联创光电2025年最高预盈超5亿 推进转型不足 七年投近11亿研发

Core Viewpoint - The company, Lianchuang Optoelectronics, is expected to achieve significant growth in its financial performance for 2025, with projected net profit increasing by 80.36% to 120.57% year-on-year, driven by advancements in its laser business and a reduction in losses from its backlight source segment [1][2][4]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 4.35 billion to 5.32 billion yuan for 2025, an increase of 1.93 billion to 2.9 billion yuan compared to the previous year [1][2]. - The expected non-recurring net profit is projected to be between 3.83 billion to 4.92 billion yuan, reflecting a year-on-year increase of 100.70% to 157.82% [1][2]. - Historical performance shows that the company's net profit was 1.95 billion yuan in 2019, with fluctuations in subsequent years, including a decline in 2024 due to backlight source business challenges [3]. Business Transformation - The company is actively transforming from traditional industries to technology-driven sectors, focusing on laser technology and high-temperature superconductors [1][2][10]. - Significant investments have been made in research and development, totaling 1.08 billion yuan over the past seven years, with a focus on innovation in laser technology [11]. Segment Performance - The laser business has seen substantial growth, with revenue from laser series and traditional LED chips reaching 1.28 billion yuan in the first half of 2025, marking a year-on-year increase of 176.87% [10]. - The backlight source segment, while previously a drag on performance, has shown improvement with a revenue increase of 17.95% to 5.96 billion yuan in the first half of 2025, as the company shifts focus to industrial control, automotive, and tablet backlight sources [9][10]. Market Position and Stock Performance - The company's stock has performed well, with a notable increase from a low of 42.85 yuan per share to a high of 78.76 yuan, representing an 83.8% increase [5]. - As of January 23, 2025, the company's market capitalization stands at 31.98 billion yuan [5]. Shareholder Structure - The controlling shareholder, Jiangxi Electronic Group, has a high pledge rate, with 79.94% of its shares pledged as of the announcement date [6][7].