事件： 2025 年 1 月 8 日，公司发布 2024 年度业绩预告：2024 年公司实现归母净利 润为 1.95-2.15 亿元，同比增长 60.95%-77.46%，实现扣非净利润为 1.85-2.05 亿元，同比增长 52.18%-68.63%。 点评： 公 司 研 究 公司 2024 年归母净利润预告同比增长 60.95%-77.46%，扣非净利润同比增长 52.18%-68.63%，整体经营向好。2024 年公司预计实现净利润为 1.95-2.15 亿元，扣非净利润为 1.85-2.05 亿元。我们分析认为，得益于商业活动、文化 旅游、大型商演和运动赛事等需求恢复，市场终端需求持续回暖，公司产能释 放叠加产品定位、市场需求精准把握，以高光效照明、车用照明、背光等为代 表的高端产品产销两旺。公司产能利用率、产销率保持高位，公司业绩快速增 长，整体经营向好。 未来几年 Mini LED 市场有望迎来放量，2023 年至 2028 年的复合年增长率 （CAGR）为 84%，公司开发 Mini/Micro LED 芯片目标产品。Mini LED 在 新能源汽车市场中受到青睐，已实现车载市场落地；在新型的 ...

Investment Rating - Buy-A (Maintained) [1] Core Views - Full-year performance exceeded expectations, driven by strong demand recovery in commercial performances, cultural tourism, and other sectors, leading to a significant increase in both net profit and non-GAAP net profit [4] - The company's high-end products, such as high-efficiency lighting, automotive lighting, and backlighting, experienced robust production and sales, with high capacity utilization and production rates [4] - The successful commissioning of the fundraising project, which focuses on red and yellow LED chips, has significantly enhanced the company's competitiveness and expanded its product range into the display market [4] - The company has transitioned from high-quality lighting and backlight products to advanced display products, achieving full coverage in lighting, backlighting, and display applications [5] - The red and yellow LED chips, which are technically challenging, are expected to drive higher sales prices and contribute to the company's overall performance growth [5] Market Data and Financial Performance - Closing price on January 16, 2025: 13.91 yuan [3] - Market capitalization: 9.406 billion yuan [3] - Estimated net profit for 2024: 195-215 million yuan, a year-on-year increase of 60.95%-77.46% [3] - The fundraising project, with an annual production capacity of 2.4 million red and yellow LED chips, is expected to generate over 600 million yuan in annual revenue and over 100 million yuan in annual profit [3] - EPS for 2024-2026 is projected to be 0.31, 0.39, and 0.50 yuan, respectively, with corresponding P/E ratios of 42.9, 34.0, and 26.1 [6] Financial Projections - Revenue for 2024-2026 is expected to be 2.821 billion, 3.307 billion, and 4.026 billion yuan, respectively, with year-on-year growth rates of 13.7%, 17.2%, and 21.7% [9] - Net profit for 2024-2026 is projected to be 207 million, 261 million, and 340 million yuan, respectively, with year-on-year growth rates of 70.6%, 26.2%, and 30.3% [9] - Gross margin is expected to increase from 14.1% in 2024 to 15.4% in 2026 [9] - ROE is projected to rise from 6.8% in 2024 to 10.0% in 2026 [9] Strategic Development - The company has successfully transitioned into a full-color LED chip supplier, covering lighting, backlighting, and display applications, which is expected to drive sustained growth in performance [5] - The red and yellow LED chips will complement the existing blue and green LED chips, enhancing the company's competitive advantage in the rapidly growing Mini/MicroLED display market [4] - The company's strategic shift towards advanced display products is expected to further consolidate its market position and expand its market share [5]

证券研究报告·公司点评报告·光学光电子 | --- | --- | --- | --- | --- | --- | |------------------------------|----------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2029 | 2481 | 2878 | 3298 | 3892 | | 同比（ % ） | 0.96 | 22.30 | 16.01 | 14.59 | 18.01 | | 归母净利润（百万元） | (63.30) | 121.15 | 207.86 | 235.60 | 289.49 | | 同比（ % ） | (135.75) | 291.41 | 71.57 | 13.34 | 22.88 | | EPS- 最新摊薄（元 / 股） | (0.09) | 0.18 | 0.31 | 0.35 | 0.43 | | P/E （现价 & 最新摊薄） | (133.22) | 69. ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 聚灿光电（300708.SZ）：三季度业 绩创历史新高，募投项目稳步推进 ——公司 2024 年三季报业绩点评 事件： 2024 年 10 月 10 日，聚灿光电发布 2024 年三季报：2024 年前三季度公司实 现营业收入 20.22 亿元，同比增长 10.61%，扣非归母净利润 1.51 亿元，同比 增长 2408.97%。 点评： 公司 2024 年前三季度营收同比增长 10.61%，毛利率为 13.14%，同比增加 3.46pct，整体经营向好。公司 2024 年前三季度实现营业收入 20.22 亿元，同 比增长 10.61%。2024Q3 单季度实现收入 68.86 万元，同比增长 9.40%。2024 年前三季度公司实现净利润 1.60 亿元，同比增长 107.02%。 公司三季度毛 利率为 13.14%，同比增加 3.46pct，环比下降 2.33pct。主要是公司高端产品 性能提升、结构优化，规模经济效应凸显，生产效率提升，支出管控得力。伴 随着市场终端需求持续回暖，公司产能释放叠加产品定位、市场需求精准把握， ...

