聚灿光电（300708）：收入同比增长24.99%，产品结构持续优化

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company achieved a revenue of 2.499 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 23.59%. The net profit attributable to shareholders was 173 million yuan, up 8.43% year-on-year, while the net profit excluding non-recurring items reached 169 million yuan, growing by 11.89% [3][4]. - The third quarter of 2025 saw a significant revenue increase of 31.5% year-on-year, reaching 905 million yuan, with a net profit of 56 million yuan, up 20.58% year-on-year [4]. - The company has successfully transitioned to a full-color LED chip supplier, enhancing its product matrix to cover key application areas such as lighting, backlighting, and displays [5][6]. Financial Performance Summary - The company’s revenue for 2025 is projected to be 3.29489 billion yuan, with a growth rate of 19.40%. The net profit is expected to reach 275.95 million yuan, reflecting a growth rate of 41.08% [12]. - The earnings per share (EPS) for 2025 is estimated at 0.29 yuan, with projections of 0.39 yuan and 0.47 yuan for 2026 and 2027, respectively [6][12]. - The company’s operating cash flow for the first three quarters of 2025 was 553 million yuan, an increase of 9.84% year-on-year [4].