Jilin OLED(SH:688378) China Post Securities·2024-05-09 01:00Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings growth leading to a price-to-earnings (PE) ratio of 29.26, 20.02, and 15.82 for the years 2024-2026 respectively [3][22]. Core Insights - The company reported a revenue of 517 million yuan in 2023, an increase of 12.73% year-on-year, and a net profit attributable to shareholders of 122 million yuan, up 8.16% year-on-year [1]. - The materials business is showing strong growth, with organic light-emitting materials achieving a revenue of 318 million yuan in 2023, a year-on-year increase of 49.42% [1]. - The gross margin increased by 1.86 percentage points to 56.46% in 2023, driven by the rapid growth of high-margin new materials [1]. - The company is focusing on research and development in packaging materials and PSPI materials, aiming to break foreign monopolies and expand market opportunities [1]. - The evaporative source equipment has achieved import substitution, with the 6th generation AMOLED linear evaporative source successfully breaking foreign monopolies [1]. Financial Performance - The company expects revenues of 714 million, 1.011 billion, and 1.270 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 38.02%, 41.60%, and 25.58% [7][24]. - The net profit attributable to shareholders is projected to be 179 million, 262 million, and 331 million yuan for the same years, with growth rates of 46.40%, 46.18%, and 26.55% [7][24]. - The company’s gross margin is expected to remain strong, with projections of 58.8%, 59.7%, and 59.4% for the years 2024-2026 [24].