长光华芯：光纤激光市场竞争激烈致业绩下滑，光通信等新动能正在酝酿

Investment Rating - The report downgrades the company to "Accumulate-B" rating due to competitive pressures in the fiber laser market and the need for time to expand in the optical communication and lidar markets [3]. Core Viewpoints - The company has maintained its leading position in high-power semiconductor laser chips, with continuous product technology iterations. However, revenue from high-power single-tube series and high-power bar series has seen a decline of 20.5% and an increase of 39.5% respectively [1]. - The optical communication market is being actively explored, with the company launching new products such as single-wave 100G EML and 50G VCSEL chips, which are expected to meet the growing demand driven by AI computing power [1][3]. - The company is also expanding into new markets such as satellite energy and visible light, aiming to become a major supplier of lidar optical chips [3]. Summary by Sections Market Performance - In the first half of 2024, the company reported revenue of 127 million, a year-on-year decrease of 10.39%, and a net profit attributable to shareholders of -42 million, a decline of 299.35% [2]. - The second quarter showed a revenue increase of 44.62% compared to the previous quarter, indicating recovery from earlier production challenges [2]. Financial Data - The company’s revenue for 2024 is projected to be 275 million, with a year-on-year decrease of 5.1%, followed by a recovery in 2025 with an expected increase of 37.9% [4]. - The net profit is expected to improve from -36 million in 2024 to 22 million in 2025, reflecting a significant turnaround [4]. Profitability and Valuation - The gross margin is projected to decline to 27.2% in 2024 but is expected to recover to 32.4% in 2025 [4]. - The earnings per share (EPS) is forecasted to be -0.21 in 2024, improving to 0.13 in 2025 and 0.30 in 2026 [4][6]. Research and Development - The company continues to increase its R&D investment, with management and R&D expenses growing by 19.9% and 13.6% year-on-year respectively [2]. - The establishment of joint laboratories for GaN laser technology indicates a commitment to innovation and market expansion [3].