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》 ...