证券代码：688378 证券简称：奥来德 公告编号：2025-025 吉林奥来德光电材料股份有限公司 全资子公司签署日常经营重大合同的公告 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。 重要内容提示： 合同类型：采购合同 合同金额：655,400,000.00 元（含税） 合同生效：本合同于生效日期生效，双方权利义务履行完毕后终止 合同履行期限：根据合同要求，完成设备交付、到货检查、安装调试、培训、质 保等相关工作 对上市公司当期业绩的影响：根据产品交付、验收情况，预计对 2025 年度、2026 年度的业绩产生积极影响，但不排除确认收入时间有延后的可能。 一、审议程序情况 公司于 2025 年 2 月 20 日在上海证券交易所网站披露了《关于全资子公司收 到中标通知书的公告》。 2025 年 4 月 30 日公司召开了第五届董事会第十二次会议，审议通过了《关 于全资子公司签署日常经营重大合同的议案》，已批准本次交易事项。根据《上 海证券交易所科创板股票上市规则》及《公司章程》等规定，本次交易无需提交 公司股东大会审议及 ...

Core Viewpoint - The company announced a procurement contract with Chengdu BOE Display Technology Co., Ltd. for linear evaporation sources, amounting to 655 million yuan (including tax) [1] Group 1: Contract Details - The contract has become effective and will terminate upon the completion of rights and obligations by both parties [1] - The company is responsible for equipment delivery, arrival inspection, installation and debugging, training, and warranty [1] Group 2: Financial Impact - The contract is expected to have a positive impact on the company's performance in the fiscal years 2025 and 2026 [1] - There is a possibility of delayed revenue recognition according to the contract requirements [1]

证券代码：688378 证券简称：奥来德 公告编号：2025-023 吉林奥来德光电材料股份有限公司 会议召开时间：2025 年 5 月 7 日（星期三）15:00-17:00 投资者可于 2025 年 4 月 25 日（星期五）至 5 月 6 日（星期二）16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhengyu@jl-oled.com 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 吉林奥来德光电材料股份有限公司（以下简称"公司"）已于 2025 年 4 月 17 日披露公司《2024 年年度报告》及《2025 年第一季度报告》。为便于广大投资者更 全面深入地了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公司计 划于 2025 年 5 月 7 日 （星期三） 15:00-17:00 参加 2024 年度科创板消费电子行业 集体业绩说明会，并同时召开 2025 年第一季度业绩说明会，就投资者关心的问题进 行交流。 关于参加 2024 年度科创板消费电子行业集体业绩说明会暨 召开 2025 年第一季度业绩说明会的公告 本公司董事会及全体董 ...

丨证券研究报告丨 联合研究丨公司点评丨奥来德（688378.SH） 请阅读最后评级说明和重要声明 %% %% [Table_Title] 高世代线设备放量在即，材料业务持续增长 报告要点 [Table_Summary] 1、公司发布 2024 年年报，全年实现收入 5.3 亿元（同比+3.0%），归属净利润 0.9 亿元（同比 -26.0%），归属扣非净利润 0.5 亿元（同比-40.1%）。公司拟向全体股东每 10 股派发现金红利 2.5 元（含税）。2、公司发布 2024 年一季报，实现收入 1.5 亿元（同比-40.7%），归属净利润 0.3 亿元（同比-73.2%），归属扣非净利润 0.1 亿元（同比-82.1%）。 分析师及联系人 [Table_Author] 马太 杨洋 谢尔曼 叶家宏 SAC：S0490516100002 SAC：S0490517070012 SAC：S0490518070003 SAC：S0490522060003 SFC：BUT911 SFC：BUW100 %% %% research.95579.com 1 奥来德（688378.SH） cjzqdt11111 [Table ...

伐谋-中小盘信息更新 奥来德（688378.SH） 2025 年 04 月 21 日 投资评级：买入（维持） | 日期 | 2025/4/18 | | --- | --- | | 当前股价(元) | 18.32 | | 一年最高最低(元) | 41.60/13.16 | | 总市值(亿元) | 38.13 | | 流通市值(亿元) | 36.86 | | 总股本(亿股) | 2.08 | | 流通股本(亿股) | 2.01 | | 近 3 个月换手率(%) | 166.54 | 中小盘研究团队 8.6 代设备迎突破，材料业务稳健增长 ——中小盘信息更新 | 赵晨旭（联系人） | | --- | | 周佳（分析师） | zhaochenxu@kysec.cn 证书编号：S0790124120019 设备业务阶段性承压，OLED 材料业务显著放量 公司发布2024年年报及2025年一季报，2024年实现营业收入5.3亿元，同比+3%， 归母净利润 0.9 亿元，同比-26.0%；2025Q1 营收 1.5 亿元，同比-40.7%，归母净 利润 0.25 亿元，同比-73.23%。业绩下滑主要因为国内"6 代线向 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company is expected to benefit from a new round of capital expenditure in high-generation OLED lines, with a focus on expanding its OLED materials portfolio [6][7]. - The company achieved a revenue of 533 million yuan in 2024, a year-on-year increase of 3%, but the net profit decreased by 26.04% to 90 million yuan [6]. - The first quarter of 2025 saw a significant decline in revenue and net profit, with revenues dropping by 40.71% to 153 million yuan and net profit decreasing by 73.23% to 25 million yuan, primarily due to differences in equipment confirmation timing compared to the previous year [6][7]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 890 million yuan in 2025 to 1,156 million yuan in 2027, with a compound annual growth rate of approximately 13.7% [6][9]. - The net profit is expected to rebound significantly in 2025 to 206 million yuan, reflecting a year-on-year growth of 127.4% [6][9]. - The earnings per share (EPS) is forecasted to increase from 0.99 yuan in 2025 to 1.46 yuan in 2027 [6][9]. - The gross margin is expected to stabilize around 53.4% from 2025 to 2026 [6][9]. Investment Highlights - The company’s OLED materials business showed strong growth, with a revenue of 363 million yuan in 2024, up 14.31% year-on-year, and a record high of 136 million yuan in Q1 2025 [7]. - The company is actively expanding its R&D efforts in OLED materials, with a total investment of 150 million yuan in 2024, marking a 22.73% increase [7]. - The company has successfully secured a significant order for G8.6 evaporation source equipment, valued at approximately 655 million yuan, which is expected to positively impact the company's performance in 2025 and 2026 [7].

