Net profit drops 50 %!In the trapped industry cycle, BOE performance is under pressure

Text/Yang Jianyong

The periodic influence of the trapped panels, BOE's revenue, gross profit margin, net profit, etc. show a decline pattern. In the first half of 2022, revenue was 91.6 billion yuan, a decrease of 15.66%from the same period last year. Net profit was 6.596 billion yuan, a year -on -year decrease of 48.94%. It is pointed out in the financial report that the semiconductor display industry continues to hover at a low level, and the price of the main panel products has declined, which has caused operating income to decline. It should be pointed out that since the second half of 2021, the price of panel prices has been structural adjustment, and the external environment has been superimposed, resulting in some affected client demand, allowing a panel to encounter cyclical dilemma in the growth industry.

The periodic of the trapped industry, BOE performance pressure

In the situation of both revenue and net profit, it can be seen that the cyclical impact of the industry has a huge impact on BOE. Among them, the time node is in the first half of 2021 and the second half of the year. In the first half of the year, the semiconductor display industry continued to maintain a high degree of prosperity, so that the price of the semiconductor display industry's products continued to maintain a trend, and the industry's high prosperity continued, which caused the revenue to increase significantly. In the first half of 2021, revenue reached 107.2 billion, a year -on -year increase of 89 %; Net profit reached 12.762 billion, an increase of 1023%year -on -year.

Unfortunately, in the second half of 2021, it was trapped by the cyclical fluctuations in the industry, which caused growth to slow down, which then affects the annual growth and continues until 2022. You know, the display device is a source of core income from BOE, accounting for more than 90 % of the total revenue. In the first half of 2022, the revenue proportion of display devices was 90.21%, reaching 82.6 billion yuan, a year -on -year decrease of 17.89%. Earlier, in the face of institutional investor surveys, it was proposed that since 2022, it has been affected by uncertain factors such as inflation, geography, and epidemics worldwide, and the current terminal demand is low and product prices are under pressure.

In addition, through the financial report data, after the demand for panels has decreased and the price has been adjusted, the gross profit margin of BOE has also declined significantly. In the first half of 2022, BOE showed a gross profit margin of 15.44%, a year -on -year decrease of 12 percentage points. In terms of performance description, BOE stated that from the current market, after more than a year of high -speed development, the semiconductor display industry has a deep recovery due to the overlapping impact of various factors. The range of this call is beyond the normal laws and amplitude of the industry's development. Under the environment where there are insufficient market and industry demand, BOE has made enough preparations at the beginning.

Accelerate the transformation of the Internet of Things, the Internet of Things innovation business is facing the dilemma of growth

It should be pointed out that it is not only trapped in the cycle of the industry, but also actively transformed in the direction of the Internet of Things in recent years to seek new growth points, but the results are not ideal. Among them, in the first half of 2022, IoT innovation business revenue was 13.49 billion yuan, a slight increase of 1.27%year -on -year. The transformation of the BOE IoT direction depends mainly on the core of its own "screen", so as to build the development strategy of the "screen of the screen", so that the screen will integrate the market and application scenarios, and realize the digital era. "The user perceives the revolution, builds the industrial ecosystem of" screen is platform, screen is systematic ", reshape the value growth model, and seize the opportunity of growth everywhere. At the same time, based on the strategic design of the "Federation of Screen", under the new development pattern, the "1+4+N+ecological chain" business development structure is given a new connotation.

"1" refers to semiconductor display, which is the core ability and high -quality resource accumulated and precipitated. It is the source and origin of the transformation and development; It is the IoT innovation business, sensors and solutions, MLED and smart medical workers: "N", which laid out the Internet of Things innovation business, sensors and solutions; The specific focus of transformation and development;; "Ecological Chain" is a co -co -operating with many partners in a strategic investment and strategic cooperation to promote the ensuring industrial ecological security.

Specifically, the BOE IoT Innovation business is a systematic solution design integration manufacturing model to provide smart terminal products in the fields of TV, display, laptop, tablet, low power consumption, IoT, 3D display and other fields. Data is technical support, focusing on soft and hard fusion products and services, and provides overall solutions in the fields of IoT segments such as smart parks, smart finance, smart government affairs and transportation, visual arts, smart energy, and all -in -one. However, this year's revenue growth was weak, which increased slightly by 1.27%in the first half of the year, and the gross profit margin was low. Due to the increase in business costs of the Internet of Things business, a year -on -year increase of 3.87%, which led to a decrease of 2.27 percentage points, and the gross profit margin was 9.1%.

The Internet of Things innovation business is facing the dilemma of growth. Of course, the revenue of other three business segments (sensors and solutions, MLEDs, and smart medical workers) in the direction of the Internet of Things still maintain a steady growth pattern, but the scale of revenue can be ignored compared to the total disk. According to the financial report data, the revenue from sensors and solutions in the first half of the year increased by 30.97%year -on -year to 104 million yuan, accounting for 0.11%of total revenue; MLED revenue increased by 50.15%to 412 million yuan, accounting for 0.45%; The revenue of smart medical workers increased by 20.86%year -on -year to 1.044 billion yuan, accounting for 1.14%of the total revenue.

At the performance briefing, BOE claimed that in the past 5 years, it has been to conform to the rapid development of the Internet of Things industry in the past five years, and accelerate the pace of the Internet of Things transformation with the "screen of the screen" as the strategy. Through the implementation of the "Federation of Screen", we seize the resources of BOE on the "screen" to determine the core track (MINI display, sensing, Internet of Things innovation, and smart medical workers) with growth potential in the future. The Wanwan IoT segment market provides systematic products and services, forming a business model of BOE 1+4+N+ecological chain. Through these years of efforts, some areas such as smart car systems, smart retail systems, visual art systems, industrial Internet systems, digital art systems, smart energy systems, smart park systems, smart finance, smart transportation and other areas have already achieved the world's first Or the first domestic business model, the rapid replication and growth of this business model also provides more imagination for future growth. It also said that in the first half of this year, in the case of showing that the industry continued to weaken as a whole, the four major innovation transformation and high dive business achieved different degrees of growth, and the transformation effect was initially displayed.

at last

During the "14th Five -Year Plan" period, my country will accelerate digital development. The Internet of Things is one of the important infrastructure of the digital economy era. Under the promotion of new technologies such as 5G and artificial intelligence, it will accelerate the construction of the interconnected ecosystem of all things and promote the rapid development of demand side scenes. In my opinion, in the context of the interconnection of all things, various smart devices have joined the screen, from smart home products such as smart speakers, smart refrigerators, to the widespread use of vehicle screens brought by smart cars, and the outbreak of the Yuan universe. VR /AR has increased demand for the screen, and the ubiquitous screen brings strong demand, which is the key to supporting the growth of BOE performance.

At the same time, with the gradual maturity and integration of application potential, a large number of IoT technology will be integrated into industrial, agriculture, transportation, education, medical care and other scenarios to promote the industrial Internet, smart finance, smart parks, smart energy, smart health, The rapid development of the Internet of Things application industry. Comprehensively implement the Internet of Things transformation strategies with the "FMB" as the starting point.

Yang Jianyong, a Forbes Chinese writer, is committed to in -depth interpretation of cutting -edge technologies such as the Internet of Things, cloud services and artificial intelligence.

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