Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its growth potential in the LED chip industry [5][8]. Core Views - The company is a key player in the LED chip industry, focusing on refined management practices that solidify its development foundation. It is expanding its Mini/Micro LED production capacity and developing its red and yellow light business to create a second growth curve [5][10]. - The projected net profits for the company from 2025 to 2027 are estimated at 305 million, 348 million, and 401 million yuan, respectively, with year-on-year growth rates of 56.04%, 13.94%, and 15.31% [5][8]. Summary by Sections Company Overview - The company, 聚灿光电, was established in April 2010 and is headquartered in Suzhou, Jiangsu Province. It specializes in the research, production, and sales of compound optoelectronic semiconductor materials, primarily GaN-based high-brightness LED epitaxial wafers and chips [19][20]. - The company has significantly increased its production capacity, with the epitaxial wafer and chip capacity rising from 7.76 million pieces per year in 2017 to 23.45 million pieces per year by the end of 2024 [20]. Financial Performance - The company has shown steady revenue growth, with a reported revenue of 2.76 billion yuan in 2024, reflecting an 11.25% year-on-year increase. The net profit for the same year was 196 million yuan, a 61.98% increase compared to the previous year [31][32]. - The company's gross profit margin has been steadily increasing, and its cost control capabilities are superior to those of its peers, indicating strong operational management [39]. Market Position and Growth Drivers - The company is positioned in the upstream segment of the LED industry, focusing on high-value-added products. The demand for Mini/Micro LED technology is expected to drive significant growth in the market [10][45]. - The Mini LED market is projected to reach 30 billion yuan in 2025, while the Micro LED market, although still in its infancy, presents vast potential in applications such as AI glasses and smartwatches [7][10]. Production Capacity and Management - The company has implemented refined management practices that enhance its production efficiency and cost control, leading to a high capacity utilization rate compared to industry peers [39][43]. - The company is transitioning to a full-color LED chip manufacturer, with plans to achieve mass production of red and yellow light products by 2025, further diversifying its product offerings [7][10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating it as a key player in the LED chip industry with a solid foundation for growth through refined management and expansion in Mini/Micro LED capacity [5][8]. Core Insights - The company is expected to achieve net profits of 305 million, 348 million, and 401 million RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 56.04%, 13.94%, and 15.31% [5][8]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 28.25, 24.79, and 21.50 for the years 2025, 2026, and 2027, respectively [5][8]. - The company is transitioning to a full-color LED chip manufacturer, with the red and yellow light business expected to create a second growth curve [7][10]. Summary by Sections Company Overview - The company, 聚灿光电, specializes in the research, production, and sales of GaN-based high-brightness LED epitaxial wafers and chips, positioning itself as a key player in the upstream of the LED industry [19][20]. - The company has expanded its blue and green light production capacity significantly, increasing from 7.76 million pieces per year in 2017 to 23.45 million pieces per year by the end of 2024 [20][21]. Financial Performance - The company has shown steady revenue growth, with a reported revenue of 2.76 billion RMB in 2024, reflecting an 11.25% year-on-year increase, and a net profit of 196 million RMB, up 61.98% year-on-year [32][33]. - The gross profit margin has been recovering, with effective cost control measures leading to a significant reduction in management and financial expense ratios compared to industry peers [39][40]. Market Position and Growth Drivers - The company is focusing on high-value-added products, including Mini and Micro LED technologies, which are expected to drive future growth [10][45]. - The Mini LED market is projected to reach 30 billion RMB by 2025, while the Micro LED market is still in its early stages but holds significant potential for applications in small devices [7][10]. Production Capacity and Management - The company has implemented refined management practices that have resulted in superior cost control and operational efficiency, with a production capacity utilization rate that remains high compared to industry standards [39][43]. - The company is actively expanding its production capacity for Mini/Micro LED and red/yellow light products, with plans for significant output increases in the coming years [7][10].

