Jilin OLED(688378) 国盛证券·2024-02-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][18]. Core Views - The company achieved a total revenue of 517 million yuan in 2023, representing a year-on-year growth of 12.73%. The net profit attributable to shareholders was 123 million yuan, with an adjusted year-on-year increase of 8.88% [2]. - The company is focusing on its core business and maintaining stable operations, despite some impact from delayed orders. Overall performance is in line with expectations [2]. - The organic light-emitting diode (OLED) materials segment is expected to contribute significantly to revenue growth in 2024-2025, with projected revenues of 494 million yuan and 679 million yuan, respectively, and gross margins of 52% and 55% [16]. - The perovskite business is in the early stages of mass production, with a focus on research and collaboration. The company has a technological advantage in this area, but significant contributions to financial statements are not expected in the short term [3] [16]. Financial Summary - For the years 2023-2025, the company is projected to achieve net profits of 123 million yuan, 185 million yuan, and 324 million yuan, with year-on-year growth rates of 9.2%, 50.2%, and 74.5%, respectively [3]. - The company's price-to-earnings (P/E) ratios for the same period are expected to be 38.4x, 25.6x, and 14.6x [3]. - The revenue growth rates for 2023, 2024, and 2025 are forecasted at 12.7%, 54.5%, and 73.2%, respectively [6].