首席周观点：2025年第6周

Group 1: Company Overview - The company is undergoing 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 overall production capacity to 30,000 pieces per month [1] - The restructuring will allow the company to hold a 59.09% stake in Hefei Visionox, making it a controlling subsidiary and strengthening its competitive edge in technology and product offerings [1] Group 2: Market Trends - The global AMOLED market is steadily expanding, with a projected compound annual growth rate (CAGR) of 56% for IT product AMOLED panel shipments from 2023 to 2028, and 49% for automotive display AMOLED panels [2] - The company is actively investing in an 8.6-generation AMOLED production line to meet the growing demand for mid-sized applications such as tablets, laptops, and automotive displays [2] Group 3: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 5.847 billion yuan, representing a year-on-year growth of 41.95%, while the net profit attributable to shareholders was -1.797 billion yuan, a 29.22% increase [3] - 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] - Cash flow from operating activities significantly improved, reaching 586 million yuan, a year-on-year increase of 184.88%, driven by increased revenue and sales collections [3] Group 4: Investment Outlook - The company is positioned as a leading player in the mobile OLED market, benefiting from the penetration of high-end products and the domestic production process, with an expected EPS of -1.61 yuan, -1.03 yuan, and -0.11 yuan for 2024-2026 [4]