京東方A(000725.SZ):預期四季度柔性OLED業務經營狀況環比三季度有所改善
格隆匯11月2日丨京東方A(000725.SZ)接受特定對象調研時表示,三季度,LCD業務收入佔顯示業務收入比重約四分之三,柔性OLED業務佔比約四分之一。LCD方面,在供給端的“動態控產”策略下,前三季度TV類產品升價趨勢顯著,IT類產品價格表現相對平穩。但受公司對兩條主要生產TV類產品的10.5代生產線持股比例較低等因素影響,TV類產品升價對公司盈利性的改善程度不高。2024年受大型體育賽事召開等因素影響,TV需求有望加速恢復;受IT換機週期影響,IT類產品需求有望回暖。
三季度,柔性OLED收入佔比繼續提升,前三季度業績同比大幅減虧。短期內公司柔性OLED業務仍面臨較大的折舊壓力,但公司在摺疊、LTPO等中、高端產品類別上具有較強的競爭優勢,公司也將持續致力於產品結構的改善。預期公司四季度柔性OLED業務經營狀況環比三季度有所改善,在出貨量繼續保持增長的同時,高價值量產品出貨佔比將大幅提升。
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