Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company has maintained high growth in the first three quarters of 2024, with revenue reaching 356 million yuan, a year-on-year increase of 79.9%, and a net profit of 130 million yuan, up 131.7% year-on-year [1] - The gross margin and net margin for the first three quarters of 2024 were 66.39% and 36.34%, respectively, showing significant improvement compared to 2023 [1] - The company experienced a decline in revenue and net profit in Q3 2024 compared to Q2 2024, with decreases of 15.81% and 23.90%, respectively, primarily due to increased expenses [2] - The domestic shipment of OLED panels has significantly increased, with the company's main customer, BOE, achieving a market share of 16.1% and a year-on-year shipment growth of 31.4% [3] - The company has accelerated the development and validation of multiple materials, with several materials reaching international advanced levels [3] Financial Summary - For 2024, the company adjusted its profit forecast to 176 million yuan, down from a previous estimate of 195 million yuan, and projected a profit of 300 million yuan for 2025 and 384 million yuan for 2026 [4] - The company's revenue for 2024 is expected to be 591.94 million yuan, representing a growth rate of 96.87% [5] - The earnings per share (EPS) for 2024 is projected to be 0.44 yuan, with a price-to-earnings (P/E) ratio of 47.21 [5] - The company’s total assets are expected to reach 2,083.11 million yuan by 2024, with a debt-to-asset ratio of 11.19% [11]

证券代码：688150 证券简称：莱特光电 公告编号：2024-048 陕西莱特光电材料股份有限公司 关于持股 5%以上股东权益变动至 5%以下 的提示性公告 北京君联成业股权投资合伙企业（有限合伙）（以下简称"君联成业"）及其一 致行动人北京君联慧诚股权投资合伙企业（有限合伙）（以下简称"君联慧诚"）保 证向陕西莱特光电材料股份有限公司（以下简称"公司"）提供的信息内容不存在任 何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法 承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 公司于 2024 年 11 月 6 日收到公司股东君联成业、君联慧诚出具的《简式权益 变动报告书》，现将其相关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 1、君联成业 | 名称 | 北京君联成业股权投资合伙企业（有限合伙） | | --- | --- | | 住所及通讯地址 | 北京市海淀区科学院南路2号院1号楼16层1602室 | | 执行事务合伙人 | 北京君联同道私募基金管理合伙企业（有限合伙） | | 出资额 | 1 ...

陕西莱特光电材料股份有限公司 简式权益变动报告书 一、本报告书依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》及相关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人在陕西莱特光电材料股份有限公司中拥有 权益的股份变动情况。 股票简称：莱特光电 股票代码：688150 股票上市地点：上海证券交易所 信息披露义务人一：北京君联成业股权投资合伙企业（有限合伙） 住所及通讯地址：北京市海淀区科学院南路2号院1号楼16层1602室 信息披露义务人二：北京君联慧诚股权投资合伙企业（有限合伙） 住所及通讯地址：北京市海淀区科学院南路2号院1号楼16层1603室 股份变动性质：减持股份，持股比例降至5%以下 签署日期：2024年11月6日 信息披露义务人声明 上市公司名称：陕西莱特光电材料股份有限公司 四、截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义 务人没有通过任何其他方 ...

