Jilin OLED(SH:688378) Shanghai Securities·2024-09-04 02:30Investment Rating - The report maintains a "Buy" rating for the company [6][15]. Core Views - The company reported a revenue of 342 million yuan for the first half of 2024, a year-on-year increase of 4.39%, while the net profit attributable to shareholders decreased by 5.81% to 92 million yuan [6][7]. - The gross profit margin for sales was 51.50%, down by 9.03 percentage points year-on-year, and the net profit margin was 26.84%, down by 2.90 percentage points year-on-year [6]. - The decline in profitability is attributed to changes in product structure and a decrease in the gross margin of organic light-emitting materials [7]. - The organic light-emitting materials business accounted for 62.65% of total revenue, up by 18.46 percentage points year-on-year, while the higher-margin evaporation source business accounted for 38.38%, down by 18.38 percentage points year-on-year [7]. - The company has made significant progress in its organic light-emitting materials business, with revenue reaching 214 million yuan, a year-on-year increase of 48.01% [7]. - The company has ongoing orders for upgrading 6th generation equipment and is preparing for 8th generation equipment, indicating a strong potential for future orders [7]. Financial Summary - For 2023, the company expects revenue of 517 million yuan, with a projected growth rate of 12.7% [5]. - The net profit attributable to shareholders is forecasted to be 122 million yuan, with a growth rate of 8.2% [5]. - The earnings per share (EPS) for 2024 is projected to be 0.90 yuan, with a price-to-earnings (P/E) ratio of 16.01 [5][11]. - The company’s net profit forecasts for 2024, 2025, and 2026 are adjusted to 188 million yuan, 263 million yuan, and 401 million yuan, respectively, with corresponding growth rates of 53.94%, 39.72%, and 52.32% [7].