Jilin OLED(SH:688378) KAIYUAN SECURITIES·2024-05-05 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [5][22]. Core Views - The company has shown steady growth in its OLED materials and equipment sectors, with a focus on domestic production and market expansion. The revenue for 2023 reached 520 million yuan, a year-on-year increase of 12.7%, while the net profit attributable to shareholders was 120 million yuan, up 8.2% year-on-year. For Q1 2024, revenue was 258 million yuan, reflecting a 6.99% year-on-year growth, and net profit was 95 million yuan, a slight increase of 0.22% year-on-year [5][6]. - The company is actively expanding its product offerings in organic light-emitting materials, packaging materials, and PSPI materials, which have contributed to robust revenue growth. The forecast for net profit from 2024 to 2026 is set at 203 million yuan, 308 million yuan, and 435 million yuan, respectively, with corresponding EPS of 1.36 yuan, 2.07 yuan, and 2.93 yuan [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 520 million yuan, with a year-on-year growth of 12.7%. The net profit attributable to shareholders was 120 million yuan, marking an 8.2% increase year-on-year. For Q1 2024, revenue was 258 million yuan, up 6.99% year-on-year, and net profit was 95 million yuan, a slight increase of 0.22% year-on-year [5][8]. - The projected revenues for 2024, 2025, and 2026 are 800 million yuan, 1.1 billion yuan, and 1.505 billion yuan, respectively, with corresponding net profits of 203 million yuan, 308 million yuan, and 435 million yuan [8]. Market Position and Growth Drivers - The company is positioned as a leader in the domestic production of OLED materials and equipment, benefiting from the increasing penetration and domestic production rates of OLED technology. The materials segment is expected to maintain high growth due to the completion of a project aimed at producing 10,000 kg of high-performance AMOLED materials [6][7]. - The equipment segment is transitioning from a single evaporator business to a broader focus on production line upgrades and perovskite technology, which is anticipated to create new growth opportunities [6][7]. Valuation Metrics - The current stock price corresponds to a PE ratio of 23.6 for 2024, 15.5 for 2025, and 11.0 for 2026, indicating a favorable valuation as the company continues to benefit from the OLED industry’s domestic substitution trend [5][8].