Shaanxi Lighte Optoelectronics Material (SH:688150) China Post Securities·2025-06-10 09:48Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has experienced rapid growth across various business segments, achieving record highs in both revenue and profit. In 2024, the company is projected to generate revenue of 472 million yuan, a year-on-year increase of 56.90%, and a net profit of 179 million yuan, up 119.09% year-on-year [4]. - The company maintains a leading position in the domestic OLED terminal materials market, with stable production and increasing market share for its Red Prime and Green Host materials. New products like Green Prime materials and blue light series materials are expected to enter mass production soon [4][5]. - The company is actively expanding into the silicon-based OLED market, with some materials successfully passing mass production tests [4]. - The OLED penetration rate is increasing, with strong demand for OLED terminal materials driven by the smartphone sector and new display technologies [5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 818 million yuan, 1.148 billion yuan, and 1.508 billion yuan, respectively, with corresponding net profits of 305 million yuan, 455 million yuan, and 641 million yuan [7][9]. - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 32 times, 21 times, and 15 times, respectively [7][9].