Jilin OLED(SH:688378) Minsheng Securities·2024-04-19 04:00Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 29.50 yuan [1] Core Insights - The company, Aolide, reported a revenue of 517 million yuan for 2023, representing a year-on-year growth of 12.73%. The organic light-emitting materials segment achieved a revenue of 318 million yuan, growing by 49.42% year-on-year, while the evaporation source equipment segment saw a revenue decline of 19.01% to 199 million yuan. The overall gross margin improved to 56.46%, up by 1.82 percentage points, and the net profit attributable to shareholders was 122 million yuan, an increase of 8.16% year-on-year [6][13] - The OLED screen technology is expected to expand its market share in medium and large-sized displays due to its superior performance characteristics. The penetration rate of OLED in smartphones increased from less than 30% in 2018 to 48% in 2023, with expectations to reach 55% in 2024. The revenue from OLED panels for tablets is projected to exceed 2 billion USD by 2026 [6][13] - Aolide is positioned to benefit from the growth in the OLED industry, particularly with the construction of BOE's 8.6 generation AMOLED production line. The company is focusing on expanding its organic light-emitting materials and has successfully introduced new materials into production, indicating a strong growth trajectory [6][13] Financial Forecasts - The company is expected to achieve revenues of 677 million yuan, 1.214 billion yuan, and 1.597 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 182 million yuan, 339 million yuan, and 438 million yuan for the same years, reflecting year-on-year growth rates of 49.2%, 85.9%, and 29.3% [13][18] - The current price-to-earnings (PE) ratios for the years 2024, 2025, and 2026 are estimated to be 24, 13, and 10, respectively, indicating a favorable valuation outlook [13][18]