聚灿光电（300708）：公司研究报告：盈利能力领先，转型为全色系芯片供应商

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company is transitioning to a full-color LED chip supplier, expanding from GaN-based blue-green LED epitaxial wafers and chips to GaAs-based red-yellow LED epitaxial wafers and chips [8] - The company achieved a revenue of 2.76 billion yuan in 2024, a year-on-year increase of 11.23%, and a net profit of 196 million yuan, a significant year-on-year increase of 61.44% [8] - The LED market is expected to reach a value of 13.003 billion USD in 2025, despite challenges such as increased costs due to tariffs and suppressed consumer demand [8] - The company maintains industry-leading profitability due to refined management and advantages from late-stage equipment procurement [8] - Future revenue growth is anticipated from the completion of the annual production of 2.4 million red-yellow LED epitaxial wafers and chips [9] Financial Data and Forecast - Revenue projections for 2025-2027 are 3.332 billion yuan, 3.882 billion yuan, and 4.543 billion yuan respectively, with corresponding EPS of 0.41 yuan, 0.51 yuan, and 0.62 yuan [7][10] - The gross margin is expected to improve, with projections of 15.71%, 17.04%, and 17.22% for 2025-2027 [9][10] - The company’s net profit is forecasted to grow significantly, with estimates of 276 million yuan in 2025, 343 million yuan in 2026, and 417 million yuan in 2027 [7][10]