Jilin OLED(688378) 申万宏源证券·2025-04-18 07:44Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company is expected to benefit from a new round of capital expenditure in high-generation OLED lines, with a focus on expanding its OLED materials portfolio [6][7]. - The company achieved a revenue of 533 million yuan in 2024, a year-on-year increase of 3%, but the net profit decreased by 26.04% to 90 million yuan [6]. - The first quarter of 2025 saw a significant decline in revenue and net profit, with revenues dropping by 40.71% to 153 million yuan and net profit decreasing by 73.23% to 25 million yuan, primarily due to differences in equipment confirmation timing compared to the previous year [6][7]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 890 million yuan in 2025 to 1,156 million yuan in 2027, with a compound annual growth rate of approximately 13.7% [6][9]. - The net profit is expected to rebound significantly in 2025 to 206 million yuan, reflecting a year-on-year growth of 127.4% [6][9]. - The earnings per share (EPS) is forecasted to increase from 0.99 yuan in 2025 to 1.46 yuan in 2027 [6][9]. - The gross margin is expected to stabilize around 53.4% from 2025 to 2026 [6][9]. Investment Highlights - The company’s OLED materials business showed strong growth, with a revenue of 363 million yuan in 2024, up 14.31% year-on-year, and a record high of 136 million yuan in Q1 2025 [7]. - The company is actively expanding its R&D efforts in OLED materials, with a total investment of 150 million yuan in 2024, marking a 22.73% increase [7]. - The company has successfully secured a significant order for G8.6 evaporation source equipment, valued at approximately 655 million yuan, which is expected to positively impact the company's performance in 2025 and 2026 [7].