Shaanxi Lighte Optoelectronics Material (SH:688150) Tianfeng Securities·2024-11-08 08:25Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company has maintained high growth in the first three quarters of 2024, with revenue reaching 356 million yuan, a year-on-year increase of 79.9%, and a net profit of 130 million yuan, up 131.7% year-on-year [1] - The gross margin and net margin for the first three quarters of 2024 were 66.39% and 36.34%, respectively, showing significant improvement compared to 2023 [1] - The company experienced a decline in revenue and net profit in Q3 2024 compared to Q2 2024, with decreases of 15.81% and 23.90%, respectively, primarily due to increased expenses [2] - The domestic shipment of OLED panels has significantly increased, with the company's main customer, BOE, achieving a market share of 16.1% and a year-on-year shipment growth of 31.4% [3] - The company has accelerated the development and validation of multiple materials, with several materials reaching international advanced levels [3] Financial Summary - For 2024, the company adjusted its profit forecast to 176 million yuan, down from a previous estimate of 195 million yuan, and projected a profit of 300 million yuan for 2025 and 384 million yuan for 2026 [4] - The company's revenue for 2024 is expected to be 591.94 million yuan, representing a growth rate of 96.87% [5] - The earnings per share (EPS) for 2024 is projected to be 0.44 yuan, with a price-to-earnings (P/E) ratio of 47.21 [5] - The company’s total assets are expected to reach 2,083.11 million yuan by 2024, with a debt-to-asset ratio of 11.19% [11]