聚灿光电：业绩创历史新高，MLED放量在即-20250305

Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Insights - The company achieved record high revenue and profit in 2024, with operating income reaching 2.76 billion yuan, a year-on-year increase of 11.23%, and net profit attributable to shareholders at 196 million yuan, up 61.44% [1][12]. - The company has maintained six consecutive years of revenue growth, with a compound annual growth rate of 30.49% since 2019, indicating a strong recovery from the industry downturn in 2022 [1][12]. - The company's refined management practices have led to significant improvements in operational efficiency, with accounts receivable turnover days and inventory turnover days significantly lower than industry averages [2][22]. Summary by Sections 1. Sustained Precision and Industry Leadership - The company has effectively captured market demand, maintaining high capacity utilization and sales rates, particularly in high-end products such as high-efficiency lighting and automotive lighting [1][14]. - The gross margin of the main business has increased to 24.99%, reflecting a 6.78% year-on-year growth, showcasing the impact of refined management on profitability [2][22]. 2. Strong Growth in MLED Market - The company is transitioning to a full-color LED chip supplier, with the completion of a project to produce 2.4 million red and yellow light epitaxial wafers and chips, enhancing its product offerings [3][24]. - The Mini LED market is expected to see significant growth, with the company's revenue from Mini LED products projected to increase by 390.40% year-on-year in 2024, benefiting from a surge in domestic Mini LED TV sales [3][25][28]. 3. Investment Recommendations - The report has revised revenue forecasts for 2025 and 2026 to 3.368 billion yuan and 3.975 billion yuan, respectively, and expects revenue to reach 4.651 billion yuan in 2027 [7][32]. - Earnings per share (EPS) estimates have been adjusted to 0.40 yuan and 0.52 yuan for 2025 and 2026, respectively, with a projected EPS of 0.68 yuan for 2027 [7][32].