证券简称：莱特光电 证券代码：688150 陕西莱特光电材料股份有限公司 投资者关系活动记录表 编号：2024-024 | --- | --- | --- | |-----------------|------------------------------------------|------------------------------------------------------------------------| | 投资者关 | R 特定对象调研 | 分析师会议 £媒体采访 | | 系活动类 | £ 业绩说明会 £新闻发布会 | £ 路演活动 | | 别 | £现场参观 R | £ 其他 | | 参与单位 | | 银河基金：左磊、鲍武斌、李一帆 光大保德信基金：刘旭文 | | 名称及人 员姓名 | | 中信建投：乔磊、郭彦辉、何昱灵 西南证券：徐一丹 | | 会议时间 | 2024 年 11 月 13 日 | | | 会议地点 | 陕西莱特光电材料股份有限公司会议室及线上 | | | 上市公司 | | | | 接待人员 | | 董事会秘书：潘香婷 投资者关系专员：张尊睿 | | | | | | ...

Summary of the Conference Call for Lite-On Optoelectronics Company Overview - Lite-On Optoelectronics is a leading domestic manufacturer of OLED emitting materials, providing key materials for domestic OLED panel manufacturers, playing a crucial role in domestic substitution efforts, and serving as a core supplier for major domestic OLED panel manufacturers [2][3] Core Insights and Arguments - The expansion of production capacity and market share of domestic OLED panel manufacturers, along with the acceleration of the localization process for emitting materials, positions Lite-On Optoelectronics to benefit significantly [2][3] - The commercialization of new display technologies, such as dual-layer OLED, is expected to further drive global demand for emitting materials, potentially leading to earnings exceeding expectations [2][3] - Future performance growth for Lite-On Optoelectronics is primarily driven by the increase in production capacity and market share of domestic OLED panel manufacturers, the accelerated localization of OLED emitting materials, and advancements in the commercialization of new display technologies like dual-layer OLED [4] Financial Projections - Projected net profits for Lite-On Optoelectronics from 2024 to 2026 are estimated at 180 million yuan, 320 million yuan, and 450 million yuan, representing year-on-year growth rates of 137%, 76%, and 40.7% respectively [2][6] - The company is expected to achieve a price-to-earnings (PE) ratio of approximately 30 times in 2025, decreasing to about 20 times thereafter, indicating a potential for valuation premium due to its leading position and expanding customer base [6] Market Perspectives - There are differing opinions in the market regarding the slowdown in traditional OLED mobile demand and the challenges of domestic localization in the emitting materials sector, as well as uncertainties surrounding the commercialization of dual-layer OLED products [5] - Despite these concerns, Lite-On Optoelectronics is viewed as having multiple growth drivers, including the global market share increase from domestic OLED panel manufacturers' expansion, accelerated domestic substitution, and strong performance in category expansion and dual-head LED driving [5] Target Price and Future Potential - The expected value increase from adopting dual-layer LED technology compared to single-layer LED is projected to be between 60% and 80%, leading to a target price of 36 yuan, with a market capitalization of 14 to 15 billion yuan, indicating a potential upside of nearly 50% from the current price [7] Risk Factors - Key risk factors include the potential underperformance of the localization of OLED panel materials, slower-than-expected expansion of OLED panel manufacturers, and delays in the commercialization of dual-layer LED technology [8] - However, it is believed that recent sell-offs have concluded and will not suppress the stock price, maintaining a positive outlook for the company within the Huawei supply chain and the consumer electronics innovation sector [8]

证券简称：莱特光电 证券代码：688150 陕西莱特光电材料股份有限公司 投资者关系活动记录表 编号：2024-023 | --- | --- | --- | |----------|----------------------------------------------------------------|----------------------------------------------------------------------------------------| | 投资者关 | ☐ | 特定对象调研 ☐分析师会议 ☐媒体采访 | | 系活动类 | R 业绩说明会 ☐新闻发布会 | ☐ 路演活动 | | 别 | ☐现场参观 ☐电话会议 ☐其他 | | | 参与单位 | | | | 名称及人 | 线上参与公司 2024 | 年第三季度业绩说明会的投资者 | | 员姓名 | | | | 会议时间 | 2024 年 11 月 12 日 | | | 会议地点 | 价值在线（ https://www.ir-online.cn/ | ）网络互动 | | 上市公司 | | 董事长、总经理：王亚龙先 ...

Investment Rating - The report gives a "Buy" rating to Laite Optoelectronics (688150) with a target price of 36 yuan, implying a 40-50% upside from the current price [7] Core Views - Laite Optoelectronics is a leading domestic OLED luminescent material manufacturer benefiting from capacity expansion and market share growth of domestic OLED panel makers, as well as accelerated localization of OLED materials [1] - The commercialization of new display technologies like double-layer OLED is expected to further boost global demand for luminescent materials, driving the company's future earnings above expectations [1] - The company's growth is driven by multiple factors: domestic OLED panel makers' capacity expansion, global market share gains, faster OLED material localization, product category expansion, and new growth from double-layer OLED [4] - Key catalysts include downstream domestic panel makers' high-generation OLED line expansions, OLED penetration in PC/tablet displays, domestic panel makers' OLED material verification and adoption progress, and new consumer electronics products featuring double-layer OLED [5] Company Overview - Laite Optoelectronics, founded in 2010 and listed on the STAR Market in March 2022, is a pioneer in domestic OLED terminal materials, supplying major domestic panel makers like BOE, Tianma, and CSOT [16] - The company has achieved import substitution in OLED terminal materials, with its own patents covering core functional layer materials like light-emitting layer, hole transport layer, and electron transport layer materials [16] - The company's business is divided into OLED terminal materials and OLED intermediates, with terminal materials directly used in OLED panel production and intermediates serving as raw materials for terminal materials [17] - The company has gone through four development stages, from chemical trading to establishing integrated production capabilities spanning OLED intermediates, sublimation materials, and terminal materials [18][20] Industry Analysis - OLED penetration continues to rise, with AMOLED becoming mainstream in smartphones and showing great potential in large-size TV panels [30][34] - China's OLED capacity share has surged to 43.7% globally as of 2023, narrowing the gap with South Korea and poised to overtake it in the coming years [42] - OLED material supply heavily relies on imports, with terminal luminescent materials still monopolized by overseas players, creating urgent need for localization [43][44] - Domestic OLED material companies face significant opportunities from both OLED penetration growth and import substitution trends [60] Financial Projections - Revenue is forecast to grow 85.58%/64.56%/38.11% YoY in 2024-2026, reaching 5.58/9.18/12.68 billion yuan [7][63] - Net profit attributable to parent is projected to increase 136.79%/76.16%/40.73% YoY in 2024-2026, reaching 182/321/452 million yuan [7][63] - EPS is estimated at 0.45/0.80/1.12 yuan for 2024-2026, with PE ratios of 52.99/30.08/21.37x [7][66] - The OLED materials business is expected to maintain high growth, with revenue increasing 100%/70%/40% YoY in 2024-2026 and gross margin rising to 71%/72%/73% [61][62]

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]