Jilin OLED(SH:688378) Tianfeng Securities·2025-06-19 05:43Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][18]. Core Views - The company achieved a revenue of 533 million yuan in 2024, a year-on-year increase of 3.0%, but the net profit attributable to the parent company decreased by 26.0% to 90 million yuan [1]. - The materials business showed a robust performance with a revenue of 363 million yuan in 2024, marking a growth of 14.31% year-on-year, and is expected to contribute positively to future earnings as new products are launched [2]. - The company successfully won a bid for a 6.55 billion yuan order for 8.6 generation evaporation source equipment from BOE, which is anticipated to enhance revenue growth in the coming years [3]. Financial Performance Summary - In 2024, the company reported total revenue of 533 million yuan, with a gross margin of 51.22% and a net margin of 16.97% [1]. - The first quarter of 2025 saw a revenue of 153 million yuan, a year-on-year decline of 40.7%, but a significant quarter-on-quarter increase of 121.8%, resulting in a net profit of 25 million yuan [1][2]. - The projected net profits for 2025-2027 are 163 million yuan, 343 million yuan, and 565 million yuan respectively, reflecting a significant recovery and growth trajectory [4]. Business Segment Insights - The materials segment has shown consistent growth, achieving a historical high of 136 million yuan in revenue for Q1 2025, with expectations for continued expansion as new products gain market traction [2]. - The equipment segment faced challenges due to industry transitions but has secured significant contracts that are expected to positively impact future performance [3]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 23.97, indicating a favorable valuation compared to future earnings growth [5]. - The projected revenue growth rates for 2025, 2026, and 2027 are 58.94%, 78.24%, and 41.54% respectively, showcasing strong growth potential [5].