Suzhou Everbright Photonics (SH:688048) Tianfeng Securities·2025-05-05 02:23Investment 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% [2] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 22.10 million yuan, 46.14 million yuan, and 72.23 million yuan respectively, reflecting a positive outlook [5] - The company continues to invest heavily in R&D, with R&D expenses amounting to 127 million yuan, representing 47% of revenue, focusing on high-power chips and optical communication products [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 273 million yuan, a decrease of 6% year-on-year, with a net loss of 99.74 million yuan, an increase in loss of 7.79 million yuan [1] - The Q1 2025 results showed a net loss of 750,000 yuan, a reduction in loss by 1.195 million yuan year-on-year [2] - The gross margin for Q1 2025 was 28.7%, an increase of 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% to 36.84 million yuan [3] - VCSEL revenue grew by 47% year-on-year, reaching 3.62 million yuan [3] R&D and Product Development - The company has launched new products in the optical communication sector, including 100G PAM4 VCSEL and supporting PD optical chips [4] - Continuous investment in R&D is aimed at enhancing capabilities in high-power chips, optical communication products, and direct semiconductor laser products [4] Financial Projections - The company expects significant revenue growth in the coming years, with projected revenues of 435.41 million yuan in 2025, 557.78 million yuan in 2026, and 668.17 million yuan in 2027 [6] - The EBITDA is projected to increase from 206.36 million yuan in 2025 to 356.94 million yuan in 2027 [6]