东兴证券：东兴晨报-20250126

Group 1 - The report highlights that the company is proceeding with a significant asset restructuring to acquire a 40.91% stake in Hefei Visionox, which will enhance its position in the AMOLED market in China [1][29] - Following the acquisition, the company will hold a 59.09% stake in Hefei Visionox, which is expected to improve its production capacity and technological competitiveness in the AMOLED sector [1][29] - The global AMOLED market is projected to grow steadily, with a compound annual growth rate (CAGR) of 56% for IT product AMOLED panel shipments from 2023 to 2028, indicating a strong demand for mid-size applications [2][30] Group 2 - 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 significant sales growth in mid-size AMOLED products [3][31] - The company reported a net profit attributable to shareholders of -1.797 billion yuan, reflecting a 29.22% year-on-year improvement, indicating a recovery in profitability [3][31] - The overall gross margin improved to -8.05%, an increase of 27.51 percentage points compared to the same period in 2023, primarily due to rising product prices and optimized product structure [3][31]