BOE Technology Group Co., Ltd.

In the news

Apple opts for OLED screens for entire 5G iPhone range Jul 7, 2020
LG and Samsung in full retreat before Chinese flat-panel onslaught Apr 19, 2020
China's factories struggle without key import: foreign talent Apr 19, 2020
Panel maker BOE teams with Qualcomm despite US-China rivalry Apr 17, 2020
TV makers' hopes for Olympic boost foiled by LCD shortage Mar 7, 2020

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. is an Internet of things (IoT) company, which provides intelligent interface products and professional services for information interaction and human health. It operates through the following businesses: Display and Sensor Devices, Smart Systems and Healthcare Services. The Display and Sensor Devices business uses in a spectrum of applications such as mobile phone, tablet, notebook, monitor, TV, vehicle display, digital information display, healthcare, finance, and wearable devices. The Smart Systems business provides IoT integrated solutions for various industries such as new retail, transportation, finance, education, art, and medical care. The Healthcare Services business combines medicine and life science, and is committed to developing mobile healthcare, digital hospitals, regenerative medicine and integrating BOE healthcare park resources. The company was founded on April 9, 1993 and is headquartered in Beijing, China.

Financial Highlights

Dec 2019	CNY	USD
Revenue	115,198.48M	16,671.62M
Gross Profit	14,931.42M	2,160.88M
Operating income	-95.17M	-13.77M
Income before tax	303.72M	43.95M
Net income	1,918.64M	277.66M
EBITDA	18,891.79M	2,734.03M
Diluted EPS	0.05	0.00
Dividends Per Share	0.01	0.00
Total Assets	340,412.20M	48,869.77M
Total liabilities	197,150.10M	28,302.98M
Total equity	95,058.12M	13,646.60M
Operating cash flow	26,176.46M	3,788.28M
	Currency in CNY	Currency in USD

Historical Data

CNY | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 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 2015	Dec 2016	Dec 2017	Dec 2018	Dec 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
PER	82.39
ROA	0.59%
ROE	2.12%
Operating margin	-0.08%
Profit margin	1.66%

Key executives

Vice Chairman & Chief Executive Officer: Yan Shun Chen
Co-Chief Operating Officer & EVP: Xiang Jun Yao
COO, Executive Director & Executive Vice President: Xiao Dong Liu
Chief Financial Officer, Director & Executive VP: Yun Sun
Chief Information Officer & Senior Vice President: Zhanqiu Yue

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 (3.6%)
GF Fund Management Co., Ltd. (0.7%)
China Investment Corp. (Investment Management) (0.7%)
Bosera Asset Management Co., Ltd. (0.5%)
Bank of Communications Schroder Fund Management Co., Ltd. (0.4%)
Hwabao WP Fund Management Co., Ltd. (0.4%)
E Fund Management Co., Ltd. (0.4%)

Contact Details

Website:http://www.boe.com.cn
Address: No.10 Jiuxianqiao Road, Chaoyang District, Beijing, 100015, China
Phone: +86.10.64318888

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Competitors

LG Display Co., Ltd
Innolux Corp.
Au Optronics Corp.
Kopin Corporation
Charm Engineering Co., Ltd
Hannstar Display Corp.
Radiant Opto-Electronics Corp.
e-Litecom Co., Ltd
INVENIA Co., Ltd.
Shaanxi Baoguang Vacuum Electronic Apparatus Co., Ltd. Class A
Techwing, Inc.

Last Updated on 14 Jul, 2020