Hello大家好很高兴有机会可以和大家再见面我是投报研究院的行业分析师赵启瑞欢迎收看本期投报代理独言报栏目今天我们和大家一起分享我们关于中国密码行业的研究的成果投报研究院持续关注市场上各行业的发展动向搭建专业的报告数据库坚持多年关注产业热点焦点事件持续产出最新行业研究报告 同时提供专业的咨询服务如果有行业调研市场地位调研的需求可以联系我们今天我们分享的重点主要在全球的显示面板的产量中国的显示面板的产量以及80层的LCD显示面板的一个发展情况和OLED面板发展的一个情况从全球来看目前LCD显示面板 广泛覆盖电视、显示器、笔记本电脑、平板电脑手机、商用显示屏等各类的显示领域占据了全球显示面板90%以上的产量根据投报研究院的预测全球的LCD面板产量将从2023年的2.9亿平方米增长到2028年的3.0亿平方米那OLED面板方面呢OLED显示面板由于它的对比度比较高响应速度也比较快 而且灵活性强和能效高等因素也逐渐成为了高端显示市场的一个首选对传统的LCD显示技术产生了明显的替代效应尤其是在智能手机电视和其他的一些先进显示设备领域尽管OLED的生产成本曾经比较高但是随着技术的进步和生产规模的扩大OLED也正在逐步改变 ...

Core Viewpoint - Aolide has shown a mixed financial performance in 2024, with a slight increase in revenue but a significant decline in net profit, while the materials business has turned profitable and the company has secured a major order from BOE for 8.6-generation equipment, indicating potential future growth [2][4][5]. Financial Performance - In 2024, Aolide achieved operating revenue of 533 million yuan, a year-on-year increase of 3.0%, but the net profit attributable to shareholders decreased by 26.0% to 90 million yuan [2]. - The gross profit margin for the year was 51.22%, and the net profit margin was 16.97% [2]. - In Q4 2024, the company reported operating revenue of 69 million yuan, down 32.8% year-on-year and 43.3% quarter-on-quarter, with a net profit of -11 million yuan [2]. - For Q1 2025, Aolide's revenue was 153 million yuan, a decrease of 40.7% year-on-year but an increase of 121.8% quarter-on-quarter, with a net profit of 25 million yuan, marking a turnaround [2]. Business Segments - The materials business generated revenue of 363 million yuan in 2024, a growth of 14.31% year-on-year, and has shown consistent revenue growth for five consecutive years since the company went public [3]. - In Q1 2025, the materials segment achieved sales of 136 million yuan, a year-on-year increase of 5.33%, setting a record for first-quarter material revenue [3]. - The equipment business reported revenue of 169 million yuan in 2024, with significant projects completed and new orders secured, including a 655 million yuan order from BOE for 8.6-generation equipment [4]. Future Outlook - The company anticipates that new products in the materials segment will begin to gain market traction in 2025, contributing to revenue growth [3]. - Aolide's net profit forecasts for 2025, 2026, and 2027 are projected at 163 million, 343 million, and 565 million yuan, respectively, reflecting an adjustment in expectations due to the recent order from BOE [5].

奥来德（688378） 证券研究报告 材料实现单季度扭亏，中标京东方 8.6 代线设备订单 公司报告 | 年报点评报告 事件：奥来德发布2024 年年报，2024 年实现营业收入5.33 亿元，同比+3.0%， 实现归母净利润 0.90 亿元，同比-26.0%，全年毛利率 51.22%，净利率 16.97%；其中第四季度实现营业收入 0.69 亿元，同比-32.8%，环比-43.3%， 实现归母净利润-0.11 亿元，第四季度毛利率 51.24%。公司发布 2025 年一 季报，一季度实现营业收入 1.53 亿元，同比-40.7%，环比+121.8%，实现 归母净利润0.25 亿元，同比-73.2%，环比实现扭亏，第一季度毛利率47.16%， 净利率 16.61%。 材料业务实现扭亏，多客户多产品多点开花 公司 2024 年度，材料业务实现营业收入 3.63 亿元，同比增长 14.31%。 尤为值得关注的是，自公司上市以来，材料业务已连续五年保持营收稳健 增长的良好态势。此外，公司新产品封装材料、PSPI 材料、钙钛矿材料领 域的研发及市场推广工作正稳步推进，公司预计在 2025 年，新产品将逐 步实现市场放 ...