莱特光电：盈利能力持续提速，看好后续成长

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company achieved a revenue of 246 million yuan in the first half of 2024, representing a year-on-year growth of 73.65%, and a net profit attributable to the parent company of 92 million yuan, up 111.43% year-on-year, aligning with expectations [2]. - The company's profitability has improved both year-on-year and quarter-on-quarter, with a significant increase in net profit in the second quarter, reflecting strong product performance and increased penetration in downstream clients [3]. - New product introductions have led to revenue and gross margin increases in the second quarter, with revenue reaching 131 million yuan, a year-on-year increase of 85.28% and a quarter-on-quarter increase of 15.24% [3]. - The overall demand for OLED panels is rising, supported by a recovery in consumer electronics demand, with domestic panel manufacturers increasing their global market share to 50.7%, up from 40.6% in the first half of 2023 [3]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are 212 million yuan, 314 million yuan, and 450 million yuan respectively, with corresponding EPS of 0.53 yuan, 0.78 yuan, and 1.12 yuan, leading to PE ratios of 30.61X, 20.70X, and 14.43X [3][5].