2026 年 3 月 2 日 公司研究 费用提升 25 年业绩小幅下降，26 年高世代蒸发源订单进入确认期 ——奥来德（688378.SH）公告点评 买入（维持） 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 当前价：40.95 元 作者 要点 事件 1：公司发布 2025 年度业绩快报。2025 年，公司实现营收 5.77 亿元，同比增 长 8.27%；实现归母净利润 8041 万元，同比减少 11.09%；实现扣非后归母净利润 750 万元，同比减少 83.42%。2025Q4，公司单季度实现营收 1.88 亿元，同比增长 172.20%，环比增长 73.88%；实现归母净利润 4905 万元，同比扭亏为盈，环比增 长 1027%。 分析师：周家诺 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 市场数据 | 总股本(亿股) | 2.49 | | --- | --- | | 总市值(亿元)： | 102.08 | | 一年最低/最高(元)： | 13.21/40.98 ...

Core Viewpoint - Shaanxi province is focusing on developing county economies, private economies, open economies, and digital economies to enhance its economic resilience and quality, aiming for a significant leap in economic transformation during the "14th Five-Year Plan" period [1][2] Economic Growth and Development - The total economic output of Shaanxi is projected to reach 3.65 trillion yuan by 2025, with an average annual growth rate of 5.2% [1] - The province's import and export scale and key indicators of the China-Europe Railway Express (Xi'an) are expected to hit historical highs by 2025 [1] - The contribution of the private economy to the GDP is anticipated to rise to 50.3% by 2025 [1] Industry and Innovation - Shaanxi is prioritizing the cultivation of key industries to enhance county economic growth and improve the business environment to stimulate private sector vitality [1] - The province has maintained the highest R&D investment intensity in Western China, with 46,000 technology achievements transferred and transformed [1] - The strategic emerging industries are expected to grow at an annual rate of 8%, with sectors like new energy vehicles and semiconductors leading the national rankings [1] Infrastructure and Connectivity - The China-Europe Railway Express (Xi'an) is projected to operate over 6,000 trains by 2025, facilitating participation from over 20,000 enterprises in global industrial division [1] - More than 90 countries and regions have established foreign enterprises in Shaanxi, with over 8,800 foreign-funded companies, including more than 200 Fortune 500 companies [1] Policy and Future Directions - The province aims to accelerate the construction of a county economic system centered around county towns and small towns, while implementing new measures to support the private economy [2] - Shaanxi is committed to deepening integration into the Belt and Road Initiative and enhancing its open economic development space [1][2]

Summary of Panel Industry Chain Conference Call Industry Overview - The panel industry chain is experiencing price increases driven by rising costs of upstream materials such as films, which directly impacts panel prices [1][3] - The competitive landscape within the panel industry is improving, with tightening capacity further solidifying the upward price trend, potentially enhancing the gross margins of related companies [1] Core Insights - If polarizer manufacturers can successfully implement price increases, it will significantly improve their operational conditions and profitability [1][4] - Panel manufacturers can leverage the price increases from upstream materials to raise prices downstream, thereby enhancing their own profitability [1][4] - Key areas to focus on during the current price increase include segments with favorable competitive dynamics and low domestic substitution rates, such as panels themselves, TAEG膜, and OLED materials, which are expected to benefit from both price increases and domestic substitution [1][5] Future Development Directions - The future development of the panel industry chain is centered on two main areas: glass substrate packaging technology and solar wing battery technology for commercial aerospace [1][6] - Companies like Innolux and TSMC have begun mass shipments of glass-based chip packaging, while BOE is focusing on perovskite solar wing battery technology [1][6] Capital Expenditure Insights - New emerging businesses such as glass-based chip packaging and solar wing batteries require relatively low capital expenditures compared to traditional panel businesses [1][7] - These new ventures can utilize existing production lines and processes, leading to a higher return on investment, as evidenced by Innolux's successful mass production with significantly lower capital expenditures than traditional large-scale investment projects [1][7] Key Factors for 2026 - In 2026, the panel industry chain is worth monitoring due to several factors: - A favorable competitive landscape with various catalysts driving product price increases [2][8] - Upstream segments with low domestic substitution rates, such as TAEG膜 and OLED materials, are expected to benefit from accelerated domestic substitution [2][8] - New technological expansions in areas like glass-based chip packaging and commercial aerospace solar wing batteries will provide new growth trajectories for the industry [2][8]