证券代码：300708 证券简称：聚灿光电 公告编号：2025-029 聚灿光电科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 注：公司及子公司与上表中的签约单位不存在关联关系。 二、公告日前十二个月内公司及子公司使用闲置募集资金进行现金管理的情况 有限公司 公司 存款 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。 聚灿光电科技股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日召开第四 届董事会第三次会议、第四届监事会第三次会议，审议通过了《关于使用部分闲置 募集资金进行现金管理的议案》，同意公司及子公司使用不超过 8.00 亿元的闲置募 集资金进行现金管理。该额度自公司董事会审议通过之日起一年内有效，在前述额 度和期限范围内资金可以滚动使用。公司及子公司按照相关规定严格控制风险，购 买安全性高、流动性好的保本型理财产品（包括但不限于结构性存款、协定存款（另 立账户归集类）、通知存款、定期存款、大额存单、收益凭证等）。具体内容详见公 司披露于巨潮资讯网的《关于使用部分闲置募集资金进行现金管理的公告》（公告编 号：2024 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Insights - The company achieved record high revenue and profit in 2024, with operating income reaching 2.76 billion yuan, a year-on-year increase of 11.23%, and net profit attributable to shareholders at 196 million yuan, up 61.44% [1][12]. - The company has maintained six consecutive years of revenue growth, with a compound annual growth rate of 30.49% since 2019, indicating a strong recovery from the industry downturn in 2022 [1][12]. - The company's refined management practices have led to significant improvements in operational efficiency, with accounts receivable turnover days and inventory turnover days significantly lower than industry averages [2][22]. Summary by Sections 1. Sustained Precision and Industry Leadership - The company has effectively captured market demand, maintaining high capacity utilization and sales rates, particularly in high-end products such as high-efficiency lighting and automotive lighting [1][14]. - The gross margin of the main business has increased to 24.99%, reflecting a 6.78% year-on-year growth, showcasing the impact of refined management on profitability [2][22]. 2. Strong Growth in MLED Market - The company is transitioning to a full-color LED chip supplier, with the completion of a project to produce 2.4 million red and yellow light epitaxial wafers and chips, enhancing its product offerings [3][24]. - The Mini LED market is expected to see significant growth, with the company's revenue from Mini LED products projected to increase by 390.40% year-on-year in 2024, benefiting from a surge in domestic Mini LED TV sales [3][25][28]. 3. Investment Recommendations - The report has revised revenue forecasts for 2025 and 2026 to 3.368 billion yuan and 3.975 billion yuan, respectively, and expects revenue to reach 4.651 billion yuan in 2027 [7][32]. - Earnings per share (EPS) estimates have been adjusted to 0.40 yuan and 0.52 yuan for 2025 and 2026, respectively, with a projected EPS of 0.68 yuan for 2027 [7][32].

证券代码：300708 证券简称：聚灿光电 公告编号：2025-028 截至本公告日，公司及子公司在过去十二个月内除第一项披露事项外，其他 使用闲置募集资金进行现金管理的情况如下： | 序 | 购买主体 | 签约单位 | 产品 | 产品类型 | 金额 | 产品 | 产品 | 年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 名称 | | （万元） | 起始日 | 到期日 | 收益率 | | | 聚灿光电科 技（宿迁） | 兴业银行股 | 结构 性存 | 保本浮动 | | | | 1.5%或 | | 1 | | 份有限公司 | | 收益型 | 5,000.00 | 2024/10/10 | 2025/4/8 | 2.43% | | | 有限公司 | | 款 | | | | | | | | 聚灿光电科 | | 结构 | | | | | 1.3%或 | | 2 | 技（宿迁） | 兴业银行股 份有限公司 | 性存 | 保本浮动 收益型 | 7,000.00 | 2024/12/5 | 2025/3/12 | | | | 有限 ...

