BOE expects to more than double its profits in 2024, forecasting net earnings between ¥5.2-5.5 billion ($716-757 million), up from ¥2.55 billion in 2023. The Beijing-based company’s dramatic turnaround is particularly evident in its core business, where it projects profits of ¥3.5-3.8 billion ($482 million – $524 million), compared to a ¥632 million ($87 million) loss the previous year.
The company maintained its global leadership in large-format displays, particularly in the 85-inch-and-above category, benefiting from China’s electronics trade-in policies and increased demand driven by major sporting events. In the flexible display sector, BOE reached a milestone of approximately 140 million AMOLED unit shipments, introducing the world’s first triple-foldable display and securing exclusive contracts for Tandem dual-layer OLED displays in premium smartphones.
A new investor relations disclosure from BOE Technology Group reveals strong market momentum heading into 2025, defying traditional seasonal patterns. The Chinese display giant reports that LCD TV panel prices began rising in December 2024, with broader price increases across mainstream sizes in January 2025. Industry capacity utilization has remained robust, staying above 80% in January 2025, supported by China’s continuing trade-in policies and recovering global demand.
The company disclosed screen sizes continue to grow, with global LCD TV averages reaching 51.6 inches in 2024, up 1.1 inches YoY. The Chinese market leads this trend, with average sizes hitting 65.8 inches, a substantial 3.4-inch YoY increase. BOE projects the global average will reach 54.5 inches by 2029.
Revenue distribution for the first three quarters of 2024 shows a diversified portfolio, with IT products leading at 33%, followed by TV products at 25%, OLED products at 24%, and LCD mobile and other products at 17%. The company’s strategic expansion continues with its 8.6th generation AMOLED production line, which broke ground in March 2024, topped out in September, and is scheduled for mass production by late 2026, primarily serving the notebook and tablet PC markets.
Financial planning details reveal stable depreciation expectations for 2024-2025, with a projected decline from 2026 onward. BOE is considering repurchasing minority stakes in its 10.5th generation line and has outlined a focused capital expenditure strategy. Beyond traditional displays, BOE’s Screen IoT Strategy has shown promising results. The company reported significant growth in its MicroLED business, doubled its smart window sensor revenue, and expanded its healthcare display solutions. Additionally, BOE’s venture into automotive cockpit solutions is starting to pay off.
