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Electronic Technology

BOE Technology Group Co., Ltd.

Company Background

BOE Technology Group is China's largest liquid crystal display panel maker. BOE Technology's biggest competitor in the domestic market is TCL. BOE was established in 1993, following the reorganization of a state-owned vacuum tube plant in Beijing. The company has factories in Beijing, Hefei, Chongqing and other cities. It also has research and development centers in the U.S. and Japan.

 

BOE mainly produces LCD panels for flat-screen TVs, large monitors and smartphones. Its strength is in LCD panels for smartphones and tablets, a segment in which it holds the largest market share in the world.

 

The company has rapidly improved its technological capabilities and is building plants to produce the world's first 10.5-generation large panels. It also makes high-definition 8K displays.

 

BOE has strong fundraising ability, thanks to its backing from the Beijing city government, and is investing heavily in new plant construction, research and development. It is expanding its business in the following areas: LCD panels, displays and lighting technology and health care -- mostly "smart medicine" and hospital management employing information technology.

 

A state-run entity owned by the Beijing municipal government is BOE's largest shareholder with over 10% of its outstanding shares. The company has an employee stock ownership plan and was among the first state-owned companies to introduce a performance-based compensation system. With other Chinese manufacturers increasing investment to boost production of LCD panels, intensifying competition is a source of concern.

 

Business Summary

BOE Technology Group Co., Ltd. provides intelligent interface products and services for information interaction and human health as an Internet-of-Things company. It operates through three segments, namely Display Device and Sensor Device Business, Smart System Business, and Healthcare Service Business. Display Device and Sensor Device Business segment offers display, senor, and application solutions. Smart System Business segment provides intelligent manufacturing services, Internet-of-Things solutions, and a digital art Internet-of-Things platform. Healthcare Service Business segment offers a mobile healthcare Internet-of-Things platform and smart healthcare services. The company was founded on April 9, 1993 and is headquartered in Beijing, China.

Financial Highlights

Dec 2019 CNYUSD
Revenue115,198.48M16,671.62M
Gross Profit14,931.42M2,160.88M
Operating income-95.17M-13.77M
Income before tax303.72M43.95M
Net income1,918.64M277.66M
EBITDA18,891.79M2,734.03M
Diluted EPS0.050.00
Dividends Per Share0.010.00
Total Assets340,412.20M48,869.77M
Total liabilities197,150.10M28,302.98M
Total equity95,058.12M13,646.60M
Operating cash flow26,176.46M3,788.28M
Currency in CNYCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 48,590.86M 68,436.39M 93,092.09M 96,330.25M 115,198.48M
Gross Profit 9,875.44M 12,091.00M 22,553.21M 17,915.99M 14,931.42M
Operating income 2,697.06M 3,345.55M 10,784.97M 4,927.40M -95.17M
Income before tax 2,008.49M 2,527.52M 9,740.90M 4,136.21M 303.72M
Net income 1,636.27M 1,882.57M 7,567.68M 3,435.12M 1,918.64M
EBITDA 10,567.14M 13,266.17M 22,729.49M 18,844.72M 18,891.79M
Diluted EPS 0.04 0.05 0.21 0.09 0.05
Dividends Per Share 0.01 0.02 0.05 0.02 0.01
Total Assets 152,592.89M 205,135.01M 256,108.74M 304,020.00M 340,412.20M
Total liabilities 71,835.81M 110,624.83M 149,562.52M 181,483.63M 197,150.10M
Total equity 77,485.27M 78,699.98M 84,809.81M 85,849.38M 95,058.12M
Operating cash flow 10,677.97M 10,222.48M 26,381.50M 26,040.09M 26,176.46M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 7,731.09M 10,301.16M 13,774.64M 14,557.97M 16,671.62M
Gross Profit 1,571.24M 1,819.95M 3,337.15M 2,707.56M 2,160.88M
Operating income 429.11M 503.57M 1,595.83M 744.65M -13.77M
Income before tax 319.56M 380.44M 1,441.34M 625.08M 43.95M
Net income 260.34M 283.36M 1,119.77M 519.13M 277.66M
EBITDA 1,681.29M 1,996.84M 3,363.23M 2,847.92M 2,734.03M
Diluted EPS 0.00 0.00 0.03 0.01 0.00
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 23,498.96M 29,517.95M 39,328.73M 44,280.99M 48,869.77M
Total liabilities 11,062.55M 15,918.38M 22,967.21M 26,433.37M 28,302.98M
Total equity 11,932.56M 11,324.55M 13,023.62M 12,504.09M 13,646.60M
Operating cash flow 1,698.92M 1,538.70M 3,903.61M 3,935.32M 3,788.28M