证券代码：300708 证券简称：聚灿光电 公告编号：2025-027 聚灿光电科技股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 1、公司回购专用证券账户中的股份32,831,660.00股不参与本次权益分派。本 公司2024年 年度 权 益分 派方 案为 ： 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1.600000元人 民币现金 ， 实 际 派 发 现 金 分 红 总 额 =643,380,186.00 股 × 1.60 元 /10 股 = 102,940,829.76元（含税）。 一、股东大会审议通过权益分派方案情况 1、公司于2025年2月17日召开2024年年度股东大会，审议通过了《关于2024 年年度利润分配预案的议案》。公司2024年年度权益分派方案为：以公司实施利 润分配方案时股权登记日的总股本剔除已回购股份为基数，向全体股东每10股派 发现金股利1.6元人民币（含税），送红股0股（含税）， ...

中信证券股份有限公司 关于聚灿光电科技股份有限公司 2025年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）根据《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》对聚灿光电科技股份 有限公司（以下简称"聚灿光电"或"公司"）进行了 2025 年度持续督导培训， 报告如下： 一、本次持续督导培训的基本情况 （二）培训地点：苏州工业园区月亮湾路 15 号中新大厦 32 楼聚灿光电会议 室（及视频会议系统） （三）培训人员：林琳、施纯利 （四）培训对象：公司控股股东及实际控制人、董事、监事、高级管理人员、 中层以上管理人员等相关人员 （五）培训内容：本次培训结合《证券发行上市保荐业务管理办法》《深圳 证券交易所创业板股票上市规则（2024 年修订）》《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（2023 年 12 月修订）》等规则 要求，重点向培训对象介绍了最新监管态势、持续督导工作要求、上市公司信息 披露、募集资金运用管理要求、关联方交易行为规范、信息披露注意事项等相关 规定，并辅以案例说明的形式，加深了公司控股股东 ...

聚灿光电科技股份有限公司（以下简称"公司"或"母公司"）近日收到全资子 公司聚灿光电科技（宿迁）有限公司（以下简称"聚灿宿迁"）2024年度分红款 12,214.23万元。 证券代码：300708 证券简称：聚灿光电 公告编号：2025-026 聚灿光电科技股份有限公司 关于收到全资子公司分红款的公告 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。 聚灿宿迁为公司纳入合并报表范围内全资子公司，公司持有其100%的股份， 根据其公司章程并经股东决定，经容诚会计师事务所（特殊普通合伙）审计，以 截至2024年12月31日财务报告未分配利润为基数，向公司派发现金股利12,214.23 万元。 上述利润分配将增加公司2025年度母公司报表净利润，但不增加公司2025 年度合并报表净利润，因此，不会影响2025年度公司整体经营业绩。 敬请广大投资者注意投资风险。 特此公告。 聚灿光电科技股份有限公司 董事会 二〇二五年二月二十五日 ...

Group 1 - As of February 25, 7 companies have released their 2024 annual reports, with 5 companies showing a year-on-year increase in net profit [1] - 6 companies reported a year-on-year increase in operating revenue, while 1 company experienced a decline [1] - Companies with simultaneous growth in both net profit and operating revenue include Juzan Optoelectronics and 4 others, while Tianjin Tianshi is among the 1 company with declining profits and revenue [1]

保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：聚灿光电（300708） 保荐代表人姓名：林琳 联系电话：0591-88601207 保荐代表人姓名：张迪 联系电话：0591-88601207 现场检查人员姓名：林琳、陈文、施纯利 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 现场检查时间：2025 年 1 月 14 日至 2025 年 2 月 20 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： （1）查阅公司现行治理规则和内控制度，查阅公司章程、股东大会、董事会、 监事会议事规则等公司基本制度，查阅了股东大会、董事会及监事会会议相关资 料； （2）向公司相关部门人员了解公司基本制度的执行情况，了解公司董事、监事 和高级管理人员履行职务勤勉尽责情况及变动情况，了解控股股东、实际控制人 持有公司股份的变化情况及遵守相关法律法规情况； （3）访谈上市公司高级管理人员。 1.公司章程和公司治理制度是否完备、合规 是 2.公司章程和三会规则是否得到有效执行 是 3.三会会议记录是否完整，时间、地点、出席人 ...