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深度报告-20230208-平安证券-莱特光电-688150.SH-OLED核心材料引领者_自主可控助力国产化替代_21页_3mb.pdf

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深度报告-20230208-平安证券-莱特光电-688150.SH-OLED核心材料引领者_自主可控助力国产化替代_21页_3mb.pdf

2023 2 8(688150.SH)OLED 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。24.95/49.36%()402 A()34 B/H()100 A()9()4.15(%)12.1 S1060520070001 FUQIANG S1060517070006 YANLEI S1060519090004 XUYONG S1060121070070 XUBIYUN OLED 2010 2022 3 OLED OLED OLED OLED 1 2018-2021 44.1%2 2021 79.96%OLED OLED OLED IT LCD OLED OLED OLED Host Prime 2022 10 Dopant OLED OLED 20 OLED R Prime HTL-R Host G Host G Prime B Prime G Host 2020A 2021A 2022E 2023E 2024E()275 337 355 423 503 YOY(%)36.1 22.6 5.5 19.0 19.0()71 108 111 135 162 YOY(%)7.4 52.7 3.0 21.8 19.8(%)59.9 64.6 63.7 64.2 64.7(%)25.7 32.1 31.3 32.0 32.3 ROE(%)10.1 13.3 6.2 7.1 7.9 EPS(/)0.18 0.27 0.28 0.34 0.40 P/E()142.1 93.0 90.3 74.2 61.9 P/B()14.4 12.4 5.6 5.3 4.9 证券研究报告 2/21 R Prime OLED OLED OLED Prime Host R Prime G Host 2022-2024 EPS 0.28 0.34 0.40 2023 2 7 2022-2024 PE 90.3X 74.2X 61.9X 1 2 3 3/21 OLED.5 1.1 OLED.5 1.2.5 1.3.6 OLED.8 2.1.8 2.2 LCD OLED.9 2.3.11 2.4.13 OLED.14 3.1.14 3.2 OLED.16.17 4.1.17 4.2.18 4.3.18 4.4.19.19 4/21 1.5 2 2022.6 3.6 4.7 5.7 6.7 7 OLED.7 8.8 9.8 10 LCD.8 11 LCD OLED.9 12 OLED.9 13 OLED.9 14 OLED.10 15.10 16.10 17 OLED.10 18 OLED.10 19 OLED.11 20 OLED MNT.11 21 WOLED.11 22 QD-OLED.11 23 OLED.12 24 OLED.12 25 OLED.13 26 OLED.13 27 OLED.14 28 OLED.14 29.15 30.16 31.16 32 OLED.17 33 OLED.17 34.18 35.18 5/21 OLED 1.1 OLED 2010 2022 3 OLED OLED OLED OLED OLED R Prime OLED OLED OLED 2010 2013 2013 2015 OLED 2016 2017 OLED OLED OLED 2016 OLED 2016-2017 MS OLED 2018 OLED 2017 OLED OLED OLED OLED 2018 OLED R Prime OLED R Prime 2018 4 R Prime 1 1.2 2022 49.36%EMBA 1996 7 2001 6 2001 7 2004 7 2004 8 2005 3 2005 4 2008 12 2008 12 2011 12 2012 1 2014 8 2014 8 6/21 2 2022 iFind 3 EMBA 1996 7 2001 6 2001 7 2004 7 2004 8 2005 3 2005 4 2008 12 2008 12 2011 12 2012 1 2014 8 2014 8 1996 2 1998 5 1999 6 2007 5 2007 5 2013 12 2014 1 2017 12 2018 1 2007 7 2012 7 2012 8 2014 4 2014 5 2016 5 2016 5 2017 5 2017 5 2019 8 2006 9 2013 10 OLED 2013 11 2014 8 2014 8 1996 9 2009 12 201 1 1 2014 8 2014 8 1.3 2018-2021 44.1%2018-2021 1.12 3.37 2022 1.51 OLED 2018-2021 OLED 0.63 2.64 61.2%OLED 60%R Prime 7/21 TCL 2019 86.16%2021 62.88%4 5 iFind OLED 80%2019-2021 60%2022 62.12%OLED 80%OLED OLED OLED OLED OLED OLED 6 7 OLED iFind iFind 2018-2022 34.95%27.73%28.77%27.42%25.16%2018-2022 9.78%11.35%2019 2019-2021 0.66 0.71 1.08 27.92%2022 0.91 49.35%OLED 012342018 2019 2020 20212022 OLED OLED 0%20%40%60%80%100%120%2018 2019 20202021-20%0%20%40%60%80%100%2018 2019 2020 20212022 OLED OLED 20%40%60%80%100%2018 2019 2020 2021 8/21 8 9 iFind iFind OLED 2.1 CRT LCD LED OLED LCD LCD LCD LCD LCD LCD 2017 LCD LCD 10 LCD LCD CRT LCD OLED LCD LED OLED LCD OLED OLED OLED LCD OLED-10%-5%0%5%10%15%20%25%2018 2019 