瑞联新材：2024Q3净利润实现快速增长，参股出光布局OLED发光材料

Investment Rating - The report assigns an "Outperform" rating to Ruilian New Materials (688550) [1] Core Views - The company focuses on R&D, production, and sales of specialized organic new materials, including display materials, pharmaceutical products, and electronic chemicals [4] - Ruilian New Materials has established partnerships with global clients such as Merck, JNC, Dupont, LG Chem, Chugai, and AstraZeneca [4] - The company's Q3 2024 net profit showed rapid growth, driven by recovery in consumer electronics demand and increased sales in the pharmaceutical sector [5] - Ruilian New Materials has invested in Idemitsu Electronic Materials to achieve industrial chain synergy and accelerate domestic substitution in OLED materials [6] Financial Performance - Revenue for 2021-2024Q1-3 was 1.526B, 1.480B, 1.208B, and 1.093B yuan respectively, with YoY growth of 45.35%, -2.96%, -18.39%, and 17.32% [5] - Net profit attributable to shareholders for the same periods was 240M, 247M, 134M, and 185M yuan, with YoY growth of 36.70%, 2.82%, -45.57%, and 88.98% [5] - The company's 2024-2026 EPS is forecasted to be 1.38, 1.84, and 2.40 yuan respectively [6] - Gross margin is expected to improve from 35.2% in 2023 to 39.6% in 2024, 40.7% in 2025, and 40.8% in 2026 [7] Business Segments - Display materials: Expected to grow at 30% annually from 2024-2026, with gross margin improving from 33.23% in 2023 to 42% in 2026 [8][9] - Pharmaceutical intermediates: Projected to maintain a 30% gross margin from 2024-2026 [9] - Other main businesses: Expected to maintain a 15% gross margin from 2024-2026 [9] Valuation - The report suggests a reasonable valuation range of 30-35x PE for 2024, corresponding to a price range of 41.40-48.30 yuan [6] - Compared to peers, Ruilian New Materials has a lower PE ratio than the industry average of 36x for 2024 [10] Financial Projections - Revenue is forecasted to grow from 1.208B yuan in 2023 to 2.547B yuan in 2026, with a CAGR of 28.3% [7] - Net profit is expected to increase from 134M yuan in 2023 to 420M yuan in 2026 [7] - ROE is projected to improve from 4.6% in 2023 to 11.1% in 2026 [7] Industry Outlook - The global OLED display panel market is dominated by Samsung Display, LG Display, and Chinese manufacturers like BOE, Visionox, Everdisplay, and Tianma [8] - The report anticipates stable growth in downstream application fields, supporting the company's display materials business [8]