证券代码：688150 证券简称：莱特光电 公告编号：2024-047 陕西莱特光电材料股份有限公司 关于召开2024年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、说明会类型 陕西莱特光电材料股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日在 上海证券交易所网站（www.sse.com.cn）上披露了公司《2024 年第三季度报告》。为 便于广大投资者更加全面深入地了解公司 2024 年第三季度经营成果、财务状况，公 司定于 2024 年 11 月 12 日（星期二）15:00-16:00 举办公司 2024 年第三季度业绩说 明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 会议召开时间：2024 年 11 月 12 日（星期二）15:00-16:00 会议召开地点：价值在线（网址：https://www.ir-online.cn） 会议召开方式：网络文字互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 11 月 12 日 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has significantly improved its performance year-on-year, benefiting from the accelerated penetration of medium-sized OLEDs [1][2] - The overall gross margin for the first three quarters of 2024 is 66.39%, an increase of 2.79 percentage points year-on-year, while the net profit margin is 36.43%, up 8.14 percentage points year-on-year [2] - The company is expanding its product moat and steadily increasing its production capacity for OLED terminal materials [3] - The penetration of OLED in medium-sized applications is accelerating, with significant growth expected in the domestic OLED panel market [6] - The company is expected to leverage its capacity expansion and technological innovation to capture growth opportunities and achieve performance growth [7] Financial Summary - In the first three quarters of 2024, the company achieved operating revenue of 356 million, a year-on-year increase of 79.91%, and a net profit attributable to the parent company of 130 million, up 131.70% year-on-year [1] - The company’s operating income is projected to grow from 301 million in 2023 to 573 million in 2024, representing a growth rate of 90.6% [1] - The estimated net profit for 2024-2026 is projected to be 200 million, 303 million, and 473 million respectively, with corresponding EPS of 0.50, 0.75, and 1.18 [7]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company's Q3 2024 performance showed significant growth, with revenue reaching 1.11 billion yuan, a year-on-year increase of 95.5%, and net profit attributable to the parent company reaching 0.37 billion yuan, a year-on-year increase of 204% [1] - The company's OLED terminal material sales revenue increased significantly due to the recovery of terminal consumer electronics demand and the continuous increase in OLED penetration rate [2] - The company's gross profit margin for the first three quarters of 2024 was 66.4%, an increase of 2.8 percentage points year-on-year, and the net profit margin was 36.4%, an increase of 8.1 percentage points year-on-year [2] - The company is actively promoting new products such as Red Host material, Green Prime material, and blue light series materials, with good progress in client verification tests [2] - The company is expanding its customer base, aiming to achieve full coverage of domestic OLED panel manufacturers and actively exploring new customers such as silicon-based OLED [2] - The company's R&D investment in the first three quarters of 2024 was 43.86 million yuan, a year-on-year increase of 14.6% [2] Industry Analysis - In the first half of 2024, China's OLED smartphone shipments surpassed South Korea, ranking first globally, with a market share of 53.4% [3] - The application of OLED in medium-sized devices is becoming an industry trend, with major panel manufacturers actively promoting the construction of high-generation OLED production lines [3] - OLED material manufacturers are expected to benefit from the increasing penetration rate of medium-sized OLED [3] Financial Forecast - The company's revenue is expected to be 5.0 billion yuan in 2024, 6.1 billion yuan in 2025, and 7.6 billion yuan in 2026, with year-on-year growth rates of 65.21%, 23.52%, and 23.47% respectively [4] - The company's net profit attributable to the parent company is expected to be 1.9 billion yuan in 2024, 2.36 billion yuan in 2025, and 2.9 billion yuan in 2026, with year-on-year growth rates of 153.03%, 21.13%, and 22.23% respectively [4] - The company's EPS is expected to be 0.48 yuan in 2024, 0.59 yuan in 2025, and 0.72 yuan in 2026, with corresponding dynamic P/E ratios of 42x, 35x, and 29x [4] Financial Performance - The company's operating income for the first three quarters of 2024 was 3.56 billion yuan, a year-on-year increase of 79.9%, and the net profit attributable to the parent company was 1.30 billion yuan, a year-on-year increase of 131.7% [1] - The company's basic EPS for the first three quarters of 2024 was 0.32 yuan [1] - The company's sales gross profit margin for the first three quarters of 2024 was 66.4%, and the net profit margin was 36.4% [2]

