聚灿光电（300708.SZ）：收入同比 增长 24.99%，产品结构持续优化 2025 年 10 月 23 日 推荐/维持 聚灿光电 公司报告 ——2025 年三季报业绩点评 事件： 2025 年 10 月 14 日，公司发布 2025 年三季报：公司 2025 年前三季度实现营业 收入 24.99 亿元，同比增长 23.59%；归母净利润 1.73 亿元，同比增长 8.43%； 扣非归母净利润 1.69 亿元，同比增长 11.89%。 点评： 公司前三季度业绩创同期历史新高，产品产销两旺。公司 2025 年前三季度实现 营收 24.99 亿元，同比增长 23.59%；归母净利润 1.73 亿元，同比增长 8.43%； 扣非归母净利润 1.69 亿元，同比增长 11.89%；经营活动现金流 5.53 亿元，同 比增长 9.84%。公司前三季度营收和净利润水平均创同期历史新高，其中第三季 度公司实现营业收入 9.05 亿元，同比增长 31.5%；归母净利润 0.56 亿元，同比 增长 20.58%；扣非归母净利润 0.55 亿元，同比增长 20.61%。主要得益于公司 对市场需求的敏锐洞察、营销策略的精准匹配 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) due to strong performance growth and continuous release of high-end product capacity [5]. Core Views - The company, 聚灿光电, reported a revenue of 731 million yuan in Q1 2025, representing a year-on-year growth of 21.80%, and a net profit attributable to shareholders of 61 million yuan, up 27.72% year-on-year [7]. - The company is transitioning to a full-spectrum LED chip supplier, with a focus on high-brightness, low-power, and long-lifespan red and yellow LED chips, which are expected to enhance its product offerings in high-end applications [7]. - The company is optimizing its product structure to target high-margin segments, particularly in Mini/Micro LED technology, which is anticipated to support premium pricing in the backlight and display chip markets [7]. - The company has maintained a stable operating expense ratio, with significant improvements in cash flow, achieving a net cash flow from operating activities of 176 million yuan, a year-on-year increase of 666.02% [7]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: 2,760 million yuan in 2024, 3,342 million yuan in 2025, and 3,749 million yuan in 2026, with corresponding year-on-year growth rates of 11.23%, 21.10%, and 12.20% respectively [6]. - The net profit attributable to shareholders is expected to reach 305 million yuan in 2025, reflecting a year-on-year growth of 56.04% [6]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 24.37 for 2025, 21.39 for 2026, and 18.55 for 2027, indicating a favorable valuation trend [6].