Gelonghui, June 6 丨 Minsheng Securities's research report on the 5th pointed out that Changguang Huaxin (688048.SH) and Zhongjiu Daguang, an industry leader in special scientific research fields, have reached a deep strategic partnership, which means that the two sides are expected to make joint arrangements in the future to expand their own R&D and manufacturing capabilities in special scientific research fields. The 56G PAM4 EML chip was released a few days ago, which means that the company has entered the high-end optical chip market and opened up broad room for growth. Furthermore, based on extending the GaAs material system to INP and GaN, the company has enriched the product structure and strategically placed products such as optical communication EML, lidar VCSEL, and visible light lasers (blue, green). Considering the company's horizontal expansion in the fields of optical communication and special scientific research, the company's net profit for 23-25 is estimated to be 1.70/327/473 million yuan, corresponding to the current price of PE 77/40/28 times. The company is a leader in the localization of laser chips, and continues to develop downstream application fields to maintain the “recommended” rating.