研报掘金丨中邮证券：首予长光华芯“买入”评级，光通信产品市场规模稳步扩大

Core Viewpoint - Zhongyou Securities report indicates that Changguang Huaxin has shown significant growth in revenue and net profit in the first three quarters, with continuous improvement in quarterly non-recurring net profit [1] Company Performance - The company has leveraged its IDM platform advantages to deepen research and development, launching high-performance optical communication chip products to meet the "domestic substitution" demand [1] - In the first half of 2025, the company has achieved mass production of 100G EML and has begun sample delivery of 200G EML [1] - The company has reached mass production and shipment levels for 100G VCSEL, 100mW CW DFB, and 70mW CWDM4 DFB chips [1] Technology and Market Position - The company is strategically laying out multiple technology routes, including silicon photonics and thin-film lithium niobate, to establish a long-term technological competitive barrier [1] - The company provides high-end chip solutions with three types of optical communication chips: EML, VCSEL, and CW Laser [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]