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook based on expected performance [2][4]. Core Views - The company is positioned to benefit from the increasing demand for OLED materials, with a significant growth in revenue and profit expected due to the expansion of OLED technology into various applications [3][4]. - The company has successfully achieved stable mass production of Red Prime and Green Host materials, with new products like Red Host expected to enter mass production soon [3][4]. - The financial forecasts for the company show a substantial increase in earnings per share (EPS) from 0.48 in 2024 to 1.09 in 2026, reflecting strong growth potential [2][4]. Market Performance - As of October 2024, the company's stock closed at 21.11 yuan, with a year-to-date high of 25.35 yuan and a low of 13.62 yuan [1]. - The company achieved a market capitalization of 84.95 billion yuan, with a circulating A-share market value of 37.75 billion yuan [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 356 million yuan, a year-on-year increase of 79.91%, and a net profit of 130 million yuan, up 131.70% year-on-year [2][3]. - The gross margin for the first three quarters was 66.39%, an increase of 2.79 percentage points compared to the previous year, driven by product iterations and scale effects [3][4]. - The net profit margin improved to 36.43%, reflecting a decrease in expense ratios due to rapid revenue growth [3][4]. Future Outlook - The company is expected to benefit from the increasing penetration of OLED technology in consumer electronics, with major panel manufacturers investing in new production lines [3][4]. - The financial projections indicate a strong growth trajectory, with revenues expected to reach 546 million yuan in 2024 and 1.16 billion yuan by 2026 [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in the third quarter, benefiting from the increased penetration of OLED technology. The revenue for the first three quarters of 2024 reached 356 million yuan, a year-on-year increase of 79.91%, with net profit attributable to the parent company at 116 million yuan, up 187.89% year-on-year [1][2] - The report highlights that the company is expected to continue its high growth trajectory due to the recovery in consumer electronics demand and the increasing sales of terminal materials. The ongoing enhancement of OLED penetration rates and the company's focus on R&D and customer expansion are key drivers for future growth [1][2] Summary by Relevant Sections Financial Forecasts and Valuation - Revenue is projected to grow from 301 million yuan in 2023 to 1,655 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 58% [1] - Net profit is expected to increase from 77 million yuan in 2023 to 537 million yuan in 2026, indicating a strong growth outlook [1] - The company's P/E ratio is forecasted to decrease from 107.2 in 2023 to 15.4 in 2026, suggesting improving valuation metrics as earnings grow [1] Business Overview - The company has a total share capital of 402.44 million shares, with a market capitalization of approximately 8.26 billion yuan as of October 24, 2024 [1] - The company has successfully entered the supply chains of several well-known domestic panel manufacturers, establishing a competitive advantage in the industry [1][2] Industry Trends - The report notes a clear trend in the OLED industry, with increasing penetration rates across various downstream segments. The demand for OLED materials is expected to rise as major panel manufacturers ramp up their production [1][2] - The company is actively expanding its product offerings and has made significant progress in the development of new materials, which positions it well within the growing OLED market [1][2]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company's performance is outstanding, with revenue and profit showing significant growth. In Q3 2024, the company achieved revenue of 111 million yuan, a year-on-year increase of 95.53%, and a net profit attributable to shareholders of 37 million yuan, a year-on-year increase of 204.03% [3][4] - The increase in revenue and profit is primarily attributed to the ramp-up of new products and the growing demand in the downstream OLED market. The gross margin for Q3 2024 is 66.81%, an increase of 6.38 percentage points compared to the same period last year, indicating strong profitability [4] - The penetration rate of OLED continues to rise, benefiting upstream materials. The trend of OLED expansion in the industry is clear, with domestic OLED material manufacturers expected to see significant growth potential due to both industry expansion and domestic substitution [4] Financial Summary - For the fiscal year 2023, the company reported revenue of 301 million yuan, with a projected increase to 536 million yuan in 2024, representing a year-on-year growth of 78.2% [7] - The net profit for 2023 is 77 million yuan, expected to rise to 198 million yuan in 2024, reflecting a year-on-year growth of 157.3% [7] - The company's EPS (Earnings Per Share) is projected to be 0.49 yuan in 2024, with further increases to 0.70 yuan in 2025 and 1.00 yuan in 2026 [8] Cash Flow and Financial Ratios - Operating cash flow for 2024 is expected to be 262 million yuan, significantly up from 66 million yuan in 2023 [6] - The company's gross margin is projected to be 66.8% in 2024, with a net margin of 37.0% [8] - The asset-liability ratio is low at 12.8% for 2024, indicating a strong financial position [8]

证券代码：688150 证券简称：莱特光电 公告编号：2024-046 陕西莱特光电材料股份有限公司 第四届监事会第七次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 4、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律法规及《公司章程》的有关规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 公司监事会认为：公司 2024 年第三季度报告的编制、内容和审核程序符合 法律法规、中国证监会及上海证券交易所的有关要求，报告真实、准确、完整地 反映了公司 2024 年第三季度的财务状况和经营成果，不存在虚假记载、误导性 陈述或者重大遗漏。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《陕 西莱特光电材料股份有限公司 2024 年第三季度报告》。 表决结果：5 票同意，0 票反对，0 票弃权。 特此公告。 陕西莱特光电材料股份有限公司监事会 1、陕西莱特光电材料股份有限公司（以下简称 ...