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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 2020 CNYUSD
Revenue134,473.66M19,482.62M
Gross Profit23,422.45M3,393.45M
Operating income6,178.87M895.19M
Income before tax5,648.42M818.34M
Net income5,035.62M729.56M
EBITDA28,741.68M4,164.11M
Diluted EPS0.140.02
Dividends Per Share0.100.01
Total Assets424,256.80M64,873.05M
Total liabilities246,612.84M37,709.53M
Total equity103,276.76M15,792.03M
Operating cash flow39,330.88M5,698.28M
Currency in CNYCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 68,436.39M 93,092.09M 96,330.25M 115,198.48M 134,473.66M
Gross Profit 12,091.00M 22,553.21M 17,915.99M 14,931.42M 23,422.45M
Operating income 3,345.55M 10,784.97M 4,927.40M -95.17M 6,178.87M
Income before tax 2,527.52M 9,740.90M 4,136.21M 303.72M 5,648.42M
Net income 1,882.57M 7,567.68M 3,435.12M 1,918.64M 5,035.62M
EBITDA 13,266.17M 22,729.49M 18,844.72M 18,891.79M 28,741.68M
Diluted EPS 0.05 0.21 0.09 0.05 0.14
Dividends Per Share 0.02 0.05 0.02 0.01 0.10
Total Assets 205,135.01M 256,108.74M 304,020.00M 340,491.46M 424,256.80M
Total liabilities 110,624.83M 149,562.52M 181,483.63M 197,229.37M 246,612.84M
Total equity 78,699.98M 84,809.81M 85,849.38M 95,058.12M 103,276.76M
Operating cash flow 10,222.48M 26,381.50M 26,040.09M 26,176.46M 39,330.88M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 10,301.16M 13,774.64M 14,557.97M 16,671.62M 19,482.62M
Gross Profit 1,819.95M 3,337.15M 2,707.56M 2,160.88M 3,393.45M
Operating income 503.57M 1,595.83M 744.65M -13.77M 895.19M
Income before tax 380.44M 1,441.34M 625.08M 43.95M 818.34M
Net income 283.36M 1,119.77M 519.13M 277.66M 729.56M
EBITDA 1,996.84M 3,363.23M 2,847.92M 2,734.03M 4,164.11M
Diluted EPS 0.00 0.03 0.01 0.00 0.02
Dividends Per Share 0.00 0.00 0.00 0.00 0.01
Total Assets 29,517.95M 39,328.73M 44,280.99M 48,881.15M 64,873.05M
Total liabilities 15,918.38M 22,967.21M 26,433.37M 28,314.36M 37,709.53M
Total equity 11,324.55M 13,023.62M 12,504.09M 13,646.60M 15,792.03M
Operating cash flow 1,538.70M 3,903.61M 3,935.32M 3,788.28M 5,698.28M

Valuation Measures

Dec 2020
PER41.46
ROA1.31%
ROE5.07%
Operating margin4.59%
Profit margin3.74%

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%)
  • GF Fund Management Co., Ltd. (5.3%)
  • 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%)
  • JPMorgan Asset Management (Asia Pacific) Ltd. (1.1%)
  • BOE Technology Group Co., Ltd. (1.0%)
  • Galaxy Asset Management Co., Ltd. (0.9%)
  • Zhong Ou Asset Management Co., Ltd (0.8%)

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 Innovation Investment Co. Ltd.
  • Beijing Yinghe Century Real Estate Co., Ltd.
  • Beijing BOE Life Technology Co., Ltd.
  • Beijing Zhongxiangying Technology Co., Ltd.
  • Ordos City Haosheng Energy Investment Co., Ltd.
  • BOE Wisdom IoT Technology Co., Ltd.
  • Hefei BOE Zhuoyin Technology Co., Ltd.
  • Kunming BOE Display Technology Co., Ltd.
  • Mianyang BOE Optoelectronics Technology Co., Ltd.
  • Beijing BOE Sensor Technology Co., Ltd.
  • Beijing BOE Yi Yun Technology Co., Ltd.
  • Beijing BOE Vacuum Technology Co., Ltd.
  • Beijing BOE Technology Development Co., Ltd.
  • Beijing BOE Energy Technology Co., Ltd.
  • Beijing BOE Multimedia Technology Co., Ltd.
  • BOE Technology America, Inc.
  • Fuzhou BOE Optoelectronics Technology Co., Ltd.
  • Boe Smart Retail Hk Co. Ltd.
  • Hefei BOE Display Technology Co., Ltd.
  • Boe Singapore Pte Ltd.
  • Beijing BOE Marketing Co., Ltd.
  • Hefei BOE Display Light Co. Ltd.
  • Boe Optoelectronics Holding Co., Ltd.
  • Beijing Oriental Medical Care Investment Management Co. Ltd.
  • Nanjing CEC Panda Flat Display Technology Co., Ltd.
  • Boe Technology Hk Ltd.
  • Hefei Xinsheng Optoelectric Technology Co., Ltd.
  • Chongqing BOE Optoelectronics Technology Co., Ltd.
  • Hefei BOE Optoelectronics Technology Co., Ltd.
  • Ordos Yuansheng Optoelectronics Co., Ltd.

Competitors

  • LG Display Co., Ltd
  • Innolux Corp.
  • Au Optronics Corp.
  • Kopin Corporation
  • Hannstar Display Corp.
  • eMagin Corporation
  • Radiant Opto-Electronics Corp.
  • Taiwan Thick-Film Ind. Corp.
  • e-Litecom Co., Ltd
  • AIBIT Co., Ltd.
  • Chip Hope Co., Ltd.
  • CoAsia Electronics Corp.
  • Everdisplay Optronics (Shanghai) Co. Ltd. Class A
  • INVENIA Co., Ltd.
  • KODI CO., LTD.
  • Konfoong Materials International Co. Ltd. Class A
  • New Frontier Health Corp.
  • SE GYUNG HITECH Co., Ltd.
  • Shaanxi Baoguang Vacuum Electronic Apparatus Co., Ltd. Class A
  • Xi'an Manareco New Materials Co., Ltd. Class A
Last Updated on 17 Sep, 2021

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