Yuanjie Semiconductor Technology (SH:688498) Minsheng Securities·2025-04-30 09:38Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company achieved a revenue of 252 million yuan in 2024, representing a year-on-year growth of 74.6%, and turned profitable in Q1 2025 with a net profit of 14 million yuan, a year-on-year increase of 35.9% [1][4]. - The telecom market is gradually recovering, with the company successfully shipping over one million CW chips, and the revenue from the telecom market in 2024 reached 202 million yuan, up 52.1% year-on-year [2][4]. - The gross margin showed a significant improvement in Q1 2025, reaching 44.64%, an increase of 11.32 percentage points compared to the full year of 2024 [3][4]. - The company is increasing its R&D investment, with a R&D expense rate of 21.62% in 2024, and is actively developing high-end optical chip products for both telecom and data communication markets [4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 252 million yuan, with a projected revenue of 452 million yuan for 2025, indicating a growth rate of 79.4% [6][11]. - The net profit attributable to shareholders is expected to be 95 million yuan in 2025, a significant turnaround from a loss of 6 million yuan in 2024 [6][11]. Market Demand and Product Development - The telecom market's recovery is reflected in the improved inventory situation for downstream customers and the successful promotion of 10G EML products, which have become a significant revenue source [2][4]. - The data communication market saw a remarkable revenue increase of 919.1% in 2024, with the company successfully producing and delivering CW 70mW laser chips [2][4]. R&D and Future Outlook - The company has significantly increased its R&D expenses, reaching 54.5 million yuan in 2024, a 76.2% increase year-on-year, focusing on next-generation optical products [4]. - The projected net profits for 2025-2027 are 95 million yuan, 168 million yuan, and 245 million yuan, respectively, with corresponding PE multiples of 104, 59, and 40 [4][6].