莱特光电（688150）：OLED终端材料多系列布局，新产品放量加速成长

Investment 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][5]. - 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 with clients [4]. - The OLED penetration rate is increasing, and downstream clients are continuously releasing production capacity, creating a broad market for OLED organic materials [5]. - The company has established a comprehensive R&D system for OLED organic materials, ensuring efficient transitions from research to application [5]. Financial Projections - Revenue projections for the company are as follows: 818 million yuan in 2025, 1.148 billion yuan in 2026, and 1.508 billion yuan in 2027, with corresponding net profits of 305 million yuan, 455 million yuan, and 641 million yuan respectively [7][9]. - The projected P/E ratios for 2025, 2026, and 2027 are 32x, 21x, and 15x respectively, indicating a favorable valuation outlook [7][9].