莱特光电（688150） 证券研究报告 二季度收入、利润创新高，期待 RH 材料实现突破 事件：莱特光电公布 2025 年半年报，上半年公司实现营业收入 2.92 亿元， 同比+18.8%，实现归母净利润 1.26 亿元，同比+36.7%，其中第二季度实现 营业收入 1.47 亿元，同比+11.7%，环比+1.4%，实现归母净利润 6559 万元， 同比+33.9%，环比+7.7%。 单季度收入、利润、毛利率均创 2021 年以来新高 公司二季度实现营业收入 1.47 亿元，实现归母净利润 0.66 亿元，单季度 营业收入、归母净利润均创 2021 年以来单季度新高水平，收入和归母净利 润连续三个季度实现环比上行。公司二季度毛利率 76.7%，创 2021 年以来 新高，净利率 44.7%，盈利能力随着收入增长创新高。 多款材料实现突破，RH 和 GP 值得期待，硅基 OLED 材料通过量产测试 公司报告 | 半年报点评 既有量产产品方面，Red Prime 材料及 Green Host 材料凭借优异的产品性能 稳定量产供应并持续升级迭代，性能指标不断优化，预计下半年出货量将 进一步提升，为公司业务实现持续增 ...

Core Insights - The company reported a steady growth in performance during the first half of the year, with operating revenue reaching 291.78 million yuan, an increase of 18.84% year-on-year [1][3] - Net profit attributable to shareholders was 126.47 million yuan, reflecting a significant growth of 36.74% compared to the same period last year [1][3] - The net profit after deducting non-recurring gains and losses was 119.84 million yuan, marking a 45.29% increase year-on-year [1][3] Financial Performance - Total revenue for the reporting period was 291.78 million yuan, up from 245.52 million yuan in the previous year [1] - Total profit reached 144.19 million yuan, compared to 105.46 million yuan in the same period last year, representing a growth of 36.73% [1] - The net cash flow from operating activities was 104.01 million yuan, showing a slight decrease of 2.93% from the previous year [1] Market Strategy and Product Development - The company has implemented a market strategy focused on "product series and full customer coverage," leading to a diverse product matrix and steady business development [2] - Sales revenue from OLED terminal materials reached 2.62 million yuan, reflecting a year-on-year growth of 31.63% [2] - Existing products like Red Prime and Green Host materials have shown stable mass production and continuous performance upgrades, with expected increased shipments in the second half of the year [4] New Product Initiatives - The company is progressing towards large-scale production of Red Host materials and is testing Green Prime materials for potential mass supply within the year [4] - Several materials have successfully passed mass production tests with clients such as Guozhao Optoelectronics and others, which will open new avenues for revenue growth [4]

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 investment rating for the company is "Hold" [6] Core Views - The company achieved record high revenue and profit in 2024, with operating income of 472 million yuan, a year-on-year increase of 56.9%, and a net profit attributable to shareholders of 167 million yuan, up 117.2% year-on-year [1][2] - The growth in OLED organic materials revenue was particularly strong, increasing by 63.91% year-on-year, driven by rising demand from downstream customers [2] - The company has successfully validated multiple materials with clients, laying a solid foundation for future growth [3] - The OLED materials market is expected to continue growing, with panel manufacturers accelerating the layout of high-generation lines [4] Financial Performance - In Q4 2024, the company reported operating income of 116 million yuan, a year-on-year increase of 12.6%, and a net profit of 38 million yuan, up 78.5% year-on-year [1] - For Q1 2025, the company achieved operating income of 145 million yuan, a year-on-year increase of 27.0%, and a net profit of 61 million yuan, up 39.9% year-on-year [1] - The company's EBITDA for 2024 is projected to be 316 million yuan, with a net profit forecast of 167 million yuan for the same year [5] Product Development - The company has made significant progress in the development of new materials, including Red Prime and Green Host materials, which are now in stable mass production [3] - New products such as Red Host material have broken foreign patent barriers, and Green Prime material is in the customer mass production testing phase [3] Market Outlook - The OLED market is expected to grow due to its superior performance and increasing penetration in various terminal applications, particularly in medium-sized displays [4] - Major panel manufacturers like BOE and Visionox are investing in high-generation OLED production lines to enhance their competitive position in the medium-sized OLED market [4]

Core Viewpoint - The article highlights the performance reports of five companies in the optoelectronics and display materials sector for 2024, showcasing significant growth for some and challenges for others due to market conditions and competition. Group 1: Tianshan Electronics - Tianshan Electronics achieved a total revenue of 1.477 billion yuan, a year-on-year increase of 16.54% [2][3] - The net profit attributable to shareholders reached 150 million yuan, up 39.97% compared to the previous year [2][3] - Growth was driven by increased orders in the automotive electronics sector and advancements in new products like display and touch modules [2] Group 2: Lite-On Optoelectronics - Lite-On Optoelectronics reported total revenue of 472 million yuan, a significant increase of 56.90% year-on-year [4][5] - The net profit attributable to the parent company was 167 million yuan, reflecting a 116.68% growth [4][5] - The growth was attributed to the recovery in the consumer electronics market and the acceleration of OLED technology adoption [4] Group 3: Weida Optoelectronics - Weida Optoelectronics achieved revenue of 220 million yuan, marking an 8.65% increase year-on-year [6][7] - The net profit attributable to shareholders was 33 million yuan, up 4.09% [6][7] - The increase was driven by new product development and market expansion, along with improved management of overdue accounts [6] Group 4: Qingyue Technology - Qingyue Technology reported total revenue of 753 million yuan, a 13.87% increase from the previous year [8][10] - The net loss attributable to the parent company narrowed by 41.52% compared to the previous year [8][10] - The company improved its accounts receivable management, which helped reduce credit impairment losses [11] Group 5: Eight Billion Space - Eight Billion Space recorded total revenue of 748 million yuan, a decline of 6.43% year-on-year [12][13] - The net profit attributable to the parent company decreased by 25.72% to 79 million yuan [12][13] - The decline was primarily due to cyclical fluctuations in the downstream panel industry and intensified market competition, although the company managed to stabilize performance in the fourth quarter [12][13]