Group 1 - The latest stock price of Qianzhao Optoelectronics is 14.15 yuan, an increase of 0.82 yuan compared to the previous trading day's closing price [1] - The opening price on the same day was 13.58 yuan, with a highest point of 14.15 yuan and a lowest point of 13.23 yuan, with a trading volume of 715,368 hands and a transaction amount of 989 million yuan [1] - In the first quarter of 2025, the company achieved operating revenue of 776 million yuan and a net profit attributable to shareholders of 27.81 million yuan [1] Group 2 - Qianzhao Optoelectronics is primarily engaged in the research, development, production, and sales of semiconductor optoelectronic products, including LED chips and epitaxial wafers, which are used in display, lighting, and backlight applications [1] - On August 15, the company held a board meeting to approve the proposal for conducting hedging business, and announced the resignation of director Wang Hui for personal reasons [1] - The company nominated Jiang Jiande as a candidate for the sixth board of directors, who does not hold any shares in the company and has no related relationships with other directors and senior management [1] Group 3 - On August 15, the net inflow of main funds was 22.99 million yuan, while the net outflow of main funds over the past five days was 45.12 million yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.30 [4][6]. Core Views - The company has shown steady revenue growth, achieving RMB 15.94 billion in revenue for 1H25, a year-on-year increase of 19.51%. The net profit attributable to shareholders was RMB 1.17 billion, up 3.43% year-on-year [1][4]. - The company is transitioning to a full-spectrum LED chip supplier, with significant capacity expansion from its fundraising projects, expected to generate over RMB 6 billion in annual revenue once fully operational [3][4]. - The company is benefiting from structural optimization due to an increase in high-end product sales and improved economies of scale, despite facing short-term pricing pressures [1][2]. Summary by Sections Financial Performance - In 2Q25, the company achieved a record quarterly revenue of RMB 8.63 billion, a 17.63% increase year-on-year and a 17.94% increase quarter-on-quarter. However, net profit for the same quarter decreased by 14.54% year-on-year due to cost pressures [1][2]. - The company's LED chips and epitaxial wafers generated RMB 6.58 billion in revenue for 1H25, a decrease of 3.44% year-on-year, while other revenue sources increased by 43.47% [2]. Capacity and Production - The company's LED chip production capacity reached 12.104 million pieces in 1H25, with a utilization rate of 96.60%. The company is also expanding its production capacity with ongoing projects [2][3]. - The fundraising project for red and yellow light epitaxial wafers and chips is progressing, with expectations to achieve full production capacity of 100,000 pieces per month in the second half of 2025 [3]. Market Position and Outlook - The company is positioned as a leading domestic LED chip enterprise, expected to benefit from recovering demand and capacity release. Revenue forecasts for 2025, 2026, and 2027 are RMB 31.41 billion, RMB 35.18 billion, and RMB 39.22 billion, respectively [4][10]. - The report highlights the company's strategic shift towards high-end products, including Mini/Micro LED chips, which will enhance its product matrix across key application areas [3][4].

审计报告 聚灿光电科技股份有限公司 容诚审字2025215Z0729 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 序号 内 容 页码 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 TEL:010-6600 1391 FAX:010-6600 1392 审 计 报 告 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字2025 215Z0729 号 聚灿光电科技股份有限公司全体股东： 一、审计意见 我们审计了聚灿光电科技股份有限公司（以下简称聚灿光电）财务报表，包 括 2025 年 6 月 30 日的合并及母公司资产负债表，2025 年度 1-6 月的合并及母公 司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了聚灿光电 2025 年 6 月 30 日的合并及母公司财务状况以及 2025 年度 1-6 月的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师 ...