| | | zhoujia@kysec.cn | | --- | --- | --- | | 日期 | 2025/8/20 | 证书编号：S0790523070004 | 2025 年 08 月 21 日 投资评级：买入（维持） 周佳（分析师） 赵晨旭（联系人） 伐谋-中小盘信息更新 莱特光电（688150.SH） OLED 终端材料持续放量，业绩延续向好态势 zhaochenxu@kysec.cn 证书编号：S0790124120019 下游市场的蓬勃发展，公司延续良好发展态势 公司发布 2025 年中报，2025 年上半年实现营收 2.92 亿元，同比+18.8%，归母 净利润 1.26 亿元，同比+36.7%；综合毛利率达 74.72%，同比提升 8.5 个百分点， 净利率达 43.34%。业绩增长得益于下游 OLED 市场需求持续攀升带来的终端材 料销售收入增加，以及降本增效的持续深化。考虑到部分新品放量节奏，我们下 调 2025-2026 年盈利预测并新增 2027 年盈利预测，预计 2025-2027 年归母净利 润分别为 3.07（-0.26）/4.12（-0.26）/6.09 亿元，对应 EP ...

长江商报消息 ●长江商报记者 徐阳 OLED材料下游需求放量，莱特光电（688150.SH）业绩稳步增长。 8月19日晚间，莱特光电公布的2025年半年报显示，公司2025年上半年实现营业收入2.92亿元，较上年 同期增长18.84%；归母净利润1.26亿元，较上年同期增长36.74%；扣非净利润为1.20亿元，较上年同期 增长45.29%。 近年来，莱特光电专注OLED有机材料核心业务，坚持以技术创新为驱动，通过研发持续提升产品竞争 力，产品质量、性能不断提升，是京东方、天马等国内面板厂商的OLED终端材料供应商，改变了国内 面板厂商OLED终端材料完全依赖进口的现状，实现了本土化发展。 目前，莱特光电在OLED有机材料领域积累了丰富的研发成果及技术储备。截至2025年6月末，公司具 备授权专利384件，累计申请的专利1030件，覆盖了发光层材料、空穴传输层材料、空穴阻挡层材料和 电子传输层材料等OLED有机材料。 半年营收增18.8% 莱特光电成立于2010年，并于2022年上市。公司主要从事 OLED有机材料的研发、生产和销售，核心产 品包括OLED终端材料及OLED中间体，是国内OLED材料领先企业。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported significant growth in H1 2025, with total revenue reaching 292 million yuan, a year-on-year increase of 18.84%, and a net profit attributable to shareholders of 126 million yuan, up 36.74% year-on-year [2][3] - The growth was primarily driven by a substantial increase in sales of OLED terminal materials, which generated 262 million yuan in revenue, reflecting a 31.63% year-on-year growth [3] - The company is actively expanding its product lineup and enhancing its production capabilities, with new products like Red Host and Green Prime entering mass production testing [3][4] - The company maintains strong partnerships with leading panel manufacturers and is accelerating domestic substitution, which is expected to enhance its market position [5] Financial Performance - For H1 2025, the company achieved a total revenue of 292 million yuan, with a net profit of 126 million yuan, and a non-recurring net profit of 120 million yuan, showing year-on-year increases of 36.74% and 45.29% respectively [2][3] - The company forecasts net profits of 271 million yuan, 406 million yuan, and 613 million yuan for 2025, 2026, and 2027 respectively [6][7] - The projected revenue for 2025 is 816 million yuan, with a year-on-year growth of 73% [8] Research and Development - The company has strengthened its R&D efforts, adding 24 new authorized patents in the first half of the year, bringing the total to 384 patents [4] - The R&D initiatives include high-performance materials and advanced device testing, with several technologies being at the forefront domestically or internationally [4] Market Position and Strategy - The company is well-positioned in the OLED materials market, having completed the domestic substitution of key materials and receiving national-level product certification [5] - The ongoing collaboration with major panel manufacturers and the expansion into emerging fields like silicon-based OLEDs are expected to further solidify the company's market presence [5]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market benchmark [8]. Core Insights - The company reported a revenue of 292 million yuan for H1 2025, representing a year-over-year increase of 19%, and a net profit of 126 million yuan, up 37% year-over-year [6]. - The company's gross margin for Q2 2025 was 76.71%, showing significant improvement from previous periods, while the net profit margin reached 44.66% [6]. - The company is focusing on a market strategy of "product diversification and full customer coverage," with a notable increase in OLED terminal material shipments, which generated 262 million yuan in revenue, a 31.63% increase year-over-year [8]. Financial Data and Profit Forecast - The company expects total revenue to reach 737 million yuan in 2025, with a year-over-year growth rate of 56.2% [7]. - The projected net profit for 2025 is 290 million yuan, reflecting a 73.1% increase compared to the previous year [7]. - The earnings per share (EPS) is forecasted to be 0.72 yuan for 2025, with a price-to-earnings (PE) ratio of 37 [7]. Market Position and Growth Potential - The company is benefiting from the increasing penetration of OLED technology, particularly in small-sized displays, and is expected to gain from the growth of domestic panel manufacturers [8]. - The company has established collaborations for the development of key materials and is advancing in the production of various OLED materials, which are anticipated to contribute to future revenue growth [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has experienced rapid growth across various business segments, achieving record highs in both revenue and profit. In 2024, the company is projected to generate revenue of 472 million yuan, a year-on-year increase of 56.90%, and a net profit of 179 million yuan, up 119.09% year-on-year [4][5]. - The company maintains a leading position in the domestic OLED terminal materials market, with stable production and increasing market share for its Red Prime and Green Host materials. New products like Green Prime materials and blue light series materials are expected to enter mass production soon [4][5]. - The company is actively expanding into the silicon-based OLED market, with some materials successfully passing mass production tests with clients [4]. - The OLED penetration rate is increasing, and downstream clients are continuously releasing production capacity, creating a broad market for OLED organic materials [5]. - The company has established a comprehensive R&D system for OLED organic materials, ensuring efficient transitions from research to application [5]. Financial Projections - Revenue projections for the company are as follows: 818 million yuan in 2025, 1.148 billion yuan in 2026, and 1.508 billion yuan in 2027, with corresponding net profits of 305 million yuan, 455 million yuan, and 641 million yuan respectively [7][9]. - The projected P/E ratios for 2025, 2026, and 2027 are 32x, 21x, and 15x respectively, indicating a favorable valuation outlook [7][9].

