Core Points - The stock price of Aolaide increased by 2.26% on October 23, reaching 27.12 CNY per share, with a trading volume of 130 million CNY and a turnover rate of 2.05%, resulting in a total market capitalization of 6.76 billion CNY [1] - Year-to-date, Aolaide's stock price has risen by 43.95%, with a 15.01% increase over the last five trading days, a 2.09% decrease over the last 20 days, and a 54.88% increase over the last 60 days [2] - Aolaide's main business involves the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment in the OLED industry chain [2] - The revenue composition of Aolaide includes 78.06% from organic light-emitting materials, 13.42% from other functional materials, 8.31% from evaporation source equipment, and 0.21% from other sources [2] - As of June 30, 2025, Aolaide reported a revenue of 281 million CNY, a year-on-year decrease of 17.87%, and a net profit attributable to shareholders of 27.01 million CNY, a year-on-year decrease of 70.59% [2] - Aolaide has distributed a total of 456 million CNY in dividends since its A-share listing, with 273 million CNY distributed in the last three years [3] - As of June 30, 2025, the number of Aolaide shareholders increased by 15.85% to 8,923, with an average of 27,004 circulating shares per person, an increase of 3.37% [2]

Group 1 - The core point of the news is the performance and market position of Jilin OLED Material Co., Ltd. (奥来德), which saw a stock price increase of 5.24% to 27.09 CNY per share, with a total market capitalization of 6.753 billion CNY [1] - The company specializes in the research, manufacturing, sales, and after-sales technical services of organic light-emitting materials and evaporation source equipment, with its main business revenue composition being 78.06% from organic light-emitting materials, 13.42% from other functional materials, and 8.31% from evaporation source equipment [1] - As of the second quarter, the company is a top ten holding in the招商丰凯混合A fund, which holds 10,000 shares, representing 1.89% of the fund's net value, indicating a floating profit of approximately 13,500 CNY [2] Group 2 - The fund manager of 招商丰凯混合A is Sun Lushen, who has been in the position for 5 years and 329 days, managing a total asset size of 1.489 billion CNY, with the best fund return during his tenure being 27.62% [3] - The fund has shown a year-to-date return of 20.71% and a one-year return of 21.11%, ranking 4177 out of 8160 and 3859 out of 8026 respectively in its category [2]

Core Viewpoint - The company anticipates a decline in revenue and net profit for the first three quarters of 2025, with a significant drop in both operational and non-operational profit metrics [4][5]. Group 1: Financial Performance - For the first three quarters of 2025, the company expects revenue between 370 to 400 million yuan, representing a year-on-year decrease of 13.75% to 20.22% [4]. - The projected net profit attributable to shareholders is estimated to be between 29 to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [4]. - The company anticipates a non-operational net profit loss between 6.7 to 5.6 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [4]. - In Q3 2025, the company expects to achieve revenue of 8.9 to 11.9 million yuan, a year-on-year decrease of 2.17% to 26.83% and a quarter-on-quarter decrease of 6.87% to 30.34% [4]. Group 2: Business Segments - The materials business is projected to generate revenue between 310 to 330 million yuan for the first three quarters of 2025, showing a year-on-year growth of 2.68% to 9.31% [5]. - The electronic functional materials, including OLED organic light-emitting materials and PSPI materials, have successfully been introduced to customers, contributing to steady sales growth in the materials segment [5]. - The equipment business is expected to generate revenue between 60 to 70 million yuan, reflecting a year-on-year decline of 56.66% to 62.85% [5]. - The decrease in equipment revenue is attributed to the transition period of OLED production lines, particularly the 6th generation line nearing completion and the 8.6 generation line under construction, leading to a temporary drop in evaporator demand [5]. Group 3: Strategic Partnerships - The company has signed a strategic cooperation framework agreement with BOE Technology Group, focusing on four core areas related to OLED organic materials and evaporator equipment [6][7]. - The partnership aims to ensure the security of evaporator supply and promote innovation in key equipment technologies, including OLED display evaporators and perovskite vapor deposition equipment [6]. - The collaboration is expected to deepen the company's relationship with major clients, potentially leading to significant performance growth and expansion in both equipment and materials businesses [7].

