| | | 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 ...

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]

Group 1 - The core viewpoint of the news is that YuDe Investment has conducted research on a listed company, Lite-On Optoelectronics, which is focusing on the OLED terminal materials sector and expanding its product matrix [1] - Lite-On Optoelectronics has developed a comprehensive product matrix covering red, green, and blue emitting layer materials, with ongoing mass production of Red Prime and Green Host materials, while Red Host and Green Prime materials are in mass production testing [1] - The company is actively developing high-performance blue light series materials, with Blue Prime and Blue Host materials undergoing client validation tests, and is advancing blue phosphorescent and MR-TDF technologies [1] Group 2 - The construction of the 8.6 generation line is expected to significantly increase the demand for OLED organic light-emitting materials, thereby expanding the company's market space [1] - The stacked OLED technology has been applied in various terminal products, leading to a substantial increase in the usage of emitting layer materials due to the need for special materials for the new CGL layer [1] - Lite-On Optoelectronics is preparing for overseas market expansion and is advancing its PCT international patent layout, with several core technical indicators of its products reaching international leading levels [1] Group 3 - The company plans to continue increasing its R&D investment, strengthen the development of new products and technologies, and explore a second growth curve to build a diversified business system [1]