Jilin OLED(SH:688378) Guotou Securities·2024-04-21 05:00Investment Rating - The investment rating for the company is "Buy-A" with a target price of 36.24 CNY, indicating a potential upside from the current price of 29.88 CNY as of April 19, 2024 [15][17]. Core Insights - The company benefits from the increasing penetration of OLED technology, with its organic light-emitting materials business becoming a key growth driver, achieving a revenue growth of 49.42% year-on-year [12][13]. - The company has successfully broken foreign technology barriers in the production of evaporation source equipment, positioning itself as a leading domestic player in the OLED high-generation line expansion [2][12]. - The report anticipates significant revenue growth for the company, projecting revenues of 7.13 billion CNY in 2024, 11.9 billion CNY in 2025, and 18.1 billion CNY in 2026 [17]. Financial Performance - For the fiscal year 2023, the company reported a revenue of approximately 517.3 million CNY, a year-on-year increase of 12.73%, with a net profit of 122.3 million CNY, reflecting an 8.16% growth [12][18]. - The gross margin for the organic light-emitting materials segment was approximately 50.37%, an increase of about 13.35 percentage points compared to the previous year [13][18]. - The company’s R&D expenses for 2023 were 102 million CNY, a 13.47% increase from the previous year, indicating a commitment to enhancing its technological capabilities [16][18]. Market Trends - The global AMOLED smartphone panel shipment volume reached approximately 690 million units in 2023, representing a year-on-year growth of 16.1%, with OLED penetration in smartphones increasing from less than 30% in 2018 to 48% in 2023, and expected to reach 55% in 2024 [13]. - The report highlights the growing market for OLED technology in larger displays, with significant opportunities in tablets, laptops, automotive displays, and TVs, driven by increasing adoption and domestic production capabilities [13][12].