popular low-end panel market where gross margin is not high, and increase investment in high-end panels and mobile phone and tablet screens.
In the first half of 2013, the four production lines that BOE has put into production are fully sold and continue to be profitable. The effect of large-scale operation begins to appear. In addition, due to the relatively strong market demand, BOE expects to achieve net profit of 440 million to 540 million in the third quarter. .
According to relevant data, the annual market total of global display products was US$123.1 billion in 2012, and is expected to be US$194.5 billion in 2020, with an average compound annual growth rate of 5.9%.
Zhang Yu told reporters that BOE's Hefei 8.5-generation oxide TFT-LCD production line and Ordos 5.5-generation AMOLED production line will be put into operation at the end of 2013. Chongqing's 8.5-generation new semiconductor display production line will be put into operation in mid-2015, and future production capacity is expected. Significantly improved.
From the perspective of global supply and demand, the industry predicts that the global flat panel display market demand will grow steadily in the next 5 to 8 years: in 2012, the total shipment area of ​​flat panel display panels is 150 million square meters, with a total output value of 117.8 billion US dollars; The area will increase to 170 million square meters, and the shipment area will further increase to 230 million square meters in 2020. BOE said that according to the known plan, 13 new lines will be put into production in the next three years (including 8.5 generation lines), and even if all are put into production as scheduled, there is still a small gap compared with demand.
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On the evening of August 19, BOE (000725.SZ) released the financial report for the first half of 2013 and the results of the first three quarters. According to the announcement, in the first half of 2013, BOE achieved sustained profit, with a total operating income of 16.25 billion yuan, an increase of 69.16% over the same period of last year, and a net profit of 860 million yuan. In the third quarter of 2013, BOE is expected to achieve a net profit of 440 million to 5.4. 100 million yuan, an increase of 191% to 257% year-on-year, the total net profit of the first three quarters will reach 1.3 billion to 1.4 billion yuan.