3 风险提示 请务必阅读正文后的重要声明部分 9 | --- | --- | --- | |----------|-------|-----------------------------------------------------------------------------------------| | | | | | | | 买入：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 20% 以上 | | | | 持有：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 10% 与 20% 之间 | | 公司评级 | | 中性：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -10% 与 10% 之间 | | | | 回避：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅介于 -20% 与 -10% 之间 | | | | 卖出：未来 6 个月内，个股相对同期相关证券市场代表性指数涨幅在 -20% 以下 | | | | | 强于大市：未来 6 个月内，行业整体回报高于同期相关证券市场代表性指数 5%以上 | --- | --- | --- | |-------- ...

Investment Rating - The investment rating for the company is "Buy" [4][5][8] Core Views - The company has shown continuous high growth in materials and accelerated diversification in equipment. In 2023, the company achieved revenue of 517 million, a year-on-year increase of 12.73%, and a net profit attributable to shareholders of 122 million, up 8.16% year-on-year. The organic light-emitting materials segment saw a significant revenue increase of 49.42% [7][8] - The gross margin for 2023 was 56.46%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 23.64%, a decrease of 0.99 percentage points year-on-year. The company is increasing its R&D investment, with R&D expenses rising by 13.49% to 102 million [2][8] Financial Summary - The company is expected to achieve revenues of 736 million, 1.12 billion, and 1.60 billion in 2024, 2025, and 2026, respectively, with corresponding net profits of 189 million, 269 million, and 394 million [8][12] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.27, 1.81, and 2.65, respectively, with a return on equity (ROE) expected to rise from 7% in 2023 to 19% in 2026 [4][12] - The company’s price-to-earnings (P/E) ratios are projected to be 23, 17, and 11 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation outlook [8][12]

证券研究报告 公司快报 2024 年 04 月 21 日 奥来德(688378.SH) 事件： 受益于 OLED 渗透率提升，有机发光材料业务成为增长主力： 蒸发源设备核心国产企业，有望受益国内 OLED 高世代线扩产： 年报披露，公司能够自主生产蒸发源设备，完全打破了国外的技术壁 垒，实现了技术领先，解决了国内 6 代 AMOLED 产线的"卡脖子" 技术问题。目前国际范围内，也只有极个别企业能够开发和产业化应 用于高世代的高性能线性蒸发源，奥来德是唯一的国内企业。年报披 露，报告期内，子公司上海升翕顺利完成了厦门天马二期和重庆京东 方三期追加蒸发源项目的合同签约工作。同时，公司积极跟踪下游面 板厂家动态，协助进行蒸发源设备及相关备件的改善，并按计划完成 厦门天马一期、重庆京东方三期蒸发源项目的验收。在国内 OLED 面 板厂扩产的背景下，公司有望直接受益。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 股价表现 -43% -33% -23% -13% -3% 7% 17% 27% 2023-04 2023-08 2023-12 2024-04 奥来德 沪深300 | --- | --- ...

股价:29.5元 公司发布2023年年度报告，实现营业收入5.17亿元，同比增长12.73%，实现 归母净利润1.22亿元，同比增长8.16%。公司拟向全体股东每10股派发现金红 利8元（含税），以资本公积金向全体股东每10股转增4股。 资料来源：同花顺 iFinD，平安证券研究所 公司声明及风险提示: 此报告所载资料的来源及观点的出处皆被平安证券认为可靠，但平安证券不能担保其准确性或完整性，报告中 的信息或所表达观点不构成所述证券买卖的出价或询价，报告内容仅供参考。平安证券不对因使用此报告的材 料而引致的损失而负上任何责任，除非法律法规有明确规定。客户并不能仅依靠此报告而取代行使独立判断。 2024年04月19日 电子 ■ 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 深圳市福田区益田路5023号平安金 融中心B座25层 上海市陆家嘴环路1333号平安金融 大厦26楼 北京市丰台区金泽西路4号院1号楼丽 泽平安金融中心B座25层 主要数据 | --- | --- | |------------------------------------| ...

上 市 公 司 证 券 研 究 报 告 机械设备 公 司 研 究 / 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 18 日 | | 收盘价（元） | 29.5 | | 一年内最高 / 最低（元） | 67/21.8 | | 市净率 | 2.5 | | 息率（分红/ 股价） | - | | 流通 A 股市值（百万元） | 4240 | | 上证指数/深证成指 | 3074.23/9376.81 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 11.95 | | 资产负债率 % | 19.69 | | 总股本 / 流通 A 股（百万） | 149/144 | | 流 ...

推荐 维持评级 当前价格： 29.50 元 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 公司财务报表数据预测汇总 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并登记为注册分析师，基于认真审慎的工作态度、专业严谨的研 究方法与分析逻辑得出研究结论，独立、客观地出具本报告，并对本报告的内容和观点负责。本报告清晰准确地反映了研究人员的研 究观点，结论不受任何第三方的授意、影响，研究人员不曾因、不因、也将不会因本报告中的具体推荐意见或观点而直接或间接收到任 何形式的补偿。 | --- | --- | --- | --- | |---------------------------------------------------------------------------------|----------|---------------|------------------------------------| | 投资建议评级标准 | | 评级 \n推荐 | 说明 \n相对基准指数涨幅 15% 以上 | | 以报告发布日后的 12 个月内公司股价（或行业 | | ...

吉林奥来德光电材料 股份有限公司 募集资金存放与实际使用情况 审核报告 大信专审字[2024]第 7-00005 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 募集资金存放与实际使用情况审核报告 大信专审字[2024]第 7-00005 号 吉林奥来德光电材料股份有限公司全体股东： 我们接受委托，对后附的吉林奥来德光电材料股份有限公司（以下简称"贵公司"）《2023 年度募集资金存放与实际使用情 ...

