莱特光电：盈利能力显著增强，需求提升+新产品迭代放量驱动业绩长期增长

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company's performance is supported by the continuous increase in OLED penetration and the diversification of its product offerings, which are expected to drive long-term growth [1] - The company has successfully entered the supply chains of several well-known domestic panel manufacturers, which is anticipated to enhance its market share and maintain its leading position in the domestic market [1] - The significant improvement in profitability is driven by increased demand and the release of new products, with a notable rise in revenue and net profit for the first half of 2024 [2][3] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 246 million yuan, a year-on-year increase of 73.65%, and a net profit of 92 million yuan, up 111.43% [2] - The second quarter of 2024 saw revenue of 131 million yuan, reflecting an 85.28% year-on-year growth and a 15.24% quarter-on-quarter increase, with a net profit of 49 million yuan, marking a 142.16% year-on-year increase [2] - The gross margin for the first half of 2024 was 66.20%, an increase of 1.33 percentage points year-on-year, attributed to new product price increases and scale effects [2] - The net profit margin for the first half of 2024 was 37.67%, up 6.73 percentage points year-on-year, driven by improved gross margins and cost reduction measures [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.50 yuan, 0.81 yuan, and 1.21 yuan, respectively [3] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 31.7, 19.5, and 13.1, respectively [3]