Suzhou Everbright Photonics (688048) 东吴证券·2024-12-29 23:42Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the domestic laser chip industry and its potential to benefit from the trend of domestic substitution [2] Core Views - The company is a leader in the domestic laser chip industry, focusing on the R&D, design, and manufacturing of semiconductor laser chips [19] - The company is advancing both "vertical and horizontal" business expansion, extending its core product offerings and exploring new application markets such as VCSEL and optical communication chips [27] - High R&D investment has put short-term pressure on profits, but the company's gross margin has shown sequential improvement [11] Financial Performance and Forecasts - The company's revenue for the first three quarters of 2024 was RMB 200 million, a year-on-year decrease of 8%, with a net profit attributable to the parent company of -RMB 60 million, down 183% year-on-year [11] - The 2024-2025 net profit attributable to the parent company is forecasted to be -RMB 60 million and RMB 20 million, respectively, with a new 2026 forecast of RMB 70 million [2] - The company's operating cash flow for 2024E is projected to be -RMB 9 million, improving to RMB 82 million in 2025E and RMB 148 million in 2026E [6] - The company's gross margin improved to 29% in Q3 2024, up 2.18 percentage points sequentially [11] Business Expansion and Market Potential - The company is expanding its product portfolio and customer base across multiple fields, while also increasing production capacity in an orderly manner [2] - The company's VCSEL chips are being applied in consumer electronics, optical communication, and automotive LiDAR, with the optical communication market expected to grow significantly by 2025 [27] - The company's high-power semiconductor laser chips are achieving domestic substitution, with products like the 9XXnm 50W high-power laser chip demonstrating strong performance [19] Valuation and Market Data - The company's P/E ratio (current price & latest diluted shares) is projected to be -124.28x in 2024E, improving to 348.08x in 2025E and 101.68x in 2026E [6] - The company's market capitalization is RMB 6,929.56 million, with a P/B ratio of 2.29x [30] - The company's revenue is expected to grow by 36.45% in 2025E and 25.08% in 2026E, with net profit attributable to the parent company growing by 135.70% and 242.33%, respectively [10]