聚灿光电（300708）：业绩增长强劲，高端产品产能持续释放

Investment Rating - The investment rating for the company is "Buy" (maintained) due to strong performance growth and continuous release of high-end product capacity [5]. Core Views - The company, 聚灿光电, reported a revenue of 731 million yuan in Q1 2025, representing a year-on-year growth of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [7]. - The company is transitioning to a full-spectrum LED chip supplier, with a focus on high-brightness, low-power, and long-lifespan red and yellow LED chips, which are expected to enhance its product offerings in high-end applications [7]. - The company is optimizing its product structure to target high-margin segments, particularly in Mini/Micro LED technology, which is anticipated to support premium pricing in the backlight and display chip markets [7]. - The company has maintained a stable operating expense ratio, with significant improvements in cash flow, achieving a net cash flow from operating activities of 176 million yuan, a year-on-year increase of 666.02% [7]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: 2,760 million yuan in 2024, 3,342 million yuan in 2025, and 3,749 million yuan in 2026, with corresponding year-on-year growth rates of 11.23%, 21.10%, and 12.20% respectively [6]. - The net profit attributable to shareholders is expected to reach 305 million yuan in 2025, reflecting a year-on-year growth of 56.04% [6]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 24.37 for 2025, 21.39 for 2026, and 18.55 for 2027, indicating a favorable valuation trend [6].