炬光科技（688167）：Q2利润扭亏为盈，瑞士并购迎来阶段性结果

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company turned a profit in Q2, with the impact of the Swiss acquisition gradually being digested [1] - The company achieved revenue of 393 million yuan in H1 2025, a year-on-year increase of 26.20%, and a net profit of -25 million yuan, a year-on-year increase of 11.30% [2] - The company’s gross margin and net margin for H1 2025 were 32.39% and -6.35%, respectively, showing improvements compared to the previous year [4] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 223 million yuan, a year-on-year increase of 28.13% and a quarter-on-quarter increase of 31.69% [2] - The net profit for Q2 was 7 million yuan, a year-on-year increase of 158.79% and a quarter-on-quarter increase of 121.95% [2] - The company’s revenue from upstream and midstream businesses in H1 2025 was 260 million yuan and 96 million yuan, respectively, with year-on-year changes of +24.82% and -5.59% [3] Business Segments - The company’s new photon technology segment contributed 8.65% to the main business revenue, with revenue of 34 million yuan [3] - The automotive application solutions segment saw revenue of 50.24 million yuan, a year-on-year increase of 25.34% [3] - The healthcare solutions segment reported revenue of 10.70 million yuan, a year-on-year increase of 46.62% [3] Acquisition Impact - The Swiss acquisition has begun to show results, with related business revenue in H1 2025 increasing by approximately 26% and a gross margin of 41% [9] - The company is focusing on expanding its high-margin businesses, including optical communication and consumer electronics, following the acquisition [9] Future Outlook - The company is expected to achieve net profits of 24 million yuan, 67 million yuan, and 135 million yuan for the years 2025, 2026, and 2027, respectively, with significant year-on-year growth rates [10] - The report anticipates that the company will experience a "double-hit" market in 2025, driven by its integration of global micro-nano optical platforms and expansion into various downstream markets [10]