来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 30 日，公司发布 2024 年三季报业绩： 1）2024 年前三季度公司实现营收 2.03 亿元，同比下滑 7.58%； 公司实现归母净利润-0.63 亿元；公司实现扣非归母净利润-1.03 亿元。 2）单三季度公司实现营收 0.75 亿元，同比下滑 2.40%；实现归 母净利润-0.21 亿元；实现扣非归母净利润-0.30 亿元， 经营分析 公司营业收入承压，静待下游需求改善：公司 24 年前三季度实现 营业收入 2.03 亿元，同比下滑 7.58%，主要归因于主要系激光器 市场竞争激烈，工业市场光纤耦合模块等产品价格进一步下滑。 公司 24 年单三季度综合毛利率 28.98%，环比+2.18pct。公司下 游激光器市场恢复缓慢，下游市场增量进入相对平稳时期，公司 营业收入有所承压。公司持续产品研发，作为多年深耕高功率激 光半导体的头部公司，将继续加大国产替代进程，同步推进国内 和海外市场的开拓。 持续加大研发投入，各细分领域新品持续拓展：2024 年前三季度 公司研发费用 0.94 亿元，占营业收入的比重约为 46.50%。从细 分领域研 ...

证券代码：688048 证券简称：长光华芯 公告编号：2024-055 苏州长光华芯光电技术股份有限公司 第二届监事会第十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特此公告。 苏州长光华芯光电技术股份有限公司监事会 （一） 审议通过《关于<公司 2024 年三季度报告>的议案》 监事会认为，董事会编制和审议《关于<公司 2024 年三季度报告>的议案》 的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地 反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票同意、0 票反对、0 票弃权。 (二) 审议通过《关于计提 2024 年前三季度资产减值准备的议案》 监事会认为，根据《企业会计准则》及公司会计政策的相关规定，为真实、 公允地反映公司的财务状况及经营成果，公司对合并范围内的相关资产进行了全 面清查，基于谨慎性原则，对存在减值迹象的资产计提了减值准备。 表决结果：3 票同意，0 票反对，0 票弃权； 一、监事会会议召开情况 苏州长光华芯光电技术股 ...

证券代码：688048 证券简称：长光华芯 公告编号：2024-056 苏州长光华芯光电技术股份有限公司 关于 2024 前三季度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一. 计提资产减值准备情况概述 苏州长光华芯光电技术股份有限公司（以下简称"公司"）依据《企业会计 准则》及公司会计政策、会计估计的相关规定，为真实、公允地反映公司截至 2024 年 9 月 30 日的财务状况及 2024 年前三季度的经营情况，对合并范围内的相关资 产进行了全面清查，基于谨慎性原则，对存在减值迹象的资产计提了减值准备。 具体情况如下表所示： 二. 计提资产减值准备事项的具体说明 本次计提减值准备符合《企业会计准则》及公司会计政策的相关规定，能够 真实、客观地反映公司的经营成果，符合相关法律法规的规定和公司实际情况， 不会影响公司的正常经营。敬请广大投资者注意投资风险。 特此公告。 苏州长光华芯光电技术股份有限公司董事会 2024 年 10 月 31 日 2.资产减值损失 单位：人民币元 项目 计提金额 备注 ...

证券代码：688048 证券简称：长光华芯 公告编号：2024-054 苏州长光华芯光电技术股份有限公司 监事减持计划时间届满暨减持结果的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 监事持股的基本情况 本次股份减持计划实施前，苏州长光华芯光电技术股份有限公司 （以下简称或"公司"）监事张玉国先生直接持有公司股份 260,000 股， 占公司总股本的 0.1475%；监事谭少阳先生持有公司股份 105,040 股， 占公司总股本的 0.0596%。上述股份为公司首次公开发行前的股份，已 于 2023 年 6 月 19 日解除限售。 减持计划的实施结果情况 公司于 2024 年 6 月 12 日披露了《监事减持股份计划公告》（公告 编号：2024-037）。张玉国因自身资金需求，计划自公司公告披露之日 起 15 个交易日后的 3 个月内通过集中竞价、大宗交易方式合计减持公 司股份数量不超过 65,000 股，占公司总股本的比例不超过 0.0369%， 占其个人本次减持前所持有公司股份数量的 ...

