BOE Technology Group Co Ltd, a Chinese supplier of display products and solutions, pans to significantly increase the production of flexible screens for smartphones, and expand its presence in internet of things, intelligent retail, vehicle-mounted systems and other emerging industries.

During the company's annual Innovation Partner Conference on Tuesday in Beijing, Chen Yanshun, chairman of BOE, said the company is banking on the flexible organic light-emitting diode (OLED), and shipments of OLED panels will triple to at least 70 million pieces next year. He also noted that presently the supply of traditional liquid crystal displays has surpassed its demand, so BOE won't increase its investment in the sector in the future.

BOE currently runs three sixth-generation active matrix/organic light-emitting diode (AMOLED) production lines. The company started mass production of the panels from its facility in Chengdu, Sichuan province in October 2017. The panels have already been used by more than 10 smartphone manufacturers including Huawei, Oppo and Vivo.

The company's second line in Mianyang, Sichuan province started mass production in July, while work on the third facility commenced in Chongqing last year.

BOE's Chengdu factory is expected to turn out 20 million pieces of flexible panels this year, accounting for 18 percent of market share worldwide, according to Chen.

"We are positioning BOE as an IoT company providing intelligent interface products and services for information interaction and human health," Chen said, while noting the company focuses on display and sensor devices, smart systems and healthcare services.

Market research firm IHS Markit estimates that BOE will become the world's largest supplier of AMOLED display panels this year.