聚灿光电：正式转型成为全色系LED芯片供应商，业绩创历史新高

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company has officially transformed into a full-spectrum LED chip supplier, achieving record-high performance in 2024 with a revenue of 2.76 billion yuan, a year-on-year increase of 11.23%, and a net profit of 196 million yuan, up 61.44% year-on-year [3][4] - The growth is attributed to a significant recovery in the lighting industry, accelerated commercial adoption of Mini LED technology, and effective marketing strategies [3][4] - The company has optimized its product structure, focusing on high-end products, which has led to a substantial increase in profitability [4][5] Financial Performance - In 2024, the company produced 22.83 million LED chips, a 5.02% increase year-on-year, with a capacity utilization rate of 97.37% and a sales rate of 100.82% [3] - The gross margin for the main business improved to 24.99%, a year-on-year increase of 6.78% [4] - The company expects EPS for 2025-2027 to be 0.40, 0.54, and 0.66 yuan, respectively, with corresponding P/E ratios of 34.3, 25.8, and 21.1 [6][8] Product Development - The company has launched a project to produce 2.4 million red and yellow light epitaxial wafers, marking its full coverage in the lighting, backlight, and display application fields [5] - Revenue from Mini LED and silver mirror products increased by 390.40% and 81.32% year-on-year, respectively [4]