莱特光电（688150）：Q3收入、利润增长趋势未变，8.6代线建设空间可期

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Insights - The company achieved a revenue of 423 million yuan in the first three quarters of 2025, representing a year-on-year increase of 18.8%, and a net profit attributable to the parent company of 180 million yuan, up 38.6% year-on-year [1] - The third quarter revenue was 131 million yuan, showing a year-on-year growth of 18.6% but a quarter-on-quarter decline of 10.6% [1] - The company's gross margin for the first three quarters of 2025 was 74.17%, with a net profit margin of 42.52%, both showing improvements compared to the same period in 2024 [2] - The acceleration of the 8.6 generation line construction in China is expected to drive future growth in OLED terminal materials, with significant collaboration with leading OLED panel manufacturers [3] Financial Performance Summary - For 2025, the company forecasts a net profit of 251.76 million yuan, down from a previous estimate of 317 million yuan, with projections for 2026 and 2027 at 409.39 million yuan and 564.68 million yuan respectively [4] - The company’s revenue is projected to grow from 709.81 million yuan in 2025 to 1,450.54 million yuan by 2027, with a compound annual growth rate of 32.33% [5] - The EBITDA for 2025 is estimated at 345.14 million yuan, with a significant increase in profitability expected in subsequent years [5] Industry Context - The domestic 8.6 generation line construction is accelerating, which is anticipated to enhance the demand for OLED materials, thereby benefiting the company's growth trajectory [3] - The report highlights the increasing investment from panel manufacturers in high-generation OLED production lines, indicating a robust market outlook for OLED materials [3]