莱特光电深度报告：OLED材料国产化提速，双层OLED驱动新成长

Investment Rating - The report gives a "Buy" rating to Laite Optoelectronics (688150) with a target price of 36 yuan, implying a 40-50% upside from the current price [7] Core Views - Laite Optoelectronics is a leading domestic OLED luminescent material manufacturer benefiting from capacity expansion and market share growth of domestic OLED panel makers, as well as accelerated localization of OLED materials [1] - The commercialization of new display technologies like double-layer OLED is expected to further boost global demand for luminescent materials, driving the company's future earnings above expectations [1] - The company's growth is driven by multiple factors: domestic OLED panel makers' capacity expansion, global market share gains, faster OLED material localization, product category expansion, and new growth from double-layer OLED [4] - Key catalysts include downstream domestic panel makers' high-generation OLED line expansions, OLED penetration in PC/tablet displays, domestic panel makers' OLED material verification and adoption progress, and new consumer electronics products featuring double-layer OLED [5] Company Overview - Laite Optoelectronics, founded in 2010 and listed on the STAR Market in March 2022, is a pioneer in domestic OLED terminal materials, supplying major domestic panel makers like BOE, Tianma, and CSOT [16] - The company has achieved import substitution in OLED terminal materials, with its own patents covering core functional layer materials like light-emitting layer, hole transport layer, and electron transport layer materials [16] - The company's business is divided into OLED terminal materials and OLED intermediates, with terminal materials directly used in OLED panel production and intermediates serving as raw materials for terminal materials [17] - The company has gone through four development stages, from chemical trading to establishing integrated production capabilities spanning OLED intermediates, sublimation materials, and terminal materials [18][20] Industry Analysis - OLED penetration continues to rise, with AMOLED becoming mainstream in smartphones and showing great potential in large-size TV panels [30][34] - China's OLED capacity share has surged to 43.7% globally as of 2023, narrowing the gap with South Korea and poised to overtake it in the coming years [42] - OLED material supply heavily relies on imports, with terminal luminescent materials still monopolized by overseas players, creating urgent need for localization [43][44] - Domestic OLED material companies face significant opportunities from both OLED penetration growth and import substitution trends [60] Financial Projections - Revenue is forecast to grow 85.58%/64.56%/38.11% YoY in 2024-2026, reaching 5.58/9.18/12.68 billion yuan [7][63] - Net profit attributable to parent is projected to increase 136.79%/76.16%/40.73% YoY in 2024-2026, reaching 182/321/452 million yuan [7][63] - EPS is estimated at 0.45/0.80/1.12 yuan for 2024-2026, with PE ratios of 52.99/30.08/21.37x [7][66] - The OLED materials business is expected to maintain high growth, with revenue increasing 100%/70%/40% YoY in 2024-2026 and gross margin rising to 71%/72%/73% [61][62]