Xi'an Manareco(688550) 开源证券·2024-06-07 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][69]. Core Views - The company is extending its OLED business from sublimation precursor materials to downstream OLED terminal materials through a 20% equity stake in Outlight Electronics, enhancing its market competitiveness and profitability [4][35][63]. - The company aims for a compound annual growth rate (CAGR) of 27.4% in revenue and 32.1% in net profit from 2023 to 2027, establishing a solid foundation for long-term growth [24][66]. Financial Summary - The company's revenue for 2022 was 1,480 million yuan, with a projected revenue of 1,556 million yuan for 2024, reflecting a year-over-year growth of 28.8% [5]. - The net profit for 2022 was 247 million yuan, with an expected increase to 199 million yuan in 2024, indicating a year-over-year growth of 48.6% [5]. - The gross margin is projected to be 37.0% in 2024, with a net margin of 12.8% [5]. Strategic Developments - The company plans to invest approximately 76.4 million yuan in Outlight Electronics, which will allow it to hold a 20% stake post-transaction [8][35]. - The company is also undergoing a change in its controlling shareholder to Qingdao Development Group, which is expected to further solidify its control and optimize its shareholding structure [20][41]. Market Position - Outlight Japan is recognized as a global leader in OLED blue light materials, with a production capacity of 26 tons per year across three factories located in Japan, South Korea, and Chengdu, China [4][37][60]. - The company has established long-term partnerships with major global firms in the OLED materials sector, positioning itself as a strategic supplier [39].