[Table_Summary] [Table_Title] 净利润大幅增长，精细化管理成效显著 [Table_ReportDate] 聚灿光电(300708)公司简评报告 | 2024.10.16 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152682 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.4 -0.2 0 0.2 0.4 16-Oct 27-Dec 8-Mar19-May 30-Jul 10-Oct 聚灿光电 沪深300 | --- | --- | |---------------------------------|------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 11.21 | | 一年内最高 / 最低价（元） | 13.75/7.34 | | 市盈率（当前） | 83.71 | | 市净率（当前） | 2.83 | | ...

证券研究报告 LED 聚灿光电（300708.SZ） 买入-A(维持) 盈利能力同比提升，募投项目建设投入加快 | --- | --- | --- | |--------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年三季度报告。 2024 年前三季度公司实现营业收入 20.22 | | | | 亿元，同比增长 10.61% ；实现归母净利润 1.60 亿元，同比增长 107.02% ； Q3 单季度公司实现营业收入 6.89 亿元，同比增长 9.40% ；实现归母净利润 0.46 亿元，同比下 ...

公司点评报告 · 电子行业 可暖，精细化管理效果显著 聚灿光电 2024 年三季报点评 2024年10月11日 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|------------| | | | | | | ● | 事件:公司披露 2024年三季报。2024年前三季度公司实现营收 20.22亿元, | 聚灿光电(300708.SZ) | | | | 同比增长 10.61%; ...

Financial Performance - Revenue for the third quarter was RMB 688.57 million, a 9.40% increase year-over-year[3] - Net profit attributable to shareholders was RMB 46.49 million, a decrease of 10.62% compared to the same period last year[3] - Revenue for the first three quarters reached 2.022 billion yuan, a year-on-year increase of 10.61%[11] - Net profit attributable to shareholders was 160 million yuan, a year-on-year increase of 107.02%[11] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 151 million yuan, a year-on-year increase of 2,408.97%[11] - Revenue for the quarter reached 2,022,421,825.83 RMB, an increase from 1,828,450,773.31 RMB in the previous year[14] - Net profit for the quarter was 159,572,116.36 RMB, compared to 77,080,789.27 RMB in the same period last year[15] - Operating profit for the quarter was 175,486,572.06 RMB, a significant increase from 32,335,092.79 RMB in the previous year[15] - Basic earnings per share (EPS) for the quarter were 0.25 RMB, up from 0.14 RMB in the same period last year[16] Cash Flow and Financial Position - Operating cash flow for the period was RMB 503.08 million, up 59.20% year-over-year[3] - Net cash flow from operating activities increased by 59.20% to 503,078,349.43, mainly due to increased sales collections[6] - Net cash flow from investing activities improved by 54.97% to -51,305,561.52, due to partial redemption of large certificates of deposit and increased equipment purchases[6] - Net cash flow from financing activities decreased by 143.04% to -1,638,515,672.88, primarily due to the receipt of funds from a private stock issuance in the previous period[6] - Net increase in cash and cash equivalents decreased by 103.26% to -1,394,216,190.12, also due to the receipt of funds from a private stock issuance in the previous period[6] - Sales of goods and services received cash of 2,388,082,745.69, an increase from 2,175,358,932.85 in the previous period[17] - Net cash received from tax refunds was 14,041,797.98, up from 10,604,944.39 in the previous period[17] - Net cash flow from operating activities was 503,078,349.43, compared to 315,998,663.44 in the previous period[18] - Cash received from investments was 840,000,000.00[18] - Net cash flow from investing activities was -51,305,561.52, an improvement from -113,939,550.50 in the previous period[18] - Net cash flow from financing activities was -493,020,158.25, a significant decrease from 1,145,495,514.63 in the previous period[18] - Net increase in cash and cash equivalents was -43,971,310.16, compared to 1,350,244,879.96 in the previous period[18] - Ending cash and cash equivalents balance was 461,172,560.15, down from 1,927,788,071.86 in the previous period[18] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 4.81 billion, a 1.46% increase from the end of the previous year[3] - The company's total assets at the end of the period were 4.809 billion yuan, compared to 4.740 billion yuan at the beginning of the period[13] - The company's total liabilities at the end of the period were 2.067 billion yuan, compared to 2.048 billion yuan at the beginning of the period[13] - Total liabilities increased to 2,130,544,026.33 RMB from 1,856,556,215.24 RMB[14] - Total equity decreased to 2,678,567,896.89 RMB from 2,883,187,446.93 RMB[14] - Total assets for the quarter were 4,809,111,923.22 RMB, up from 4,739,743,662.17 RMB[14] Government Subsidies and Other Income - Government subsidies received during the period amounted to RMB 9.64 million[4] - Other income increased by 4,137.68% to RMB 12.51 million, mainly due to increased government subsidies[5] - Non-operating income increased by 1,169.78% to 80,364.69, primarily due to gains unrelated to daily operations[6] Expenses and Costs - Financial expenses decreased by 48.69% to RMB -31.74 million, primarily due to increased interest income[5] - Asset impairment loss decreased by 59.19% to -7,116,523.88, mainly due to changes in inventory write-down provisions[6] - Income tax expense increased by 134.20% to 15,473,702.62, driven by an increase in total profit[6] - R&D expenses for the quarter were 93,779,591.86 RMB, a decrease from 99,599,441.46 RMB in the previous year[15] - Sales expenses increased to 12,949,964.08 RMB from 10,560,018.13 RMB[15] - Interest income for the quarter was 35,178,302.81 RMB, compared to 21,952,343.11 RMB in the previous year[15] Shareholder Information and Share Repurchase - The total number of ordinary shareholders at the end of the reporting period was 51,134[7] - Pan Huarong holds the largest shareholding at 19.11%, with 129,245,978 shares[7] - The company repurchased shares worth RMB 300.05 million during the period[5] - The company repurchased 32,831,660 shares, with a total transaction amount of 300 million yuan[11] Strategic Focus and Investments - The company continues to focus on its core business strategy of "resource concentration and strengthening the main business," emphasizing structural adjustment, performance improvement, profit creation, and brand building[10] - The company invested 276 million yuan in the "Annual Production of 2.4 Million Red and Yellow Light Epitaxial Wafers and Chips Project"[11] - The company plans to further enrich its product categories with the launch of high-end products such as Mini LED, plant lighting, backlighting, and display[12] Construction and Prepayments - The company's prepayments increased by 124.49% to RMB 4.72 million, mainly due to increased prepayments[5] - Construction in progress surged by 2,258.03% to RMB 378.33 million, driven by the purchase of engineering equipment[5] Equity Distribution - The 2023 annual equity distribution plan was completed, distributing 106 million yuan in cash dividends[11]

