BOE's net profit surges 231% annually in Q3

BOE Technology Group, the Chinese mainland’s biggest LCD panel maker, surged by nearly the 10 percent daily cap today after posting a 231 percent jump year on year in third-quarter net profit. 

Its net profit came to 2.17 billion yuan (US$329 million) in the third quarter while revenue grew 28 percent to 24.8 billion yuan, Shenzhen-listed BOE said in a statement.

BOE's revenue and net profit will continue to grow in 2017 as it expands production capacity in new facilities in Hefei and Chengdu, said Minsheng Securities.

The share price of BOE surged 9.6 percent to 5.72 yuan, compared with a 0.86 percent rise in the Shenzhen stock index today.

LCD or liquid crystal display panel, an upstream and key component in the display sector, is widely used in consumer electronics, industrial devices and cars. The panel market is dominated by South Korean giants Samsung and LG.

BOE is a flagship LCD/LED panel vendor for smartphone, tablet computer, laptop, and TV in the domestic market.