Jilin OLED(688378) 天风证券·2025-02-13 08:23Investment Rating - The report assigns a "Buy" rating for the company with a target price of 31.61 CNY per share, based on a current price of 25.8 CNY [6]. Core Insights - The company, Jilin Oled Technology Co., Ltd., is a leading player in the OLED materials and equipment sectors, benefiting from the industry's shift from small to medium-sized displays [3][4]. - The company has shown significant revenue growth, with a CAGR of 14.5% from 2018 to 2023, reaching 517 million CNY in 2023 [2][31]. - The OLED industry is expected to maintain double-digit growth, with penetration rates projected to exceed 10% by 2027 [3][4]. Company Overview - Jilin Oled Technology Co., Ltd. was established in 2005 and has focused on the research and development of organic light-emitting materials, expanding into evaporation source equipment since 2012 [1][17]. - The company has a clear shareholding structure with a high proportion of shares held by consistent stakeholders, and a strong R&D team with 24.3% of employees dedicated to research [1][25]. - As of mid-2024, the company has accumulated 396 patents, reflecting its commitment to innovation [1][19]. Financial Performance - The company's revenue has increased from 41 million CNY in 2017 to 517 million CNY in 2023, with a gross margin consistently above 50% since 2017 [2][31]. - For 2024, the company is projected to achieve revenues of 584.46 million CNY, with a net profit of 104.61 million CNY [5][31]. - The EBITDA for 2023 was reported at 237.06 million CNY, indicating strong operational performance [5]. Market Dynamics - The OLED industry is transitioning towards medium-sized displays, with significant investments from panel manufacturers, which is expected to drive demand for both materials and equipment [3][4]. - The company is well-positioned to benefit from this trend, as it operates in both the materials and equipment segments, allowing it to capture growth opportunities across the value chain [4][12]. Future Outlook - The company anticipates continued growth in net profit, with projections of 1.05 billion CNY in 2024, 2.77 billion CNY in 2025, and 3.20 billion CNY in 2026 [4][5]. - The report highlights the potential for new product developments and market expansions, particularly in the areas of encapsulation materials and perovskite solar cells [19][24].