Core Viewpoint - The management of Lite-On Optoelectronics has undergone significant changes, with five directors resigning amid ongoing share reductions by major shareholders, which raises concerns about the company's governance and future direction [1][2][3] Management Changes - Five directors, including Xue Zhen and Dong Zhenhua, have collectively resigned, with two being recommended by major shareholders [1][2] - The board is being restructured to reduce the number of directors from 11 to 7, indicating a shift in governance strategy [2] Shareholder Activity - Major shareholders Junlian Chengye and Junlian Huicheng have reduced their combined shareholding from 9.48% at IPO to 3.9% as of March 2025, following the expiration of their lock-up period [1][3] - The reduction in shareholding coincides with the management changes, suggesting potential instability or lack of confidence in the company's future [1][3] Fundraising and Project Delays - The company plans to raise up to 300 million yuan through a simplified procedure for specific projects and to supplement working capital, with shareholder approval already obtained [1][4] - The "OLED Terminal Material R&D and Industrialization Project" has faced two delays, now expected to be completed by August 2026, with less than 50% of the investment progress made as of November 2024 [1][4][6] Financial Performance - Lite-On Optoelectronics reported a revenue of 472 million yuan in 2024, a year-on-year increase of 56.9%, and a net profit of 167 million yuan, up 117.17% [4] - In Q1 2025, the net profit reached 60.87 million yuan, reflecting a growth of 39.90% compared to the previous year [4] Production Capacity and Market Response - As of the end of 2024, the company has established an annual production capacity of 12 tons for OLED terminal materials, with plans to continue expanding capacity in line with market demand [5] - Despite the high growth in sales revenue, the company has faced scrutiny regarding its ability to meet production timelines and manage project delays effectively [5][6]

Core Viewpoint - The company, Lite-On Optoelectronics, reported record-breaking financial performance for 2024, with significant increases in revenue and net profit driven by growing demand in the OLED market and effective cost management strategies [2][4]. Financial Performance - In 2024, Lite-On Optoelectronics achieved revenue of 472 million yuan, a year-on-year increase of 56.9%, marking a historical high [2][4]. - The net profit attributable to shareholders reached 167 million yuan, up 117.2% year-on-year, also a record high [2][4]. - The net profit excluding non-recurring items was 148 million yuan, reflecting a 162.8% increase year-on-year, again a historical high [2][4]. Operational Efficiency - The company reported an operating cash flow of 228 million yuan, an increase of 162 million yuan from the previous year, achieving a historical high [4]. - The gross profit margin for 2024 was 67.08%, up 9.53 percentage points from the previous year, primarily due to product price increases [4]. - The weighted return on net assets was 9.58%, the highest in three years, with a year-on-year increase of 5.05 percentage points [5]. R&D and Innovation - Lite-On Optoelectronics invested 64.69 million yuan in R&D in 2024, a 28.3% increase year-on-year, representing 13.71% of revenue [5]. - The company applied for 155 new invention patents and obtained 53 patents during the reporting period, totaling 367 authorized patents by the end of the period [6]. Shareholder Returns - The company plans to distribute a cash dividend of 1.3 yuan per 10 shares, totaling 52.2 million yuan, which is 60% of the net profit attributable to shareholders [6]. - A new shareholder return plan for 2025-2027 has been established, with a minimum distribution ratio of 80% for mature stages without major capital expenditures [6]. Stock Buyback - In response to market volatility, the company initiated a stock buyback plan, aiming to repurchase shares worth 50 to 100 million yuan, with nearly 6 million yuan already repurchased [7].

【WitsView整理】 3月7日， 毅达资 本宣布，公司 近日 完成了对北京夏禾科技有限公司（以下简称"夏禾科技"）的数千万元投资。 资料显示，夏禾科技成立于2017年，是一家专注于OLED有机发光材料研发、生产和销售的国家高新技术企业。其产品涵盖发光掺杂材料（GD、 RD、PD）、发光主体材料（RH、GH）等核心品类，应用领域覆盖智能手机、电脑、电视、可穿戴设备及车载显示等主流场景。 | | | | | | 共青城合一太证创新股权投资合伙企业(有 太证中投 限台伙) | | | --- | --- | --- | --- | --- | --- | --- | | ર | 2020-09-04 | B++轮 | 未披露 | | 共青城海棠红投资合伙企业(有限合伙) | 君子兰投资 | | | | | | | 共青城常青藤投资合伙企业(有限合伙) | 君子兰投资 | | | | | | | 共青城君子兰投资合伙企业(有限合伙) >> | 君子兰投资 | | 6 | 2019-05-06 | B+轮 | 未披露 | - - | 宁波凯铭投资管理合伙企业(有限合伙) | 凯铭投资 | | | | | | | 北 ...