Leyard(300296) Orient Securities·2024-08-06 03:03Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 5.75 CNY, based on a 23x price-to-earnings ratio for 2024 [2][3]. Core Insights - The company is actively advancing its Micro LED product line and expanding production capacity, aiming to increase from 1,600K units per month to 4,000K units by the end of the year [1]. - A new direct sales channel strategy has been implemented to enhance regional business operations and reduce internal inefficiencies [1]. - The company is gradually improving its overseas presence, with a dual-brand strategy to cover high, medium, and low-end markets in Europe and America, while also expanding in Asia, Africa, and Latin America [1]. - Cost control measures are being prioritized, with expectations to reduce various expenses and achieve profitability targets in 2024 [1]. Financial Forecasts - The projected earnings per share for 2024, 2025, and 2026 are 0.25 CNY, 0.31 CNY, and 0.39 CNY respectively, reflecting adjustments in revenue and gross margin forecasts [2][8]. - Revenue forecasts for 2024, 2025, and 2026 are 8,787 million CNY, 10,374 million CNY, and 12,152 million CNY, indicating a growth rate of 15.4%, 18.1%, and 17.1% respectively [5][11]. - The company's gross margin is expected to remain stable around 31.1% to 31.2% over the forecast period [5][11].