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 ...

Financial Performance - Revenue for Q3 2024 reached ¥110,668,882.98, an increase of 95.53% compared to the same period last year[2] - Net profit attributable to shareholders was ¥37,268,648.69, reflecting a growth of 204.03% year-over-year[2] - Net profit excluding non-recurring items was ¥33,365,022.43, up 350.31% from the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.09, a 200.00% increase compared to the same quarter last year[3] - Operating profit for the third quarter of 2024 was CNY 147,708,100.95, compared to CNY 57,763,987.01 in the third quarter of 2023, indicating a growth of about 156%[18] - Net profit for the third quarter of 2024 was CNY 129,753,161.26, up from CNY 56,001,367.31 in the same quarter of 2023, reflecting an increase of approximately 131%[19] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 129,753,161.26, compared to CNY 56,001,367.31 in Q3 2023, representing a significant increase[20] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.32, up from CNY 0.14 in the same period last year[20] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥143,336,386.71, an increase of 255.13% compared to the previous year[2] - Cash inflow from operating activities for the first three quarters of 2024 was CNY 366,551,667.19, an increase from CNY 251,906,237.96 in the previous year, marking a growth of approximately 45.4%[21] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 143,336,386.71, compared to CNY 40,361,929.08 in the same period last year[21] - Cash inflow from investment activities for the first three quarters of 2024 was CNY 2,413,394,620.67, compared to CNY 2,134,511,931.20 in the previous year, indicating an increase of about 13.0%[22] - Net cash flow from investment activities for the first three quarters of 2024 was CNY 119,011,190.34, a turnaround from a negative cash flow of CNY -101,529,572.94 in the same period last year[22] - The net cash flow from financing activities for Q3 2024 was CNY -9,970,500.52, an improvement from CNY -60,159,498.82 in Q3 2023[22] - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 450,298,404.22, up from CNY 202,806,464.40 at the end of Q3 2023[22] Assets and Liabilities - Total assets as of the end of Q3 2024 were ¥2,070,829,216.19, a 6.60% increase from the end of the previous year[3] - Total liabilities as of the end of the third quarter of 2024 amounted to CNY 306,575,784.87, compared to CNY 245,982,198.85 at the end of the third quarter of 2023, marking an increase of about 24.5%[16] - The company's total current liabilities increased to CNY 155,493,397.83 in the third quarter of 2024 from CNY 114,710,942.79 in the same quarter of 2023, representing an increase of about 35.5%[16] - The total equity attributable to shareholders of the parent company reached CNY 1,764,253,431.32, up from CNY 1,696,675,438.12 in the same period of 2023, reflecting an increase of about 4%[16] Research and Development - R&D investment totaled ¥13,862,223.24, representing 12.53% of revenue, a decrease of 11.35 percentage points year-over-year[3] - Research and development expenses for the first three quarters of 2024 were CNY 43,855,172.43, compared to CNY 38,272,175.82 in the same period of 2023, showing an increase of approximately 14%[18] Shareholder Information - The top ten shareholders hold a combined 85.84% of the total shares, with the largest shareholder, Wang Yalong, owning 49.52%[10] - The company has not reported any significant changes in shareholder structure or major financing activities during the reporting period[12] Market and Operational Insights - The company attributed revenue growth to increased demand in the OLED downstream market, significantly boosting sales of OLED terminal materials[8] - The company has not disclosed any new product launches or technological advancements in this quarter[12] - There are no significant mergers or acquisitions reported during this period[12]

单位：元 币种：人民币 证券代码：688150 证券简称：莱特光电 公告编号：2024-045 陕西莱特光电材料股份有限公司 关于 2024 年前三季度计提资产减值准备的公告 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、准确性和完整性依法承担法律责任。 一、计提减值准备的情况概述 陕西莱特光电材料股份有限公司（以下简称"公司"）根据《企业会计准则》 和会计政策、会计估计的相关规定，为客观、公允地反映公司截至 2024 年 9 月 30 日的财务状况和 2024 年前三季度的经营成果，公司及下属子公司对截至 2024 年 9 月 30 日合并范围内相关信用及资产进行了充分的评估和分析，本着谨慎性 原则，公司对相关信用及资产进行了减值测试并计提了相应的减值准备。2024 年 前三季度公司计提各类信用及资产减值准备共计 8,544,096.64 元，具体情况如下： 在资产负债表日，按照成本与可变现净值孰低计量，公司对成本高于可变现 净值的存货，计提存货跌价准备。经测试，2024 年前三季度需计提的资产减值损 失金额合计 7,067,002.30 元。 三、本 ...

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：2024-022 | --- | --- | --- | --- | |----------|------------------------------------|-------------------------------------------|--------------------------------------------------------------------------------| | 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 | R 现场参观 £电话会议 | | £ 其他 | | 参与单位 | | 泰康基金：张泽伟 工银瑞信基金：周鑫 | | | 名称及人 | | 大朴资产：付赫 天风证券：郭建奇 | | | 员姓名 | | | 兴业证券：吉金 光大证券：周家诺、蔡嘉豪、王礼沫 | | 会议时间 | 2024 年 10 月 11 日及 | 10 月 14 日 | ...

证券代码：688150 证券简称：莱特光电 公告编号：2024-044 陕西莱特光电材料股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 截至本公告披露日，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"）持有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"） 股份 13,263,757 股，约占公司总股本的 3.30%；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"）持有公司股份 10,473,526 股，约占 公司总股本的 2.60%；君联成业与君联慧诚构成一致行动人关系，合计持有公司股 份 23,737,283 股，约占公司总股本的 5.90%。上述股份来源均为公司首次公开发行 股票并上市前取得的股份，且已于 2023 年 3 月 20 日起上市流通。 减持计划的主要内容 股东君联成业、君联慧诚因自身资金需求，拟通过集中竞价及大宗交易方式 减持其所持有的公司股份合计不超过 8,048,75 ...

Group 1: Company Strategy and Market Position - The company believes the future of the OLED industry is promising, with domestic manufacturers improving in technology, capacity, and cost-effectiveness, leading to an expected increase in global market share [1] - The company plans to continue investing in R&D and innovation to enhance material performance and diversify product offerings [2] - As of the first half of 2024, the company achieved a revenue of 245.52 million CNY, a year-on-year increase of 73.65%, with OLED organic materials contributing 212.14 million CNY, accounting for 86.40% of total revenue [2] Group 2: Product Development and Performance - The company has made significant progress in developing OLED organic materials, with key advancements in red, green, and blue Prime materials, achieving international advanced levels [2] - The company has successfully maintained relationships with leading OLED manufacturers while actively developing new clients to increase market penetration [2] - The company’s OLED terminal materials have undergone continuous upgrades, focusing on high efficiency, low voltage, and long lifespan [3] Group 3: Intellectual Property and Competitive Landscape - The company has applied for a total of 883 patents, with 878 being invention patents, and has secured 346 authorized patents, ensuring a strong intellectual property position [3] - The competitive landscape shows that domestic companies primarily focus on OLED intermediates, with low market share in terminal materials, indicating significant potential for domestic substitution [3] - The company has established collaborations with first-tier suppliers and is gradually increasing its market share in the OLED materials sector [4] Group 4: Production Capacity and Cost Management - The current production capacity for OLED terminal materials is 12 tons per year, with ongoing projects to enhance production capabilities based on market demand [4] - The company has integrated production capabilities across the OLED supply chain, which helps in optimizing processes and reducing production costs [4] - Although prices for older OLED terminal materials have decreased, the introduction of upgraded products has mitigated the impact of price declines [4]