莱特光电（688150）：前三季度业绩保持高增，持续完善OLED材料矩阵

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Insights - The company reported a revenue of 423 million yuan for the first three quarters of 2025, representing a year-on-year increase of 18.77%. The net profit attributable to the parent company was 180 million yuan, up 38.62% year-on-year, and the net profit after deducting non-recurring gains and losses was 170 million yuan, reflecting a growth of 46.51% year-on-year [5][6] - In Q3 2025, the company achieved a revenue of 131 million yuan, which is an increase of 18.61% year-on-year but a decrease of 10.63% quarter-on-quarter. The net profit attributable to the parent company was 53 million yuan, up 43.27% year-on-year but down 18.60% quarter-on-quarter [5][6] - The strong performance in Q3 was driven by increased sales of OLED terminal materials and ongoing cost reduction and efficiency improvement efforts. The demand for OLED panels surged due to new product launches from major brands like Apple [6] - The company has been enhancing its R&D efforts, with Q3 R&D expenditure reaching 17 million yuan, a year-on-year increase of 24.24%. This investment supports the development of new products and strengthens the company's technological advantages [7] - The company has established strong relationships with leading panel manufacturers and has successfully introduced domestic substitutes for key materials, breaking the long-standing foreign monopoly [8][9] - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 271 million, 406 million, and 613 million yuan, respectively, with corresponding P/E ratios of 36, 24, and 16 [10]