Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a turnaround in Q1 2025 with a revenue of 84.4 million yuan, a year-on-year increase of 41% and a quarter-on-quarter increase of 14%, achieving a net profit of 14.32 million yuan, a year-on-year increase of 36% [1] - The revenue for 2024 reached 252 million yuan, a 75% year-on-year growth, while the net profit attributable to the parent company was -6.13 million yuan, a decrease of 131% [1] - The company is experiencing continuous revenue growth for two consecutive quarters, driven by the strong performance of its optical communication products [1] Financial Performance - The company’s revenue from optical communication products in 2024 was 48.04 million yuan, significantly up from 4.71 million yuan in 2023, with a gross margin of 71% [2] - The telecommunications product revenue was 202 million yuan, a 52% year-on-year increase, but the gross margin decreased by 15.58 percentage points to 24.62% due to increased competition and price declines [2] - The company expects net profits for 2025-2027 to be 146 million yuan, 304 million yuan, and 447 million yuan respectively, reflecting strong growth potential [5] Research and Development - The company has increased its R&D investment to 54.52 million yuan in 2024, a 76% year-on-year increase, focusing on CW and EML products [3] - The company has completed customer validation for its 100G PAM4 EML and CW 100mW chips, with ongoing development for higher-speed EML chips [3] Market Position and Strategy - The company is well-positioned in the optical communication market, with a significant increase in the shipment of silicon photonic CW 70mW lasers, which have become a new growth point [2] - The company is advancing its overseas production capacity as planned, with no significant impact from tariffs on its exports [4]

关税对公司无太大影响，海外产能如期推进 公司报告 | 年报点评报告 源杰科技（688498） 证券研究报告 一季报扭亏，数通光芯片助收入连续 2 季度环比增长 1Q25 扭亏，收入连续 2 个季度环比增长 公司公布 24 年年报及 25 年一季报，24 年实现营业收入 2.52 亿元，同比 增长 75%，归母净利润-613 万元，同比减少 131%，符合业绩快报。1Q25 单季实现营业收入 8440 万元，同比增长 41%、环比增长 14%，归母净利润 1432 万元，同比增长 36%、环比扭亏。公司收入连续 2 个季度环比增长， 1Q25 实现扭亏，1Q 单季毛利率达到 44.6%，同比大幅提升 10pct，主要原 因是数通 CW 的持续发力。 数通光芯片出货放量，电信产品竞争加剧 24 年分产品看：1）数通中心及其他产品收入 4804 万元，而 23 年仅为 471 万元，收入贡献的主要增量来自硅光 CW 70mw 激光器、出货超过百万颗， 已成为公司新增长点，数通毛利率为 71%。2）电信市场产品收入 2.02 亿 元，同比增长 52%，毛利率 24.62%，同比减少 15.58pct，收入增长主要来 ...

➢ 持续加大研发投入，充分把握高端光芯片领域的发展机遇：公司 2022~2024 年的研发费用率分别为 9.58%/21.43%/21.62%。2024 年全年公司研发费用达 5451.76 万元，同比大幅增长 76.2%。电信市场方面，公司积极配合海内外设备 商提前布局下一代 25G/50G PON 所需的 DFB/EML 产品，实现第一阶段的卡位 和小批量出货。数通市场来看，除了 CW 70mW 芯片外，公司 100G PAM4 EML、 CW 100mW 芯片已完成客户认证，200G PAM4 EML 已完成产品开发并推出， 还研发了适配 CPO 方案的 300mW 高功率 CW 光源，此外针对 OIO 领域的 CW 光芯片需求，公司也已展开相关预研工作。 ➢ 投资建议：公司作为国内光芯片厂龙头商，技术实力突出，持续聚焦电信& 数通领域的高端品类国产替代，成长空间广阔。我们预计公司 2025-2027 年的 归母净利润分别为 0.95/1.68/2.45 亿元，对应 PE 倍数 104/59/40 倍。维持"推 荐"评级。 ➢ 风险提示：数通市场需求不及预期，行业竞争加剧，新产品发展不及预期。 [盈利预 ...