Jilin OLED(688378) 上海证券·2024-11-05 07:11Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company reported a revenue of 464 million yuan for the first three quarters of 2024, representing a year-on-year increase of 11.89%, and a net profit attributable to shareholders of 101 million yuan, up 3.60% year-on-year. In Q3 2025, the company achieved a revenue of 122 million yuan, marking a year-on-year increase of 40.25% and a quarter-on-quarter increase of 45.11%, with a net profit of 9.44 million yuan, a significant year-on-year increase of 3579.79% and a return to profitability quarter-on-quarter [4][5]. Summary by Sections Company Overview - The latest closing price is 21.42 yuan, with a 12-month A-share price range of 13.35-50.31 yuan. The total share capital is 208.15 million shares, with a circulating market value of 4.31 billion yuan [3]. Financial Performance - The company's material business revenue increased both year-on-year and quarter-on-quarter, with Q3 revenue reaching 91.22 million yuan. The company has successfully integrated various materials into production lines and has made significant progress in R&D for key materials [5][6]. Market Position - The company is the only domestic supplier for 6th generation AMOLED linear evaporation sources, maintaining a leading market share. It has secured orders for the renovation of evaporation sources from major manufacturers and is progressing in the development of 8.6 generation equipment [5][6]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 183 million, 249 million, and 383 million yuan, with year-on-year growth rates of 49.76%, 35.73%, and 54.22%, respectively. The corresponding PE ratios are projected to be 24, 18, and 12 times [6][8].