BOE has released its report for the first half of 2024 and it shows it did pretty good. The company reported revenue of 93.39 billion yuan ($12.78 billion), a 16.47% YoY increase. Net profit reached 2.28 billion yuan ($312.82 million), a grow of 210.41% YoY from a base of loss last year.
| BOE | 1H24 (Yuan) | 1H23 (Yuan) | YoY Increase | 1H24 (USD) |
| Revenue | 93.39 billion | 80.17 billion | 16.47% | $12.78 billion |
| Net Profit | 2.28 billion | 735 million | 210.41% | $312.82 million |
| Net Profit After Deducting Non-Recurring Gains/Losses | 1.61 billion | -1.58 billion | 201.83% | $220.71 million |
| Net Cash Flow from Operating Activities | 24.87 billion | 16,24 billion | 53.16% | $3.40 billion |
The company is claiming to be the leading supplier of major LCD applications but it also benefiting from supplying flexible AMOLED panes to a number of China’s leading brands. Production shipments of flexible OLED panels increase 25% YoY and the expectation from the company is that it will be getting more design wins for foldables this year so that’s something to watch out for.
The company also increased efforts across various segments, including smart terminals, system solutions, brand products, and sensors. BOE claims it led the world in shipments for whiteboards, splicing, and ESL (electronic shelf labels), among others. One of the other categories would be as the number one supplier of ultra-large size (equal to or greater than 85″) LCD products. BOE sees UB Cell-enhanced ADS Pro LCD displays as a strong competitor to OLED displays for the foreseeable future. That may be bearing out in the global TV market as we have seen in the latest reports.
BOE also touted its R&D capabilities, filing over 4,000 new patent applications in the first half of the year, with a strong emphasis on overseas patents, which accounted for about 30% of its portfolio. The company has accumulated over 90,000 patents.
The company’s biggest shareholder is a Beijing’s state-owned investment entity, but it seems to be throwing off cash and has plenty of room for further expansion.
