长光华芯（688048）：业绩符合预期，新业务放量助力增长

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's performance in Q1 2025 showed significant improvement, primarily due to successful market expansion and increased revenue from high-power products. Additionally, previously established businesses in optical communication have gained recognition from end customers, leading to bulk shipments and opening up growth opportunities in other business areas [2][4] - The gross margin for 2024 decreased significantly to 23.85%, down 9.69 percentage points year-on-year, mainly due to intensified competition in the downstream market. However, the gross margin for Q1 2025 improved to 28.72%, up 2.76 percentage points year-on-year [3] - The company is recognized as a leader in domestic optical chips and is working towards becoming a platform-based enterprise, achieving breakthroughs in high-power semiconductor laser chips and VCSEL technology [4][8] Financial Summary - In 2024, the company achieved operating revenue of 273 million, a year-on-year decrease of 6.05%, and a net profit attributable to the parent company of -100 million, down 8.47% year-on-year. For Q1 2025, the operating revenue was 94 million, an increase of 79.63% year-on-year, with a net profit of -7 million, up 61.44% year-on-year [1][11] - The company forecasts operating revenues of 406 million and 524 million for 2025 and 2026, respectively, with a projected net profit of 51 million and 109 million for the same years. The EPS is expected to be 0.29 and 0.62 for 2025 and 2026, respectively [11][14] - The company’s total market capitalization is approximately 9.972 billion, with a free float market capitalization of about 6.008 billion [4]