Core Insights - The optical and optoelectronic sector increased by 1.57% on October 21, with Huashu Holdings leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - Huashu Holdings (000509) closed at 3.45, with a rise of 9.87% and a trading volume of 794,300 shares, totaling a transaction value of 268 million yuan [1] - Zhouming Technology (300232) closed at 7.87, up 8.10%, with a trading volume of 850,800 shares, totaling 662 million yuan [1] - Dongtian Micro (301183) closed at 103.50, increasing by 7.86%, with a trading volume of 106,100 shares, totaling 1.066 billion yuan [1] - Aolide (688378) closed at 25.74, up 7.52%, with a trading volume of 109,200 shares, totaling 278 million yuan [1] - Weida Optoelectronics (920001) closed at 21.59, increasing by 6.20%, with a trading volume of 29,900 shares, totaling 63.67 million yuan [1] Fund Flow Analysis - The optical and optoelectronic sector experienced a net outflow of 134 million yuan from institutional funds, while retail investors saw a net inflow of 415 million yuan [2] - The overall trend indicates a mixed sentiment among different types of investors within the sector [2]

Core Viewpoint - The article discusses the third-quarter performance reports of several companies in the display technology sector, highlighting significant revenue changes and profit fluctuations, indicating varying market conditions and company strategies [2]. Company Summaries 华映科技 (China Star Optoelectronics Technology) - In Q3, the company reported revenue of 318 million yuan, a decrease of 29.54% year-on-year, with a net loss of 245 million yuan. For the first three quarters, revenue was 1.039 billion yuan, down 21.03%, and a net loss of 722 million yuan [4][5]. - The company focuses on high-value products and is transitioning towards automotive displays and industrial control screens to enhance competitiveness [4][6]. 华显光电 (China Display Optoelectronics Technology) - The company achieved a revenue of 5.4073 billion yuan in the first nine months of 2025, an increase of 83.8% year-on-year, driven by a 39.6% increase in sales volume to 28.5 million units in Q3 [8][9]. - Sales of mobile modules increased by 91.8%, while commercial display products saw a staggering growth of 488.9% [9][10]. 合力泰 (Helitai) - In Q3, Helitai reported revenue of 426 million yuan, up 18.35%, and a net profit of 651,150 yuan, a significant increase of 101.61%. For the first three quarters, revenue was 1.259 billion yuan, up 23.84% [11][12]. - The company’s growth is attributed to its electronic paper display products, which constitute over 80% of total revenue [11][13]. 奥来德 (Aolide) - Aolide's revenue for the first three quarters is expected to be between 370 million and 400 million yuan, reflecting a decline of approximately 13.8% to 20.2%. The net profit is projected to drop by 66.4% to 71.4% [14][15]. 视源股份 (CVTE) - The company reported Q3 revenue of 75.22 billion yuan, a year-on-year increase of 6.96%, with a net profit of 4.69 billion yuan, up 7.79%. For the first three quarters, revenue was 180.87 billion yuan, a 5.45% increase, but net profit decreased by 6.81% [16][17]. - CVTE is expanding its LED product offerings and enhancing its presence in overseas markets [17][18]. 大族数控 (Dazhu CNC) - Dazhu CNC achieved a revenue of 15.21 billion yuan in Q3, a remarkable increase of 95.19%, with a net profit of 2.28 billion yuan, up 281.94%. Year-to-date revenue reached 39.03 billion yuan, up 66.53% [19][20]. - The growth is driven by strong demand for AI server multilayer boards and innovative equipment sales [19][21]. 日久光电 (Rijiu Optoelectronics) - The company reported Q3 revenue of 1.99 billion yuan, a 21.15% increase, with a net profit of 313 million yuan, up 34.65%. For the first three quarters, revenue was 5.01 billion yuan, a 12.90% increase [22][23]. - Rijiu Optoelectronics is diversifying its product offerings, focusing on core technologies in precision coating and optical films [23].

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]