BOE Technology Group Co., Ltd.

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See more articles on 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 2021	CNY	USD
Revenue	217,885.59M	33,784.07M
Gross Profit	58,996.25M	9,147.61M
Operating income	35,587.52M	5,517.99M
Income before tax	33,374.60M	5,174.87M
Net income	25,266.10M	3,917.61M
EBITDA	70,335.67M	10,905.84M
Diluted EPS	0.70	0.10
Dividends Per Share	0.21	0.03
Total Assets	449,726.98M	70,563.67M
Total liabilities	226,437.74M	35,528.84M
Total equity	142,925.54M	22,425.49M
Operating cash flow	62,450.58M	9,683.22M
	Currency in CNY	Currency in USD

Historical Data

CNY | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	93,092.09M	96,330.25M	115,198.48M	134,473.66M	217,885.59M
Gross Profit	22,553.21M	17,915.99M	14,931.42M	21,835.69M	58,996.25M
Operating income	10,784.97M	4,927.40M	-95.17M	6,178.87M	35,587.52M
Income before tax	9,740.90M	4,136.21M	303.72M	5,648.42M	33,374.60M
Net income	7,567.68M	3,435.12M	1,918.64M	5,035.62M	25,266.10M
EBITDA	22,729.49M	18,844.72M	18,891.79M	28,741.68M	70,335.67M
Diluted EPS	0.21	0.09	0.05	0.14	0.70
Dividends Per Share	0.06	0.03	0.02	0.12	0.21
Total Assets	256,108.74M	304,020.00M	340,491.46M	424,750.19M	449,726.98M
Total liabilities	149,562.52M	181,483.63M	197,229.37M	247,106.23M	226,437.74M
Total equity	84,809.81M	85,849.38M	95,058.12M	103,276.76M	142,925.54M
Operating cash flow	26,381.50M	26,040.09M	26,176.46M	39,330.88M	62,450.58M

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	13,774.64M	14,557.97M	16,671.62M	19,482.62M	33,784.07M
Gross Profit	3,337.15M	2,707.56M	2,160.88M	3,163.56M	9,147.61M
Operating income	1,595.83M	744.65M	-13.77M	895.19M	5,517.99M
Income before tax	1,441.34M	625.08M	43.95M	818.34M	5,174.87M
Net income	1,119.77M	519.13M	277.66M	729.56M	3,917.61M
EBITDA	3,363.23M	2,847.92M	2,734.03M	4,164.11M	10,905.84M
Diluted EPS	0.03	0.01	0.00	0.02	0.10
Dividends Per Share	0.00	0.00	0.00	0.01	0.03
Total Assets	39,328.73M	44,280.99M	48,881.15M	64,948.49M	70,563.67M
Total liabilities	22,967.21M	26,433.37M	28,314.36M	37,784.98M	35,528.84M
Total equity	13,023.62M	12,504.09M	13,646.60M	15,792.03M	22,425.49M
Operating cash flow	3,903.61M	3,935.32M	3,788.28M	5,698.28M	9,683.22M

Valuation Measures

Dec 2021
PER	7.13
ROA	5.77%
ROE	20.52%
Operating margin	16.33%
Profit margin	11.59%

Key executives

Chairman: Yan Shun Chen
Co-Vice Chairman & Chief executive Officer: Xiao Dong Liu
President & Director: Wenbao Gao
Co-Chief Operating Officer & EVP: Xiang Jun Yao
Chief Technology Officer: Xiaoguang Xu

Shareholders

Beijing State-Owned Assets Supervision & Administration (14.1%)
Hefei Jianxiang Investment Co. Ltd. (1.8%)
City of Fuqing (1.4%)
BOE Technology Group Co., Ltd. (1.3%)
Caitong Fund Management Co., Ltd. (1.1%)
GF Fund Management Co., Ltd. (0.8%)
Chongqing Yuzi Optoelectronics Industry Investment Co. Ltd. (0.8%)
Beijing Econ & Tech Dev Area State-Owned Assets Mgmt Office (0.7%)
China Investment Corp. (Investment Management) (0.6%)
Norges Bank Investment Management (0.6%)

Contact Details

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

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Competitors

LG Display Co., Ltd
Innolux Corp.
AUO Corp.
Kopin Corporation
Taiwan Thick-Film Ind. Corp.
Radiant Opto-Electronics Corp.
Shenzhen Txd Technology Co., Ltd. Class A
e-Litecom Co., Ltd
CoAsia Electronics Corp.
Crystal Clear Electronic Material Co., Ltd. Class A
DSK Co., Ltd
INVENIA Co., Ltd.
Jilin OLED Material Tech Co., Ltd. Class A
Konfoong Materials International Co. Ltd. Class A
Xi'an Manareco New Materials Co., Ltd. Class A

Last Updated on 1 Jul, 2022