全球OLED面板出货量稳健增长，在智能手机、平板、笔电、车载等领域的渗透率有望不断提升。25H1 我国显示面板全球份额首超50%，国内面板厂商相继布局高世代OLED产线，叠层OLED等新技术不断 推进，带动OLED材料需求进一步增长。2024年全球OLED显示材料市场销售额达24.4亿美元，预计 2031年达84.98亿美元，2025-2031年CAGR为19.8%。2024年我国OLED有机材料(终端+前端材料)市场规 模约为57亿元，同比大幅提升31%。目前OLED通用辅助材料国产化率约为12%，终端材料国产化率不 足5%，国内厂商不断进行国产化突破，同时随着国内OLED面板产能和市占率的扩张，国产OLED有机 发光材料市场空间有望持续扩大。另一方面，PSPI材料性能优异，与传统光刻胶相比可简化光刻工艺， 是OLED显示制程的核心主材。日本和美国企业占据全球PSPI主导地位。随着我国集成电路、OLED面 板等产业需求的进一步扩大，国内PSPI市场规模有望持续扩增，国产产品放量可期。 投资建议 智通财经APP获悉，中银国际发布研报称，受益于下游行业快速发展、先进技术不断迭代以及国产替代 大背景，电子材料领域 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company plans to raise up to 299.71 million yuan (approximately 30 million USD) through a private placement to fund the production base project for PSPI materials, which are critical for OLED display manufacturing [1]. - The global PSPI market is projected to grow from approximately 677 million USD in 2024 to 3.181 billion USD by 2031, with a compound annual growth rate (CAGR) of 25.1% from 2025 to 2031 [1]. - The company has achieved key technological breakthroughs in PSPI materials and has begun industrial applications, holding over 400 invention patents and establishing a comprehensive technology barrier in the OLED materials sector [2]. - The company’s evaporation source products are compatible with both 6th and 8.6th generation AMOLED production lines, adapting to the transition in domestic panel manufacturing [2]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 689 million yuan, 1.163 billion yuan, and 1.376 billion yuan, respectively, with net profits expected to be 113 million yuan, 262 million yuan, and 385 million yuan for the same years [3][4]. - The revenue growth rates are forecasted at 29.36% for 2025, 68.76% for 2026, and 18.30% for 2027, while net profit growth rates are expected to be 24.64%, 132.54%, and 46.94% for the same periods [4].

从基金十大重仓股角度 12月22日，莱特光电涨5.2%，截至发稿，报26.72元/股，成交4.48亿元，换手率4.35%，总市值107.53亿 元。莱特光电股价已经连续3天上涨，区间累计涨幅19.42%。 资料显示，陕西莱特光电材料股份有限公司位于陕西省西安市高新区隆丰路99号3幢3号楼，成立日期 2010年2月21日，上市日期2022年3月18日，公司主营业务涉及主要从事OLED有机材料的研发、生产和 销售。主营业务收入构成为：OLED有机材料94.48%，面板用清洗液4.95%，其他0.33%，其他中间体 0.23%。 数据显示，国寿安保基金旗下1只基金重仓莱特光电。国寿安保新蓝筹混合（007074）三季度持有股数 27.5万股，占基金净值比例为5.02%，位居第十大重仓股。根据测算，今日浮盈赚取约36.3万元。连续3 天上涨期间浮盈赚取113.57万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 国寿安保新蓝筹混合（007074）基金经理为 ...

12月22日，莱特光电涨5.2%，截至发稿，报26.72元/股，成交4.48亿元，换手率4.35%，总市值107.53亿 元。莱特光电股价已经连续3天上涨，区间累计涨幅19.42%。 资料显示，陕西莱特光电材料股份有限公司位于陕西省西安市高新区隆丰路99号3幢3号楼，成立日期 2010年2月21日，上市日期2022年3月18日，公司主营业务涉及主要从事OLED有机材料的研发、生产和 销售。主营业务收入构成为：OLED有机材料94.48%，面板用清洗液4.95%，其他0.33%，其他中间体 0.23%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓莱特光电。华夏量化选股股票A（024804）三季度持有股数16.2万 股，占基金净值比例为1.6%，位居第七大重仓股。根据测算，今日浮盈赚取约21.38万元。连续3天上涨 期间浮盈赚取66.91万元。 华夏量化选股股票A（024804）成立日期2025年7月22日，最新规模1.3亿。成立以来收益8.33%。 华夏量化选股股票A（024804）基金经理为金安达。 截至发稿，金安达累计任职时间2年300天，现任基金资产总规模5.16亿元，任职期间最佳基金回报 ...

