Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage with a positive outlook on the stock [1]. Core Views - The company is recognized as a leading domestic OLED terminal materials enterprise, benefiting from increasing downstream demand and the rising domestic production rate of OLED materials, which presents significant growth opportunities [1][6]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of OLED organic materials, including OLED terminal materials and intermediates. It has achieved breakthroughs in domestic production and is one of the few companies capable of mass-producing OLED terminal materials [9][16]. Financial Performance - The company reported a revenue of RMB 472 million in 2024, representing a year-on-year growth of 56.9%. The net profit attributable to shareholders is projected to be RMB 167 million, with a significant increase of 116.7% [8][20]. Market Demand and Growth - The demand for OLED materials is expected to grow continuously due to the increasing penetration of OLED panels and the expansion of application scenarios. The domestic market for OLED organic materials is projected to reach RMB 4.3 billion in 2023, with a compound annual growth rate (CAGR) of 11% expected until 2030 [9][38]. Competitive Advantages - The company has a strong R&D capability, a comprehensive product line, and established relationships with major domestic panel manufacturers such as BOE and Huaxing. Its integrated production capabilities across the OLED supply chain enhance its competitive edge [9][17]. Valuation and Earnings Forecast - The report forecasts the company's net profits for 2024, 2025, and 2026 to be RMB 167 million, RMB 308 million, and RMB 459 million, respectively, with corresponding earnings per share (EPS) of RMB 0.41, RMB 0.77, and RMB 1.14 [6][8].

证券代码：688150 证券简称：莱特光电 公告编号：2025-005 陕西莱特光电材料股份有限公司 关于收到控股股东、实际控制人、董事长兼总经理提议 回购公司股份的提示性公告 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、准确性和完整性依法承担法律责任。 陕西莱特光电材料股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日收到 公司控股股东、实际控制人、董事长兼总经理王亚龙先生《关于提议陕西莱特光电材 料股份有限公司以集中竞价交易方式回购公司社会公众股股份的函》。提议内容主要 如下： 一、提议回购股份的原因和目的 基于对公司未来发展的信心和对公司价值的认可，为进一步建立、健全公司长效 激励机制，充分调动公司员工的积极性和创造性，并增强投资者对公司的投资信心， 有效地将股东利益、公司利益和员工利益紧密结合在一起，促进公司健康可持续发 展，根据相关法律法规并结合公司经营情况及财务状况等因素，王亚龙先生提议公司 以集中竞价交易方式回购部分社会公众股份。 二、提议内容 1．回购股份的种类及方式：通过上海证券交易所股票交易系统以集中竞价交易 方式回 ...

证券代码：688150 证券简称：莱特光电 公告编号：2025-004 陕西莱特光电材料股份有限公司 关于 2023 年员工持股计划第一期锁定期届满的提示 性公告 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、准确性和完整性依法承担法律责任。 陕西莱特光电材料股份有限公司（以下简称"公司"或"莱特光电"）分别于 2023 年 12 月 29 日、2024 年 1 月 15 日召开了第四届董事会第二次会议、第四届 监事会第二次会议和 2024 年第一次临时股东大会，审议通过了《关于公司<2023 年员工持股计划（草案）>及其摘要的议案》及其相关议案，同意公司实施 2023 年员工持股计划（以下简称"本员工持股计划"）。具体内容详见公司于上海证 券交易所网站(www.sse.com.cn)及指定信息披露媒体上披露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》的规定，本员 工持股计划的第一期锁定期将于 2025 年 3 月 15 日届满，现将本员工持股计划第 一期 ...

陕西莱特光电材料股份有限公司 关于首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 538,979 股。 证券代码：688150 证券简称：莱特光电 公告编号：2025-003 股票限售股形成至今，公司未发生因利润分配、公积金转增等导致股本数量变化的 情况。 三、本次上市流通的限售股的有关承诺 根据公司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 股份有限公司首次公开发行股票并在科创板上市招股说明书》及相关文件，本次申 请解除股份限售的股东宁波梅山保税港区鼎量淳熙股权投资合伙企业（有限合伙） 对其持有的限售股上市流通作出的有关承诺如下： 本次股票上市流通总数为 538,979 股。 本次股票上市流通日期为 2025 年 3 月 18 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于2021年12月28日出具的《关于同意陕西莱特光 电材料股份有限公司首次公开发行股票 ...

