长光华芯（688048）：业绩符合预期，新业务放量助力业绩增长

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 339 million yuan for the first three quarters of 2025, representing a year-on-year increase of 67.42%, and achieved a net profit of 21 million yuan, marking a turnaround from losses [1] - The gross margin improved significantly, with a gross margin of 36.03% for the first three quarters of 2025, up 8.63 percentage points year-on-year, and a gross margin of 40.75% in Q3 2025, up 11.76 percentage points year-on-year [3] - The company is a leader in the domestic optical chip market, focusing on high-power semiconductor laser chips and has made significant technological advancements [4] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 125 million yuan, a year-on-year increase of 66.30%, and a net profit of 12 million yuan, indicating a successful turnaround [2] - The company’s operating income for 2025-2027 is projected to be 440 million, 567 million, and 707 million yuan respectively, with year-on-year growth rates of 61.6%, 28.8%, and 24.6% [9] Gross Margin and Cost Control - The gross margin for Q1-Q3 2025 was 36.03%, with a notable increase in Q3 to 40.75%, reflecting improved cost control measures [3] - The company has effectively reduced its expense ratio, with a total expense ratio of 31.92% for Q1-Q3 2025, down 29.82 percentage points year-on-year [3] Technological Advancements - The company has achieved breakthroughs in high-power semiconductor laser chips, including a new record for continuous power output exceeding 132W for a single chip [4] - The company has also made significant progress in VCSEL technology, achieving a chip efficiency of 74% and setting a new world record for single-mode VCSEL power efficiency [5][8] Market Position and Product Development - The company has established a comprehensive product matrix in optical communication, with mass production of 100G EML chips and ongoing sampling of 200G EML chips [8] - The company is expanding its applications in various fields, including laser weeding and acne treatment, with new products being developed and samples sent out [4]