Jilin OLED(SH:688378) EBSCN·2024-02-24 16:00Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 517 million yuan in 2023, representing a year-on-year growth of 12.73%, and a net profit attributable to shareholders of 123 million yuan, up 8.88% year-on-year [5][8] - The OLED materials revenue is expected to continue growing, with a projected revenue of approximately 1 billion yuan in Q4 2023, reflecting a year-on-year increase of 60.9% and a quarter-on-quarter increase of 24.8% [5][6] - The company plans to invest at least 680 million yuan to build a new base in Changchun, enhancing its integrated layout for OLED materials [6] Summary by Sections Revenue Performance - The company reported a significant increase in OLED materials revenue, with a quarterly revenue of 1.03 billion yuan in Q4 2023, marking a 56.45% year-on-year growth and an 18.45% quarter-on-quarter growth [5] - The total revenue for 2023 is expected to be around 3.22 billion yuan, showing a 51.5% increase year-on-year [5] Market Data - The current stock price is 31.88 yuan, with a total market capitalization of 4.74 billion yuan [4] - The stock has experienced a turnover rate of 88.21% over the past three months [4] Equipment Orders and Development - The company has secured equipment orders totaling 166 million yuan as of September 2023, with ongoing development of high-generation evaporation source products [7] - The company is collaborating with leading OLED panel manufacturers to develop larger size G8.5/G8.6 linear evaporation sources [7] Profit Forecast and Valuation - The profit forecasts for 2023-2025 have been adjusted downwards, with expected net profits of 1.23 billion yuan (down 7.5%), 2.04 billion yuan (down 16.7%), and 3.29 billion yuan (down 16.1%) respectively [8] - The company is viewed positively as a leader in the domestic OLED organic materials and evaporation source equipment industry [8]