Hehui Optoelectronics (also known as EverDisplay) is currently experiencing a mixed financial situation. While it has shown significant growth in revenue, reaching 4.958 billion yuan ($695 million) in 2024, which represents a 63.17% increase YoY, the company ia still operating at a substantial loss. Its net loss for 2024 was 2.514 billion yuan ($353 million), though this is actually an improvement from its 3.244 billion yuan loss in 2023.
The growth in revenue appears to be driven by several factors. The company has been particularly successful in expanding its presence in tablets, laptops, vehicle displays, and monitors, where it has achieved over 200% growth in shipments. It has also maintained strong performance in smart wearables and smartphones, and has established itself as a domestic manufacturer of medium and large-sized AMOLED displays.
On the technological front, Hehui has been investing heavily in research and development, successfully implementing new technologies such as Hybrid, Tandem, and high-frequency PWM dimming. It is also focused on improving their production efficiency and product yield while working to optimize their supply chain management.
Despite these operational improvements and revenue growth, the company is still working to achieve profitability. To support their growth and international expansion, they’ve announced plans to list H shares on the Hong Kong Stock Exchange. This move appears to be aimed at raising capital to increase their production capacity for high-end AMOLED panel products and strengthen their international presence.
Shares of companies incorporated in mainland China are listed and traded in Hong Kong with the H designation distinguishing them from A shares (traded in mainland China in yuan) and B shares (traded in mainland China in foreign currencies).
The market’s current valuation of the company reflects this mixed picture: it’s trading at about 2.92 times book value and 6.69 times sales, suggesting investors see potential in its growth story despite the current losses. The improvement in its financial metrics, particularly the reduced losses and increased gross margins, indicates it’s moving in a positive direction, though it still has work to do to achieve profitability.
CES 2025
At CES 2025 , Hehui/EverDisplay showcased several AMOLED display designss, primarily focusing on medium-sized displays for tablets, laptops, and automotive applications.
There was an 11.3-inch AMOLED tablet display with the company’s IGZO technology and OLB bending design, and variable refresh rates from 1-120Hz. It is a stacked OLED devices with through-hole technology to give pretty narrow bezels and low power consumption, among the usual advantages of OLED.
There was also a 14-inch 2.8K blade AMOLED laptop display that uses ultra-thin glass with thin-film packaging technology. The company claims to have reduced the display’s thickness and weight by 60%. It supports dynamic refresh rates between 48-120Hz for eye protection.
A 15.1-inch laminated OLED automotive display that gets about 2500 nits peak brightness. The display used laminated evaporation technology to reduce power consumption by over 30% while quadrupling the device lifespan, according to the company.
