莱特光电（688150）：Q1业绩创新高，看好公司新产品、新客户加速突破放量

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved record high performance in Q1 2025, driven by the growth of OLED terminal materials and a successful market strategy focused on product diversification and customer coverage [4][6] - The company's revenue for Q1 2025 reached 145 million yuan, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 25% [6] - The gross profit margin for the quarter was 72.71%, with a net profit margin of 42.01%, indicating continuous improvement in profitability [4][6] Financial Data and Profit Forecast - The company forecasts total revenue of 825 million yuan for 2025, with a year-on-year growth rate of 74.8% [5] - The projected net profit for 2025 is 321 million yuan, reflecting a year-on-year increase of 91.9% [5] - The earnings per share (EPS) is expected to be 0.80 yuan for 2025, with a price-to-earnings (PE) ratio of 28 [5][6]