长光华芯：Q2收入同环比增长，看好长期成长

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 127 million yuan for the first half of 2024, a year-on-year decrease of 10.39%, with a net profit attributable to the parent company of -42.48 million yuan [3][4] - In Q2 2024, the company achieved a revenue of 74.87 million yuan, representing a year-on-year increase of 44.62% and a quarter-on-quarter increase of 42.65% [3][4] - The company is focusing on expanding its market presence both domestically and internationally, aiming to enhance profit margins and overall revenue growth [4][6] Financial Performance - For the first half of 2024, the gross profit margin was 26.45%, down 4.91 percentage points year-on-year, while the net profit margin was -33.35%, a decrease of 25.87 percentage points year-on-year [3][4] - The company’s R&D expenses for the first half of 2024 were 62.2 million yuan, an increase of 13.56% year-on-year, with an R&D expense ratio of 48.84% [4][6] - The forecasted revenues for 2024, 2025, and 2026 are 310 million yuan, 405 million yuan, and 522 million yuan respectively, with expected net profits of -58 million yuan, 27 million yuan, and 78 million yuan [5][9] Business Segments - The high-power single-tube series generated a revenue of 102 million yuan in the first half of 2024, a year-on-year decrease of 20.54% [4][7] - The high-power bar series saw a revenue increase of 39.54% year-on-year, reaching 16.34 million yuan, with a gross margin of 63.86% [4][7] - The VCSEL chip series reported a revenue of 1.59 million yuan, up 59.23% year-on-year, with a gross margin of 41.14% [4][7] Market Position and Future Outlook - The company is positioned as a leading player in the domestic laser chip market, with plans to leverage its platform advantages across power, sensing, and communication sectors [6][8] - The company aims to enhance its product offerings, including the development of a 100W single-tube chip, which sets a global record for power output [6][8] - The projected growth rates for the high-power bar series are 80%, 70%, and 50% for 2024, 2025, and 2026 respectively, with a stable gross margin of 65% [6][7]