莱特光电（688150）：中小盘信息更新：OLED终端材料持续放量，业绩延续向好态势

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to show a positive performance trend, driven by the robust growth in the downstream OLED market, with a revenue of 292 million yuan in the first half of 2025, representing a year-on-year increase of 18.8%, and a net profit of 126 million yuan, up 36.7% year-on-year [2] - The comprehensive gross margin reached 74.72%, an increase of 8.5 percentage points year-on-year, while the net profit margin stood at 43.34% [2] - The company is expected to benefit from the increasing demand in the OLED market and the ramp-up of new products, leading to revised profit forecasts for 2025-2026 and the addition of a forecast for 2027 [2] Financial Summary and Valuation Indicators - Revenue projections for 2025-2027 are 307 million yuan, 412 million yuan, and 609 million yuan respectively, with corresponding EPS of 0.76 yuan, 1.02 yuan, and 1.51 yuan [2][5] - The current stock price corresponds to a PE ratio of 35.5, 26.5, and 17.9 for 2025-2027 [2][5] - The company’s revenue is projected to grow significantly, with a year-on-year increase of 64.6% in 2025 and 29.8% in 2026 [5] Market Strategy and Product Development - The company is implementing a market strategy focused on product series and comprehensive customer coverage, leading to a steady increase in market share [3] - Existing products like Red Prime and Green Host are expected to see increased shipment volumes in the second half of the year, while new products such as Red Host and Green Prime are progressing towards mass production [3] - The company is also exploring advanced technologies and expanding its customer base in emerging fields like silicon-based OLED [3] International Market Expansion - The OLED intermediate segment is advancing with the development of deuterated products, with three materials already in mass production [4] - Collaborations with international companies such as SOLUS and P&H Tech have been established, with multiple projects entering mass production testing [4]