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]

证券研究报告 电子 | 光学光电子 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 14 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 熊宇翔 xiongyuxiang@huayuanstock.com 资料来源：公司公告，华源证券研究所预测 市场表现： | 基本数据 | | | 2025 | 年 | 04 | 月 | | | 11 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 11.00 | | 内 低 | 最 | 最 | | | | | 15.38/7.63 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | 7,438.33 | | | | 流通市值（百万元） | | | | | | | 5,536.36 | | | | 总股本（百万股） | | | | | | | 676.21 | | | | 资产负债率（%） ...

证券代码：300708 证券简称：聚灿光电 公告编号：2025-034 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： 聚灿光电科技股份有限公司 首次授予部分限制性股票拟归属数量：394.05 万股 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公告 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 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》，首次授予部分限 制性股票第三个归属期符合归属条件的激励对象共计 184 人，可申请归属的限制 性股票数量为 394.05 万股。现将有关事项说明如下： 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 1、股票来源：公司向激励对象定向发行公司人民币普通股（A 股）股票。 2、限制性股票数量：本激励计划拟向激励对象授予限制性股票总计 2,107.5 ...

证券代码：300708 证券简称：聚灿光电 公告编号：2025-033 聚灿光电科技股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 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。 一、董事会会议召开情况 聚灿光电科技股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开了 第四届董事会第六次会议，审议通过《关于作废部分已授予尚未归属的限制性股 票的议案》。 二、公司 2022 年限制性股票激励计划已履行的相关审批程序 2、2022 年 4 月 13 日，公司召开第三届监事会第七次会议，审议通过了《关 于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2022 年限制性股票激励计划实施考核管理办法>的议案》和《关于核实公司<2022 年 限制性股票激励计划首次授予激励对象名单>的议案》。公司监事会认为，本次 激励计划有利于公司的持续发展，不存在明显损害公司及全体股东利益的情形。 3、2022 年 4 月 13 日至 2022 年 4 月 22 日，公司对 2022 年限制性股票激励 计划首次授予部分激励对象名 ...

证券代码：300708 证券简称：聚灿光电 公告编号：2025-032 聚灿光电科技股份有限公司 关于调整 2022 年限制性股票激励计划授予价格的公告 一、董事会会议召开情况 聚灿光电科技股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开了 第四届董事会第六次会议，审议通过了《关于调整 2022 年限制性股票激励计划 授予价格的议案》，公司于 2025 年 2 月 26 日披露了《2024 年年度权益分派实施 公告》，以公司现有总股本剔除已回购股份 32,831,660.00 股后的 643,380,186.00 股为基数，向全体股东每 10 股派发现金股利 1.60 元人民币（含税）。 根据《上市公司股权激励管理办法》《聚灿光电科技股份有限公司 2022 年限 制性股票激励计划（草案修订稿）》（以下简称"《激励计划》"）的相关规定，公 司董事会同意调整 2022 年限制性股票激励计划授予价格。 二、公司 2022 年限制性股票激励计划已履行的相关审批程序 1、2022 年 4 月 13 日，公司召开第三届董事会第八次会议，审议通过了《关 于公司<2022 年限制性股票激励计划（草案）> ...