Liande(SZ:300545) East Money Securities·2024-02-22 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [22]. Core Views - The company is expected to achieve significant profit growth in 2023, with a projected net profit of 165-185 million yuan, representing a year-on-year increase of 114.61%-140.62% [1]. - The company has secured a major contract for a 6th generation flexible AMOLED module production line, with a contract value of 125 million yuan, which lays a solid foundation for its performance in 2024 [2]. - The company benefits from the ongoing domestic shift in the OLED industry, with substantial capital expenditures from panel manufacturers driving equipment procurement [21]. Financial Summary - The company’s revenue is projected to grow from 1,301.33 million yuan in 2023 to 1,942.21 million yuan in 2025, with growth rates of 33.48% and 19.64% respectively [6]. - The attributable net profit is expected to increase from 175.16 million yuan in 2023 to 259.67 million yuan in 2025, with growth rates of 127.82% and 21.04% respectively [6]. - The earnings per share (EPS) is forecasted to rise from 0.99 yuan in 2023 to 1.46 yuan in 2025 [6]. Market Position and Strategy - The company is positioned as a leader in the assembly of OLED modules and is expected to continue benefiting from the trend of domestic substitution in the OLED equipment market [15]. - The company has been increasing its R&D investment and optimizing its product structure, which has contributed to its revenue growth and improved gross margins [14][25]. - The report highlights the company's internationalization strategy and effective management as key factors in its performance [14][25].