全球OLED面板出货量稳健增长，在智能手机、平板、笔电、车载等领域的渗透率有望不断提升。25H1 我国显示面板全球份额首超50%，国内面板厂商相继布局高世代OLED产线，叠层OLED等新技术不断 推进，带动OLED材料需求进一步增长。2024年全球OLED显示材料市场销售额达24.4亿美元，预计 2031年达84.98亿美元，2025-2031年CAGR为19.8%。2024年我国OLED有机材料(终端+前端材料)市场规 模约为57亿元，同比大幅提升31%。目前OLED通用辅助材料国产化率约为12%，终端材料国产化率不 足5%，国内厂商不断进行国产化突破，同时随着国内OLED面板产能和市占率的扩张，国产OLED有机 发光材料市场空间有望持续扩大。另一方面，PSPI材料性能优异，与传统光刻胶相比可简化光刻工艺， 是OLED显示制程的核心主材。日本和美国企业占据全球PSPI主导地位。随着我国集成电路、OLED面 板等产业需求的进一步扩大，国内PSPI市场规模有望持续扩增，国产产品放量可期。 投资建议 智通财经APP获悉，中银国际发布研报称，受益于下游行业快速发展、先进技术不断迭代以及国产替代 大背景，电子材料领域 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company plans to raise up to 299.71 million yuan (approximately 30 million USD) through a private placement to fund the production base project for PSPI materials, which are critical for OLED display manufacturing [1]. - The global PSPI market is projected to grow from approximately 677 million USD in 2024 to 3.181 billion USD by 2031, with a compound annual growth rate (CAGR) of 25.1% from 2025 to 2031 [1]. - The company has achieved key technological breakthroughs in PSPI materials and has begun industrial applications, holding over 400 invention patents and establishing a comprehensive technology barrier in the OLED materials sector [2]. - The company’s evaporation source products are compatible with both 6th and 8.6th generation AMOLED production lines, adapting to the transition in domestic panel manufacturing [2]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 689 million yuan, 1.163 billion yuan, and 1.376 billion yuan, respectively, with net profits expected to be 113 million yuan, 262 million yuan, and 385 million yuan for the same years [3][4]. - The revenue growth rates are forecasted at 29.36% for 2025, 68.76% for 2026, and 18.30% for 2027, while net profit growth rates are expected to be 24.64%, 132.54%, and 46.94% for the same periods [4].

Core Viewpoint - The company, OLED, held a performance briefing on December 4, 2025, to discuss its operational results and financial indicators for the third quarter of 2025, highlighting its leadership in the OLED materials and equipment sector in China [1] Group 1: Financial Performance - For the first three quarters, the company achieved a total revenue of 389 million yuan, with materials business revenue at 320 million yuan and equipment business revenue at approximately 68 million yuan [1] - In the third quarter alone, the company reported a revenue of 108 million yuan, with materials revenue at 63 million yuan and equipment revenue at 45 million yuan [1] - The overall performance declined due to a transitional phase in OLED panel production lines from the 6th generation to the 8.6th generation, leading to a temporary drop in equipment business demand [1] Group 2: Future Outlook - The company anticipates that as leading enterprises like BOE continue to advance their production line construction and equipment installation, the evaporative source equipment business is expected to gradually recover from the current adjustment phase, thereby enhancing overall performance [1] - The company announced plans to raise approximately 300 million yuan to invest in the PSPI materials production base project and to supplement working capital, with the fundraising process to involve no more than 35 investors [2] Group 3: Strategic Initiatives - The investment in the PSPI production base is a strategic move to align with industry trends and accelerate the localization of new display materials, enhancing the company's production capacity and efficiency [3] - The establishment of a high-standard PSPI production base will significantly improve the company's mass production capabilities and market supply capacity, reducing reliance on imports and mitigating supply chain risks [3] - The project aims to strengthen the company's core processes in single synthesis, resin synthesis, and mixing, thereby enhancing production capacity and order acceptance capabilities, which is crucial for improving profitability [3]

