高盛：源杰科技_ TechNet China 2025_ 连续波激光增长仍将是 2025 年的主要驱动力；卖出

27 May 2025 | 8:44AM CST YJ Semitech (688498.SS): TechNet China 2025: CW laser ramp remains the primary driver for 2025; Sell We hosted YJ Semitech at GS TechNet China 2025 conference. Key investors' focus during the meeting was on the company's CW laser ramp outlook, margin dynamics, and scope for EML expansion. The company echoed the supply tightness in laser chips (EML and CW lasers) and maintained that its CW laser will see meaningful shipment ramp in coming quarters. In the meantime, the company has pl ...