Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage with a positive outlook on the stock [1]. Core Views - The company is recognized as a leading domestic OLED terminal materials enterprise, benefiting from increasing downstream demand and the rising domestic production rate of OLED materials, which presents significant growth opportunities [1][6]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of OLED organic materials, including OLED terminal materials and intermediates. It has achieved breakthroughs in domestic production and is one of the few companies capable of mass-producing OLED terminal materials [9][16]. Financial Performance - The company reported a revenue of RMB 472 million in 2024, representing a year-on-year growth of 56.9%. The net profit attributable to shareholders is projected to be RMB 167 million, with a significant increase of 116.7% [8][20]. Market Demand and Growth - The demand for OLED materials is expected to grow continuously due to the increasing penetration of OLED panels and the expansion of application scenarios. The domestic market for OLED organic materials is projected to reach RMB 4.3 billion in 2023, with a compound annual growth rate (CAGR) of 11% expected until 2030 [9][38]. Competitive Advantages - The company has a strong R&D capability, a comprehensive product line, and established relationships with major domestic panel manufacturers such as BOE and Huaxing. Its integrated production capabilities across the OLED supply chain enhance its competitive edge [9][17]. Valuation and Earnings Forecast - The report forecasts the company's net profits for 2024, 2025, and 2026 to be RMB 167 million, RMB 308 million, and RMB 459 million, respectively, with corresponding earnings per share (EPS) of RMB 0.41, RMB 0.77, and RMB 1.14 [6][8].

来源：内容编译自 trendforce ，谢谢。 随着 iPhone 17 于今年秋季上市，外界对其主要供应商的猜测纷至沓来，三星就是其中之一。据 韩 国 媒 体 Etnews 和 SamMobile 报 导 ， 三 星 显 示 器 将 为 整 个 iPhone 17 系 列 供 应 基 于 M14 的 OLED 面板。 这些报导标志着三星的一个里程碑，因为此前 M14 材料仅限于 iPhone 16 Pro 机型。据 Etnews 报导，三星显示器现在将为所有四款 iPhone 17 机型供应 OLED 面板，预计供应量为 8000 万至 9000 万片，成为苹果最大的 OLED 供应商。 据 Etnews 报导，苹果通常会先将新材料应用于高端机型。不过，对于 iPhone 17 系列，基于 M14 的 OLED 面板预计将扩展到 6.1 英寸标准版和 6.6 英寸 Air 机型，以及 6.3 英寸 Pro 和 6.9 英寸 Pro Max。 与传统显示器不同，OLED 在电流通过有机材料时会自行发光。这些材料控制颜色、亮度和寿 命 ， 数 字 越 大 代 表 技 术 越 先 进 。 据 Etnews 报 ...