Economic Performance - Suqian achieved a GDP of 1079.34 billion yuan in Q1, with a year-on-year growth of 6.6% [1] - The city focuses on project attraction, signing 135 industrial projects worth over 100 million yuan, showing an increase in both quantity and scale compared to the previous year [1] Project Development - In Q1, 108 new industrial projects worth over 100 million yuan commenced, reflecting a strong commitment to project development [2] - The construction of major projects, such as the Lian-Suqian Expressway, is progressing well, with 81.4% of the total pile foundation completed [2] Policy Support - Suqian distributed 3.07 billion yuan in industrial development subsidies, benefiting over 500 projects, with a focus on streamlined access to funds for eligible enterprises [3] - The city has implemented a "one enterprise, one policy" approach to enhance service efficiency for key industries [3] Trade and Investment - Suqian is enhancing its external trade and investment environment, establishing a provincial-level characteristic park focused on brewing and a bonded logistics center [4] - The city has facilitated 30.4 billion yuan in non-repayable loans to support small and micro enterprises, marking a 10.9% increase [5] Financial Environment - The total credit loan balance for enterprises in Suqian reached 362.73 billion yuan, with a year-on-year growth of 26.63% [6] - The city is committed to improving its business environment, aiming for a "2025 Business Environment Improvement Year" to enhance operational efficiency and reduce costs for businesses [6] Talent Attraction - In Q1, Suqian attracted 48 talent technology projects, expanding the benefits of housing vouchers to more skilled workers [7] - The city aims to support over 35,000 high-skilled talents through enhanced policies [7]

聚灿光电科技股份有限公司（以下简称"公司"）为积极响应中央政治局会议 "要活跃资本市场、提振投资者信心"以及国务院常务会议提出的"要大力提升上 市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳信心"的指 导思想，切实落实以投资者为本的发展理念，维护全体投资者特别是中小投资者 的利益，持续提升公司管理层的经营管理水平，促进公司长远健康可持续发展。 为此，公司结合发展战略、经营情况及财务状况，制定了"质量回报双提升"的行 动方案。具体措施如下： 一、聚焦核心主业，推动公司高质量发展 公司贯彻优质高效稳步发展，坚持既定 "聚焦资源、做强主业"的长期发展 战略，致力于 LED 芯片主营业务持续扩张。2024年，公司LED芯片产量达2,283 万片，较2023年、2022年分别增长5.02%、13.82%，产量持续增长，屡创历史新 高。在产能提升的同时，公司不断优化产品结构，重点发力以Mini LED、车载照 明、高品质照明、植物照明、手机背光、屏幕显示等为代表的高端LED芯片。2024 年度，公司实现营业收入27.60亿元、净利润1.96亿元、扣除非经常性损益后的净 利润1.86亿元，多项核心经营指标创历 ...

二、会议审议情况 聚灿光电科技股份有限公司 1、审议通过了《关于豁免会议通知期限的议案》 为简化手续提高效率，全体董事同意豁免公司第四届董事会第七次会议的通 知期限，于 2025 年 4 月 30 日召开第四届董事会第七次会议。 证券代码：300708 证券简称：聚灿光电 公告编号：2025-037 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 第四届董事会第七次会议决议公告 聚灿光电科技股份有限公司（以下简称"公司"）第四届董事会第七次会议（以 下简称"会议"）于 2025 年 4 月 30 日上午 9:00 以现场结合通讯表决的方式召开。 本次会议应参加表决董事 6 名，实际参加表决董事 6 名。本次会议由潘华荣先生 召集并主持，相关程序符合《中华人民共和国公司法》等有关法律、法规及《聚 灿光电科技股份有限公司章程》的有关规定，会议合法有效。 第四届董事会第七次会议决议 特此公告。 表决结果：同意：6 票；反对：0 票；弃权：0 票。 聚灿光电科技股份有限公司 2、审议通过了《关于制定〈市值管理制度〉的议案》 董事会 为进一步规范 ...