Financial Performance - The company achieved a total revenue of 517 million yuan, representing a year-on-year growth of 12.73%[25]. - Revenue from organic light-emitting materials reached 318 million yuan, with a significant year-on-year increase of 49.42%[25]. - Revenue from evaporation source equipment was 199 million yuan, showing a decline of 19.01% compared to the previous year[25]. - The overall gross profit margin for the company was 56.46%[25]. - The net profit attributable to shareholders was 122 million yuan, reflecting a year-on-year growth of 8.16%[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 75.51 million yuan, down 5.31% year-on-year[25]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[46]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to 1.44 billion RMB[46]. - The net cash flow from operating activities was CNY 24,589,083.82, up 20.62% from the previous year[58]. - The company's total assets as of the end of 2023 amounted to CNY 2,213,120,458.24, reflecting a 3.01% increase from the previous year[58]. - The net assets attributable to shareholders increased to CNY 1,777,256,211.11, a growth of 6.44% year-on-year[58]. - Basic earnings per share for 2023 were CNY 0.84, a 6.33% increase compared to CNY 0.79 in 2022[58]. Research and Development - The company has added 93 new invention patents, bringing the total to 325, reflecting its strong R&D foundation and capabilities[100]. - The company is focused on continuous R&D investment to enhance product quality and diversify its product range[87]. - The company's R&D expenditure accounted for 23.63% of operating revenue, an increase of 2.48 percentage points from the previous year[58]. - Total R&D investment reached ¥122,228,774.92, an increase of 25.94% compared to the previous year, with R&D expenses accounting for 23.63% of operating income[141]. - The company has established a comprehensive R&D system, including platforms for material design, theoretical simulation, device characterization, and patent analysis[160]. - The company has implemented various R&D models, including independent, collaborative, and outsourced development[157]. - The company is actively increasing R&D investments to enhance its technological capabilities and product offerings, ensuring sustainable development[122]. - The company has established a stable R&D team and a comprehensive R&D mechanism since its founding in 2005, focusing on the development of OLED organic light-emitting materials[126]. Market Position and Strategy - The company is committed to becoming a globally recognized R&D and manufacturing enterprise in the OLED materials and equipment sector[87]. - The company is expanding its market presence, targeting a 10% increase in market share in the Asia-Pacific region[46]. - The company is actively pursuing international cooperation in technology and talent acquisition to stay updated with industry advancements[98]. - The company has achieved a 43.7% share of global OLED panel production capacity in China, rapidly approaching the leading position in the global market[108]. - The company is focused on developing new materials and technologies, including PFAS-Free PSPI and low dielectric encapsulation products, in collaboration with panel manufacturers[99]. Product Development and Innovation - The company has developed PSPI materials for OLED displays, achieving domestic production capabilities and breaking foreign monopolies[16]. - The company is advancing the development of a perovskite evaporation machine for photovoltaic production lines, with overall design completed and prototype production underway[21]. - New product development includes the launch of a next-generation OLED material, expected to enhance display efficiency by 30%[46]. - The company is working on a new generation G8.5 AMOLED linear evaporation source, aiming for domestic mass production to meet industry demands[14]. - The company has developed a new type of high-efficiency phosphorescent OLED material, achieving domestic leading performance levels[17]. - The company has developed a series of high mobility electron transport materials that significantly reduce device driving voltage and enhance luminous efficiency, achieving performance levels that meet or exceed foreign counterparts[127]. Customer and Market Risks - The company is facing risks related to the concentration of customers in its evaporator source business, which could impact future revenue stability[2]. - The company is exposed to risks from reliance on imported core materials for its evaporator source products, which could affect production quality[3]. - The OLED industry is experiencing increased competition and market volatility, which may negatively impact the company's operational performance[7]. Environmental and Social Responsibility - The company has invested RMB 3.4958 million in environmental protection during the reporting period[176]. - The company has reduced carbon emissions by 3.3 tons through clean production measures[181]. - The company emphasizes environmental protection and has developed internal management systems in compliance with environmental laws[200]. Investor Relations - The company held four earnings conference calls in 2023, specifically on May 13, May 17, September 1, and November 10[189]. - The company has established a dedicated investor relations section on its official website to enhance communication with investors[189].

吉林奥来德光电材料股份有限公司 李斌，1964 年出生，中国国籍，无境外永久居留权，博士研究生。自 1986 年 7 月至 1988 年 8 月任白求恩医科大学助教，1991 年 7 月至 1994 年 8 月任吉 林省环境保护研究所工程师，1994 年 9 月至 1997 年 10 月在中科院长春应化所 攻读博士学位，1997 年 10 月至 1999 年 12 月在吉林大学化学系博士后流动站工 作，2000 年 2 月至 2003 年 8 月在香港大学任研究助理，2003 年 8 月至今任中国 科学院长春光学精密机械与物理研究所研究员、博士生导师，2019 年 11 月至今 任公司独立董事。 （二）独立董事任职董事会专门委员会的情况 本人在提名委员会任职主任委员；在审计委员会、战略委员会任职委员。 （三）独立性说明 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《公司章程》 以及《独立董事工作制度》等相关文件中所要求的独立性和担任公司独立董事的 任职资格，能够确保客观、独立的专业判断，不存在影响独立性的情况。 2023 ...

吉林奥来德光电材料 股份有限公司 内控审计报告 大信审字[2024]第 7-00013 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 电话 Telephone：+86（10）82330558 传 ...