中信证券股份有限公司 关于陕西莱特光电材料股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为陕西莱 特光电材料股份有限公司（以下简称"莱特光电"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《科创板首次公开发行股票注册管理办法 （试行）》、《证券发行上市保荐业务管理办法》及《上海证券交易所科创 板股票上市规则》等有关法律法规和规范性文件的要求，对莱特光电首次公 开发行部分限售股上市流通事项进行了审慎核查，核查情况及发表意见如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2021 年 12 月 28 日出具的《关于同意陕 西莱特光电材料股份有限公司首次公开发行股票注册的批复》（证监许可 ［2021］4122 号），同意陕西莱特光电材料股份有限公司（以下简称"公司"、 "发行人"或"莱特光电"）首次公开发行股票的注册申请。公司首次向社 会公众公开发行人民币普通股（A 股）股票 40,243,759 股，并于 2022 年 3 月 18 日在上海证券交易所科创板上市。公司首次公开发行股票完成后总股本为 402,43 ...

证券时报网讯，莱特光电(688150)2月26日晚间发布业绩快报，2024年实现营业总收入4.72亿元，同比增 长56.9%；净利润1.67亿元，同比增长116.68%；基本每股收益0.41元。 报告期内，公司Red Prime材料和Green Host材料保持稳定量产并持续迭代升级，新产品Red Host材料通 过客户量产测试，已实现小批量供货。 公司OLED终端材料业务收入同比实现大幅增长，尤其是Green Host材料的销量同比大幅攀升。 ...

Financial Performance - Total revenue for 2024 reached RMB 471.77 million, a year-on-year increase of 56.90%[2] - Net profit attributable to shareholders of the parent company was RMB 166.94 million, up 116.68% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was RMB 147.55 million, reflecting a growth of 162.09% year-on-year[2] - Basic earnings per share increased to RMB 0.41, representing a growth of 115.79% from the previous year[2] Assets and Equity - Total assets at the end of the reporting period amounted to RMB 2,117.66 million, a 9.01% increase from the beginning of the period[7] - The company's equity attributable to shareholders of the parent company was RMB 1,804.59 million, up 6.36% from the start of the period[7] Sales and Revenue Growth - OLED terminal materials sales revenue increased by RMB 163.82 million, a growth of 71.56% year-on-year, driven by rising customer demand[11] Expenses and R&D - The company confirmed share-based payment expenses of RMB 11.58 million during the reporting period, impacting net profit calculations[6] - The company continues to enhance its R&D efforts, with new products like Red Host material entering small-scale supply after successful customer testing[8] Operational Efficiency - The company implemented cost reduction and efficiency enhancement strategies, improving operational efficiency significantly compared to the previous year[10]

上 市 公 司 2025 年 02 月 25 日 莱特光电 (688150) —— OLED 终端材料先行者，持续受益产业国产化进程 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2025 年 02 月 24 日 | | --- | --- | | 收盘价（元） | 21.95 | | 一年内最高/最低（元） | 25.77/15.16 | | 市净率 | 5.0 | | 股息率%（分红/股价） | 0.82 | | 流通 A 股市值（百万元） | 3,925 | | 上证指数/深证成指 | 3,373.03/10,983.04 | | 注："股息率"以最近一年已公布分红计算 | | --- | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 4.38 | | 资产负债率% | 14.80 | | 总股本/流通 A 股（百万） | 402/179 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 02-26 03-26 04-26 05-26 06-26 07-26 08-26 09-26 10-26 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

Financial Projections - The company expects to achieve an operating revenue of 471.77 million yuan in 2024, an increase of 171.09 million yuan, representing a year-on-year growth of 56.90%[2] - The projected net profit attributable to the parent company for 2024 is 168.99 million yuan, an increase of 91.95 million yuan, reflecting a year-on-year growth of 119.34%[2] - Excluding the impact of share-based payment expenses, the expected net profit attributable to the parent company is 180.57 million yuan, an increase of 98.92 million yuan, with a year-on-year growth of 121.14%[2] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be 146.89 million yuan, an increase of 90.59 million yuan, indicating a year-on-year growth of 160.92%[2] - In 2023, the company's operating revenue was 300.68 million yuan[4] - The total profit for 2023 was 82.58 million yuan, with a net profit attributable to the parent company of 77.05 million yuan[5] Growth Drivers - The significant growth in 2024 is attributed to increased demand in the OLED downstream market, particularly a substantial rise in sales of Green Host materials[6] - The company has been focusing on cost reduction and efficiency improvement through process optimization and enhanced cost control, leading to a significant increase in profitability[6] Cautionary Notes - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[3] - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report[8]