聚灿光电科技股份有限公司 第二条 本制度所指市值管理，是指上市公司以提高公司质量为基础，为提 升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理是公司战略管理的重要内容，是董事会的核心工作之一。 市值管理制度 第一章 总则 第一条 为加强市值管理工作，进一步规范聚灿光电科技股份有限公司（下 称"公司"）的市值管理行为，维护公司、投资者及其他利益相关者的合法权益， 依据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板 上市公司规范运作》《上市公司监管指引第10号——市值管理》等法律、法规、 规章、规范性文件的有关规定及《聚灿光电科技股份有限公司章程》，制定本制 度。 公司的市值管理行为必须建立在法律法规及监管规则的基础上实施。 第四条 公司应当坚定树立回报股东意识，采取积极措施保护公司投资者尤其 是中小投资者利益，诚实守信、规范运作、聚焦主业、稳健经营，以新质生产力 的培育和运用，推动公司经营水平和发展质量的稳步提升，并在此基础上做好投 资者关系管理工作，必要时积极采取措施提振投资者信心，提升公司投资价值 ...

证券代码：300708 证券简称：聚灿光电 公告编号：2025-036 聚灿光电科技股份有限公司 关于公司 2022 年限制性股票激励计划首次授予部分 第三个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次归属的限制性股票上市流通日：2025 年 4 月 29 日 2、本次归属股票数量：394.05 万股，占目前公司总股本的 0.58% 3、本次归属限制性股票人数：184 人。 聚灿光电科技股份有限公司（以下简称"公司"或"聚灿光电"）于 2025 年 4 月 10 日召开的第四届董事会第六次会议，审议通过了《关于公司 2022 年限制性股 票激励计划首次授予部分第三个归属期归属条件成就的议案》。近日，公司办理 了 2022 年限制性股票激励计划首次授予第三个归属期归属股份的登记工作，现 将相关事项公告如下： 一、2022 年限制性股票激励计划简述及已履行的相关审批程序 （一）限制性股票激励计划简介 2022 年 9 月 16 日公司召开 2022 年第三次临时股东大会，审议通过了《关 于<聚灿光电科技股 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [3][7]. Core Views - The company achieved record high performance in Q1 2025, with revenue of 731 million yuan, a year-on-year increase of 21.80%, and a net profit of 61 million yuan, up 27.72% year-on-year and 70.57% quarter-on-quarter [4][5]. - The company's LED chip business is expanding due to effective marketing strategies and market demand insights, leading to a significant increase in profitability [5][6]. - The company is progressing well with its "annual production of 2.4 million red and yellow light epitaxial wafers and chip project," which is expected to enhance its market position and profit margins [6]. Financial Data Summary - For Q1 2025, the gross margin was 15.52%, an increase of 1.97 percentage points year-on-year and 2.95 percentage points quarter-on-quarter [5]. - The net profit margin for Q1 2025 was 8.40%, reflecting a year-on-year increase of 0.39 percentage points and a quarter-on-quarter increase of 3.51 percentage points [5]. - The projected earnings per share (EPS) for 2025-2027 are 0.41, 0.53, and 0.65 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.5, 21.0, and 17.3 [7][11].

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][5]. Core Insights - The company has shown strong performance in Q1 2025, with revenue reaching 731 million yuan, a year-on-year increase of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [3]. - The company's gross margin improved to 15.52%, an increase of 1.97 percentage points year-on-year, driven by effective marketing strategies and a focus on high-end products [3]. - The company is expanding its production capacity with a significant project aimed at producing 2.4 million pieces of red and yellow light epitaxial wafers and chips annually, which is expected to enhance its growth trajectory [5]. - The automotive sector is identified as a key growth area, with the company focusing on both aftermarket and new in-car interaction scenarios, leveraging partnerships with automotive clients [4]. Financial Performance Summary - For Q1 2025, the company reported a net cash flow from operating activities of 176 million yuan, a remarkable increase of 666.02% year-on-year [3]. - The company's earnings per share (EPS) are projected to be 0.41 yuan, 0.54 yuan, and 0.65 yuan for the years 2025, 2026, and 2027 respectively [5][10]. - Revenue forecasts for 2025-2027 are 3.29 billion yuan, 3.77 billion yuan, and 4.31 billion yuan, reflecting a growth rate of 19.40%, 14.50%, and 14.20% respectively [10]. Company Overview - The company specializes in the research, production, and sales of compound semiconductor materials, primarily focusing on GaN-based high-brightness LED epitaxial wafers and chips [5]. - It is recognized as a leading domestic LED chip manufacturer, with products used in various high-end applications such as display backlighting, general lighting, and medical aesthetics [5].

