公司 2024 年营业收入同比增长 56.90%，OLED 有机材料营业收入同比增长 63.91%，随着公司下游客户需求持续增长，OLED 终端材料销售收入同比增 加 16,381.53 万元，增长 71.56%，其中公司第二款材料 Green Host 材料销 量同比大幅增加，贡献收入高增。而公司 2024 年利润同比翻倍，一方面收 入增长带动利润增长，另一方面公司持续深化降本增效，通过工艺优化、 加强成本 管控等方式提升精细化管理水平，提高经营效率，公司盈利能力 同比大幅提升。而 2025 年一季度，公司实现了历史新高的收入、利润和毛 利率水平；我们认为，公司材料逐步放量，降本增效效果显现，延续了 2024 年整体增长趋势。 公司报告 | 年报点评报告 莱特光电（688150） 证券研究报告 单季度新高收入和利润，OLED 材料产业趋势显现 事件：莱特光电公布 2024 年年度报告，公司 2024 年实现营业收入 4.72 亿 元，同比+56.9%，实现归母净利润 1.67 亿元，同比+117.2%，其中第四季 度实现营业收入 1.16 亿元，同比+12.6%，环比+4.43%，实现归母净利润 0.38 ...

公司报告 | 年报点评报告 瑞联新材（688550） 证券研究报告 显示材料贡献收入增量，成本管控显著，利润高增 事件：瑞联新材公布 2024 年年度报告，2024 年公司实现营业收入 14.59 亿元，同比+20.7%，实现归母净利润 2.52 亿元，同比+87.6%，其中第四季 度实现营业收入 3.65 亿元，同比+32.3%，环比-8.68%，实现归母净利润 0.66 亿元，同比+83.9%，环比-26.2%。公司发布 2025 年一季报，一季度实现营 业收入 3.44 亿元，同比+4.8%，环比-5.83%，实现归母净利润 0.46 亿元， 同比+32.9%，环比-31.3%。 2024 年显示材料贡献收入增长，公司收入结构变化、成本管控显著 公司 2024 年营业收入中，显示材料/医药板块/电子材料分别实现营业收入 12.8/1.5/0.3 亿元，三大板块同比分别+23.69%/13.59%/-29.90%。 显示材料板块中，随着 OLED 面板在中大尺寸屏幕领域渗透率的稳步攀升， 市场潜力持续释放。公司紧抓市场机遇，通过提升订单响应速度、稳定产 品质量、严控生产成本等手段，2024 年 OLED ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][6]. Core Views - The company has faced challenges in its zeolite and pharmaceutical segments due to weak downstream demand, but there is optimism regarding the growth potential from its various new material developments [4][9]. - The financial performance for 2024 shows a total revenue of RMB 3.693 billion, a decrease of 14.22% year-on-year, and a net profit attributable to shareholders of RMB 246 million, down 67.72% year-on-year [4][10]. - The report highlights the company's ongoing research and development efforts and the successful progress in new materials, which are expected to drive long-term growth [9][12]. Financial Summary - For 2024, the company reported total revenue of RMB 36.93 billion, with a significant decline in net profit to RMB 2.46 billion, reflecting a 67.72% decrease compared to the previous year [4][10]. - The first quarter of 2025 saw a revenue drop of 8.17% to RMB 861.23 million, with a net profit decrease of 18.76% to RMB 79.87 million [12]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.39, RMB 0.48, and RMB 0.56 respectively, with corresponding price-to-earnings (PE) ratios of 28.4, 23.1, and 19.6 [6][8]. Business Segment Performance - The functional materials segment generated RMB 30.19 billion in revenue for 2024, down 10.30% year-on-year, with a gross margin of 39.96% [9]. - The company has maintained its leading position in high-end liquid crystal monomer materials and has seen good development in OLED materials, while also making progress in semiconductor manufacturing materials [9][12]. - The life sciences and pharmaceutical business experienced a revenue decline of 28.65% to RMB 6.29 billion in 2024, although the gross margin improved to 38.16% [9]. Future Outlook - The company is expected to expand its production capacity in functional materials, with the first phase of the Penglai project set to gradually come online in the first half of 2025 [9]. - The report emphasizes the potential for growth in various new materials, including applications in the petrochemical sector and advancements in OLED and semiconductor materials [9][12].

电子/电子化学品Ⅱ 鼎龙股份（300054.SZ） 收入净利双双高增，平台化布局成长可期 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 29.80 | | 一年最高最低(元) | 32.40/18.31 | | 总市值(亿元) | 279.61 | | 流通市值(亿元) | 217.00 | | 总股本(亿股) | 9.38 | | 流通股本(亿股) | 7.28 | | 近 3 个月换手率(%) | 161.91 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-05 2024-09 2025-01 鼎龙股份 沪深300 相关研究报告 《2024Q3 业绩持续高增长，新材料平 台公司成型—公司信息更新报告》 -2024.10.9 《2024H1 业绩同比高增，半导体材料 平台公司成型—公司信息更新报告》 -2024.8.20 《抛光液加速验证与放量，业绩新增 长极逐步成型—公司信息更新报告》 -2024.7.9 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongf ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][6] Core Views - The company experienced a revenue growth of over 50% year-on-year in 2024, driven by demand from North American major clients, although profits did not increase due to losses from subsidiaries and impairment provisions [4][9] - For 2025, growth is expected to diversify with significant contributions from the liquid cooling segment, automotive business, and thermal management products benefiting from capacity expansion in Vietnam [4][6] Summary by Relevant Sections Financial Performance - The company’s revenue for 2024 reached RMB 656 million, a 51.1% increase year-on-year, while net profit was RMB 52 million, a decrease of 3.9% [9] - The projected net profits for 2025, 2026, and 2027 are RMB 87 million, RMB 117 million, and RMB 150 million respectively, with corresponding P/E ratios of 38.9, 28.7, and 22.5 [6][8] Business Development - The company is expanding its business areas, including new projects in cooling fans, liquid silicone, electronic adhesives, and liquid cooling, which have led to significant growth in the automotive sector [9] - The investment in the Vietnam cooling product project has been increased from USD 35 million to USD 65 million, which is expected to enhance market share and profitability [9] Market Position - The company has successfully established partnerships with well-known clients in various sectors, including smart home, drones, and energy storage, and is working on certifications for key clients in AI servers and optical modules [9]