Core Viewpoint - Aolide (688378.SH), a leading company in the upstream OLED industry chain, is increasing its investment in OLED core material PSPI by raising up to 300 million yuan through a simplified procedure for a specific group of investors [1][2]. Fundraising and Project Details - The company plans to use the raised funds for the construction of an OLED core material PSPI production base project and to supplement working capital [2][3]. - The total investment for the PSPI material production base project is 240 million yuan, with the entire amount expected to be funded from the raised capital [2]. - The project is anticipated to generate revenue of 383 million yuan and a net profit of 57.51 million yuan in its first year of production, indicating strong economic benefits [2]. Company Performance and Market Position - Aolide has experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue of 389 million yuan (down 16.12% year-on-year) and a net profit of 31 million yuan (down 69.03% year-on-year) [3]. - However, the company showed signs of recovery in the third quarter, with a net profit of 4.35 million yuan, reflecting a quarter-on-quarter increase of 178.92% [3]. - The materials business remains a stronghold for the company, with a revenue increase of 21.99% year-on-year in the first half of 2025, reaching 257 million yuan [3]. Research and Development Investment - Aolide has maintained high levels of R&D investment, totaling 563 million yuan from 2021 to the first three quarters of 2025, with annual increases observed [4][5]. - The company has achieved significant technological breakthroughs, completing nearly 280 material structure designs and synthesizing over 180 samples, with more than 70 new materials currently in customer validation [5]. Patent Strategy - Aolide has strengthened its competitive barriers through patent applications, with 67 new invention patent applications and 36 authorized patents in the first half of 2025, bringing the total to 428 authorized invention patents [5].

Core Viewpoint - Aolide (688378) plans to invest in the construction of an OLED display core material PSPI material production base project to accelerate the domestic substitution process of key OLED materials [1][2] Group 1: Investment and Project Details - The company intends to raise approximately 300 million yuan through a private placement to fund the PSPI material production base project and supplement working capital [1] - The total investment for the PSPI material production base project is 240 million yuan, with an expected construction period of three years [1] - The project aims to alleviate current site constraints, enhance production capacity, and improve production efficiency for PSPI products [1][3] Group 2: Market Demand and Growth Potential - PSPI, or photosensitive polyimide, is a critical material in the manufacturing process of OLED displays, and its demand is expected to increase due to the expansion of the OLED downstream application market and the construction of domestic 8.6-generation OLED large-size panel production lines [1][2] - According to QYResearch, the global PSPI market size is projected to grow from 677 million USD in 2024 to 3.181 billion USD by 2031, with a compound annual growth rate (CAGR) of 25.1% [1] Group 3: Competitive Landscape and Company Position - Currently, foreign companies such as Toray, Fujifilm, Asahi Kasei, and HDM dominate the global PSPI material market, leading to challenges such as long procurement cycles and high prices for imported materials [2] - Aolide has achieved a comprehensive layout of OLED terminal light-emitting materials and has focused on high-performance PSPI materials as a key research and development project [2] - The company has successfully completed the entire development process for PSPI materials, achieving mass production and validation with major panel manufacturers [2] Group 4: Financial Projections and Business Synergy - The project is expected to generate approximately 382.5 million yuan in revenue and 57.51 million yuan in net profit in its first year of production [3] - Aolide anticipates that the project will significantly enhance its PSPI material mass production capacity and market supply capability, reducing reliance on imports and mitigating supply chain disruption risks [3]

Core Viewpoint - The company, Aolide, announced plans to issue shares to specific investors, aiming to raise no more than 300 million yuan for the production base project of OLED display core material PSPI and to supplement working capital [2] Group 1 - The total amount to be raised through the share issuance is capped at 300 million yuan [2] - The funds will be allocated to the production base project for OLED display core materials [2] - Additional funds will be used to enhance the company's working capital [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][16]. Core Insights - The company is experiencing short-term pressure but is expected to see long-term growth, with a significant recovery in net profit in Q3, showing a 177.35% increase quarter-on-quarter despite a year-on-year decline [3][4]. - The company has successfully broken through foreign patent barriers in the OLED upstream supply chain, establishing itself as a core player with its self-developed 6th generation AMOLED linear evaporation source equipment [4][5]. - The company is actively expanding its key segments in the OLED industry chain, focusing on both materials and equipment, and has achieved mass production of key materials [5][6]. Company Overview - The latest closing price is 28.61 yuan, with a total market capitalization of 71 billion yuan and a circulating market capitalization of 69 billion yuan [2]. - The company has a total share capital of 249 million shares, with a debt-to-asset ratio of 20.2% and a price-to-earnings ratio of 66.53 [2]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 700 million yuan, 1.25 billion yuan, and 1.66 billion yuan respectively, with corresponding net profits of 139 million yuan, 255 million yuan, and 381 million yuan [9][11]. - The company is expected to achieve a revenue growth rate of 32.79% in 2025, followed by 77.26% in 2026 [11][14]. Strategic Partnerships - The company has established strategic cooperation with major OLED panel manufacturers, including BOE, focusing on joint innovation in key equipment technologies and materials [6][8].

