Shaanxi Lighte Optoelectronics Material (SH:688150) Ping An Securities·2024-04-26 01:00Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company is a leading domestic OLED terminal materials provider, with established supply relationships with major panel manufacturers like BOE, indicating strong customer stickiness and scarcity in the market [7]. - The demand for OLED materials is expected to grow significantly due to the increasing penetration of OLED technology in small and medium-sized applications, which will drive the company's revenue growth [20][22]. - The company's revenue for 2023 was 301 million yuan, a year-on-year increase of 7.27%, while the net profit decreased by 26.95% to 77 million yuan. In Q1 2024, revenue surged to 114 million yuan, a year-on-year increase of 61.94%, with net profit rising by 85% to 44 million yuan [3][19]. Financial Performance Summary - The company achieved a revenue of 3.01 billion yuan in 2023, with a projected revenue of 5.82 billion yuan in 2024, reflecting a growth rate of 93.6% [5][32]. - The net profit is expected to rebound significantly, with projections of 194 million yuan in 2024, up from 77 million yuan in 2023, indicating a year-on-year growth of 151.7% [5][32]. - The gross margin is projected to improve from 57.6% in 2023 to 60.7% in 2024, while the net margin is expected to rise from 25.6% to 33.3% in the same period [5][32]. Research and Development - The company emphasizes R&D, with a 40.92% increase in R&D investment in 2023, totaling 50.42 million yuan, which represents 16.77% of its revenue [4]. - In 2023, the company received 140 new invention patents, enhancing its competitive edge in OLED core functional materials [4]. Market Outlook - The report anticipates that the company's net profit will reach 362 million yuan by 2026, with corresponding EPS of 0.90 yuan, indicating a strong growth trajectory [7][32]. - The increasing adoption of OLED technology in consumer electronics is expected to sustain demand for the company's products, contributing to stable revenue growth [19][20].