Core Viewpoint - The successful early activation of BOE's 8.6-generation line is a significant advancement for the domestic display industry, enhancing the production of high-end touch OLED displays for smart terminals like laptops and tablets [2] Group 1: Industry Developments - The 8.6-generation line, activated five months ahead of schedule, is crucial for the domestic display industry's breakthrough into mid-size, high-quality OLED sectors [2] - This advancement will improve the supply capability from small to mid-size products and reduce unit costs through scaled production, accelerating the penetration of OLED technology in various high-end applications [2] Group 2: Company Opportunities - The 8.6-generation line's substrate area is 2.16 times larger than that of the 6th generation line, which, combined with the application of Tandem stacking technology, is expected to significantly increase the demand for OLED emitting materials, creating a market potential exceeding 10 billion [2] - The rapid penetration into the mid-size sector will provide the company with extensive application scenarios for its products [2] - The company has proactively positioned itself in the relevant emitting materials and is currently collaborating with clients on validation work, laying a solid foundation for long-term business growth [2]

Group 1: CES 2026 Highlights - CES 2026, known as the "Spring Festival Gala" of the tech industry, commenced on January 6, 2026, in Las Vegas, attracting over 4,000 global companies, with nearly 1,000 from China, showcasing China's technological strength [1] - BOE (京东方), a global leader in displays, showcased over 60 cutting-edge technologies and solutions, reinforcing its core position in the industry through ecological empowerment and innovation breakthroughs [1] - BOE's strategy as a "screen IoT" practitioner emphasizes technological innovation across multiple fields, solidifying its global leadership in the display industry while seizing opportunities in new sectors like smart cockpits [1] Group 2: OLED Market Insights - The global OLED display materials market is projected to reach $3.119 billion by 2025 and $9.283 billion by 2032, with a compound annual growth rate (CAGR) of 16.86% from 2025 to 2032 [2] - Lite-On Optoelectronics is a leading domestic player in the OLED upstream light-emitting materials sector, achieving breakthroughs in domestic OLED terminal materials and maintaining a leading position in production capacity and shipment volume [2] - New Fiber New Materials has developed OLED flexible packaging films for foldable smartphones and automotive displays, reducing moisture penetration risks [2] Group 3: Equipment and Components for OLED - Jingce Electronics (精测电子) provides OLED panel testing equipment, covering screen brightness and color calibration, potentially supporting dual-layer OLED production lines [3] - Linde Equipment (联得装备) specializes in panel assembly equipment, involved in OLED screen lamination and packaging processes, possibly participating in manufacturing [3] - Dongshan Precision (东山精密) supplies flexible circuit boards (FPC) and precision components, likely providing supporting components for screen modules [3] - Northern Huachuang (北方华创) indirectly invests in semiconductor equipment through its stake in ChipSource, which develops and produces equipment applicable in OLED manufacturing [3]

Group 1 - The company has invested in several outstanding enterprises in the photoresist field, holding a 3.6705% stake in Beijing Kehua Microelectronics Materials Co., Ltd. and a 1.3853% stake in Beijing Dingcai Technology Co., Ltd. [1] - Beijing Kehua is a leading enterprise in the domestic semiconductor photoresist sector, while Beijing Dingcai is recognized for its OLED luminescent materials and panel display photoresists. [1]

Core Viewpoint - Universal Display Corporation (UDC) reported a decline in revenue and profit for Q3 2025 compared to the same period last year, primarily due to customer shipment schedule adjustments and one-time accounting changes, but overall operations remain robust [1][5]. Financial Performance Summary - UDC's total revenue for Q3 2025 was $139.613 million (approximately ¥1.005 billion), a decrease of about 14% from $161.627 million in Q3 2024 [2][5]. - Material sales revenue was $82.634 million, nearly flat compared to $83.428 million in the previous year [4][5]. - Royalty and license fees dropped to $53.317 million from $74.590 million, largely due to changes in customer structure and a one-time adjustment of approximately $9.5 million [4][5]. - Gross margin for material sales was 60%, consistent with the previous year, while overall gross margin was 75%, slightly down from 78% year-on-year [4][5]. Year-to-Date Performance - For the first three quarters of 2025, UDC's cumulative revenue reached $477.684 million (approximately ¥3.44 billion), a slight decline from $485.391 million in the same period of 2024 [6][7]. - Material sales for the nine months totaled $257.439 million, down from $272.154 million, while royalty and license fees were $202.553 million, slightly up from $202.409 million [6][7]. - The net profit for the first three quarters was $175.7 million, with diluted earnings per share at $3.68, remaining stable compared to the previous year [7]. Future Outlook - UDC anticipates total revenue for 2025 to be at the lower end of its previous guidance, around $650 million, reflecting changes in customer purchasing patterns and market demand fluctuations [8]. - The company remains optimistic about future growth prospects, driven by the promotion of next-generation efficient OLED materials and the expansion of new application markets [8]. - UDC announced the acquisition of over 300 OLED-related patent assets from Merck Group to strengthen its technological leadership in high-efficiency OLED devices [8].

