Jilin OLED(688378) 开源证券·2024-05-05 08:05Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company is a leading player in the domestic OLED materials and equipment sector, showing steady growth [4]. - The OLED materials business is experiencing continuous volume growth, and the development of high-generation evaporation source equipment is progressing steadily [5]. - The company has successfully completed its project for the annual production of 10,000 kilograms of high-performance OLED materials and plans to invest at least 680 million yuan in a new base in Changchun, which is expected to support high growth in the OLED materials business as capacity is gradually released and customer onboarding continues [6]. - The company is transitioning from a single evaporation source business to production line upgrades and new business areas such as perovskite materials, which is expected to create new growth points [6]. - The company reported a revenue of 520 million yuan in 2023, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of 120 million yuan, up 8.2% year-on-year [9]. - For Q1 2024, the company achieved a revenue of 258 million yuan, a year-on-year increase of 6.99%, and a net profit of 95 million yuan, a slight increase of 0.22% year-on-year [9]. - The company is focusing on expanding its market for organic light-emitting materials, packaging materials, and PSPI materials, which has driven rapid revenue growth in organic light-emitting materials [9]. - The company has adjusted its profit forecasts for 2024-2025 due to delays in the recognition of new material volumes and equipment orders, with net profits expected to be 203 million yuan in 2024, 308 million yuan in 2025, and 435 million yuan in 2026 [9]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 23.6 for 2024, 15.5 for 2025, and 11.0 for 2026, indicating a favorable outlook for the company as it continues to benefit from the domestic substitution in the OLED industry [9]. Financial Summary - The company has completed the introduction and stable supply of G', R', and B' materials, with packaging materials also in stable supply and PSPI materials beginning batch supply after passing customer tests [10]. - The company has made progress in transitioning from a single evaporation source business to production line upgrades and perovskite preparation, including winning a project for the upgrade of the sixth-generation AMOLED production line [10]. - The financial projections indicate a steady increase in revenue and net profit over the next few years, with significant growth rates expected [12].