莱特光电（688150）：坚持创新驱动，市占率不断提升

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 27.16 CNY for the next six months [4][5]. Core Views - The company reported a revenue of 145 million CNY in Q1 2025, representing a year-on-year increase of 27.03%, and a net profit attributable to shareholders of 61 million CNY, up 39.90% year-on-year [2][4]. - The company's gross margin improved to 72.71% in Q1 2025, compared to 67.08% in 2024, indicating enhanced profitability [2][4]. - The growth in the OLED industry is driving demand, with the company's market share in OLED terminal materials steadily increasing, contributing to record-high quarterly revenue and net profit [2][3]. Financial Performance - The company is projected to achieve revenues of 830 million CNY, 1.179 billion CNY, and 1.627 billion CNY for the years 2025, 2026, and 2027, respectively [4][8]. - Net profits are expected to reach 312 million CNY, 434 million CNY, and 793 million CNY for the same years [4][8]. - The report indicates a significant increase in net profit margin, projected to be 37.5% in 2025 and 48.8% in 2027 [8][9]. Product Innovation - The company is focusing on product innovation, with stable mass production of Red Prime and Green Host materials, and the introduction of new products like Red Host and Green Prime materials [3][4]. - The company is actively working on the development of cutting-edge technologies and materials, including TADF, Dopant, and perovskite materials [3].