登录新浪财经APP 搜索【信披】查看更多考评等级 精彩预览 导读 ★ 当大多数证代陷在写公告、接问询、跑监管的循环里，为 "熬多久能晋升？" 而焦虑时， 93年的杜佳，用4年时间就完成这样的跨越——从普通证代，到 200 亿市值光芯片龙头董秘。 长光华芯发布的《关于聘任董事会秘书、证券事务代表的议案》，不仅仅是代表着一个年轻董秘的崛 起， 更让资本市场从业者不禁思考：她是怎么做到的？ 01 杜佳的4年：踩准行业节奏的能力积累之路 回顾这四年的证代生涯，到底是哪些关键的抉择，让她先人一步？ 1 资质先行 翻看杜佳的履历，两张证书格外亮眼： 同样的工作，为什么有人仍困在执行者的身份里无法逃脱，有人却已经站在了聚光灯下？ 2025 年12月4日， 科创板董事会秘书资格证与CFA-ESG证书。 在目前注册制的时代背景下，前者是合规底线，后者是价值加分项。 科创板，也就是长光华芯所在板块，明确要求董秘需要具备扎实的信息披露合规知识与监管对接能力， 而董事会秘书培训证明正是任职的基础条件。 而作为高科技制造企业的长光华芯，最近几年，在绿色生产、技术研发和社会责任上持续投入，杜佳提 前储备的ESG知识，也恰好能帮助公司梳理 ...

Core Viewpoint - The company maintains profit forecasts, raises target price, and retains a buy rating, with strong performance in the first half of the year leading to a turnaround in profitability and revenue growth [1][2]. Financial Performance - The company reported a revenue of 214 million yuan for the first half of 2025, a year-on-year increase of 68.08%, and a net profit attributable to shareholders of 8.97 million yuan, marking a return to profitability [2]. - In Q2 alone, the company achieved a revenue of 120 million yuan, a year-on-year growth of 59.98% and a quarter-on-quarter increase of approximately 30%, with a net profit of 16.47 million yuan, up 171.53% year-on-year [2]. Technological Innovation - The company has made significant breakthroughs in high-power products and VCSEL technology, with a single-tube chip achieving a continuous power of 132W, surpassing the previous maximum of 100W [3]. - The efficiency of VCSEL chips has improved to 74%, with applications in consumer electronics, optical communications, and automotive laser radar [3]. - The company has developed capabilities in three types of optical communication chips: EML, VCSEL, and CW Laser, with 100G EML already in mass production and 200G EML samples being sent out [3]. Catalysts - The acquisition process is progressing smoothly, and the company has received orders for CW products [4].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's performance in Q1 2025 showed significant improvement, primarily due to successful market expansion and increased revenue from high-power products. Additionally, previously established businesses in optical communication have gained recognition from end customers, leading to bulk shipments and opening up growth opportunities in other business areas [2][4] - The gross margin for 2024 decreased significantly to 23.85%, down 9.69 percentage points year-on-year, mainly due to intensified competition in the downstream market. However, the gross margin for Q1 2025 improved to 28.72%, up 2.76 percentage points year-on-year [3] - The company is recognized as a leader in domestic optical chips and is working towards becoming a platform-based enterprise, achieving breakthroughs in high-power semiconductor laser chips and VCSEL technology [4][8] Financial Summary - In 2024, the company achieved operating revenue of 273 million, a year-on-year decrease of 6.05%, and a net profit attributable to the parent company of -100 million, down 8.47% year-on-year. For Q1 2025, the operating revenue was 94 million, an increase of 79.63% year-on-year, with a net profit of -7 million, up 61.44% year-on-year [1][11] - The company forecasts operating revenues of 406 million and 524 million for 2025 and 2026, respectively, with a projected net profit of 51 million and 109 million for the same years. The EPS is expected to be 0.29 and 0.62 for 2025 and 2026, respectively [11][14] - The company’s total market capitalization is approximately 9.972 billion, with a free float market capitalization of about 6.008 billion [4]