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].