截至本公告披露日，刘锋先生持有公司股份 390,000 股，不存在应当履行而未 履行的承诺事项，辞职后将继续遵守《上海证券交易所科创板股票上市规则》《上 市公司股东、董监高减持股份的若干规定》《上海证券交易所上市公司股东及董事、 监事、高级管理人员减持股份实施细则》等规定及所作的相关承诺。 二、 上述人员的辞职对公司产生的影响 刘锋先生辞职不会影响公司正常运作、不影响公司日常生产经营和管理。公司 董事会对刘锋先生担任公司副总经理期间为公司发展所做出的贡献表示衷心的感 谢。 特此公告。 证券代码：688048 证券简称：长光华芯 公告编号：2024-053 苏州长光华芯光电技术股份有限公司 关于高级管理人员辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 高级管理人员辞职的情况 苏州长光华芯光电技术股份有限公司（以下简称"公司"）董事会于近日收到 公司副总经理刘锋先生递交的书面辞职报告，刘锋先生由于个人原因，申请辞去公 司副总经理的职务。辞去前述职务后，刘锋先生将不再在公司担任任何职务。 苏州长光华芯光电技术股份 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 127 million yuan for the first half of 2024, a year-on-year decrease of 10.39%, with a net profit attributable to the parent company of -42.48 million yuan [3][4] - In Q2 2024, the company achieved a revenue of 74.87 million yuan, representing a year-on-year increase of 44.62% and a quarter-on-quarter increase of 42.65% [3][4] - The company is focusing on expanding its market presence both domestically and internationally, aiming to enhance profit margins and overall revenue growth [4][6] Financial Performance - For the first half of 2024, the gross profit margin was 26.45%, down 4.91 percentage points year-on-year, while the net profit margin was -33.35%, a decrease of 25.87 percentage points year-on-year [3][4] - The company’s R&D expenses for the first half of 2024 were 62.2 million yuan, an increase of 13.56% year-on-year, with an R&D expense ratio of 48.84% [4][6] - The forecasted revenues for 2024, 2025, and 2026 are 310 million yuan, 405 million yuan, and 522 million yuan respectively, with expected net profits of -58 million yuan, 27 million yuan, and 78 million yuan [5][9] Business Segments - The high-power single-tube series generated a revenue of 102 million yuan in the first half of 2024, a year-on-year decrease of 20.54% [4][7] - The high-power bar series saw a revenue increase of 39.54% year-on-year, reaching 16.34 million yuan, with a gross margin of 63.86% [4][7] - The VCSEL chip series reported a revenue of 1.59 million yuan, up 59.23% year-on-year, with a gross margin of 41.14% [4][7] Market Position and Future Outlook - The company is positioned as a leading player in the domestic laser chip market, with plans to leverage its platform advantages across power, sensing, and communication sectors [6][8] - The company aims to enhance its product offerings, including the development of a 100W single-tube chip, which sets a global record for power output [6][8] - The projected growth rates for the high-power bar series are 80%, 70%, and 50% for 2024, 2025, and 2026 respectively, with a stable gross margin of 65% [6][7]

华泰联合证券有限责任公司 关于苏州长光华芯光电技术股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司名称：苏州长光华芯光电技术股 | | --- | --- | | | 份有限公司 | | 保荐代表人姓名：时锐 | 联系电话：025-83387709 | | 保荐代表人姓名：朱辉 | 联系电话：025-83387904 | 根据《中华人民共和国证券法》《证券发行上市保荐业务管理办法》（以下简 称"《保荐办法》"）《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）等有关法律、法规的规定，华泰联合证券有限责任公司（以下简称"华泰 联合证券"或"保荐机构"）作为苏州长光华芯光电技术股份有限公司（以下简称 "长光华芯"或"公司"）首次公开发行股票的保荐机构，对长光华芯进行持续督导， 并出具本持续督导跟踪报告。 一、保荐机构和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司目前面临的风险因素主要如下： （一）业绩大幅下滑或亏损的风险 报告期内，一方面由于人员波动、科研类模块生产难度较大，公司一季度出 现产出不足，导致收入有所下降；另一 ...

