| 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.
Starting from December 2024, prices for some large-size LCD TV products began to rise, with mainstream sizes increasing across the board in January 2025. The LCD industry’s utilization rate declined through October 2024, then began picking up in November as terminal demand recovered, remaining above 80% in December.
BOE’s overall depreciation increased slightly in 2024 due to new production lines coming online, partially offset by the expiration of depreciation on older lines. Depreciation is not expected to fluctuate significantly in 2024 and 2025, and is projected to decline beginning in 2026. Existing LCD high-generation lines are set to expire to facilitate the decline while new lines are going to convert into fixed assets.
Regarding new businesses such as perovskite, BOE focuses on future prospects in the new energy sector and the overlap in technologies between semiconductor displays and perovskite photovoltaic cells. In 2024, BOE’s perovskite pilot line produced what it states is the industry’s first 2.4m×1.2m photovoltaic cell sample, with conversion efficiency at comparably high levels for the industry. It is also developing glass-based packaging technology.
