证券日报网讯 聚灿光电（300708）10月17日发布公告，在公司回答调研者提问时表示，过去几年， LED行业经历了深度洗牌，聚灿光电凭借技术、资金和客户优势，市占率从2021年6.59%提升至2024年 8.52%，稳居国内前列，同业企业数量较十年前大幅减少，市场正进入垄断初期阶段，各厂商逐步形成 差异化分工。公司2010年成立以来，专注于氮化镓蓝绿光芯片，各项产品性能指标都遥遥领先，以照明 和背光业务作为稳定盈利基础，支撑红黄光项目建设和显示领域的快速突破。由于新一代显示应用领域 的不断开拓，公司新增了红黄光产品业务，是公司完善全光谱技术版图的关键一步，这一布局填补了公 司全彩显示技术缺口，配套蓝绿光协同销售及产品结构优化调整，最终公司实现全色系布局，实现全产 品覆盖，不断提升技术水平，优化产品结构，以性能引领市场，实现直显领域跨越式发展。目前公司市 场份额约8%，随着RGB显示、Mini LED等市场的快速崛起，蓝绿光芯片性能提升，红黄光芯片产能释 放，公司市占率提升还有很大空间。 ...

Core Viewpoint - Huazuan Optoelectronics achieved a net profit attributable to shareholders of 173 million yuan in the first three quarters, representing a year-on-year increase of 8.43% [1] - The company emphasizes the construction of a long-term incentive system, committing to high performance growth requirements in its "2025 Restricted Stock Incentive Plan" [1] Financial Performance - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses both reached historical highs for the same period [1] - The net profit after deducting non-recurring gains and losses was 169 million yuan, reflecting a year-on-year growth of 11.89% [1] - The operating cash flow net amount also reached a historical high for the same period [1] Operational Highlights - The gross profit margin for Q3 2025 recovered to 12.67%, an increase of 0.40 percentage points quarter-on-quarter [1] - High-end products in blue and green light are experiencing strong sales, while the production capacity for red and yellow light is being rapidly released [1] - The company's collaborative advantages are gradually becoming evident [1] Growth Potential - The rapid release of red and yellow light production capacity and the continuous evolution of product structure towards high-end products indicate strong growth momentum for the company [1] - The significant achievements in cost reduction and efficiency enhancement further support the company's growth outlook [1] - The company maintains a "Buy" rating based on its strong growth potential [1]

Financial Performance - The net profit in Q2 2025 decreased compared to Q1 2025 due to international trade tariffs affecting product prices and increased R&D costs during the transition of the red-yellow light project from trial production to small-scale mass production. Excluding these factors, the core business remains robust [2][3] - Revenue for the first half of 2025 reached CNY 1.594 billion, a year-on-year increase of 19.51%, driven by a higher proportion of high-end products [9] Market Position and Growth - The company's market share increased from 6.59% in June 2021 to 8.52% in 2024, positioning it among the top players in the domestic LED industry [4] - The red-yellow light project is expected to significantly enhance market share as demand for RGB displays and Mini LED applications grows [4][7] Project Development - The red-yellow light project is progressing as planned, with production capacity expected to reach 100,000 units per month by the end of Q3 2025, having already achieved nearly 50,000 units [6][5] - The project has successfully transitioned from monochrome to full-color chip supplier, covering key application areas in lighting, backlighting, and displays [6][5] Pricing and Market Dynamics - In the first half of 2025, product prices faced temporary pressure due to tariffs, with a year-on-year decline of approximately 5% in May and June. However, prices have since stabilized and are expected to improve in the second half of the year [7][8] - The company aims to achieve a breakeven point for the red-yellow light project while ensuring stable operations [7] Future Outlook - The company plans to continue focusing on core business areas, enhancing operational efficiency, and maintaining a strong market presence [10] - Emphasis on fine management and a comprehensive product layout is expected to solidify the company's growth trajectory and market position [10][11]

LED 聚灿光电（300708.SZ） 买入-A(维持) 公司业绩稳健增长，股份用途变更+股权激励彰显长期发展信心 2025 年 7 月 4 日 公司研究/公司快报 | 市场数据：2025 年 月 7 | 日 3 | | --- | --- | | 收盘价（元）： | 12.17 | | 年内最高/最低（元）： | 15.38/7.63 | | 流通A股/总股本（亿）： | 5.22/6.80 | | 流通 A 股市值（亿）： | 63.56 | | 总市值（亿）： | 82.77 | | 基础数据：2025 年 | 3 月 | 31 | 日 | | | --- | --- | --- | --- | --- | | 基本每股收益(元)： | | | | 0.09 | | 摊薄每股收益(元)： | | | | 0.09 | | 每股净资产(元)： | | | | 3.96 | | 净资产收益率(%)： | | | | 2.30 | 公司近一年市场表现 事件描述 高宇洋 邮箱：dongwendan@sxzq.com 2025 年 6 月 17 日，聚灿光电发布《关于变更回购股份用途并注销暨减 少注册资本的公告》 ...