格隆汇2月11日丨炬光科技(688167.SH)在投资者互动平台表示，公司基于在半导体激光原材料领域超过 十年的技术积累，目前已具备向光通信领域激光器（LD）、探测器（PD）及驱动/TIA芯片提供预制金 锡氮化铝衬底材料的技术能力，但该业务仍处于拓展初期，尚未对公司收入形成贡献。关于您提及的卫 星通信领域，公司没有相关业务布局。 ...

Group 1 - The CPO concept stocks in the A-share market experienced a collective decline, with significant drops observed in several companies [1] - Notable declines include New Yisheng and Zhili Fang, both falling over 5%, while Zhongji Xuchuang, Liantech, and Woge Optoelectronics dropped over 4% [1] - Other companies such as Hengdongguang and Changxin Bochuang saw declines exceeding 3% [1] Group 2 - New Yisheng (300502) reported a decline of 5.32%, with a total market capitalization of 370 billion and a year-to-date decline of 13.62% [2] - Zhili Fang (301312) decreased by 5.09%, with a market cap of 9.316 billion and a year-to-date increase of 53.85% [2] - Zhongji Xuchuang (300308) fell by 4.99%, with a market cap of 58.66 billion and a year-to-date decline of 13.45% [2] - Liantech (301205) saw a decrease of 4.51%, with a market cap of 2.37 billion and a year-to-date increase of 8.52% [2] - Woge Optoelectronics (603773) declined by 4.46%, with a market cap of 7.937 billion and a year-to-date change of -0.14% [2] - Other companies like Weidongguang (920045) and Changxin Bochuang (300548) also reported declines of 3.91% and 3.88% respectively, with market caps of 2.75 billion and 46.3 billion [2]

Group 1 - The CPO concept stocks in the A-share market collectively declined on February 11, with significant drops observed in several key stocks [1] - Notable declines included Xinyiseng and Zhili Fang, both falling over 5%, while Zhongji Xuchuang, Liant Technology, and Woge Optoelectronics dropped over 4% [1] - Other stocks such as Hengdongguang and Changxin Bochuang experienced declines exceeding 3% [1] Group 2 - Xinyiseng (300502) saw a decrease of 5.32%, with a total market capitalization of 370 billion and a year-to-date decline of 13.62% [2] - Zhili Fang (301312) decreased by 5.09%, with a market cap of 9.316 billion and a year-to-date increase of 53.85% [2] - Zhongji Xuchuang (300308) fell by 4.99%, with a market cap of 58.66 billion and a year-to-date decline of 13.45% [2] - Liant Technology (301205) dropped by 4.51%, with a market cap of 2.37 billion and a year-to-date increase of 8.52% [2] - Woge Optoelectronics (603773) decreased by 4.46%, with a market cap of 7.937 billion and a year-to-date change of -0.14% [2] - Other notable declines included Changxin Bochuang (300548) down 3.88% with a market cap of 46.3 billion and a year-to-date increase of 11.75% [2]

（文章来源：证券日报） 证券日报网讯 2月10日，炬光科技在互动平台回答投资者提问时表示，公司正在持续积极开拓国内外消 费电子等应用领域的潜在客户，但目前尚未有量产项目。 ...

Market Overview - The Shanghai Composite Index rose by 1.41% to close at 4123.09 points, with a daily high of 4123.16 points [1] - The Shenzhen Component Index increased by 2.17% to close at 14208.44 points, reaching a high of 14211.7 points [1] - The ChiNext Index saw a rise of 2.98%, closing at 3332.77 points, with a peak of 3340.33 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 26,556.13 billion yuan, with a financing balance of 26,387.82 billion yuan and a securities lending balance of 168.31 billion yuan, reflecting an increase of 6.15 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 13,475.12 billion yuan, up by 4.76 billion yuan, while the Shenzhen market's balance was 13,081.01 billion yuan, increasing by 1.39 billion yuan [2] - A total of 3,480 stocks had financing funds for purchase, with the top three being Xinyi Technology (25.36 billion yuan), Zhongji Xuchuang (24.32 billion yuan), and Shenghong Technology (17.14 billion yuan) [2][3] Fund Issuance - Eight new funds were issued yesterday, including: - Shangyin Stable and Wise Three-Month Holding (FOF) C - Xinyuan CSI Hong Kong Stock Connect Technology Index C - Xinyuan CSI Hong Kong Stock Connect Technology Index A - Shangyin Stable and Wise Three-Month Holding (FOF) A - CITIC Construction Investment Shuangyi Three-Month Holding Period Bond A - Zhaoshang Yutian Mixed Initiation C - CITIC Construction Investment Shuangyi Three-Month Holding Period Bond C - Zhaoshang Yutian Mixed Initiation A [4][5] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list were led by: - Zhongwen Online with a net purchase of 715.97 million yuan - TCL Zhonghuan with 517.15 million yuan - Zhongchao Holdings with 406.27 million yuan - Hunan Silver with 354.37 million yuan - Jiecheng Shares with 230.40 million yuan [6][7]

