Visionox(SZ:002387) East Money Securities·2024-02-05 16:00Investment Rating - The investment rating for the company is "Accumulate" [2] Core Viewpoints - The OLED panel market has seen a recovery in prices after a challenging period, with a slight increase in prices expected due to rising demand and tight supply conditions [1] - The acquisition of a 40.91% stake in Hefei Visionox is progressing smoothly, which will allow the company to consolidate its financials and expand its revenue base [3] - The penetration of domestic OLED screens is increasing, with strong demand for foldable screens contributing to growth in the sector [4] - The company is expected to face short-term performance pressure but is projected to benefit from increasing OLED panel penetration in smartphones and a recovery in prices [20] Summary by Sections Market Overview - The OLED panel prices have decreased significantly in the first three quarters of 2023, with rigid AMOLED panels down 24% and flexible AMOLED panels down 33%. However, prices are expected to rebound in the fourth quarter due to improved demand and supply constraints [1] Company Performance - The company anticipates a revenue of 5.727 to 6 billion yuan for 2023, with a projected net loss of 3.58 to 3.98 billion yuan. Despite the overall industry pressure, the company has seen a significant increase in smartphone panel shipments, ranking third globally and second domestically [15][14] Future Outlook - The company forecasts revenues of 11.46 billion yuan in 2024 and 19.34 billion yuan in 2025, with a return to profitability expected in 2025. The anticipated increase in OLED panel penetration and the recovery in prices are expected to drive growth [20][21]