Yuanjie Semiconductor Technology (SH:688498) Tianfeng Securities·2025-05-04 07:18Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [8]. Core Views - The company reported a turnaround in Q1 2025, achieving a revenue of 84.4 million yuan, a year-on-year increase of 41% and a quarter-on-quarter increase of 14%, with a net profit of 14.32 million yuan, marking a 36% year-on-year growth and a return to profitability [1]. - The revenue for 2024 reached 252 million yuan, a 75% year-on-year increase, while the net profit was -6.13 million yuan, a decrease of 131% year-on-year [1][6]. - The company has seen a significant increase in the shipment of optical chips, particularly in the data communication sector, which has become a new growth point with a gross margin of 71% [2]. - The company is focusing on research and development, with a notable increase in R&D investment to 54.52 million yuan in 2024, a 76% year-on-year increase, and has completed customer validation for key products [3]. Financial Performance - The company expects net profits for 2025 to be 146 million yuan, with projections of 304 million yuan and 447 million yuan for 2026 and 2027, respectively [5]. - The revenue forecast for 2025-2027 is set at 630.57 million yuan, 928.80 million yuan, and 1.26 billion yuan, reflecting growth rates of 150.06%, 47.29%, and 36.00% respectively [6][12]. - The gross margin is projected to improve significantly, with estimates of 51.92% in 2025 and 58.99% in 2027 [14]. Product and Market Insights - The company has successfully launched new products, including the 100G EML and 100mW CW chips, which are expected to contribute to revenue in the second half of 2025 [5]. - The telecommunications market has shown a revenue increase of 52% year-on-year, driven by a recovery in downstream procurement, although competition has led to a decrease in product prices [2]. - The company is advancing its overseas production capacity as planned, with no significant impact from tariffs due to the geographical distribution of its downstream customers [4].