以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 公司 -○- 行业均值 制图数据来自恒生聚源数据库 资料显示，公司主营多种尺寸和各类形态的铜靶、铝靶、钼及钼合金靶、ITO靶和TCOM靶等。 (二)为规避原材料价格波动风险，公司开展了期货套期保值业务。报告期末，部分原材料价格出现较大幅度上涨，导致公司相关期货套保业务产生投资损失 及公允价值变动损失，对本期业绩构成一定影响。 市净率(LF)历史分位(%) 100 ହି ୨୦ 86:02 80 80-81 70 6437 60 50 40 38.63 30 2409 20 10 0 2024-09-30 | 2025-03-30 | 2024-12-30 | 2025-06-30 | 2024-06-30 1 2025-0 据公告，公司业绩变动原因为， (一)受主要原材料价格大幅上涨，以及合肥、乳源等地募投项目产能仍处于爬坡阶段的影响，公司材料成本、固定资产折旧 及人工费用均有增加，主营业务毛利率较去年同期有所下降。同时，随着合肥、乳源等地募投项目陆续投产，人工费用、办公费用、新产品开发研发投入增 加等影响，公司期间费用较上年同期增加。 核校：杨 ...

Core Viewpoint - The article highlights the successful shipment of ITO targets for the G10.5 generation line by Olay New Materials, emphasizing the significance of this achievement in the context of the high-end LCD panel manufacturing industry [2][4]. Group 1: Product and Technology - The G10.5 generation line is currently the highest generation production line for LCD panels globally, primarily producing large-sized panels over 60 inches [4]. - ITO targets are crucial for preparing transparent conductive films, which are key materials in display panel manufacturing [4]. - The ITO targets for the G10.5 generation line require a purity level of 4N5 or higher and must meet strict requirements for large area and high uniformity coating [4]. Group 2: Company Performance - For the full year of 2024, Olay New Materials reported a revenue of 437 million yuan, a year-on-year decrease of 8.29%, and a net profit attributable to the parent company of 27.5 million yuan, down 44.27% year-on-year [5]. - In the first half of 2025, the company continued to face pressure, with revenue of 217 million yuan, a year-on-year increase of 1.23%, but a net loss of 6.96 million yuan [5]. - The net loss in the first half of 2025 was attributed to factors such as dynamic adjustments in customer capacity, a decrease in revenue share from copper and aluminum targets, and high personnel and depreciation costs due to the establishment of new production bases [5].

Core Viewpoint - Guangdong Olay High-tech Materials Co., Ltd. reported a decline in revenue for 2024, with total operating income of 436.76 million yuan, a year-on-year decrease of 8.29%, which contrasts with the growth of downstream customers like BOE and Huaxing Optoelectronics [2][12]. Summary by Sections Main Business Operations - The company's main business revenue was 361.61 million yuan, accounting for 83% of total revenue, while other business income accounted for 17% [2][6]. - The revenue from sputtering targets, including copper, aluminum, molybdenum, and ITO targets, was 284.62 million yuan, with copper targets contributing 156.43 million yuan, a decrease of 8.19% year-on-year [5][6]. - The company faced a decline in sales volume and revenue across various product categories, particularly in copper, aluminum, and molybdenum targets, due to market competition and changes in customer procurement strategies [12][23]. Revenue Breakdown - The revenue breakdown for 2024 showed: - Copper targets: 156.43 million yuan (down 8.19%) - Aluminum targets: 35.78 million yuan (down 13.82%) - Molybdenum and molybdenum alloy targets: 21.07 million yuan (down 34.78%) - ITO targets: 28.22 million yuan (up 125.31%) [5][6][12]. - The company’s other business income decreased by 23.41% to 75.15 million yuan, primarily due to a drop in waste material sales [12][13]. Industry Comparison - Compared to peers, Olay's revenue decline was notable, with competitors like Jiangfeng Electronics and Aishi Chuang showing significant growth in their respective revenues [10][12]. - The differences in product offerings and market applications between Olay and its competitors contributed to the disparity in performance [10][12]. Customer Dynamics - Major customers such as BOE and Huaxing Optoelectronics reported revenue growth, while Olay's revenue declined, indicating a potential misalignment in market demand and supply [11][12]. - The company has established long-term relationships with key customers, which may provide stability despite current revenue challenges [14][15]. Future Outlook - The company plans to enhance R&D investment and explore new market applications, particularly in solar energy and semiconductor industries, to counteract the revenue decline [18][19]. - Olay aims to extend its supply chain by moving upstream into high-purity copper production, which could improve cost efficiency and stabilize supply [18][19].