OLED发光材料头部企业，一季度业绩大幅增长

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 25.17 CNY, indicating a potential upside from the current price of 21.82 CNY [4][6]. Core Insights - The company, a leading player in OLED organic materials, has seen significant revenue growth due to increased OLED production capacity and domestic material substitution. The first quarter of 2024 showed a revenue increase of 61.94% year-on-year, with a net profit growth of 85% [3][15][17]. - The company is expected to achieve revenues of 576 million CNY, 825 million CNY, and 1.198 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 184 million CNY, 267 million CNY, and 396 million CNY [6][7]. Financial Performance - In 2023, the company reported a revenue of 301 million CNY, a year-on-year increase of 7.27%, while the net profit was 77 million CNY, reflecting a decline of 26.95% [15]. - The first quarter of 2024 saw revenues of 114 million CNY and a net profit of 44 million CNY, marking substantial growth compared to the previous year [15][17]. - The company maintains a strong market position with a leading production capacity and a diverse product range, including Red Prime and Green Host materials, which have been recognized for their quality [16][17]. Market Context - The OLED production capacity in mainland China is expanding, with major manufacturers like BOE and Huaxing Optoelectronics ramping up their production lines. This growth is expected to drive demand for the company's products [17]. - The company is actively pursuing technological advancements and expanding its customer base, including partnerships with various clients for product testing and validation [17].