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]

公司报告| 季报点评 莱特光电 ( 688150 ) 前三季度保持高增，多款材料加速验证 事件:菜特光电发布 2024年三季报,前三季度实现营业收入 3.56 亿元, 同比+79.9%,实现归母净利润 1.30 亿元,同比+131.7%;其中第三季度实 现营业收入 1.11亿元,同比+95.5%,环比-15.81%,实现归母净利润 3726.86 万元，同比+204.0%，环比-23.90%。 前三季度保持高增,盈利水平持续向好 公司 24 年前三季度营业收入和归母净利润相较 2023 年同比分别+79.9%和 +131.7%,在单三季度营业收入和归母净利润仍保持高增长,同比分别 +95.5%和 204%。盈利能力则同比 23 年也出现大幅增长,24年前三季度毛 利率/净利率分别为 66.39%/36.34%，相较 23 年分别增加 2.78/8.14PCT, 盈 利能力持续提升。24年Q3 单季度毛利率 66.80%,同比 23Q3 增加 6.38PCT, 环比 24Q2 增加 0.11PCT，单季度盈利能力仍在小幅改善。 环比费用和减值增加拖累利润,但影响整体有限 公司 Q3 环比 Q2 收入和利润均有所 ...

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 ...

2023-11-15 证券研究报告 | 公司动态点评 2024 年 10 月 28 日 莱特光电（688150.SH） 业绩同比大幅改善，有望受益中尺寸 OLED 渗透加速 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 280 | 301 | 573 | 912 | 1,396 | 股票信息 | | | 增长率 yoy （ % ） | -17.8 | 7.3 | 90.6 | 59.1 | 53.1 | | | | 归母净利润（百万元） | 105 | 77 | 200 | 303 | 473 | 行业 | 电子 | | 增长率 ...

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]

公司近一年市场表现 | --- | --- | |----------------------------|-------------| | | | | 市场数据： 年 月 | 日 | | 2024 10 收盘价（元）： | 29 21.11 | | 年内最高 / 最低（元）： | 25.35/13.62 | | 流通A股/总股本（亿）： | 1.79/4.02 | | 流通 A 股市值（亿）： | 37.75 | | 总市值（亿）： | 84.95 | | 基础数据： 2024 年 9 月 30 | 日 | | 基本每股收益 (元) ： | 0.32 | | 摊薄每股收益(元)： | 0.32 | | 每股净资产(元)： | 4.38 | | 净资产收益率 (%)： | 7.35 | 高宇洋 立足 OLED 有机材料的需求机遇，逐步实现产品系列化及客户全覆盖 资料来源：最闻 目标。公司目前实现 Red Prime 和 Green Host 材料稳定量产供应，新产品 Red Host 有望今年量产供应，Green Prime 和蓝光系列材料在客户端验证测试， 同时公司进入京东方、天马、华星、和辉等国内多家知名 ...

莱特光电（688150.SH） 电子化学品Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 25 日 莱特光电：三季报高增，深度受益 OLED 渗透率提升 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------- ...