Shaanxi Lighte Optoelectronics Material (SH:688150) Great Wall Securities·2024-10-30 01:20Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has significantly improved its performance year-on-year, benefiting from the accelerated penetration of medium-sized OLEDs [1][2] - The overall gross margin for the first three quarters of 2024 is 66.39%, an increase of 2.79 percentage points year-on-year, while the net profit margin is 36.43%, up 8.14 percentage points year-on-year [2] - The company is expanding its product moat and steadily increasing its production capacity for OLED terminal materials [3] - The penetration of OLED in medium-sized applications is accelerating, with significant growth expected in the domestic OLED panel market [6] - The company is expected to leverage its capacity expansion and technological innovation to capture growth opportunities and achieve performance growth [7] Financial Summary - In the first three quarters of 2024, the company achieved operating revenue of 356 million, a year-on-year increase of 79.91%, and a net profit attributable to the parent company of 130 million, up 131.70% year-on-year [1] - The company’s operating income is projected to grow from 301 million in 2023 to 573 million in 2024, representing a growth rate of 90.6% [1] - The estimated net profit for 2024-2026 is projected to be 200 million, 303 million, and 473 million respectively, with corresponding EPS of 0.50, 0.75, and 1.18 [7]