Visionox(002387) 国联证券·2024-09-02 05:06Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady improvement in revenue, achieving an operating income of 3.933 billion yuan in the first half of 2024, representing a year-on-year increase of 46.05%. However, the net profit attributable to shareholders was -1.177 billion yuan, a decrease of 28.00% year-on-year [2][6] - The company is accelerating the construction of the G8.6 flexible AMOLED production line, with a total investment of 55 billion yuan, which is expected to enhance its market share in the medium-sized display panel sector [7][8] Financial Performance Summary - In the first half of 2024, the company achieved an operating income of 3.933 billion yuan, with a year-on-year growth of 46.05%. The net profit attributable to shareholders was -1.177 billion yuan, down 28.00% year-on-year. The basic earnings per share were -0.85 yuan [2][6] - The company's OLED product revenue increased by 61.80% year-on-year, driven by a recovery in the display industry and rising product prices [6] - The gross margin and net margin for the company were -10.50% and -36.81%, respectively, showing improvements of 22.36 percentage points and 37.70 percentage points year-on-year [6] Future Projections - Revenue projections for 2024-2026 are 8.452 billion yuan, 9.515 billion yuan, and 10.552 billion yuan, with year-on-year growth rates of 42.64%, 12.58%, and 10.90%, respectively. The net profit attributable to shareholders is expected to be -2.233 billion yuan, -1.547 billion yuan, and -735 million yuan for the same period [8][9] - The company is expected to maintain its position as a leading domestic AMOLED display panel manufacturer, with the new production line likely to expand its market share [8]