Shaanxi Lighte Optoelectronics Material (SH:688150) Ping An Securities·2024-10-27 05:11Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company's performance is outstanding, with revenue and profit showing significant growth. In Q3 2024, the company achieved revenue of 111 million yuan, a year-on-year increase of 95.53%, and a net profit attributable to shareholders of 37 million yuan, a year-on-year increase of 204.03% [3][4] - The increase in revenue and profit is primarily attributed to the ramp-up of new products and the growing demand in the downstream OLED market. The gross margin for Q3 2024 is 66.81%, an increase of 6.38 percentage points compared to the same period last year, indicating strong profitability [4] - The penetration rate of OLED continues to rise, benefiting upstream materials. The trend of OLED expansion in the industry is clear, with domestic OLED material manufacturers expected to see significant growth potential due to both industry expansion and domestic substitution [4] Financial Summary - For the fiscal year 2023, the company reported revenue of 301 million yuan, with a projected increase to 536 million yuan in 2024, representing a year-on-year growth of 78.2% [7] - The net profit for 2023 is 77 million yuan, expected to rise to 198 million yuan in 2024, reflecting a year-on-year growth of 157.3% [7] - The company's EPS (Earnings Per Share) is projected to be 0.49 yuan in 2024, with further increases to 0.70 yuan in 2025 and 1.00 yuan in 2026 [8] Cash Flow and Financial Ratios - Operating cash flow for 2024 is expected to be 262 million yuan, significantly up from 66 million yuan in 2023 [6] - The company's gross margin is projected to be 66.8% in 2024, with a net margin of 37.0% [8] - The asset-liability ratio is low at 12.8% for 2024, indicating a strong financial position [8]