研报掘金丨中邮证券：首予兆驰股份“买入”评级，新兴业务多赛道突破筑牢转型确定性

Core Viewpoint - The report from Zhongyou Securities highlights that by the third quarter of 2025, Zhaochi Co., Ltd.'s emerging businesses in LED, optical communication, and internet video operations will significantly contribute to profits, accounting for over 60% of total profit, thus becoming the core engine for performance growth [1] Group 1: Business Performance - Zhaochi's LED, optical communication, and internet video operations are expected to show outstanding performance, with profit contributions exceeding 60% [1] - The company is advancing high-end transformation across the entire LED industry chain, covering chips, packaging, and terminal applications, with market shares of high-end products like Mini/MicroLED displays, automotive LEDs, high-end lighting, home theaters, and all-in-one machines continuously increasing [1] Group 2: Technological Advancements - The company leverages its R&D and manufacturing capabilities across chips, light boards, and complete machines to launch RGB MiniLED backlight solutions, enhancing high-end display layouts and driving profitability through high value-added product structures [1] - In the optical communication sector, Zhaochi is deepening vertical integration of the "optical chip - optical device - optical module" supply chain, improving supply chain autonomy and cost competitiveness [1] Group 3: Future Developments - The company plans to start the construction of a PCB production line in the second half of 2025 to support the expansion of optical communication and Mini/MicroLED businesses, enhancing product performance and yield [1] - Steady progress in product technology iteration is noted, with stable mass production and good profitability of low-speed optical modules below 200G, while 400G/800G high-speed optical modules are in the sample testing phase with leading domestic customers, expecting small batch shipments by the second quarter of 2026 [1]