Mulinsen and Qianzhao Optoelectronics released the latest research report

Recently, Mulinsen and Qianzhao Optoelectronics have successively released their latest research minutes. From the perspective of multiple technologies and application routes such as Mini/Micro LED, optical communications to commercial aerospace, both companies are accelerating their upgrades towards high-end, platform and multi-business collaboration.

Mulinsen

Mulinsen said that the company has listed Mini/Micro LED as a core strategic direction, continues to increase investment in research and development and production capacity, and overall adheres to the technical route of "mainly independent research and development, supplemented by open cooperation", focusing on key technologies such as mass transfer, chip yield improvement, and micro-scale packaging.

At present, Mini LED has achieved large-scale mass production and entered the batch supply stage, and Micro LED has also completed the construction of a technology platform. Compared with its peers, the company emphasizes its full industry chain supporting capabilities, large-scale manufacturing advantages, and comprehensive competitiveness in yield control and cost optimization, and relies on its global channel system to accelerate the implementation of high-end application scenarios.

It is worth noting that the company’s previously planned Mini/Micro LED display manufacturing project of approximately 2 billion yuan is progressing as planned, which will further strengthen its production capacity base in the new display field.

Facing the environment of intensifying industry competition and weak downstream demand, Mulinsen mainly controls the cost structure through industrial chain integration, optimizes product portfolio, focuses on high-margin categories, and at the same time strictly controls expenses to cope with the pressure of price competition with its scale and technological advantages.

Previously, Mulinsen further completed the upstream chip link through the acquisition of Bridgelux, achieving a vertically integrated layout of "chips + packaging + applications", thereby forming systemic advantages in terms of technology collaboration, patent barriers, production capacity integration and customer resource sharing. This integration will help increase the self-research rate, reduce the overall cost structure, and enhance the competitiveness of high-end products.

Mulinsen said that the two parties have carried out in-depth synergy as early as 2025, and this holding will further amplify the synergy effect. Bridgelux has a strong core patent layout in the field of LED chips, covering key technical directions such as epitaxy, chip, flip-chip and high power, which helps to significantly strengthen the company's technical barriers, improve chip self-sufficiency, achieve cost reduction and efficiency increase in the entire chain, thereby increasing overall profitability.

In addition, the company's smart lighting and healthy lighting business has completed the product matrix layout, overseas and domestic channels have been expanded simultaneously, the revenue scale has continued to grow, and the overall gross profit margin is better than the traditional lighting business, and is currently in a stage of rapid growth. With the release of economies of scale and continued optimization of costs, this business is expected to gradually become a stable profit growth point from 2026 and form a new growth curve.

Overseas market revenue fluctuations are mainly affected by the external market environment. In the future, Mulinsen will make adjustments by optimizing its business model and enriching its product structure; in the domestic market, it will rely on existing industrial advantages to continue to promote the layout and in-depth penetration of high value-added products.

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Qianzhao Optoelectronics

Qianzhao Optoelectronics introduced the overall performance and the development status of each technology product matrix.

Overall, the company's revenue and profit growth are mainly driven by multi-business collaboration. On the basis of stabilizing the main business, multiple emerging business lines are gradually contributing to the increase.

In the LED business field, segmented applications such as Mini RGB, backlight and automotive continue to improve, and the upgrade of industry demand structure has made the performance of high value-added products more prominent. In terms of Micro LED, the company is carrying out industry-university-research cooperation with universities and industrial chain enterprises to develop a variety of special-purpose chips. It has now entered the stage of sample submission and verification, and the industrialization process continues to advance.

In the direction of optical communication chips, the company expects to gradually form order revenue in 2026. As the product structure and customer structure continue to be optimized, the overall profitability is expected to steadily increase.

With VCSEL chips as the core, the company has mass production capabilities for 10G and 25G products. 50G and 100G products are under continuous research and development, and their application scenarios cover the data center and communications fields. At the same time, the company has also developed high-speed VCSEL products suitable for vehicle-mounted optical communications, whose performance has reached the industry's advanced level, and will accelerate its commercialization in the fields of vehicle-mounted lidar and data communications.

Currently, the company is strengthening cooperation with Hisense Group and domestic leading companies, focusing on promoting the mass production and delivery of automotive communication VCSEL, and jointly laying out high-power InP lasers and high-speed optical communication VCSEL and other high-end directions to seek breakthroughs in key technologies.

In the field of commercial aerospace, the solar cell business has benefited from the increase in domestic aerospace transportation capacity and the expansion of overseas markets, and its growth prospects are relatively clear, becoming one of the company's important second growth curves.

At this stage, Qianzhao Optoelectronics has elevated overseas market expansion to an important position in its commercial aerospace strategy. It continues to promote international business expansion through technological innovation and customer cooperation, and has currently achieved some overseas order sales.

In terms of customer development, Qianzhao Optoelectronics, on the one hand, strengthens cooperation with domestic leading customers and continues to consolidate its technological advantages; on the other hand, it optimizes its overseas layout, expands customers in emerging fields such as satellites, and meets the needs of market segments through differentiated product portfolios to maintain the flexibility of business growth.

Looking forward to the future, Qianzhao Optoelectronics will continue to increase investment in TV backlight, Mini direct display, high-end LED display chips, commercial aerospace, Micro LED and VCSEL optical communications, and promote continued growth in overall performance through the two-wheel drive of technological innovation and market expansion. (Compiled by LEDinside)

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