Investment Rating - The report assigns a "Buy-A" investment rating for the company, with a target price of 10.64 RMB for the next six months [4][6][12]. Core Insights - The company is demonstrating confidence in its future development by initiating a share buyback program, with a total amount between 50 million RMB and 100 million RMB, and a maximum repurchase price of 14.80 RMB per share [2][3]. - The company plans to issue shares to a specific investor, Hefei Jianshu, at a price of 7.01 RMB per share, which could increase Hefei Jianshu's stake to 31.89%, making it the controlling shareholder [3][12]. - The company is focusing on enhancing its competitive edge in the AMOLED industry by increasing investment and improving technology reserves, aiming for high-end product development [3][12]. Financial Projections - Revenue projections for 2025 to 2027 are 82.62 billion RMB, 87.57 billion RMB, and 92.83 billion RMB, respectively, with net losses of 20.06 billion RMB, 19.53 billion RMB, and 18.44 billion RMB during the same period [4][11]. - The company is expected to maintain a revenue growth rate of 4.2% in 2025, followed by 6% in 2026 and 2027 [11][15]. - The company's main products are OLED panels and modules, with a projected global market share of 11.2% in the smartphone AMOLED panel market, ranking third globally and second domestically [12][15]. Market Position - The company is positioned as a leading player in the domestic OLED panel industry, with significant market share potential compared to international competitors [12][15]. - The report highlights the competitive landscape of the AMOLED industry, emphasizing the need for the company to strengthen its market position through strategic investments [3][12].