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 23.65 CNY for the next six months [4][5]. Core Views - The OLED industry is experiencing a steady increase in operating rates, with a significant upgrade to the 8.6 generation line imminent. The total shipment of OLED panels for smartphones reached 834 million units, with foldable smartphones accounting for 24 million units, marking a 27% year-on-year growth [2]. - The company reported a revenue of 533 million CNY for 2024, a 3% increase year-on-year, while the net profit attributable to shareholders was 90 million CNY, reflecting a decline of 26.04% [1]. - The company successfully won a bid for a project with BOE for the 8.6 generation AMOLED production line, with a contract value estimated between 600 million to 750 million CNY [2]. Financial Performance - For 2025, the company is projected to achieve revenues of 757 million CNY, 1.195 billion CNY in 2026, and 1.733 billion CNY in 2027, with net profits expected to be 164 million CNY, 292 million CNY, and 386 million CNY respectively [4][10]. - The company’s R&D investment reached 150 million CNY, with significant advancements in material and equipment development, including the successful creation of 8.6 generation evaporation source equipment [3]. Market Position - The company is positioned as a core player in the domestic OLED industry, leveraging both equipment and materials to drive growth [7].

Group 1: Jiejie Microelectronics - Jiejie Microelectronics is projected to have revenues of 585 million, 914 million, and 1.307 billion for thyristors, protection devices, and MOSFETs in 2024, with gross margins of 44.69%, 34.57%, and 32.56% respectively [1] - In Q4 2024, revenues for thyristors, protection devices, and MOSFETs are expected to be 155 million, 263 million, and 415 million, with gross margins of 40.78%, 30.99%, and 28.49% respectively [1] - The company has achieved mass production capability for its 6-inch line project, with a current capacity of 50,000 pieces per month [1] - The Nantong high-end power semiconductor device industrialization project is expected to reach a capacity of 1.2 million pieces in 2024 and 1.5 million pieces in 2025 [1] - By 2025, the downstream market share is anticipated to be 35% industrial, 38% consumer, 23% automotive, and 3% communication [1] - The decline in Q4 gross margin is attributed to quality risk provisions and intense market competition leading to price adjustments [1] - Automotive applications include batteries, power supplies, electric drives, chassis, power, and body, with major clients including KESIDA, Sanhua, Aiteke, and Huayu [1] - A new company in Chengdu is expected to complete business registration by October 2024, aiming for sales of 5 million by 2025 [1] - The automotive-grade packaging project is set to begin trial production by the end of January 2025, adding a capacity of 1.6 billion devices [1] - The market competition in 2025 is expected to be fierce, with slight price declines for some thyristors and protection devices, while MOSFET prices remain stable [1] Group 2: Aolaide - Aolaide's projected revenues for 2024 and Q1 2025 are 533 million and 153 million respectively, with stable performance in materials business and a decline in equipment business due to industry transformation [2] - The company is actively promoting domestic substitution in materials business and is focusing on new product development [2] - Aolaide has secured an order for 8.6-generation evaporation source equipment from BOE in its equipment business [2] - R&D investment is continuously increasing, expected to reach 150 million in 2024, with a total of 913 patent applications [2] - The company is actively participating in national project applications, with 23 projects successfully approved in 2024 [2] - Aolaide is exploring the use of AI technology to optimize materials research and production [2]

Group 1: Aolaide - Aolaide's projected revenue for Q1 2024 is 533 million, and for Q1 2025 is 153 million, with stable performance in materials business and a decline in equipment business due to industry transformation [1] - The company is actively promoting domestic substitution in materials business and is focusing on new product R&D, with R&D investment expected to reach 150 million in 2024 and a total of 913 patent applications [1] - Aolaide has successfully established 23 national project applications in 2024 and is utilizing AI technology to optimize material R&D and production [1] Group 2: Lianying Laser - Lianying Laser signed new orders worth 3 billion in 2023, a decrease of 10.33% year-on-year, with Q1 2024 orders nearing 1.8 billion and a target of 4.5 billion for 2025 [2] - The company anticipates rapid growth in the lithium battery sector for electric vehicles and energy storage in 2024, with a strategic adjustment planned for the power lithium battery sector after September 2024 [2] - Lianying Laser's inventory is healthy, with a projected doubling of impairment provisions in 2024, but a decrease in impairment expectations for 2025 [2]

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]