Jilin OLED(688378) 国海证券·2024-04-22 06:30Investment Rating - The investment rating for the company is "Buy" [4][5][8] Core Views - The company has shown continuous high growth in materials and accelerated diversification in equipment. In 2023, the company achieved revenue of 517 million, a year-on-year increase of 12.73%, and a net profit attributable to shareholders of 122 million, up 8.16% year-on-year. The organic light-emitting materials segment saw a significant revenue increase of 49.42% [7][8] - The gross margin for 2023 was 56.46%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 23.64%, a decrease of 0.99 percentage points year-on-year. The company is increasing its R&D investment, with R&D expenses rising by 13.49% to 102 million [2][8] Financial Summary - The company is expected to achieve revenues of 736 million, 1.12 billion, and 1.60 billion in 2024, 2025, and 2026, respectively, with corresponding net profits of 189 million, 269 million, and 394 million [8][12] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.27, 1.81, and 2.65, respectively, with a return on equity (ROE) expected to rise from 7% in 2023 to 19% in 2026 [4][12] - The company’s price-to-earnings (P/E) ratios are projected to be 23, 17, and 11 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation outlook [8][12]