维信诺（002387）：回购彰显信心，国资入主夯实长期发展动能

Investment Rating - The report assigns an "Accumulate" rating to the company [2][8]. Core Views - The company has demonstrated confidence in its development by announcing a share buyback, which involved repurchasing 1,660,700 shares at a total cost of approximately 14.99 million yuan [7][8]. - The entry of state-owned capital from Hefei is expected to solidify the company's long-term growth momentum, with Hefei Jian Shu becoming the controlling shareholder after a planned private placement [7][8]. - The company has been a leader in the OLED industry for over 20 years, with strong product competitiveness and a focus on domestic supply chain collaboration [8]. - The company is projected to benefit from a gradual recovery in downstream demand and an increase in OLED penetration rates, with expected revenues of 80.63 billion yuan in 2025, 85.08 billion yuan in 2026, and 89.40 billion yuan in 2027 [8][9]. Financial Summary - Current stock price is 8.97 yuan, with a market capitalization of approximately 12.53 billion yuan [2]. - Revenue projections for the next few years are as follows: 5,925.73 million yuan in 2023, 7,928.66 million yuan in 2024, and 8,063.00 million yuan in 2025 [6][9]. - The company is expected to report net losses of 3,726.12 million yuan in 2023, narrowing to 2,104.26 million yuan by 2025 [6][9]. - Earnings per share (EPS) are projected to improve from -2.67 yuan in 2023 to -1.51 yuan in 2025 [6][9].