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as Jiumu Chemical), backed by Wanrun Co., Ltd., is preparing for an IPO on the Beijing Stock Exchange, but faces concerns regarding its financial performance and inventory levels [1][3]. Company Overview - Jiumu Chemical specializes in the research, production, and sales of OLED (Organic Light Emitting Diode) front-end materials, including OLED sublimation precursor materials and intermediates [4]. - The company was established in 2005 and became a subsidiary of Wanrun Co., Ltd. after its acquisition in 2010, with Wanrun currently holding 45.33% of Jiumu Chemical's shares [4][5]. Financial Performance - Jiumu Chemical's revenue increased from 706 million yuan in 2022 to 962 million yuan in 2024, while net profit rose from 204 million yuan to 254 million yuan during the same period [8]. - However, in the first three quarters of the current year, the company reported a revenue decline of 17.36% year-on-year, totaling 611 million yuan, and a net profit drop of 23.47%, amounting to 154 million yuan [8][9]. Inventory Concerns - The company's inventory has surged to 523 million yuan, a year-on-year increase of approximately 25.12%, raising questions about potential unsold stock [9]. - Inventory accounted for 66.78% of current assets as of the third quarter, up from 58.58% in 2022 [9]. Expansion Plans - Despite the underutilization of production capacity (below 80%), Jiumu Chemical plans to raise 1 billion yuan for expansion, aiming to add 280 tons of OLED front-end materials capacity [3][9]. - The company's production capacity utilization rate has significantly decreased from 108.54% in 2022 to 68.08% in 2023 [9]. Shareholder Activity - Notable shareholders include individuals who have realized substantial profits from their investments, with one individual reportedly cashing out over 300 million yuan [5][6]. - The shareholder structure includes institutional investors, with some having exited their positions shortly after investing [6][8].

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as "Jiumu Chemical"), backed by Wanrun Co., Ltd., is striving for an IPO on the Beijing Stock Exchange, but faces challenges due to declining profits and rising inventory levels amid plans for significant expansion [1][2]. Group 1: Company Overview - Jiumu Chemical specializes in the research, production, and sales of OLED front-end materials, including sublimation materials and intermediates [4]. - The company was established in 2005 and became a subsidiary of Wanrun Co., Ltd. after its acquisition in 2010. Wanrun holds a 45.33% stake in Jiumu Chemical [5]. Group 2: Financial Performance - In the first three quarters of this year, Jiumu Chemical's net profit declined by over 20%, while inventory surged to 523 million yuan, raising concerns about potential overstock [2][12]. - Revenue for the first three quarters was 611 million yuan, a year-on-year decrease of 17.36%, with net profit at 154 million yuan, down 23.47% [12]. - The average selling price of Jiumu Chemical's core product, OLED sublimation front materials, dropped by approximately 15.7% from 5,265.85 million yuan per ton in 2024 to 4,439.75 million yuan per ton in Q1 of this year [12]. Group 3: Shareholder Dynamics - The shareholder list of Jiumu Chemical includes notable figures, with two natural persons having cashed out nearly 500 million yuan over three years, realizing profits exceeding 300 million yuan [2][3]. - The "Luxiao system" family has a significant stake, with Ma Xiaoyuan, the daughter-in-law of the controlling family, holding 12.36% of the shares, making her the second-largest shareholder [8]. Group 4: Expansion Plans and Market Concerns - Despite a production capacity utilization rate below 80%, Jiumu Chemical plans to raise 1 billion yuan for expansion, which has drawn scrutiny from the exchange regarding the necessity and risks of such expansion [2][13]. - The company has previously distributed substantial dividends, totaling over 200 million yuan from March 2022 to May 2025, raising questions about the timing of the expansion plans [13].

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd., backed by Wanrun Co., is pushing for an IPO on the Beijing Stock Exchange, despite facing declining profits and rising inventory levels [1][2]. Company Overview - Jiumu Chemical specializes in the research, production, and sales of OLED front-end materials, including sublimation materials and intermediates [3]. - The company was established in 2005 and became a subsidiary of Wanrun Co. after its acquisition in 2010. Wanrun Co. holds a 45.33% stake in Jiumu Chemical [4]. Shareholder Dynamics - The shareholder list includes notable figures, such as the daughter-in-law of the Lu Xiao Jun family, and two mysterious individuals who cashed out nearly 500 million yuan over three years, with profits exceeding 300 million yuan [2][6]. - Significant changes in shareholding occurred shortly after capital increases, with major investors realizing substantial profits from their investments [6][7]. Financial Performance - In the first three quarters of this year, Jiumu Chemical reported a revenue of 611 million yuan, a year-on-year decline of 17.36%, and a net profit of 154 million yuan, down 23.47% [10]. - The company's inventory has surged to 523 million yuan, raising concerns about potential unsold stock [10][11]. Market Conditions - The OLED industry is experiencing an oversupply, impacting the pricing of Jiumu Chemical's core products. The average price of OLED sublimation materials fell by approximately 15.7% from the previous year [10]. - Despite the declining demand and profitability, the company plans to raise 1 billion yuan for expansion, aiming to add 280 tons of production capacity for OLED materials [11]. Production Capacity and Utilization - Following the launch of its first-phase project, the company's production capacity utilization dropped significantly from 108.54% in 2022 to 68.08% in 2023, with a further decline to 74.24% in early 2025 [11].

