东兴证券：东兴晨报-20250216

Core Insights - The report highlights that the company, Visionox (002387.SZ), anticipates a revenue growth of 29.94% to 35.00% year-on-year, with expected revenue between 7.7 billion to 8 billion yuan, driven by the increasing demand for OLED smartphone panels [1] - The company is focusing on its AMOLED core business, optimizing product structure, and enhancing collaboration with leading customers, which has led to a significant increase in gross margin for OLED products by over 30 percentage points [1][2] - Visionox plans to acquire a 40.91% stake in Hefei Visionox, which will strengthen its position in the AMOLED market and enhance its production capacity [3] Revenue and Profit Forecast - For 2024, the company expects a net loss reduction of 9.26 billion yuan to 13.26 billion yuan, with a projected net loss between 24 billion to 28 billion yuan [1] - The report predicts that the company's earnings per share (EPS) for 2024-2026 will be -1.61 yuan, -1.03 yuan, and -0.11 yuan respectively, maintaining a "recommended" rating [8][11] Market Trends and Developments - The global AMOLED market is expected to grow steadily, with a compound annual growth rate (CAGR) of 56% for IT products and 49% for automotive displays from 2023 to 2028 [2] - The company has signed a memorandum with the Hefei government to establish an 8.6-generation AMOLED production line, which is set to enhance its capabilities in mid-size applications such as tablets and laptops [2] Strategic Initiatives - The acquisition of Hefei Visionox is aimed at consolidating the company's leading position in the domestic AMOLED market, enhancing competitiveness in high-end applications, and expanding production capacity [3] - The report emphasizes the importance of the company's strategic focus on high-end product penetration and the optimization of its supply chain to improve profitability [1][2] Industry Context - The report notes that the overall consumer electronics industry is gradually recovering, which is positively impacting the demand for OLED panels [1] - The company is positioned to benefit from the increasing adoption of AMOLED technology across various devices, including smartphones, tablets, and automotive displays [2]