瑞联新材(688550) - 接待机构调研的会议纪要-2022年4月

Group 1: Company Strategy and Business Segments - The liquid crystal segment is the company's core business, aiming to expand product variety and market share [3] - OLED is a long-term focus, with plans for new product development and process optimization [3] - The pharmaceutical segment is also a core business, with a focus on accelerating the construction of GMP factories for better performance in raw materials [3] Group 2: Market Conditions and Impact - The decline in LCD panel prices has minimal impact on the company due to already low margins [4] - The growth in the LCD segment is driven by high demand in the display industry and increased material consumption due to the pandemic [5] - OLED demand is supported by rising sales of OLED TVs and foldable smartphones, with expectations for continued growth [10] Group 3: Production and Capacity - The company has sufficient capacity to meet the growing orders for deuterated materials, with new production lines expected to come online [7] - The production model for OLED materials is based on a CDMO approach, allowing for customized production based on client needs [5] - The company anticipates that the gross margin for OLED will surpass that of LCD as production stabilizes and order sizes increase [8] Group 4: Research and Development - The company employs a collaborative approach with clients, engaging from the R&D phase through to clinical trials and market launch [14] - The focus on small molecule organic chemical synthesis underpins the company's competitive advantage in both display materials and pharmaceuticals [14] Group 5: Financial Performance and Projections - The company expects stable gross margins for LCD materials if exchange rates and raw material prices remain stable [19] - The OLED segment is projected to see significant growth, with sales of OLED TVs expected to rise from 7.4 million units in 2021 to over 11 million units in 2022 [12] - The pharmaceutical segment's growth is slower due to the lengthy development process for innovative drugs, but remains a strategic focus [18]