Jilin OLED(688378) 国投证券·2025-04-18 06:50Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 23.65 CNY for the next six months [4][5]. Core Views - The OLED industry is experiencing a steady increase in operating rates, with a significant upgrade to the 8.6 generation line imminent. The total shipment of OLED panels for smartphones reached 834 million units, with foldable smartphones accounting for 24 million units, marking a 27% year-on-year growth [2]. - The company reported a revenue of 533 million CNY for 2024, a 3% increase year-on-year, while the net profit attributable to shareholders was 90 million CNY, reflecting a decline of 26.04% [1]. - The company successfully won a bid for a project with BOE for the 8.6 generation AMOLED production line, with a contract value estimated between 600 million to 750 million CNY [2]. Financial Performance - For 2025, the company is projected to achieve revenues of 757 million CNY, 1.195 billion CNY in 2026, and 1.733 billion CNY in 2027, with net profits expected to be 164 million CNY, 292 million CNY, and 386 million CNY respectively [4][10]. - The company’s R&D investment reached 150 million CNY, with significant advancements in material and equipment development, including the successful creation of 8.6 generation evaporation source equipment [3]. Market Position - The company is positioned as a core player in the domestic OLED industry, leveraging both equipment and materials to drive growth [7].