Visionox(002387) 华鑫证券·2025-04-15 05:56Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with a total operating income of 7.929 billion yuan in 2024, representing a year-on-year increase of 33.8% [4][5] - The company's OLED product revenue reached 7.494 billion yuan, growing by 46.01% year-on-year, driven by increased demand in the consumer electronics sector [5] - The company is progressing well with its production line construction, particularly the 6th generation flexible AMOLED production line, which is expected to enhance its competitive position in the display panel market [6] - A share buyback proposal has been initiated to boost investor confidence, with a total buyback amount estimated between 50 million to 100 million yuan [7][8] - Future revenue projections for 2025-2027 are 9.007 billion, 10.043 billion, and 12.031 billion yuan respectively, with expected improvements in profitability as production costs decrease [9] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 79.29 billion yuan, with a net profit attributable to shareholders of -2.505 billion yuan, marking a reduction in losses by 32.76% [4][11] - The forecast for 2025 indicates a revenue of 90.07 billion yuan, with an EPS of -1.45 yuan [9][11] Product Development - The company has optimized its product structure, significantly increasing the proportion of OLED products in its offerings, which has led to a substantial rise in shipment volumes [5] - The company ranks third globally in AMOLED smartphone panel shipments, with a year-on-year growth of 44.3% [5] Production Capacity - The company’s production capacity is being effectively utilized, with high operational rates ensuring quality delivery to key brand clients [6] - The construction of the 8.6 generation flexible AMOLED production line is underway, which is expected to further enhance the company's product offerings [6] Market Strategy - The company is actively pursuing a major asset restructuring to strengthen its market position and expand its product line [6] - The share buyback initiative is part of a strategy to enhance shareholder value and reflect confidence in the company's long-term growth potential [7][8]