CHANGELIGHT(300102) 中邮证券·2024-10-21 02:30Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5]. Core Insights - The company has shown a steady growth in its LED display and lighting sectors, with a notable increase in net profit by 155.95% year-on-year for Q3 2024 [3][4]. - The company is focusing on optimizing its product structure in the lighting sector, enhancing chip efficiency and brightness [4]. - Significant advancements have been made in backlight products, achieving industry-leading performance and certifications from domestic and international clients [4]. - The automotive product line has been expanded, receiving quality management certifications and achieving mass production [4]. - The company is capitalizing on the growth of indoor agriculture and commercial aerospace, with strong demand for its solar battery products [4]. Financial Summary - For the fiscal years 2024, 2025, and 2026, the company is projected to achieve revenues of 26 billion, 30 billion, and 35 billion yuan respectively, with net profits of 0.7 billion, 1.5 billion, and 2.7 billion yuan [5][7]. - The expected growth rates for revenue are 8.91%, 15.43%, and 16.75% for the respective years [7]. - The price-to-earnings (P/E) ratios are projected to be 124, 60, and 34 for 2024, 2025, and 2026 respectively [5][7].