Landai Technology(002765) 国盛证券·2024-10-26 12:23Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The establishment of a new subsidiary, Zhuohua Optoelectronics, is expected to enhance customer resource expansion in the touch display business, which has already secured partnerships with major companies such as Corning and BOE [1]. - The recovery in traditional business sectors is anticipated to lead to a steady improvement in profitability, with the touch display segment benefiting from the revival of the LCD panel industry and increased demand in consumer and industrial control applications [1]. - The company is making progress in its overseas business and new energy gear products, with plans to invest up to 200 million RMB in Thailand for production bases [1]. Financial Summary - Revenue is projected to increase from 2,808 million RMB in 2023 to 4,849 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 18% [2]. - The net profit forecast for 2024-2026 is adjusted to 150 million RMB, 209 million RMB, and 277 million RMB, respectively, indicating a significant recovery from a loss of 365 million RMB in 2023 [2]. - The earnings per share (EPS) is expected to improve from -0.56 RMB in 2023 to 0.43 RMB in 2026 [2]. Market Position - The company has established itself as a supplier for leading firms in the touch display sector and has successfully penetrated the automotive market with products used in various vehicle models [1]. - The total market capitalization of the company is approximately 3,723.65 million RMB, with a closing price of 5.71 RMB as of October 24, 2024 [3].