2020 2021 2022-0.20.00.20.40.60.81.01.22018 2019 2020 2021 2022 9/21 11 LCD OLED LCD OLED PPI 2.2 LCD OLED OLED IT LCD OLED 2011 OLED-N85 OLED OLED FMM OLED OLED OLED AMOLED Omdia 2022 OLED LCD 41.3%OLED OLED OLED OLED 3D Omdia 2022 1890 2027 8310 34.5%12 OLED 13 OLED Omdia Omdia 0%10%20%30%40%50%60%051015202020 2021 2022 2023F 2024F 2025F 2026F 2027FLCD OLED OLED 0204060801002020 2021 2022 2023F 2024F 2025F 2026F 2027F 10/21 14 OLED 15 OLED IT IT OLED IT Omdia 2024 iPad OLED 2026 MacBook OLED OLED IT 2022 OLED 716 OLED 454 2027 3915 2421 40.5%39.8%16 Size 2021 2022 2023 2024 2025 2026 2027 2028 2029 iPad 10.9 LCD 11.0 Mini LED Hybrid OLED 13.0 Mini LED Hybrid OLED 20.0-Foldable OLED Macbook 14.0 Mini LED Hybrid OLED 16.0 Mini LED Hybrid OLED iMac 21.5 LCD 27.0 LCD 32.0 Mini LED QD OLED WOLED 42.0-Omdia 17 OLED 18 OLED Omdia Omdia 05101520253035402020 2021 2022 2023E 2024E 2025E 2026E 2027E0510152025302020 2021 2022 2023E 2024E 2025E 2026E 2027E 11/21 OLED OLED OLED LGD WOLED SDC QD-OLED 2022 QD OLED Omdia 2022 OLED 934 3.6%OLED 2027 1516 5.6%MNT 2022 MNT OLED 29 2027 120 32.8%19 OLED TV 20 OLED MNT Omdia Omdia 21 WOLED 22 QD-OLED Omdia Omdia 2.3 SDC LGD OLED 1979 OLED 2007 A1 OLED OLED SDC OLED 90%SDC 2022 QD-OLED OLED LGD OLED SDC LGD OLED WOLED OLED OLED 2008 OLED 0%1%2%3%4%5%6%0501001502002503002020 2021 2022 2023E 2024E 2025E 2026E 2027ELCD OLED OLED 0.00.30.60.91.21.52020 2021 2022 2023F 2024F 2025F 2026F 2027F 12/21 OLED OLED G5.5 OLED G6 OLED 2017 2020 AMOLED 0.1%8.8%2020 OLED TCL OLED 2016-2020 AMOLED 1.1%13.2%OLED 23 OLED OLED OLED OLED 15 G6 10 47.4/OLED 12 72.7/OLED OLED 24 OLED K/M B6 G5.5 4 B7 G6 48 B11 G6 48 B12 G6 48 TCL T4 G6 45 V1 G5.5 15 V2 G6 30 V3 G6 30 TM15 G5.5 40 TM17 G6 38 TM18 G6 45 EDO1 G4 13 EDO2 G6 40-G4.5 15-G6 15 A1 G4 55 A2 G5.5 180 A2-E G5.5 8 A3 G6 135 A4 G6 30 Q1 G8.5 35 13/21 LGD E2 G4.5 14 E5 G6 15 E6 G6 60 E3 G8.5 10 E4 G8.5 85 GP3 G8.5 100 JDI J1 G6 5-Sharp G4.5 15 SaKai Omdia 2.4 OLED OLED Array OLED Module Array LTPS OLED LTPS Module OLED Array Module LCD OLED LCD OLED LCD OLED OLED OLED OLED OLED OLED OLED 25 OLED 26 OLED Omdia OLED OLED Common R/G/B Host Dopant Prime OLED Omdia OLED 68.77%OLED OLED OLED OLED Dopant UDC UDC Dopant 14/21 IK SFC Host Prime LG 27 OLED 28 OLED Omdia Omdia Prime Host Prime OLED Host Dopant OLED Prime Host 34.39%28.66%2022 Prime Host 5.85 4.88 10 OLED 3.1 1 20 20 1 2 IVL-3 20 OLED OLED 2022 134 122 10 2 0510152025302021 2022 2023 2024 2025 2026R Ho st R Do pant R Rrime G Host G Dopan t G Rrime B Host B Dop ant B Rrime Common 15/21 573 402 2 102 PCT 67 29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 10-2225347 30 31 32 33 34 1 2 3 4 5 6 6869402 1 8-2 3 4 5 6 7 8 9 10 10-2189306 11 1 2 3 4 1 4-9-2 3 4 5 6 Danheiser Cu(I)Pd Ullman 2 3 16/21 3.2 OLED 1 R Prime HTL 2-R Host G Host G Prime B Prime G Host R Prime OLED OLED 1 2 3 2-3 OLED M10 M10 M11 TCL R Prime 2018 4 R Prime 300 R Prime 2019 2020 TCL 2022 OLED