Valuation Measures

Dec 2019
PER82.39
ROA0.59%
ROE2.12%
Operating margin-0.08%
Profit margin1.66%

Key executives

  • Chairman & General Manager: Yan Shun Chen
  • Co-Vice Chairman & President: Xiao Dong Liu
  • Co-Chief Operating Officer & EVP: Xiang Jun Yao
  • Chief Financial Officer, Director & Executive VP: Yun Sun
  • Co-Vice Chairman & Executive Vice President: Wenbao Gao

Shareholders

  • Beijing State-Owned Assets Supervision & Administration (15.2%)
  • Chongqing Yuzi Optoelectronics Industry Investment Co. Ltd. (5.1%)
  • Hefei Jianxiang Investment Co. Ltd. (5.0%)
  • Beijing Econ & Tech Dev Area State-Owned Assets Mgmt Office (2.7%)
  • Generali China Asset Management Co. Ltd. (1.3%)
  • BOE Technology Group Co., Ltd. (1.0%)
  • GF Fund Management Co., Ltd. (0.7%)
  • China Investment Corp. (Investment Management) (0.7%)
  • JPMorgan Asset Management (Asia Pacific) Ltd. (0.5%)
  • Bank of Communications Schroder Fund Management Co., Ltd. (0.4%)

Contact Details

  • Website:http://www.boe.com.cn
  • Address: 12 Xihuan Middle Road, Economic-Technological Dev Area, Beijing, 100176, China
  • Phone: +86.10.64366264

Related Companies

  • BOE Technology America, Inc.
  • Boe Smart Retail Hk Co. Ltd.
  • Hefei BOE Display Technology Co., Ltd.
  • Hefei BOE Display Light Co. Ltd.
  • Boe Optoelectronics Holding Co. Ltd.
  • Beijing Oriental Medical Care Investment Management Co. Ltd.
  • Boe Technology Hk Ltd.
  • Hefei Xinsheng Optoelectric Technology Co. Ltd.
  • Chongqing BOE Optoelectronics Technology Co., Ltd.
  • Ordos Yuansheng Optoelectronics Co. Ltd.
  • Beijing BOE Display Technology Co. Ltd.
  • Beijing BOE Video Technology Co., Ltd.
  • Beijing BOE Optoelectronics Technology Co. Ltd.
  • Beijing BOE Properties Ltd.
  • Beijing Matsushita Color CRT Co. Ltd.
  • Beijing Asahi Glass Electronics Co. Ltd.
  • Zhejiang BOE Display Technology Co. Ltd.
  • Hydis
  • BOE Varitronix Limited
  • SES-imagotag SA

Competitors

  • LG Display Co., Ltd
  • Innolux Corp.
  • Au Optronics Corp.
  • Kopin Corporation
  • Hannstar Display Corp.
  • Radiant Opto-Electronics Corp.
  • e-Litecom Co., Ltd
  • CoAsia Electronics Corp.
  • INVENIA Co., Ltd.
  • Shaanxi Baoguang Vacuum Electronic Apparatus Co., Ltd. Class A
  • Techwing, Inc.
  • Tianjin Jingwei Huikai Optoelectronic Co., Ltd. Class A
Last Updated on 30 Sep, 2020

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