Lianovation(SH:600363) Chang Jiang Shang Bao·2026-01-26 00:48Core Viewpoint - Lianchuang Optoelectronics (600363.SH) is expected to achieve significant growth in its annual performance for 2025, driven by a strategic shift towards technology-led industries and substantial increases in its laser business revenue [1][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of 4.35 billion to 5.32 billion yuan for 2025, representing an increase of 1.93 billion to 2.9 billion yuan year-on-year, with a growth rate of 80.36% to 120.57% [1][3]. - The expected net profit after deducting non-recurring items is projected to be between 3.83 billion and 4.92 billion yuan, reflecting an increase of 1.92 billion to 3 billion yuan year-on-year, with a growth rate of 100.70% to 157.82% [1][3]. - In 2024, the company reported total revenue of 31.04 billion yuan, a decline of 4.17% year-on-year, and a net profit of 2.41 billion yuan, down 27.86% year-on-year [4]. Business Transformation - The company is actively transitioning from traditional industries to technology-driven sectors, focusing on the growth of its laser business and reducing losses in its backlight source segment [1][3]. - Lianchuang Optoelectronics has invested 10.81 billion yuan in research and development from 2019 to the third quarter of 2025, indicating a strong commitment to innovation [2][12]. Segment Performance - The laser series and traditional LED chip products generated revenue of 1.28 billion yuan in the first half of 2025, marking a substantial increase of 176.87% year-on-year [11]. - The backlight source and application segment achieved revenue of 5.96 billion yuan in the first half of 2025, reflecting a year-on-year growth of 17.95% [10][11]. Market Position and Stock Performance - The company's stock price has shown a positive trend, reaching a high of 78.76 yuan per share on January 16, 2026, representing an increase of 83.8% from its lowest point of 42.85 yuan per share on January 17, 2025 [6]. - As of January 23, 2025, the company's market capitalization stood at 319.8 billion yuan [6]. Shareholder Structure - The controlling shareholder, Jiangxi Electronic Group Co., Ltd., has a high pledge rate, with 75.73 million shares pledged, accounting for 79.94% of its total holdings and 16.8% of the company's total share capital [8].