研報掘金丨華源證券:聚燦光電利潤水平有望進一步提高,維持“買入”評級
華源證券研報指出,聚燦光電主營業務保持產銷兩旺,業績創同期歷史新高。2025年上半年,行業受“以舊換新”、等政策推動,終端需求擴容,同時MiniLED加速滲透、MicroLED技術實現重要突破,車載、AR等新型應用不斷開拓。公司把握行業發展機遇,通過精準的市場洞察和營銷策略,主營業務保持產銷兩旺,25H1產能利用率達96.60%,並實現營業收入15.94億元,歸母淨利潤1.17億元,扣非歸母淨利潤1.14億元,三項指標均創同期歷史新高。此外,公司25Q2實現營業收入8.63億元,創單季度營收歷史新高。公司成功轉型爲全色系LED芯片廠商,產品結構持續優化,利潤水平有望進一步提高,維持“買入”評級。
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