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乾照光电(300102):高端显示持续上行,卫星电池片构造新动能
Changjiang Securities· 2025-08-26 11:13
报告要点 丨证券研究报告丨 公司研究丨点评报告丨乾照光电(300102.SZ) [Table_Title] 乾照光电2025年中报点评:高端显示持续上行, 卫星电池片构造新动能 [Table_Summary] 8 月 22 日,乾照光电公告 2025 年中期报告,2025H 公司实现营业收入 17.43 亿元,同比增长 37.08%;利润总额达到 0.56 亿元,同比增长 72.65%;实现归母净利润 0.69 亿元,同比增长 88.04%。 分析师及联系人 [Table_Author] 杨洋 钟智铧 SAC:S0490517070012 SAC:S0490522060001 SFC:BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 乾照光电(300102.SZ) cjzqdt11111 [Table_Title 乾照光电 2025 2] 年中报点评:高端显示持续上 行,卫星电池片构造新动能 [Table_Summary2] 事件描述 8 月 22 日,乾照光电公告 2025 年中期报告,2025H 公司实现营业收入 17.43 亿元,同比增 长 3 ...
长光华芯:4月订单量和交付量仍维持了高速增长态势
Core Viewpoint - The company, Changguang Huaxin, is experiencing significant growth in orders and revenue, particularly in high-power modules and optical communication products, with expectations of achieving breakeven in 2025 and over 40% revenue growth [1][2]. Group 1: Financial Performance - In April, the company's revenue exceeded 55 million, continuing the growth trend from Q1 [1]. - For Q1 2025, the company reported revenue of 94.28 million, a year-on-year increase of 79.63%, although it recorded a net loss of 7.50 million [2]. Group 2: Product Development and Market Demand - The company focuses on the semiconductor laser industry, developing a comprehensive product matrix that includes semiconductor laser chips, devices, and modules [1]. - The company has achieved significant progress in the development of laser radar chips, particularly for high-performance automotive applications, with some products entering mass production [2]. Group 3: Capacity Utilization - The company has high capacity utilization for high-power products, with plans to enhance yield and meet customer demand [3]. - The utilization rate for VCSEL used in sensing applications, including automotive laser radar, is currently lower, but the company can switch production based on order requirements, maintaining overall high capacity utilization [3].
Coherent Corp. Reports Third Quarter Fiscal 2025 Results
Globenewswire· 2025-05-07 20:15
Core Viewpoint - Coherent Corp. reported strong financial results for the third quarter of fiscal 2025, driven by significant demand in AI-related datacenter products and the introduction of new optical networking technologies [1][2][5]. Financial Performance - Revenue for Q3 FY2025 was $1.50 billion, representing a year-over-year increase of 24% [5][19]. - GAAP gross margin was 35.2%, up 491 basis points year-over-year, while non-GAAP gross margin was 38.5%, an increase of 490 basis points year-over-year [5][19]. - The company reported a GAAP net loss of $0.11 per diluted share, an improvement of $0.18 year-over-year, and a non-GAAP net income of $0.91 per diluted share, up $0.53 year-over-year [5][19]. Operational Highlights - The company paid down $136 million of its outstanding debt, emphasizing cash and capital allocation as priorities [2]. - Operating income for Q3 FY2025 was $72 million, a decrease of 47.6% quarter-over-quarter but a significant increase of 222% year-over-year [19]. - Total operating expenses for Q3 FY2025 were $456 million, a 22.4% increase year-over-year [19]. Product and Market Developments - Coherent was recognized as an NVIDIA Ecosystem Innovation Partner, collaborating on silicon photonics and co-packaged optics for AI infrastructure [8]. - The company received six Product Innovation Awards at the Optical Fiber Communication Conference 2025, highlighting its advancements in datacenter and communications technologies [8]. - Coherent demonstrated groundbreaking technologies, including a 400G EML for next-generation transceivers and a portfolio of co-packaged optics solutions [8][9]. Business Outlook - For Q4 FY2025, revenue is expected to range between $1.425 billion and $1.575 billion, with a non-GAAP gross margin percentage anticipated between 37% and 39% [15]. - Total operating expenses for Q4 FY2025 are projected to be between $290 million and $310 million on a non-GAAP basis [15].
长光华芯:1Q25业绩好转,光通信芯片布局完善-20250505
Tianfeng Securities· 2025-05-05 02:23
25 年一季度业绩大幅改善 多因素导致 24 年亏损扩大 25 年一季度公司实现营业收入 9428 万元,同比增长 80%、环比增长 35%, 归母净利润-750 万元,同比减亏 1195 万元,环比减亏 2885 万元。一季 度收入大幅增长,主要来自市场拓展较好,高功率产品收入增长,同时前 期布局的光通信等产品获得终端客户认可并实现批量出货,部分贡献了一 季度收入。1Q25 单季毛利率为 28.7%,同比提升 3pct、环比提升 15pct。 长光华芯(688048) 证券研究报告 1Q25 业绩好转,光通信芯片布局完善 公司发布 24 年年报及 25 年一季报,24 年实现营业收入 2.73 亿元,同比 减少 6%,归母净利润-9974 万元,亏损扩大 779 万元,扣非归母净利润-1.46 亿元,亏损扩大 3359 万元。业绩下滑主要原因为:1)激光器市场竞争激 烈,工业市场光纤耦合模块等产品价格进一步下滑;2)存货水平较高, 相应的资产减值准备计提影响了利润;3)23 年购买的信托产品出现兑付 风险,23 年确认 4800 万元公允价值变动损失,24 年确认 1200 万元损失; 4)政府补助减少,其 ...
长光华芯(688048):1Q25业绩好转,光通信芯片布局完善
Tianfeng Securities· 2025-05-04 13:07
公司发布 24 年年报及 25 年一季报,24 年实现营业收入 2.73 亿元,同比 减少 6%,归母净利润-9974 万元,亏损扩大 779 万元,扣非归母净利润-1.46 亿元,亏损扩大 3359 万元。业绩下滑主要原因为:1)激光器市场竞争激 烈,工业市场光纤耦合模块等产品价格进一步下滑;2)存货水平较高, 相应的资产减值准备计提影响了利润;3)23 年购买的信托产品出现兑付 风险,23 年确认 4800 万元公允价值变动损失,24 年确认 1200 万元损失; 4)政府补助减少,其他收益同比减少 1176 万元。 25 年一季度业绩大幅改善 25 年一季度公司实现营业收入 9428 万元,同比增长 80%、环比增长 35%, 归母净利润-750 万元,同比减亏 1195 万元,环比减亏 2885 万元。一季 度收入大幅增长,主要来自市场拓展较好,高功率产品收入增长,同时前 期布局的光通信等产品获得终端客户认可并实现批量出货,部分贡献了一 季度收入。1Q25 单季毛利率为 28.7%,同比提升 3pct、环比提升 15pct。 公司报告 | 年报点评报告 长光华芯(688048) 证券研究报告 1Q25 ...