Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve revenue of 370 to 400 million yuan in the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22%. The net profit attributable to shareholders is projected to be between 29 to 34 million yuan, a decline of 66.42% to 71.36% year-on-year [1] - The materials business is anticipated to grow steadily, with expected revenue of 310 to 330 million yuan, reflecting a year-on-year increase of 2.68% to 9.31%. The equipment business, however, is expected to see a revenue drop of 56.66% to 62.85% [2] - A strategic cooperation framework agreement has been signed with BOE Technology Group, focusing on comprehensive collaboration in equipment and materials, which is expected to enhance the company's performance and growth potential [3] Summary by Sections Revenue and Profit Forecast - For 2025, the company forecasts a net profit of 127 million yuan, with a growth rate of 40.85% in 2026 and 91.30% in 2027 [4][5] - The revenue growth rate is projected to be 31.30% in 2025, 56.49% in 2026, and 35.88% in 2027 [5] Financial Metrics - The company’s earnings per share (EPS) is expected to be 0.51 yuan in 2025, increasing to 0.98 yuan in 2026 and 1.42 yuan in 2027 [5] - The return on equity (ROE) is projected to rise from 7.03% in 2025 to 15.78% in 2027 [12] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 47 in 2025 to 17 in 2027, indicating a potential increase in valuation attractiveness [5][13] - The price-to-book (P/B) ratio is projected to be 3.3 in 2025, decreasing to 2.7 by 2027 [5][13]

Core Viewpoint - Aolide (688378.SH) has announced a significant decline in its expected financial performance for the first three quarters of 2025, with projected revenue and net profit both decreasing compared to the previous year [1] Financial Performance Summary - The company anticipates revenue between 37 million to 40 million yuan for the first three quarters of 2025, representing a decrease of 6.38 million to 9.38 million yuan, or a year-on-year decline of 13.75% to 20.22% [1] - Expected net profit attributable to the parent company is projected to be between 29 million to 34 million yuan, down by 6.73 million to 7.23 million yuan, reflecting a year-on-year decrease of 66.42% to 71.36% [1] - The company forecasts a net loss attributable to the parent company, excluding non-recurring gains and losses, of 5.6 million to 6.7 million yuan, a decline of 7.17 million to 7.28 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Fundraising Activities - Aolide plans to raise up to 299.86 million yuan through a simplified procedure for issuing shares to specific investors, with the net proceeds intended for the production base project of OLED display core materials and to supplement working capital [2] - The share issuance price is set at 17.20 yuan per share, with a total of 17,433,843 shares to be issued, not exceeding 30% of the company's total share capital prior to the issuance [3] - The company has previously raised a total of 1.235 billion yuan through two fundraising activities [5]

Core Viewpoint - The semiconductor sector is experiencing significant gains, with multiple companies showing strong stock performance and increased trading volumes. Group 1: Stock Performance - Wentai Technology reached a limit up, trading at 41.71 CNY per share, with a transaction volume exceeding 6.6 billion CNY [1] - Dawi Co. also hit the limit up, while Yuanjie Technology surged over 18%, and Zhongwei Semiconductor rose over 10% [2] - Other notable gainers include Canxin Technology, Juguang Technology, and Aolaide, with substantial increases in their stock prices [2] Group 2: Monthly Revenue and Price Changes - Yuanjie Technology's current price is 491.35 CNY, reflecting an increase of 18.69% [3] - Canxin Technology's stock price is 143.48 CNY, with a rise of 10.38% [3] - Zhongwei's stock is priced at 38.20 CNY, showing a 10.15% increase [3] - Dawi Co. is trading at 21.84 CNY, up by 10.03% [3] - Juguang Technology's stock price is 153.84 CNY, with a 7.95% increase [3] - Aolaide is priced at 25.77 CNY, reflecting a 7.64% rise [3]

Core Viewpoint - Aolide (688378.SH) expects a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year, while also pursuing proactive business expansion strategies to drive sales growth in specific material categories [1] Financial Performance - The company anticipates revenue between 370 million to 400 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22% [1] - The expected net profit attributable to the parent company for the same period is projected to be between 29 million to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to show a loss between 5.6 million to 6.7 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Business Strategy - The company is actively promoting a positive business expansion strategy by converting potential market demand into actual orders [1] - Aolide has maintained stable supply of its existing advantageous material products while achieving effective breakthroughs in new categories, such as successfully introducing electronic functional materials to clients and ensuring stable supply of PSPI materials [1] - These efforts have contributed to an overall increase in material sales revenue year-on-year [1]

Revenue Forecast - For the first three quarters of 2025, the company expects revenue to be between CNY 370 million and CNY 400 million, a decrease of CNY 63.79 million to CNY 93.79 million, representing a year-on-year decline of 13.75% to 20.22%[3] - The materials business is projected to generate revenue of CNY 310 million to CNY 330 million, an increase of CNY 8.10 million to CNY 28.10 million, reflecting a year-on-year growth of 2.68% to 9.31%[3] - The equipment business is expected to achieve revenue of CNY 60 million to CNY 70 million, a decrease of CNY 91.50 million to CNY 101.50 million, indicating a year-on-year decline of 56.66% to 62.85%[3] - In the same period last year, the company reported revenue of CNY 463.79 million and a net profit of CNY 101.25 million[7] Profit Forecast - The net profit attributable to the parent company is forecasted to be between CNY 29 million and CNY 34 million, a decrease of CNY 67.25 million to CNY 72.25 million, representing a year-on-year decline of 66.42% to 71.36%[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be a loss of CNY 5.60 million to CNY 6.70 million, a decrease of CNY 71.74 million to CNY 72.84 million, indicating a year-on-year decline of 108.47% to 110.13%[5] Business Performance Factors - The decline in equipment revenue is attributed to the construction phase of the 6th generation line and the ongoing construction of the 8.6 generation line, leading to a temporary pressure on the evaporator source business[9] - The company anticipates that the evaporator source equipment business will gradually recover as major enterprises continue to advance their production line installations and adjustments[10] Other Financial Information - The company has not recorded any gains from equity transfers in the first three quarters of 2025, contrasting with a gain of CNY 12.53 million from equity transfers in the same period of 2024[11] - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[12]