OLED 30 31 17/21 OLED UDC LG A OLED OLED 32 OLED UDC UDC OLED OLED EML OLED OLED OLED HTL Green Host OLED OLED EML HTL OLED OLED HTL HIL ETL EML OLED LG LG LG LGD OLED OLED OLED OLED ETL EML HTL OLED 688378.SH OLED G Host 2018-2021 1086/2021 100%2025 15 OLED 5 HTL 4 R Prime 2 G Prime 2 G Host 1 R Host 1 ETL 33 OLED 2021 1-6 2020 2019 2018 931 1086 1086 1086 1092.55 1363.54 1011.15 296.5 117.35%73.23%54.31%15.92%4.1 1 OLED 2022 OLED 2022 OLED OLED OLED 2022 OLED 5%G Host 2023 2024 G Host 2023 2024 OLED 20%OLED OLED 70%2 2022-2024 10%8%3 2022-2024 18/21 10%40%34 2021A 2022E 2023E 2024E 337 355 423 503%22.6 5.5 19.0 19.0 119 129 151 178-%64.6%63.7%64.2%64.7%108 111 135 162%52.7 3.0 21.8 19.8 OLED 303 318 382 459%29.7%5.0%20.0%72.6%70.0%32 35 39 42%8.8%10.0%-9.5%8.0%153 168 185 204%-86.7%10.0%30.1%40.0%iFind 4.2 2022-2024 3.55 4.23 5.03 5.5%19.0%19.0%63.7%64.2%64.7%1.11 1.35 1.62 3.0%21.8%19.8%4.3 iFind 2 7 2022-2024 PE 36.0X 25.8X 19.3X 2 7 2022-2024 PE 90.3X 74.2X 61.9X OLED OLED 35 2 7 EPS PE 2022E 2023E 2024E 2022E 2023E 2024E 688378 66.2 68.0 1.75 2.61 3.78 37.7 25.4 17.5 688550 54.7 53.9 3.27 4.14 4.74 16.7 13.2 11.5 300054 22.7 215.0 0.42 0.59 0.79 53.5 38.7 28.8-112.3 1.82 2.44 3.10 36.0 25.8 19.3 688150 25.0 100.4 0.28 0.34 0.40 90.3 74.2 61.9 iFind iFind 19/21 4.4 OLED OLED OLED Prime Host R Prime G Host 2022-2024 EPS 0.28 0.34 0.40 2023 2 7 2022-2024 PE 90.3X 74.2X 61.9X 1 2 3 20/21 2021A 2022E 2023E 2024E 436 1492 1689 1914 182 1196 1348 1520 129 141 167 199 0 0 0 0 3 3 3 4 42 52 62 72 79 100 108 118 593 520 442 365 0 0 0 0 324 297 266 231 78 65 52 39 191 157 123 94 1029 2012 2131 2279 130 154 181 213 10 0 0 0 87 118 139 163 33 36 42 49 90 70 51 33 76 56 37 19 14 14 14 14 220 224 231 245 0-6-12-21 362 402 402 402 226 1073 1073 1073 221 318 437 579 809 1794 1912 2054 1029 2012 2131 2279 2021A 2022E 2023E 2024E 169 170 186 207 108 106 129 154 35 73 78 77 3 1-2-4-2-1-2-2-1-9-18-21 26 2 2 2-122-0 0-0 139-0 0-0 0 0 0 0-261-0 0-0 65 843-34-35 10-10 0 0 60-20-19-18-6 873-15-16 111 1013 153 172 iFinD 2021A 2022E 2023E 2024E 337 355 423 503 119 129 151 178 4 4 4 5 8 9 11 13 45 49 58 69 37 38 46 54 3 1-2-4-12-11-13-16-1-2-2-3 9 5 5 5 1 0 0 0 2 1 2 2 0 0 0 0 120 120 146 176 4 4 4 4 0 0 0 0 124 123 150 180 17 18 22 26 108 106 129 154 0-6-7-8 108 111 135 162 EBITDA 162 197 226 254 EPS 0.27 0.28 0.34 0.40 2021A 2022E 2023E 2024E(%)22.6 5.5 19.0 19.0(%)45.6-0.8 22.5 20.3(%)52.7 3.0 21.8 19.8(%)64.6 63.7 64.2 64.7(%)32.1 31.3 32.0 32.3 ROE(%)13.3 6.2 7.1 7.9 ROIC(%)17.9 15.0 19.7 25.8(%)21.4 11.1 10.9 10.8(%)-11.9-63.7-69.0-73.8 3.3 9.7 9.3 9.0 2.8 9.1 8.7 8.4 0.3 0.2 0.2 0.2 2.6 2.7 2.7 2.7 1.5 1.2 1.2 1.2()0.27 0.28 0.34 0.40()0.42 0.42 0.46 0.51()2.01 4.46 4.75 5.10 P/E 93.0 90.3 74.2 61.9 P/B 12.4 5.6 5.3 4.9 EV/EBITDA 61.1 44.9 38.6 33.6 :6 20%6 10%20%6 10%6 10%:6 5%6 5%6 5%“”2022 4008866338 5023 B 25 518033 1333 26 200120 9 16 100033

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