长光华芯（688048）：1Q25业绩好转，光通信芯片布局完善

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a significant improvement in Q1 2025, with revenue reaching 94.28 million yuan, a year-on-year increase of 80% and a quarter-on-quarter increase of 35%. The net profit attributable to the parent company was a loss of 7.5 million yuan, which is a reduction in loss by 11.95 million yuan year-on-year and 28.85 million yuan quarter-on-quarter [2] - The company has adjusted its profit forecast slightly upwards due to the improvement in performance, expecting net profits of 22.1 million yuan, 46.14 million yuan, and 72.23 million yuan for 2025-2027 respectively [5] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 273 million yuan, a decrease of 6% year-on-year, and a net profit attributable to the parent company of -99.74 million yuan, an increase in loss of 7.79 million yuan [1] - The company's Q1 2025 revenue was significantly boosted by market expansion and recognition of high-power products, with a gross margin of 28.7%, up 3 percentage points year-on-year and 15 percentage points quarter-on-quarter [2] Product Performance - High-power single-tube revenue decreased by 15% year-on-year to 213 million yuan, while high-power bar revenue increased by 31% year-on-year to 36.84 million yuan [3] - The company continues to invest in R&D, with an investment of 127 million yuan in 2024, accounting for 47% of revenue, focusing on high-power chips, optical communication products, and VCSEL products [4] Market Strategy - The company adheres to a development strategy of "one platform, one pivot, horizontal expansion, and vertical extension," focusing on the III-V family of optical chips and has established a comprehensive product matrix in the semiconductor laser industry [5]