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as "Jiumu Chemical"), backed by Wanrun Co., Ltd., is racing towards its listing on the Beijing Stock Exchange, but faces challenges with declining profits and rising inventory levels amid plans for significant capacity expansion [1][2]. Shareholder Structure - Jiumu Chemical's shareholder list includes notable figures, such as the daughter-in-law of the "Luxiao system" and two mysterious individuals who cashed out nearly 500 million yuan in three years, with profits exceeding 300 million yuan [2][3]. - Wanrun Co., Ltd. holds a 45.33% stake in Jiumu Chemical, making it the controlling shareholder [3]. Financial Performance - In the first three quarters of this year, Jiumu Chemical's net profit declined by over 20%, while inventory surged to 523 million yuan [2][9]. - Revenue fell by 17.36% year-on-year to 611 million yuan, with a net profit of 154 million yuan, down 23.47% [9]. - The average selling price of Jiumu Chemical's core product, OLED sublimation front materials, decreased by approximately 15.7% from the previous year [9]. Capacity Expansion Plans - Despite a production capacity utilization rate of less than 80%, Jiumu Chemical plans to raise 1 billion yuan for significant capacity expansion, aiming to add 280 tons of OLED front-end materials and other functional materials [10]. - The company has faced scrutiny from the exchange regarding the necessity and rationality of this expansion given the current underutilization of existing capacity [10]. Dividend History - Prior to the planned fundraising for expansion, Jiumu Chemical distributed substantial cash dividends totaling over 200 million yuan from March 2022 to May 2025 [10].

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as "Jiumu Chemical"), backed by Wanrun Co., Ltd., is racing towards its listing on the Beijing Stock Exchange, but its fundamentals show signs of concern as net profit has dropped over 20% in the first three quarters of this year, while inventory has surged to 523 million yuan [1][4]. Group 1: Company Background - Jiumu Chemical specializes in the research, production, and sales of OLED front-end materials, including OLED sublimation materials and intermediates [2]. - Established in 2005, Jiumu Chemical became a subsidiary of Wanrun Co., Ltd. after its acquisition in 2010, with Wanrun holding 45.33% of Jiumu's shares [2]. Group 2: Shareholder Dynamics - The shareholder list of Jiumu Chemical includes institutional and individual investors, with significant transactions involving natural persons who have cashed out nearly 500 million yuan over three years, yielding profits exceeding 300 million yuan [1][3]. - Notably, the "Luxiao Group" and other institutions entered the shareholder structure in 2018, with initial investments at 1.81 yuan per registered capital [2]. Group 3: Financial Performance - Jiumu Chemical's revenue grew from 706 million yuan in 2022 to 962 million yuan in 2024, but the net profit has seen a decline, with a 17.36% drop in revenue to 611 million yuan and a 23.47% decrease in net profit to 154 million yuan in the first three quarters of this year [4][5]. - The average selling price of Jiumu's core product, OLED sublimation materials, has decreased by approximately 15.7% from 5,265.85 million yuan per ton in 2024 to 4,439.75 million yuan per ton in the first quarter of this year [5]. Group 4: Inventory and Expansion Plans - Jiumu Chemical's inventory has increased significantly, reaching 523 million yuan by the end of the third quarter, a rise of about 25.12% compared to the previous year [5][6]. - Despite the low capacity utilization rate of below 80%, the company plans to raise 1 billion yuan for expansion, aiming to add 280 tons of OLED front-end materials capacity [6]. Group 5: Market Context - The OLED industry is currently facing an oversupply situation, which has affected demand and pricing for Jiumu Chemical's products [4][5].

Core Viewpoint - The company is facing a significant test of confidence and efficiency as it plans to issue 766 million yuan in convertible bonds to invest in cutting-edge perovskite material production and R&D projects, despite strong performance in revenue and net profit for the first three quarters of 2025 [1][3]. Financing Plan - The fundraising plan aims to raise no more than 766 million yuan, primarily allocated to four areas: construction of production workshops in the "Pucheng Light Optoelectronics New Materials Production R&D Base," smart upgrade of production workshops, establishment of a perovskite material R&D and device verification platform, and supplementing working capital [3]. Previous Fund Utilization - As of September 30, 2025, the company had utilized 603 million yuan of the previous fundraising net amount of 805 million yuan, leaving approximately 231 million yuan (25.11%) unspent. The remaining funds will continue to support the "OLED terminal material R&D and industrialization project," which has faced two delays [5]. Project Delays - The "OLED terminal material R&D and industrialization project" has been postponed twice, with the completion date now extended to August 2026. The company cites economic conditions, industry competition, and market demand changes as reasons for the delays, emphasizing a cautious approach to project implementation and funding allocation [5]. Shareholder Actions - Major shareholders, including Junlian Chengye and Junlian Huicheng, have been reducing their holdings since the expiration of the lock-up period, with a total reduction of 1.73% from April 2023 to October 2024. By June 2025, their combined shareholding had decreased to 3.9% [7][8]. Board Restructuring - The company has significantly reduced its board size from 11 to 7 members, with several directors resigning, including those recommended by the major shareholders. This restructuring reflects changes in the company's governance and shareholder influence [7][8]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 423 million yuan, an increase of 18.77% year-on-year, and a net profit of 180 million yuan, representing a substantial growth of 38.62% [8]. Strategic Challenges - The company faces the challenge of balancing project management and funding efficiency amid ongoing shareholder changes and governance restructuring, which will be crucial for its future development [1][8].