研报掘金丨华源证券：维持聚灿光电“买入”评级，蓝绿光高端产品产销两旺

Core Viewpoint - Huazuan Optoelectronics achieved a net profit attributable to shareholders of 173 million yuan in the first three quarters, representing a year-on-year increase of 8.43% [1] - The company emphasizes the construction of a long-term incentive system, committing to high performance growth requirements in its "2025 Restricted Stock Incentive Plan" [1] Financial Performance - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses both reached historical highs for the same period [1] - The net profit after deducting non-recurring gains and losses was 169 million yuan, reflecting a year-on-year growth of 11.89% [1] - The operating cash flow net amount also reached a historical high for the same period [1] Operational Highlights - The gross profit margin for Q3 2025 recovered to 12.67%, an increase of 0.40 percentage points quarter-on-quarter [1] - High-end products in blue and green light are experiencing strong sales, while the production capacity for red and yellow light is being rapidly released [1] - The company's collaborative advantages are gradually becoming evident [1] Growth Potential - The rapid release of red and yellow light production capacity and the continuous evolution of product structure towards high-end products indicate strong growth momentum for the company [1] - The significant achievements in cost reduction and efficiency enhancement further support the company's growth outlook [1] - The company maintains a "Buy" rating based on its strong growth potential [1]