莱特光电(688150)：Q3收入、利润增长趋势未变 8.6代线建设空间可期

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, despite a seasonal decline in the third quarter [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 423 million yuan, representing a year-on-year increase of 18.8%, and a net profit attributable to shareholders of 180 million yuan, up 38.6% year-on-year [1]. - In Q3 2025, the company recorded revenue of 131 million yuan, a year-on-year increase of 18.6%, but a quarter-on-quarter decline of 10.6%. The net profit for Q3 was 53.39 million yuan, reflecting a year-on-year increase of 43.3% and a quarter-on-quarter decrease of 18.6% [1]. - The revenue growth rates for the first three quarters of 2025 were 27.0%, 11.7%, and 18.6%, respectively, while the net profit growth rates were 39.9%, 33.9%, and 43.3% [1]. Cost Structure - In the first three quarters of 2025, the four major expenses accounted for 25.4% of revenue, with R&D expenses making up 11.7% of revenue. In Q3 2025, these expenses rose to 28.8% and 13.1%, respectively, due to the revenue decline [2]. - The gross margin for the first three quarters of 2025 was 74.17%, and the net profit margin was 42.52%, both showing improvements compared to the same period in 2024 [2]. - In Q3 2025, the gross margin was 73.0%, and the net profit margin was 40.68%, with year-on-year increases of 6.2 percentage points and 7.0 percentage points, respectively [2]. Industry Outlook - The acceleration of the 8.6 generation line construction in China is expected to boost the demand for OLED terminal materials, indicating a positive growth trend for the company [3]. - Major panel manufacturers are increasing investments in high-generation OLED production lines, with BOE's 8.6 generation AMOLED line expected to start production in December 2025 and reach mass production by the end of 2026 [3]. - The area of the substrate for the 8.6 generation line is 2.16 times larger than that of the 6 generation line, which will increase the demand for luminescent materials [3]. Profit Forecast - The company has adjusted its net profit forecasts for 2025-2027 to 252 million, 409 million, and 565 million yuan, respectively, maintaining a "buy" rating [3].