Investment Rating - The report maintains a "Recommended" investment rating for 聚灿光电 (300708.SZ) [2][5] Core Views - The company has shown strong performance in Q1 2025, with revenue reaching 731 million yuan, a year-on-year increase of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [3] - The growth is driven by robust sales and production, with a notable increase in the proportion of high-end products such as high-efficiency lighting and automotive lighting, which has positively impacted product pricing and gross margins [3] - The company is advancing its "annual production of 2.4 million pieces of red and yellow light epitaxial wafers and chips" project, which is expected to enhance its growth trajectory and product offerings [5] Financial Performance Summary - In Q1 2025, the company achieved a gross margin of 15.52%, an increase of 1.97 percentage points year-on-year and 2.95 percentage points quarter-on-quarter [3] - The operating cash flow for Q1 2025 was 176 million yuan, a significant increase of 666.02% year-on-year [3] - The company forecasts earnings per share (EPS) of 0.41 yuan, 0.54 yuan, and 0.65 yuan for 2025, 2026, and 2027 respectively, indicating a positive growth outlook [5][10] Market Position and Strategy - 聚灿光电 is positioned as a leading LED chip manufacturer in China, focusing on high-value-added products for mid-to-high-end applications [5] - The company is strategically targeting the automotive sector, leveraging partnerships to penetrate both the aftermarket and original equipment manufacturer (OEM) markets [4] - The ongoing project for red and yellow light chips aims to enhance the company's product spectrum and reduce supply chain complexity for customers [5] Future Outlook - The company anticipates continued revenue growth, with projected revenues of 2.48 billion yuan, 2.76 billion yuan, and 3.29 billion yuan for 2023, 2024, and 2025 respectively, reflecting growth rates of 22.30%, 11.23%, and 19.40% [10] - The net profit is expected to grow significantly, with projections of 121.15 million yuan, 195.59 million yuan, and 275.95 million yuan for the same years, indicating a robust growth trajectory [10]

Group 1 - The company reported Q1 2025 revenue of 731 million yuan, a year-on-year increase of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [1] - The release of red and yellow LED capacity is strengthening the company's second growth curve, with the new chips expected to fill technology gaps and accelerate high-end applications [1] - The company has successfully transformed into a full-spectrum LED chip supplier, with a production capacity of 2.4 million red and yellow LED epitaxial wafers and chips, partially operational since January 2025 [1] Group 2 - The company is targeting high-margin sectors, with ongoing optimization of product structure, particularly in Mini/Micro LED for high-end TVs and automotive displays [2] - The company maintains a refined management approach, with stable sales, management, and R&D expense ratios, and a significant increase in net cash flow from operating activities to 176 million yuan, up 666.02% year-on-year [2] - The gross margin for Q1 2025 reached 15.52%, an increase of 1.97 percentage points year-on-year and 2.94 percentage points quarter-on-quarter, driven by high-end product sales [2] Group 3 - The company forecasts net profits attributable to shareholders of 305 million yuan, 348 million yuan, and 401 million yuan for 2025-2027, with year-on-year growth rates of 56.04%, 13.94%, and 15.31% respectively [3] - The current stock price corresponds to P/E ratios of 24.37, 21.39, and 18.55 for the years 2025, 2026, and 2027, indicating potential for further profit improvement [3] - The company maintains a "buy" rating due to successful transformation and ongoing product structure optimization [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to strong performance growth and continuous release of high-end product capacity [5]. Core Views - The company, 聚灿光电, reported a revenue of 731 million yuan in Q1 2025, representing a year-on-year growth of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [7]. - The company is transitioning to a full-spectrum LED chip supplier, with a focus on high-brightness, low-power, and long-lifespan red and yellow LED chips, which are expected to enhance its product offerings in high-end applications [7]. - The company is optimizing its product structure to target high-margin segments, particularly in Mini/Micro LED technology, which is anticipated to support premium pricing in the backlight and display chip markets [7]. - The company has maintained a stable operating expense ratio, with significant improvements in cash flow, achieving a net cash flow from operating activities of 176 million yuan, a year-on-year increase of 666.02% [7]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: 2,760 million yuan in 2024, 3,342 million yuan in 2025, and 3,749 million yuan in 2026, with corresponding year-on-year growth rates of 11.23%, 21.10%, and 12.20% respectively [6]. - The net profit attributable to shareholders is expected to reach 305 million yuan in 2025, reflecting a year-on-year growth of 56.04% [6]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 24.37 for 2025, 21.39 for 2026, and 18.55 for 2027, indicating a favorable valuation trend [6].