证券研究报告 聚灿光电 (300708 CH) 授责评级(维持): 买入 目标价(人民币): 2.60 研究员 谢春生 SAC No. S0570519080006 xiechunsheng@htsc.com SFC No. BQZ938 +(86) 21 2987 2036 6开奖, 15 丁宁 SAC No. S0570522120003 dingning021681@htsc.com +(86) 21 2897 2228 研究员 陈恒 SAC No. S0570523120001 chenyu019111@htsc.com +(86) 21 2897 2228 基本數据 华春研究 2024年8月06日|中国内地 中报点评 光学光电子 2Q24:产能释放叠加规模效应凸显,公司利润同比高增 公司 2Q24 实现营收 7.33 亿元（yoy: +11.81%, qoq: +22.13%）,归母净 利润 0.65 亿元（yoy: +98.92%, qoq: +35.07%）, 扣非归母净利润 0.64 亿元（yoy: +1332.53%, qoq: +57.80%)。营收同环比实现增长主要由于 市场终端需求回暖 ...

公 司 研 究 聚灿光电（300708.SZ）：利润明显 改善，终端需求持续回暖 2024 年 8 月 1 日 推荐/维持 聚灿光电 公司报告 ——公司 2024 年半年报业绩点评 事件： 2024 年 7 月 30 日，聚灿光电发布 2024 年半年度报：公司实现营业收入 13.34 亿元，同比增长 11.24%，扣非归母净利润 1.05 亿元，同比增长 443.68%。 点评： 公司 2024 年上半年度营收同比增长 11.24%，毛利率为 14.60%，同比增加 4.67pct，利润明显提升。2024 年上半年度公司实现营业收入 13.34 亿元，毛 利率为 14.60%，同比增加 4.67 pct。LED 芯片及外延片毛利率为 25.50%，同 比增加 8.39 pct。2024H1 公司净利润 1.13 亿元，同比增长 351.03%，主要 是公司对市场需求精准把握，高端产品性能提升、结构升级。随着市场终端需 求回暖，公司产能释放、生产效率提升，高端产品量价齐升，带动营业收入和 毛利率增长。现金流方面，2024H1 经营情况回暖，销售回款增加，经营活动 产生的现金流净额为 24347.4 万元，较去 ...