公司报告 | 公司点评 光博会发布光芯片新品，短距光芯片均已实现量产 事件： 9 月 11 日第 25 届 CIOE 中国国际光电博览会在深圳开幕，长光华芯在激光 和通信两大展馆同时参展亮相。"光通世界，芯系未来"长光华芯光通信新 品发布会在 12C61 展台举办，副总经理吴真林发布了重磅新品 100G PAM4 VCSEL 和配套 PD、迭代升级的 70mW DFB 和 100mW DFB 硅光光源产品、 以及"短距互联光芯片一站式 IDM 解决方案"。 点评： 长光华芯基于化合物半导体全流程 IDM 平台，构建了设计、外延、工艺、 封测、可靠性等 5 大平台能力。多年来，紧跟光通信行业发展持续不断的 投入，坚持引进全球行业顶级专家和自主培养高端人才，从学习、到追赶、 到平齐行业 TOP 水平，先后攻克了多款高端光芯片产品和建设了充足的量 产产能，为日益加剧的速率、算力竞争带来源头解决方案，助力解决当前 行业各种光芯片供货短缺的痛点。 公司已形成全面、丰富的通信光芯片产品矩阵，可满足超大容量的数据通 信需求，距离上覆盖 VR、SR、DR、FR 等，速率上覆盖单波 25G、50G、100G。 在此次 CIOE ...

Investment Rating - The report downgrades the company to "Accumulate-B" rating due to competitive pressures in the fiber laser market and the need for time to expand in the optical communication and lidar markets [3]. Core Viewpoints - The company has maintained its leading position in high-power semiconductor laser chips, with continuous product technology iterations. However, revenue from high-power single-tube series and high-power bar series has seen a decline of 20.5% and an increase of 39.5% respectively [1]. - The optical communication market is being actively explored, with the company launching new products such as single-wave 100G EML and 50G VCSEL chips, which are expected to meet the growing demand driven by AI computing power [1][3]. - The company is also expanding into new markets such as satellite energy and visible light, aiming to become a major supplier of lidar optical chips [3]. Summary by Sections Market Performance - In the first half of 2024, the company reported revenue of 127 million, a year-on-year decrease of 10.39%, and a net profit attributable to shareholders of -42 million, a decline of 299.35% [2]. - The second quarter showed a revenue increase of 44.62% compared to the previous quarter, indicating recovery from earlier production challenges [2]. Financial Data - The company’s revenue for 2024 is projected to be 275 million, with a year-on-year decrease of 5.1%, followed by a recovery in 2025 with an expected increase of 37.9% [4]. - The net profit is expected to improve from -36 million in 2024 to 22 million in 2025, reflecting a significant turnaround [4]. Profitability and Valuation - The gross margin is projected to decline to 27.2% in 2024 but is expected to recover to 32.4% in 2025 [4]. - The earnings per share (EPS) is forecasted to be -0.21 in 2024, improving to 0.13 in 2025 and 0.30 in 2026 [4][6]. Research and Development - The company continues to increase its R&D investment, with management and R&D expenses growing by 19.9% and 13.6% year-on-year respectively [2]. - The establishment of joint laboratories for GaN laser technology indicates a commitment to innovation and market expansion [3].

Investment Rating - The report has adjusted the investment rating for the company to "Accumulate-B" [2] Core Views - The company's revenue and profit have declined due to intense competition in the fiber laser market and challenges in production capacity, although there are emerging new growth drivers in optical communication [1][2] - The company is focusing on expanding its market presence in high-power semiconductor laser chips and optical communication chips, with expectations of future growth driven by AI computing demands [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 127 million, a year-on-year decrease of 10.39%, and a net profit attributable to the parent company of -42 million, a decline of 299.35% [1] - The second quarter of 2024 saw revenue of 75 million, an increase of 44.62% year-on-year, but the net profit was still negative at -23 million, down 90.17% [1] - The company has increased R&D expenses by 19.9% and management expenses by 13.6% compared to the previous year [1] Market Dynamics - The fiber laser market is experiencing fierce competition, leading to a decline in revenue and gross margins for high-power laser products [1] - The company is actively increasing R&D investments to maintain its technological leadership, with significant advancements in high-power semiconductor laser chips [1][2] Future Outlook - The company is expected to become a major supplier of laser radar optical chips in the domestic market, with ongoing developments in laser wireless energy transmission technology [2] - Profit forecasts for 2024-2026 indicate a potential recovery, with net profits projected at -36 million, 22 million, and 53 million respectively, reflecting year-on-year growth rates of 60.5%, 161.7%, and 136.2% [2]