Olaide: An R & D-oriented enterprise with multiple sectors and links. The company focuses on the development and production of new high-performance OLED materials, and is mainly engaged in R&D, manufacturing, sales and after-sales technical services for organic light-emitting materials and evaporation source equipment in the upstream link of the OLED industry chain.
Among them, 1) Evaporation source equipment, the company broke down technical barriers abroad, gained a voice in core technology, and successfully realized independent R&D, industrialization, and import substitution of this core component. 2) Organic light-emitting materials. The company is one of the few domestic companies that can independently produce organic light-emitting material terminal materials. 3) Thanks to the company's deep technical accumulation, the company has also made breakthroughs in “stuck neck” products such as packaging materials, PDL materials (PSPI materials for displays), evaporators, etc., and has expanded its perovskite business. The company's product structure is becoming more and more diversified.
Evaporation source equipment: Achieving significant advantages in domestic substitution and expanding the field of perovskite. The company's evaporation source equipment moved from a “point source” to a “line source” and successfully adapted to the Tokki system, becoming a leading domestic evaporation source supplier. The company's main achievements are: 1) From point source to line source, through ten years of research and development, the company has successfully broken through technical barriers in the field of line source evaporation sources, which are more difficult in terms of equipment structure complexity, design, and production technology, and greatly improved evaporation efficiency. 2) Adapt to Tokki and successfully increase the market share of your products. When building the 6th generation line, domestic panel manufacturers mainly chose Japan's Canon Tokki evaporator, with a domestic market share of about 82%. The company's evaporation source products are only suitable for Tokki evaporators. Thanks to the leadership of Tokki evaporators, the company has occupied more than 70% of the market share in the corresponding evaporation source supply system, achieving a leading position in domestic evaporation sources. 3) Extend the advantages of evaporation sources and rationally lay out the field of perovskite batteries. In November 2022, the company announced that it plans to use the overraised capital of 49 million yuan to invest in the construction of perovskite evaporation equipment development projects and low-cost organic perovskite carrier transmission materials and long-life device development projects, and officially enter the perovskite evaporation equipment manufacturing process. With the company's domestic substitution advantages in evaporation sources and the market potential of the gas phase deposition method involving evaporator equipment in the future, the company's entry into the perovskite field is reasonable and has significant advantages.
Organic light-emitting materials: The advantages of OLED are prominent, and the terminal market space is vast. Organic light-emitting materials are the core components of OLED panels. Currently, the light-emitting layer materials used in OLED panels are mainly composed of light-emitting dopant materials (Dopant materials), light-emitting main materials (Host materials), and light-emitting functional materials (Prime materials). As the company's R' materials and G' materials are introduced to leading customers and stable mass production and supply, and the development of next-generation R', G', and B' materials continues to be verified by downstream customers, the domestic replacement process of the company's organic luminescent materials business is expected to accelerate.
Profit forecast: We expect the company's revenue for 2023-2025 to be 550/7.84/1,399 million yuan, up 19.8%/42.6%/78.4% year on year, and estimated net profit of 1.39/200/332 million yuan, corresponding PE of 51.4x/35.7x/21.5x.
Risk warning: Evaporator business market share risk, organic light-emitting material technology breaking through bottlenecks, perovskite evaporator technology development falling short of expectations.