Visionox(SZ:002387) Dongxing Securities·2025-02-13 12:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance improvements in the coming years [2][13]. Core Insights - The company forecasts a revenue range of 7.7 billion to 8 billion yuan for 2024, representing a year-on-year growth of 29.94% to 35.00%. The net profit attributable to shareholders is expected to reduce losses to between 9.26 billion and 13.26 billion yuan [3][4]. - The demand for OLED mobile panels is improving, driven by a recovery in the consumer electronics industry and the company's focus on optimizing its product structure and enhancing collaboration with key clients [4][5]. - The company is advancing its G8.6 AMOLED production line, which is expected to meet the growing demand in the mid-size AMOLED market, particularly for applications in tablets, laptops, and automotive displays [5][6]. - A significant asset restructuring plan is underway, with the company aiming to acquire a 40.91% stake in Hefei Visionox, which will enhance its competitive position in the AMOLED market and expand production capacity [6]. Financial Performance Summary - The company reported a revenue of 7.48 billion yuan in 2022, which decreased to 5.93 billion yuan in 2023, but is projected to rebound to 8.06 billion yuan in 2024, reflecting a growth rate of 36.06% [15]. - The net profit attributable to shareholders is expected to improve from a loss of 2.07 billion yuan in 2022 to a loss of 2.25 billion yuan in 2024, indicating a recovery trend [15]. - The gross margin for OLED products is anticipated to increase by over 30 percentage points year-on-year, contributing to a significant rise in operating profit [4].