聚灿光电（300708）：产销两旺驱动业绩高增，红黄光项目夯实增长新动能

Investment Rating - The report maintains a "Recommended" investment rating for 聚灿光电 (300708.SZ) [2][5] Core Views - The company has shown strong performance in Q1 2025, with revenue reaching 731 million yuan, a year-on-year increase of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [3] - The growth is driven by robust sales and production, with a notable increase in the proportion of high-end products such as high-efficiency lighting and automotive lighting, which has positively impacted product pricing and gross margins [3] - The company is advancing its "annual production of 2.4 million pieces of red and yellow light epitaxial wafers and chips" project, which is expected to enhance its growth trajectory and product offerings [5] Financial Performance Summary - In Q1 2025, the company achieved a gross margin of 15.52%, an increase of 1.97 percentage points year-on-year and 2.95 percentage points quarter-on-quarter [3] - The operating cash flow for Q1 2025 was 176 million yuan, a significant increase of 666.02% year-on-year [3] - The company forecasts earnings per share (EPS) of 0.41 yuan, 0.54 yuan, and 0.65 yuan for 2025, 2026, and 2027 respectively, indicating a positive growth outlook [5][10] Market Position and Strategy - 聚灿光电 is positioned as a leading LED chip manufacturer in China, focusing on high-value-added products for mid-to-high-end applications [5] - The company is strategically targeting the automotive sector, leveraging partnerships to penetrate both the aftermarket and original equipment manufacturer (OEM) markets [4] - The ongoing project for red and yellow light chips aims to enhance the company's product spectrum and reduce supply chain complexity for customers [5] Future Outlook - The company anticipates continued revenue growth, with projected revenues of 2.48 billion yuan, 2.76 billion yuan, and 3.29 billion yuan for 2023, 2024, and 2025 respectively, reflecting growth rates of 22.30%, 11.23%, and 19.40% [10] - The net profit is expected to grow significantly, with projections of 121.15 million yuan, 195.59 million yuan, and 275.95 million yuan for the same years, indicating a robust growth trajectory [10]