莱特光电：业绩超预期，盈利能力持续提速

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [17][36]. Core Insights - The company is projected to achieve significant revenue growth, with expected revenues of RMB 620 million, RMB 1,020 million, and RMB 1,445 million for 2024E, 2025E, and 2026E respectively, reflecting growth rates of 106.10%, 64.55%, and 41.68% [2][36]. - The net profit attributable to the parent company is forecasted to be RMB 212 million, RMB 314 million, and RMB 450 million for 2024E, 2025E, and 2026E, with corresponding growth rates of 175.43%, 47.89%, and 43.43% [2][36]. - The company has shown strong performance in the OLED materials sector, with a notable increase in product penetration and revenue growth, particularly in Q2 2024, where revenue reached RMB 1.49 billion, a year-on-year increase of 109.8% [36]. Financial Summary - Revenue for 2022 was RMB 280 million, with a decline of 16.74%, followed by a recovery in 2023 with a growth of 7.27% to RMB 301 million [2]. - The diluted earnings per share (EPS) for 2024E is projected at RMB 0.527, with a price-to-earnings (P/E) ratio of 39.67 [2][36]. - The return on equity (ROE) is expected to improve from 4.54% in 2023 to 19.72% by 2026 [2][36].