2 weeks Ago By David Richards
Under siege South Korean display screen manufacturer LG Display who recently sold their last LCD factory in China to TCL is facing a further threat to their OLED dominance after Chinese Company BOE who has been investing in both OLED and mini LED production reported a record 118% surge in nett profits. Last week BOE unveiled an impressive financial outlook for the first quarter of 2025, with the Company anticipating record-breaking revenue and substantial profit growth after securing contracts with several leading TV brands smartphone manufacturers and PC Companies who are moving to OLED monitors and displays for notebooks. Recently the Company won major contracts with Apple with the business already shipping display screens to India for Apple’s new iPhone, initally Samsung and LG Display were the major suppliers of OLED display screens to Apple, however this may change to recent Trump Tariffs.
The display giant reported more than 10% year-over-year (YoY) revenue growth for Q1, achieving its highest-ever first-quarter revenue. Net profit was US$223 million, reflecting a 63% YoY increase, while adjusted net profit, excluding one-time items, soared to US $181 million), marking a dramatic 118% surge. The company’s LCD segment performed exceptionally well, fueled by China’s ongoing trade-in policy incentives and inventory accumulation by international customers.
Television display products saw both higher sales volume and price increases. Additionally, BOE’s flexible AMOLED business exhibited operational improvements compared to the same period last year, despite Q1 typically being a slower season for the industry. Mid-to-low-end smartphones appeared to benefit the most from China’s trade-in policies.
Looking ahead, BOE aims to strengthen its presence in high-end markets, with a particular emphasis on foldable displays, while expanding its footprint into automotive and IT applications with medium-sized innovative products. These initiatives align with its long-term strategy to solidify its competitive edge in the flexible AMOLED market. In 2024, BOE shipped approximately 140 million panels in this segment, successfully mass-producing the world’s first tri-fold product and boosting foldable display shipments by 40% YoY.
Its Tandem dual-layer technology also gained traction in flagship smartphone models. For fiscal year 2024, BOE delivered remarkable results, with total revenue reaching US$27.67 billion and net profit more than doubling YoY, as outlined in its preliminary earnings report.
The company recorded a 13.66% YoY increase in revenue, while net profit attributable to shareholders surged by 108.97% to 5.
32 billion yuan ($742 million). Even more striking was the turnaround in its adjusted net profit, which climbed to 3.84 billion yuan ($536 million) from a loss of 632.
56 million yuan the previous year—an astonishing 706.6% reversal..