Core Viewpoint - The company anticipates a decline in revenue and net profit for the first three quarters of 2025, with a significant drop in both operational and non-operational profit metrics [4][5]. Group 1: Financial Performance - For the first three quarters of 2025, the company expects revenue between 370 to 400 million yuan, representing a year-on-year decrease of 13.75% to 20.22% [4]. - The projected net profit attributable to shareholders is estimated to be between 29 to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [4]. - The company anticipates a non-operational net profit loss between 6.7 to 5.6 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [4]. - In Q3 2025, the company expects to achieve revenue of 8.9 to 11.9 million yuan, a year-on-year decrease of 2.17% to 26.83% and a quarter-on-quarter decrease of 6.87% to 30.34% [4]. Group 2: Business Segments - The materials business is projected to generate revenue between 310 to 330 million yuan for the first three quarters of 2025, showing a year-on-year growth of 2.68% to 9.31% [5]. - The electronic functional materials, including OLED organic light-emitting materials and PSPI materials, have successfully been introduced to customers, contributing to steady sales growth in the materials segment [5]. - The equipment business is expected to generate revenue between 60 to 70 million yuan, reflecting a year-on-year decline of 56.66% to 62.85% [5]. - The decrease in equipment revenue is attributed to the transition period of OLED production lines, particularly the 6th generation line nearing completion and the 8.6 generation line under construction, leading to a temporary drop in evaporator demand [5]. Group 3: Strategic Partnerships - The company has signed a strategic cooperation framework agreement with BOE Technology Group, focusing on four core areas related to OLED organic materials and evaporator equipment [6][7]. - The partnership aims to ensure the security of evaporator supply and promote innovation in key equipment technologies, including OLED display evaporators and perovskite vapor deposition equipment [6]. - The collaboration is expected to deepen the company's relationship with major clients, potentially leading to significant performance growth and expansion in both equipment and materials businesses [7].

Core Viewpoint - Aolide (688378.SH) expects a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year, while also pursuing proactive business expansion strategies to drive sales growth in specific material categories [1] Financial Performance - The company anticipates revenue between 370 million to 400 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22% [1] - The expected net profit attributable to the parent company for the same period is projected to be between 29 million to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to show a loss between 5.6 million to 6.7 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Business Strategy - The company is actively promoting a positive business expansion strategy by converting potential market demand into actual orders [1] - Aolide has maintained stable supply of its existing advantageous material products while achieving effective breakthroughs in new categories, such as successfully introducing electronic functional materials to clients and ensuring stable supply of PSPI materials [1] - These efforts have contributed to an overall increase in material sales revenue year-on-year [1]

Core Viewpoint - Aolide (688378.SH) expects a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year, while also implementing proactive business expansion strategies to drive sales growth in specific product categories [1] Financial Performance - The company anticipates revenue between 370 million to 400 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22% [1] - The expected net profit attributable to the parent company for the same period is projected to be between 29 million to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to show a loss between 5.6 million to 6.7 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Business Strategy - The company is actively pursuing a positive business expansion strategy by converting potential market demand into actual orders [1] - Aolide has maintained stable supply of its existing advantageous material products while achieving effective breakthroughs in new product categories, such as successfully introducing electronic functional materials to clients and ensuring stable supply of PSPI materials [1] - These efforts have contributed to a year-on-year increase in overall material sales revenue [1]