Core Insights - Universal Display Corporation (UDC) has reached a final agreement to acquire a portion of OLED-related patent assets from Merck Group, covering over 300 authorized and pending patents globally, with an average remaining validity of about 10 years [1][3]. Group 1: UDC Overview - UDC, established in 1994 and headquartered in the United States, specializes in OLED technology and material research, holding over 6,500 patents [1]. - The acquisition aims to enhance UDC's patent coverage in critical light-emitting materials and strengthen its technological leadership in high-efficiency OLED devices [1]. Group 2: Merck Group Overview - Merck Group is a global technology company operating across life sciences, healthcare, and electronics, achieving sales of €21.2 billion in 2024 across 65 countries [3]. - The company's patent assets have attracted attention from industry giants, with Samsung Electronics acquiring multiple patents from Merck to bolster its quantum dot technology [3][4]. Group 3: Samsung's Patent Acquisitions - In 2023, Samsung acquired 11 patents in February, 42 in July, and an additional 15 patents in Korea, followed by 53 quantum dot-related patents from Merck in August, including core patents for cadmium-free quantum dot technology [4].

Core Viewpoint - Jilin OLED Materials Co., Ltd. (Aolaide) and BOE Technology Group Co., Ltd. (BOE) have signed a strategic cooperation framework agreement to enhance collaboration in the OLED sector [2][3]. Group 1: Strategic Cooperation Areas - The partnership will focus on four core areas: ensuring the security of evaporation source supply, consolidating competitive advantages, collaborating in OLED materials, and expanding cooperation space [3]. - Aolaide will provide BOE with OLED linear evaporation source equipment and ensure delivery acceptance, while BOE will list Aolaide as a major supplier to maintain production line stability [3]. - Both companies will jointly promote innovation and iteration of key equipment technologies, ensuring the safety of the industrial chain in OLED linear evaporation sources and perovskite deposition [3]. - Aolaide will supply BOE with OLED light-emitting materials, PSPI materials, and TFE Ink, focusing on development, validation, testing, and introduction services [3]. - The two companies will share industry and business information to explore new cooperation opportunities based on industry trends and technological research needs [3]. Group 2: Company Background and Financials - Aolaide was established in 2005 and specializes in the R&D, production, and sales of OLED organic light-emitting materials and evaporation source equipment, serving clients like Visionox, Hehui Optoelectronics, TCL Huaxing, BOE, and Tianma [3]. - In the first half of this year, Aolaide achieved revenue of 281 million yuan and a net profit of 27 million yuan [3]. - Earlier this year, Aolaide signed a 655 million yuan equipment supply contract with BOE and delivered the first batch of 8.6-generation linear evaporation source equipment in August [5]. - Aolaide's key functional materials R&D and industrialization project for OLED displays commenced in July, with a total investment of approximately 300 million yuan, focusing on PSPI materials, film packaging materials, low-temperature color photoresists, and organic light-emitting materials [5].

Core Viewpoint - The strategic partnership between Aolide and BOE aims to enhance the development of the new display industry chain through deep collaboration and resource integration [1][2] Group 1: Strategic Partnership - Aolide and BOE signed a framework agreement to establish a strategic partnership, focusing on deep collaboration between leading companies in the industry chain [1] - The partnership will follow principles of equality, long-term stability, resource sharing, and market-oriented cooperation [1] Group 2: Key Areas of Cooperation - The companies will ensure the security of evaporative source supply, with Aolide providing OLED linear evaporative source equipment to BOE and being listed as a major supplier [1] - They will work together to enhance competitive advantages by promoting innovation and iteration of key equipment technologies, particularly in OLED linear evaporative sources and perovskite deposition [1] - Aolide will supply OLED materials, including OLED luminescent materials, PSPI materials, and TFE Ink, to support BOE's localization strategy and improve the competitiveness of OLED materials [1] Group 3: Expanding Collaboration - The partnership will explore new cooperation opportunities by sharing industry and business information, focusing on industry trends and collaborative innovation in technology research and development [2]