三季度收入利润同比加速，与全年高增长趋势一致，季节因素环比下滑公司前三季度营业收入、归母净 利润同比分别实现+18.8%/+38.6%增长。公司2025 年前三季度单季度收入同比增速分别为 27.0%/11.7%/18.6%，归母净利润增速分别为39.9%/33.9%/43.3%，收入和归母净利润在第三季度相较于 二季度增速均有所增长，第三季度同比增速与前三季度高增长保持趋势一致。环比来看， 2025 年第三 季度收入、归母净利润环比分别-10.6%/-18.6%，收入绝对值环比下降0.16 亿元，归母净利润下降0.12 亿元，收入绝对值的环比下滑，与归母净利润下滑幅度相匹配。整体趋势，与2024年三季度作为全年收 入、利润低点的趋势相符。 费用方面，2025 年前三季度四项费用占营业收入比重为25.4%，其中研发费用占营业收入比重为 11.7%。其中2025 年第三季度四项费用占营业收入比重为28.8%，研发费用占营业收入比重为13.1%，收 入的环比下滑导致四费率和研发费用率为全年三个季度高点。盈利能力方面，公司2025 年前三季度实 现毛利率74.17%，销售净利润率为42.52%，同比2024 年前三 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Insights - The company achieved a revenue of 423 million yuan in the first three quarters of 2025, representing a year-on-year increase of 18.8%, and a net profit attributable to the parent company of 180 million yuan, up 38.6% year-on-year [1] - The third quarter revenue was 131 million yuan, showing a year-on-year growth of 18.6% but a quarter-on-quarter decline of 10.6% [1] - The company's gross margin for the first three quarters of 2025 was 74.17%, with a net profit margin of 42.52%, both showing improvements compared to the same period in 2024 [2] - The acceleration of the 8.6 generation line construction in China is expected to drive future growth in OLED terminal materials, with significant collaboration with leading OLED panel manufacturers [3] Financial Performance Summary - For 2025, the company forecasts a net profit of 251.76 million yuan, down from a previous estimate of 317 million yuan, with projections for 2026 and 2027 at 409.39 million yuan and 564.68 million yuan respectively [4] - The company’s revenue is projected to grow from 709.81 million yuan in 2025 to 1,450.54 million yuan by 2027, with a compound annual growth rate of 32.33% [5] - The EBITDA for 2025 is estimated at 345.14 million yuan, with a significant increase in profitability expected in subsequent years [5] Industry Context - The domestic 8.6 generation line construction is accelerating, which is anticipated to enhance the demand for OLED materials, thereby benefiting the company's growth trajectory [3] - The report highlights the increasing investment from panel manufacturers in high-generation OLED production lines, indicating a robust market outlook for OLED materials [3]