Universal Display (OLED.O)：模型更新；维持中性评级

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31 Jul 2026 12:27:16 ET │ 14 pages

Universal Display (OLED.O)

Model Update; Maintain Neutral

CITI'S TAKE

We update our model post Jun-Q results and align with Universal Display's

latest CY26 expectations. The company lowered full year outlook to the

lower end of prior range of $630M -$670M with 2H seasonally up, citing

softer smartphone demand as higher memory and component costs

pressure unit volumes, while emphasizing that the revision is volumedriven rather than pricing-related. Blue development continues to

progress, with timing dependent on customer adoption plans. Longer

term, management remains positive on OLED growth, supported by

ongoing Gen 8.6/Gen 6 capacity investments and expanding adoption

across IT, automotive, and foldable devices. We adjust CY26/27 EPS down

by +2%/-3% to $4.15/$4.76, and lower our TP to $85 from $100 on 18x

P/E applied to CY27 EPS, vs 23x prior on continued softness in consumer

electronics market and lower market multiple. Maintain Neutral.

Neutral

Price (31 Jul 26 12:00)

US$77.81

Target price

US$85.00↓

from US$100.00

Expected share price return

9.2%

Expected dividend yield

1.9%

Expected total return

11.2%

Market Cap

US$3,577M

Atif MalikAC

Elizabeth Sun, CFA

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

1.35A

1.41A

0.92A

1.39A

5.08A

-2.04A

2026E

0.76A

1.06A

1.12E

1.21E

4.15E

4.26E

4.22E

Previous

0.76A

1.02E

1.14E

1.15E

4.07E

na

2027E

1.06E

1.10E

1.23E

1.36E

4.76E

4.89E

4.79E

Previous

1.15E

1.05E

1.28E

1.42E

4.90E

na

2028E

na

6.17E

5.17E

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