Visionox(002387) 东兴证券·2025-01-24 09:37Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance improvements in the coming years [2][5]. Core Insights - The company is progressing with a significant asset restructuring to acquire a 40.91% stake in Hefei Visionox, which will enhance its position in the AMOLED market and increase its production capacity [3]. - The global AMOLED market is expanding steadily, with a projected compound annual growth rate (CAGR) of 56% for IT product AMOLED panel shipments from 2023 to 2028, indicating strong demand for mid-sized applications [4]. - The company's revenue for the first three quarters of 2024 reached 5.847 billion yuan, a year-on-year increase of 41.95%, driven by improved product pricing and sales volume [5]. Summary by Sections Company Dynamics - The company plans to acquire Hefei Visionox to strengthen its leading position in the domestic AMOLED market, increasing its stake from 18.18% to 59.09% post-transaction [3]. - The acquisition is expected to enhance production capabilities and create synergies in production, research, procurement, and sales [3]. Market Trends - The AMOLED market is witnessing a shift from smartphones to other applications like tablets, laptops, and automotive displays, with significant growth anticipated in these segments [4]. - The company is actively investing in an 8.6-generation AMOLED production line to meet the rising demand for mid-sized displays [4]. Financial Performance - The company reported a net profit attributable to shareholders of -1.797 billion yuan for the first three quarters of 2024, showing a year-on-year improvement of 29.22% despite a negative net profit [5]. - The overall gross margin improved by 27.51 percentage points compared to the same period in 2023, attributed to rising product prices and optimized product mix [5]. - Revenue forecasts for 2024 to 2026 indicate a recovery trajectory, with expected earnings per share (EPS) of -1.61 yuan, -1.03 yuan, and -0.11 yuan respectively [5][13].