Core Viewpoint - Aolide (688378) expects a significant decline in net profit and revenue for the first three quarters of 2025, primarily due to the transitional phase in production lines, which has led to a temporary pressure on its evaporator source business [1] Financial Performance - The company anticipates a net profit of between 29 million to 34 million yuan, representing a year-on-year decrease of 66.42% to 71.36% [1] - Projected operating revenue for the first three quarters is between 370 million to 400 million yuan, reflecting a year-on-year decline of 13.75% to 20.22% [1] Business Operations - The sales revenue from evaporator source equipment has seen a notable decline due to the 6th generation line nearing completion and the 8.6 generation line being in a critical construction phase, resulting in a demand gap during the transition between production line generations [1] - The company expects that as leading enterprises like BOE continue to advance their production line construction and equipment installation, along with the subsequent release of incremental industry demand, the evaporator source equipment business is likely to gradually recover from this phase of adjustment [1]

Core Viewpoint - Aolide (688378.SH) expects a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year, while also implementing proactive business expansion strategies to drive sales growth in specific product categories [1] Financial Performance - The company anticipates revenue between 370 million to 400 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22% [1] - The expected net profit attributable to the parent company for the same period is projected to be between 29 million to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to show a loss between 5.6 million to 6.7 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Business Strategy - The company is actively pursuing a positive business expansion strategy by converting potential market demand into actual orders [1] - Aolide has maintained stable supply of its existing advantageous material products while achieving effective breakthroughs in new product categories, such as successfully introducing electronic functional materials to clients and ensuring stable supply of PSPI materials [1] - These efforts have contributed to a year-on-year increase in overall material sales revenue [1]

Core Viewpoint - Aolide's Q3 performance forecast indicates a significant decline in net profit, with expectations of a decrease of 66.42% to 71.36% year-on-year, primarily due to challenges in the equipment segment and the impact of non-operating losses [2] Group 1: Financial Performance - The net profit attributable to shareholders for the first three quarters is projected to be between 29 million and 34 million yuan [2] - The net profit after deducting non-recurring gains and losses is expected to be between -6.7 million and -5.6 million yuan, reflecting a year-on-year decrease of 108.47% to 110.13% [2] Group 2: Business Segments - In the materials segment, the company has successfully implemented proactive business expansion strategies, leading to a year-on-year increase in overall material sales revenue [2] - In the equipment segment, there has been a significant decline in sales revenue for evaporator equipment due to the 6th generation line nearing completion and the 8.6 generation line being in a critical construction phase, resulting in a temporary pressure on the evaporator business [2] Group 3: Non-Operating Gains - The company anticipates realizing investment income from the disposal of equity in an associate company in the first half of 2024, while no equity transfer gains are expected in the first three quarters of 2025 [2]

Core Viewpoint - Aolide (688378.SH) has disclosed its earnings forecast for the first three quarters of 2025, indicating a significant decline in both revenue and net profit compared to the previous year [1] Financial Performance - The company expects to achieve revenue between 370 million to 400 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22% [1] - The forecasted net profit attributable to the parent company for the same period is estimated to be between 29 million to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [1]

Summary of the Conference Call on OLED Industry and Aolaide Industry Overview - The global OLED market is expected to expand significantly, reaching $50 billion by 2027, with China's OLED panel and module output exceeding 100 billion yuan in 2024, representing a 38% year-on-year growth, and the international market share reaching 52% [2][5][6] - The demand for IT and automotive AMOLED panels is rapidly increasing, with a projected compound annual growth rate (CAGR) of 56% for IT AMOLED panel shipments and 49% for automotive display AMOLED panel shipments from 2023 to 2028 [2][6] Company Insights - Aolaide's organic light-emitting materials business benefits from the expansion of OLED into medium and large sizes and the application of stacked structures, leading to a significant increase in material usage and market share [2][6] - Aolaide is actively investing in PSPI packaging materials, raising 240 million yuan to expand production capacity, which will support domestic substitution efforts. The global PSPI market is expected to grow from $677 million in 2024 to $3.18 billion by 2031 [2][8] - Aolaide successfully won a 655 million yuan order for evaporation source equipment for BOE's 8.6 generation line, indicating that its equipment meets international standards and will drive growth in its equipment business [2][9] Strategic Partnerships - Aolaide has signed a strategic cooperation framework agreement with BOE, focusing on four core areas: ensuring the supply of evaporation sources, consolidating competitive advantages, collaborating on material supply and localization, and exploring new business opportunities [4][12][13] - This partnership is expected to enhance Aolaide's core business capabilities and solidify its position in the OLED industry [13] Future Outlook - Aolaide is positioned to leverage its core technology and production capabilities in the OLED materials and equipment sectors, aiming for performance growth through new product introductions and market share expansion [10][14] - The company is expected to benefit from the ongoing expansion of high-generation lines and the dual dividends of consumer electronics upgrades and domestic substitution [10][14] Additional Insights - The increasing demand for OLED technology in consumer electronics, driven by customer preferences for high contrast, low power consumption, and other performance metrics, is accelerating the adoption of OLED displays across various applications [4][6] - Aolaide's focus on local production models is anticipated to shorten delivery times and reduce procurement costs, creating a differentiated competitive advantage [8]