Hymson(SH:688559)2026-03-06 02:30Company and Industry Summary Company: 海目星 (Haimu Star) Key Points - Industry Context: The demand for high-speed transmission in data centers is continuously increasing. The Micro LED CPO (Chip-on-Panel) solution demonstrates significant energy-saving effects in data center interconnection scenarios, with power consumption only 5% of that of copper cable solutions. This positions the Micro LED CPO as a potential alternative for optical interconnection due to its energy efficiency [1][2] - Product Development: 海目星 is strategically developing four key Micro LED devices to support the industrialization of CPO optical interconnection: 1. Mass Transfer Equipment: Achieves high-speed positioning, precise alignment, and breakthroughs in laser processing technology [1] 2. Mass Welding Equipment: Completes the development of G2.5 generation panels and has achieved small-batch production [1] 3. Laser Repair Equipment: Overcomes critical technical bottlenecks in chip removal, pad leveling, and chip welding [1] 4. Collaboration with Fuzhou University: Focuses on breakthroughs in Micro LED mass detection technology, filling a gap in the industry [1] - Order Growth: The company has signed nearly 100 million in new orders for 2025, with expectations to exceed 130 million in 2026. As of January-February, 20 million has already been completed, indicating a high order completion rate and gradually improving gross margins [2] - Future Projections: The year 2026 marks the first year for the company's equity incentive and employee stock ownership plan assessment. The fourth quarter of 2025 confirmed a performance inflection point, with expectations for quarterly performance to be realized. Projected earnings for 2026 and 2027 are 50 million and 70 million respectively, corresponding to PE ratios of 28x and 20x. The company continues to be recommended for investment [2]