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].

Core Viewpoint - Aolide (688378.SH) has announced a significant decline in its expected financial performance for the first three quarters of 2025, with projected revenue and net profit both decreasing compared to the previous year [1] Financial Performance Summary - The company anticipates revenue between 37 million to 40 million yuan for the first three quarters of 2025, representing a decrease of 6.38 million to 9.38 million yuan, or a year-on-year decline of 13.75% to 20.22% [1] - Expected net profit attributable to the parent company is projected to be between 29 million to 34 million yuan, down by 6.73 million to 7.23 million yuan, reflecting a year-on-year decrease of 66.42% to 71.36% [1] - The company forecasts a net loss attributable to the parent company, excluding non-recurring gains and losses, of 5.6 million to 6.7 million yuan, a decline of 7.17 million to 7.28 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Fundraising Activities - Aolide plans to raise up to 299.86 million yuan through a simplified procedure for issuing shares to specific investors, with the net proceeds intended for the production base project of OLED display core materials and to supplement working capital [2] - The share issuance price is set at 17.20 yuan per share, with a total of 17,433,843 shares to be issued, not exceeding 30% of the company's total share capital prior to the issuance [3] - The company has previously raised a total of 1.235 billion yuan through two fundraising activities [5]

Core Viewpoint - The report provides an overview of the fundraising activities and the utilization of funds by Jilin OLED Material Co., Ltd, confirming that the funds raised have been used in accordance with regulations and reflect the actual usage as of March 31, 2025 [1][2]. Fundraising Situation - The company raised a total of RMB 1,144,042,394.00 from its initial public offering in 2020, with a net amount of RMB 1,060,238,400.37 after deducting issuance costs [1][4]. - In 2023, the company raised an additional RMB 91,456,033.53 through a targeted issuance of 4,951,599 shares at a price of RMB 18.47 per share, resulting in a net amount of RMB 88,987,600.33 after costs [1][2]. Fund Storage Situation - The total amount stored in fundraising special accounts was RMB 1,076,343,246.33, with various accounts held at different banks [2][3]. - As of November 3, 2023, the company transferred the remaining balance of the fundraising special account to its general settlement account, resulting in a balance of zero in the special account [2][3]. Actual Use of Funds - The report details the actual use of funds, indicating that all previously raised funds have been fully utilized as planned [2][3]. - The company has not made any changes to the investment projects funded by the previous fundraising activities as of March 31, 2025 [2][3]. Idle Funds Management - The company has utilized idle funds for cash management, with approvals for using up to RMB 7 billion for investment products, which was later increased to RMB 7.7 billion [3][4]. - As of March 31, 2025, there were no idle funds used for temporary liquidity supplementation [3][4]. Surplus Funds - The report indicates that as of March 31, 2025, the remaining balance of the funds raised from the 2020 public offering was RMB 37,508,784.51 [4][5]. - The company has also approved the use of surplus funds for permanent liquidity supplementation, with a total of RMB 114 million allocated for this purpose [3][4]. Investment Projects - The company has invested in several projects, including the establishment of a wholly-owned subsidiary in Japan for OLED research and development, and various R&D projects related to high-performance OLED materials [5][6]. - The report notes that the progress of some projects has been delayed due to industry factors and equipment procurement issues, but the company is actively working to optimize these projects [5][6]. Financial Performance - The report outlines that the actual investment amounts for various projects have been adjusted based on interest income and management fees, with a total investment of RMB 107,046.55 million reported [6][7]. - The expected benefits from these projects are still under evaluation, as many are in the R&D phase and have not yet generated direct revenue [6][7].

Core Viewpoint - The display industry is experiencing a surge in financing activities, with companies like Huaying Technology and Hefei Xinyi Huazhi securing significant funding to support their operations and technological advancements [1][3][6]. Group 1: Financing Activities - Huaying Technology's subsidiary, Huajiacai, has secured 350 million RMB through a financing lease agreement with Xinxin Leasing, aimed at enhancing its capital needs for display panel production [1][2]. - Hefei Xinyi Huazhi has completed a B+ round investment exceeding 300 million RMB, focusing on high-end equipment in the semiconductor and display panel sectors [3]. - Other companies in the display industry, such as Wenxin Technology and Fulatte, have also reported successful financing rounds, indicating a broader trend of capital influx into the sector [4][5]. Group 2: Industry Trends - The financing activities are concentrated on upstream materials and equipment segments, which are characterized by higher technological barriers and added value compared to the midstream panel manufacturing sector [6]. - The trend suggests a strategic shift towards supporting domestic production capabilities and technological upgrades within the display industry [6].