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World's largest maker of LCD/OLED display panels, supplying screens for phones, TVs, laptops and cars.
World's largest maker of LCD/OLED display panels, supplying screens for phones, TVs, laptops and cars.
Earns by selling panels priced by size and grade in a market that swings between shortage and glut, and builds its factories with money from local-government investment funds, which explains its rapid capacity growth. Beijing government-owned entities are its largest shareholders. The shift toward OLED panels for phones has been the biggest change in its product mix.
In one line: China's answer to Samsung Display, bigger in LCD.
Moat: narrow (scale, installed base, process know-how). Largest LCD capacity globally gives cost scale; OLED still trails Samsung Display in high-end phone share.
Headquarters: Beijing, China · Founded: 1993 · Employees: 109,895
Size BOE Technology (000725.SZ) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $25.3B, the 75th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.46 on 6 Nov 2026.
Performance Over six months the shares gained 9.3%, against -24.6% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 18 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +17.1%); the operating margin is 2.2% (peer median 21.9%).
Valuation It trades at 21.4× forward earnings against a peer median of 24.9× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (5.9% WACC).
Next results Next results expected around 6 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥202B | CN¥204B | CN¥198B | CN¥174B | CN¥178B |
| Revenue growth | — | +3% | +14% | -2% | — |
| Gross profit | CN¥57.8B | CN¥28.2B | CN¥26.5B | CN¥18.4B | CN¥17.4B |
| EBITDA | n/a | CN¥44.0B | CN¥43.0B | CN¥32.6B | CN¥25.5B |
| Net income | CN¥5.51B | CN¥5.84B | CN¥5.25B | CN¥2.41B | CN¥6.95B |
| Free cash flow | CN¥14.1B | CN¥9.82B | CN¥16.4B | CN¥15.7B | CN¥15.4B |
| Capital expenditure | CN¥31.4B | CN¥40.1B | CN¥34.0B | CN¥24.8B | CN¥29.4B |
| Total debt | CN¥143B | CN¥151B | CN¥151B | CN¥153B | CN¥153B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BOE Technology 000725.SZ | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% |
| LG Display Co., Ltd Sponsored ADR LPL | $2.72B | -42% | -10% | 2% | 10.8× | -8.6% |
| AUO 2409.TW | $6.02B | +49% | -1% | -2% | n/a | n/a |
| Innolux 3481.TW | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% |
| HKC 001399.SZ | $18.2B | n/a | +2% | 10% | n/a | 30.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000725.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.9% | -10.8% | 9th lowest of 19 |
| 6-month return | +9.3% | -24.6% | 3rd highest of 18 |
| Distance from 52-week high | -53.0% | -38.7% | 5th lowest of 19 |
| Revenue growth (TTM) | -3.5% | +17.1% | 3rd lowest of 18 |
| Operating margin | 2.2% | 21.9% | 3rd lowest of 18 |
| Forward P/E | 21.4× | 24.9× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -3.9% | 21.9% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +8.6% | +12.7% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -12.5 pp | +6.2 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +1.2 pp | +2.8 pp | 6th lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% | +5.0% |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |