（编辑 任世碧） 证券日报网讯 乾照光电11月20日在互动平台回答投资者提问时表示，公司积极布局第二增长曲线，重 点聚焦砷化镓太阳能电池、VCSEL及光通信等新兴领域。目前公司应用于光通信领域的10G/25G产品已 送样，客户验证中；50G/100G产品已进入流片阶段。据了解目前光模块使用8通道并联技术，1.6T光模 块主要采用200G的光芯片。 ...

Group 1 - The company, Qianzhao Optoelectronics, is currently focused on the production and sales of gallium arsenide solar cell products in the commercial aerospace sector [2] - The company does not have any related products such as solid-state batteries at this time [2]

证券日报网讯乾照光电（300102）11月20日在互动平台回答投资者提问时表示，公司积极布局第二增长 曲线，重点聚焦砷化镓太阳能电池、VCSEL及光通信等新兴领域。目前公司应用于光通信领域的 10G/25G产品已送样，客户验证中；50G/100G产品已进入流片阶段。据了解目前光模块使用8通道并联 技术，1.6T光模块主要采用200G的光芯片。 ...

Core Viewpoint - The company Qianzhao Optoelectronics (300102) reported a significant increase in the sales volume of its gallium arsenide solar cell products, maintaining the top position in the domestic market as of the third quarter of 2025 [1] Group 1 - The company's gallium arsenide solar cell product sales are expected to see a substantial year-on-year growth by the third quarter of 2025 [1] - The company has achieved the highest shipment volume in the domestic market for its solar cell products [1]

格隆汇11月20日丨乾照光电(300102.SZ)在互动平台表示，在商业航天领域，公司目前主要生产和销售 砷化镓太阳能电池产品，暂无固态电池等相关产品。 ...

Group 1: Events and Conferences - The 2025 World Computing Conference will be held from November 20 to 21 [1] - The CDCC 2025 Data Center Standards Conference is scheduled for November 20 to 21 [1] - The 2025 Quantum Technology and Industry Conference will take place on November 20 to 21 [1] Group 2: Stock Market Updates - The stock of HeFu China resumed trading today, with a cumulative increase of 256.29% during the period from October 28 to November 14, with 12 out of 14 trading days closing at the涨停 price [1] - *ST King Kong resumed trading with an adjusted opening reference price of 13.06 yuan per share, following the completion of its restructuring plan, increasing total shares from 216 million to 540 million [1] Group 3: Financial Technology Initiatives - The Hong Kong SAR Government and Shenzhen Local Financial Management Bureau jointly announced an action plan to create a global fintech center between Hong Kong and Shenzhen, aiming to establish over 20 cross-border data verification platforms in financial applications by the end of 2027 [3] Group 4: Industry Growth and Trends - The retail sales of trendy and collectible toys in China are projected to reach 558.3 billion yuan in 2024, indicating a rapid growth phase for the industry [7][8] - Factors such as rising disposable income, the emergence of emotional consumption, and the rise of domestic trendy culture and quality IP are driving the expansion of China's trendy toy market [8] Group 5: AI and Automation Developments - Google launched the Gemini3 AI application, which features a visual understanding accuracy of 72.7%, doubling the current advanced level [10] - Pony.ai announced a collaboration with SANY Heavy Truck and Dongfeng Liuzhou Motor to develop a fourth-generation autonomous truck family, aiming for mass production by 2026 [11] Group 6: Corporate News - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share swap, with A-shares suspended from trading starting November 20, 2025 [13] - OpenAI partnered with Target to enhance retail experiences through AI-driven recommendations and productivity improvements [13] - Changying Precision reported over 80 million yuan in deliveries of humanoid robot structural components from January to August this year, with ongoing growth in overseas orders [13]

格隆汇11月19日丨干照光电(300102.SZ)在互动平台表示，公司的砷化镓太阳能电池产品已批量应用于 国内在轨运行的大型商业航天星座组网卫星（如G60千帆星座等）。砷化镓技术因转换效率高、稳定性 强，更适合长期太空任务，尤其是在极端太空环境下表现可靠。太空需求应用中有能源需求的领域均可 使用公司砷化镓太阳能电池产品。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, achieving a total revenue of 2.75 billion yuan, a year-on-year increase of 46.36%, and a net profit attributable to shareholders of 88 million yuan, up 80.17% year-on-year [2][4]. - In Q3 2025, the company achieved a revenue of 1.007 billion yuan, a substantial year-on-year increase of 65.80%, and a net profit of 19 million yuan, reflecting a year-on-year growth of 56.01% [2][4]. - The company is focusing on lean management optimization and has made strategic advancements in new display technologies and commercial aerospace [2][4]. Financial Performance - The company’s gross profit margin has faced pressure due to demand fluctuations and price changes, but effective cost control has led to an increase in return on equity (ROE) by 0.15 percentage points to 0.44% in Q3 2025 [12]. - Inventory turnover ratio improved by 18.58% year-on-year and 53.83% quarter-on-quarter, reaching 3.74 times, indicating enhanced inventory management and operational efficiency [12]. Business Development - The company has made significant breakthroughs in Mini/Micro LED technologies, with the Mini LED backlight business experiencing explosive growth due to collaboration with its major shareholder, Hisense [12]. - The Micro LED sector has also seen key advancements, with the Micro MIP chip receiving mass production certification from leading clients [12]. - The company is actively developing AR micro-display products and has seen substantial growth in its gallium arsenide solar cells, particularly in the commercial aerospace sector [12]. Future Outlook - The company’s asset structure continues to optimize, with a debt-to-asset ratio decreasing to 34.31%, down 2.81 percentage points year-on-year, indicating robust solvency [12]. - The projected net profit attributable to shareholders for 2025-2027 is expected to reach 121 million, 212 million, and 302 million yuan, corresponding to price-to-earnings (PE) ratios of 104X, 59X, and 41X respectively [12].

Core Viewpoint - The company is actively pursuing a second growth curve by focusing on emerging fields such as gallium arsenide solar cells, VCSEL, and optical communication [1] Group 1: Company Strategy - The company is expanding its business into the commercial aerospace sector, extending from epitaxial wafers to chips, thereby forming a vertical industry chain [1] - This strategic move is aimed at further enhancing the company's value [1]

Core Viewpoint - The company is focusing on emerging fields such as gallium arsenide solar cells, VCSEL, and optical communication, which form its second growth curve [1] Group 1: Business Strategy - The company has extended its business in the commercial aerospace sector from epitaxial wafers to chips, creating a vertical industry chain that strengthens its competitive advantage [1] - The collaboration with the controlling shareholder, Hisense Broadband, is accelerating chip research and development in the VCSEL and optical communication sectors [1] Group 2: Product Development - The company has samples of its 10G/25G products for optical communication currently undergoing customer validation [1] - The 50G/100G products have entered the tape-out stage, indicating progress in product development [1]