Jilin OLED(688378) Great Wall Securities·2025-05-14 11:44Investment Rating - The report maintains a rating of "Increase" for the company [4] Core Views - The company's material business shows steady growth, while the equipment business faces short-term pressure due to market conditions [2][10] - The OLED industry is experiencing a positive trend, with increasing demand for OLED materials driven by the rising production line utilization rates among domestic panel manufacturers [3][9] - The company has successfully secured a significant order for 8.6 generation evaporation source equipment, which is expected to positively impact its performance in 2025 and 2026 [2][8] Financial Summary - The company reported a revenue of 533 million yuan in 2024, a year-on-year increase of 3.0%, while the net profit attributable to shareholders was 90 million yuan, a decrease of 26.0% [1] - For Q1 2025, the company achieved a revenue of 15.3 million yuan, a year-on-year decline of 40.71%, but a quarter-on-quarter increase of 121.83% [1] - The projected revenue growth rates for the coming years are 47.0% in 2025, 41.8% in 2026, and 19.4% in 2027 [1] - The company's gross margin for 2024 is expected to be 51.22%, down 5.24 percentage points year-on-year, primarily due to changes in product mix [2] Business Segment Performance - The organic light-emitting materials segment achieved a revenue of 340 million yuan in 2024, reflecting a year-on-year growth of 7.05% [2] - The evaporation source equipment segment reported a revenue of 169 million yuan, a decline of 15.0% compared to the previous year [2] - The company is actively developing new products in packaging materials and perovskite materials, which are expected to contribute to revenue growth starting in 2025 [3][9] Market Trends - The global smartphone OLED panel shipment is projected to reach 834 million units in 2024, with a year-on-year growth of 27% [9] - The penetration rate of OLED technology in laptops is expected to exceed 5% by 2027, indicating strong growth potential in this segment [9] - The overall investment in OLED display panels has surpassed one trillion yuan globally, with sustained high capital input anticipated in the foreseeable future [9]