Visionox(002387) 东兴证券·2025-02-13 10:46Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance improvements in the coming years [2][13]. Core Insights - The company forecasts a revenue range of 7.7 billion to 8 billion yuan for 2024, representing a year-on-year growth of 29.94% to 35.00%. The net profit attributable to shareholders is expected to reduce losses to between 9.26 billion and 13.26 billion yuan [3][4]. - The demand for OLED mobile panels is improving, driven by a recovery in the consumer electronics industry and a focus on optimizing product structure and enhancing collaboration with key clients [4][5]. - The company is advancing its G8.6 AMOLED production line, which is expected to meet the growing demand in the mid-size AMOLED market, particularly for applications in tablets, laptops, and automotive displays [5][6]. - A significant asset restructuring is planned, with the company aiming to acquire a 40.91% stake in Hefei Visionox, which will enhance its competitive position in the AMOLED market and expand production capacity [6]. Financial Performance Summary - The company reported a revenue of 7.48 billion yuan in 2022, which decreased to 5.93 billion yuan in 2023, but is projected to rebound to 8.06 billion yuan in 2024, reflecting a growth rate of 36.06% [15]. - The net profit attributable to shareholders is expected to improve from a loss of 2.07 billion yuan in 2022 to a projected loss of 2.25 billion yuan in 2024, indicating a recovery trend [15]. - The gross margin for OLED products is anticipated to increase by over 30 percentage points year-on-year, significantly boosting operating profit [4]. Market Position and Strategy - The company is positioned as a leading player in the mobile OLED market, benefiting from the penetration of high-end products and the domestic production process [13]. - The global AMOLED market is expected to grow steadily, with compound annual growth rates of 56% for IT products and 49% for automotive displays from 2023 to 2028 [5]. - The company is focusing on technological upgrades and efficiency improvements in its production lines to enhance competitiveness and meet market demands [5][6].