Jilin OLED(SH:688378) NORTHEAST SECURITIES·2025-12-25 02:49Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company plans to raise up to 299.71 million yuan (approximately 30 million USD) through a private placement to fund the production base project for PSPI materials, which are critical for OLED display manufacturing [1]. - The global PSPI market is projected to grow from approximately 677 million USD in 2024 to 3.181 billion USD by 2031, with a compound annual growth rate (CAGR) of 25.1% from 2025 to 2031 [1]. - The company has achieved key technological breakthroughs in PSPI materials and has begun industrial applications, holding over 400 invention patents and establishing a comprehensive technology barrier in the OLED materials sector [2]. - The company’s evaporation source products are compatible with both 6th and 8.6th generation AMOLED production lines, adapting to the transition in domestic panel manufacturing [2]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 689 million yuan, 1.163 billion yuan, and 1.376 billion yuan, respectively, with net profits expected to be 113 million yuan, 262 million yuan, and 385 million yuan for the same years [3][4]. - The revenue growth rates are forecasted at 29.36% for 2025, 68.76% for 2026, and 18.30% for 2027, while net profit growth rates are expected to be 24.64%, 132.54%, and 46.94% for the same periods [4].