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乾照光电(300102):高端显示持续上行,卫星电池片构造新动能

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.743 billion yuan for the first half of 2025, representing a year-on-year growth of 37.08%. The total profit reached 56 million yuan, up 72.65%, and the net profit attributable to shareholders was 69 million yuan, increasing by 88.04% [2][4]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.743 billion yuan, a year-on-year increase of 37.08%. The total profit was 56 million yuan, reflecting a growth of 72.65%, while the net profit attributable to shareholders was 69 million yuan, marking an increase of 88.04% [2][4]. Business Development - The company is focusing on high-end display technologies, particularly Mini/Micro LED, which has seen a revenue increase of 57% year-on-year. The traditional RGB small-pitch display market share exceeds 30%. The backlight business, in collaboration with the controlling shareholder Hisense, has achieved a revenue surge of 402% due to self-developed high-performance RGB-Mini LED backlight chips [9]. - The company is also expanding into the automotive HUD display market, with a revenue growth of 104%. The Micro MIP chip has received mass production certification from leading display companies, and significant breakthroughs have been made in Micro COG chip technology for large screens and wearable products [9]. Strategic Initiatives - The company is building new growth momentum through its ventures in commercial aerospace and optical communication, leveraging GaAs solar cells and VCSEL technology. The battery business has doubled in sales due to the booming commercial aerospace sector, maintaining the top domestic market share. The VCSEL business has achieved bulk supply in consumer electronics and medical aesthetics, while also positioning itself in the automotive laser radar market [9]. - The collaboration with Hisense enhances the company's core competitiveness through full-chain synergy, improving operational efficiency via lean management and smart manufacturing initiatives [9]. Future Outlook - The company is projected to achieve net profits attributable to shareholders of 131 million yuan, 222 million yuan, and 305 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 99X, 58X, and 42X [9].