Summary of Conference Call Records Company and Industry Overview - The analysis focuses on **炬光科技 (Juguang Technology)**, a company operating in the **optical communication** and **semiconductor** sectors, with a particular emphasis on its **OCS (Optical Communication Systems)** business segment [1][2]. Key Insights and Arguments - **Valuation Breakdown**: The company’s valuation is segmented as follows: - Plug-and-play modules: €60-70 million - OCS: €100-120 million - CPO (Chip-on-Board): €150 million - Other businesses: €100 million - Total estimated valuation: €450 million [1] - **Market Potential**: The total addressable market (TAM) for the industry in 2027 is projected to be €60-70 million. Assuming a 15% market share, this translates to a net profit of €2-3 million, leading to a price-to-earnings (PE) ratio of 20-25x, resulting in a valuation of €60-70 million [1]. - **Comparative Valuation**: Compared to other OCS companies, Juguang Technology is considered relatively undervalued. Other OCS companies are typically valued based on their end-state estimates, with projections for 2030 estimating 300,000 OCS units. If Juguang captures a 30% market share, with a unit value of €12,000-€13,000 and a net profit margin of 30%, this could yield profits of €3-4 million, leading to a valuation of approximately €100-120 million at a PE of 25-30x [1]. - **Competitive Landscape**: The competitive environment may be better than expected, with the market not fully pricing in the potential for scaling up. The company is well-positioned in the "out" domain and is expected to have similar potential in the "up" domain [1]. - **Profit Projections**: - For the "out" domain, with a forecast of 100,000 units in 2027, a unit value of €50,000, a 20% market share, and a 30% net profit margin, the projected profit is €3 million, leading to a valuation of €120 million at a PE of 40x [2]. - For 2030, with a forecast of 300,000 units and a unit value of €40,000, the projected profit is €7-8 million, resulting in a valuation of €150 million at a PE of 20x [2]. - **Stability in Related Industries**: Traditional industrial and semiconductor sectors are stabilizing, with automotive applications and healthcare growing at around 10%. Consumer electronics are expected to start contributing to revenue from Q3 2026 [2]. - **M&A Impact**: The negative impact of mergers and acquisitions is expected to diminish, with the SMO production line successfully relocated from Switzerland to Shaoguan, achieving profitability. The Heptagon acquisition is anticipated to break even within 6-8 quarters post-acquisition [2]. - **Market Sentiment and Performance**: The current market sentiment is cautious regarding the company's performance. However, the presence of CPO beta is expected to provide ongoing support for the stock price. The period before April is seen as relatively safe, with expectations of increased revenue from optical communications in the second half of the year, which could lead to profitability [2]. Additional Important Points - **Investment Strategy**: The suggested trading strategy involves buying during significant dips and smaller dips, with opportunities arising from daily long lower shadows or short-term corrections. Continuous monitoring and attention are recommended [3].

Group 1: Robotics - Yingzi Network's revenue from intelligent service robots is relatively small [1] Group 2: Photovoltaics - Nanfang A has the capability to produce 9-11N polycrystalline silicon, primarily for the solar photovoltaic industry [1] - Zhongli Group's photovoltaic business has not yet involved space photovoltaic fields [1] - Sungrow Power has not yet engaged in space photovoltaic products [1] Group 3: Batteries - Shuanghuan Technology's sodium-ion battery cathode material pilot base has recently produced its first batch of products [1] Group 4: Commercial Aerospace - Juguang Technology does not have products applied in the commercial aerospace field [1] - Fengmao Co. has not made substantial progress in business expansion within the commercial aerospace sector [1] Group 5: Other Developments - Xinyi Semiconductor's 1.6T optical module products have achieved mass delivery and are in the process of increasing production capacity [1] - China Merchants Shekou has engaged in duty-free business with positive results, covering duty-free services for high-speed passenger ships on Hong Kong-Macau routes and outbound ports [1] - Wanda Film has invested in and produced the film "Fast and Furious 3," scheduled for release during the Spring Festival [1] - Dalian Electric Porcelain's Jiangxi company has a production plan for 2026 that is nearly full [1] - iFlytek's brain science research is still in the exploratory stage, with the company maintaining attention and appropriate investment [1] - Jingyan Technology's Vietnam operations have commenced and received the first batch of orders [1] - Haiguang Information's business layout has not yet involved TPU chips [1] - Haohua Technology has not yet achieved mass production of trifluoromethanesulfonic lithium [1]

Core Viewpoint - The company, Juguang Technology, has a significant presence in the European market, with approximately 40% of its total revenue derived from this region as of the third quarter of 2025 [1] Group 1: Revenue Sources - The company's products are sold in the European market, including EU member states [1] - Revenue generation includes direct exports from domestic entities to EU clients, direct sales by European subsidiaries, and sales through agents or distributors, including buyout-style resales to the EU market [1]

格隆汇2月9日丨炬光科技(688167.SH)在投资者互动平台表示，我们公司没有产品应用于商业航天领 域。 ...

Market Overview - The A-share market experienced an overall upward trend on February 9, with the ChiNext Index rising over 3% and more than 4,400 stocks gaining [1][2] - The Shanghai Composite Index closed at 4,113.28 points, up 1.17%, while the Shenzhen Component Index rose by 2.07% and the Sci-Tech Innovation Board Index increased by 2.22% [1][2] Sector Performance - The communication sector saw significant gains, with an increase of over 5% during the session, leading to a surge in individual stocks reaching their daily limit [2] - Notable stocks included Tianfu Communication and Guangku Technology, both hitting the daily limit and achieving historical highs [2][3] Individual Stock Highlights - Tianfu Communication (300394) and Guangku Technology (300620) both recorded a 20% increase, closing at 303.56 and 188.28 respectively [3][5] - Other notable performers in the communication sector included Taicheng Light (300570) with a 16.27% rise and Changru Technology (688143) with a 14% increase [3] Media and Electronics Sectors - The media sector also performed well, with an overall increase of over 3%, featuring multiple stocks like Zhongwen Online and Rongxin Culture hitting their daily limit [4][5] - The electronics sector saw a rise of over 2%, with stocks such as Juguang Technology and Tengjing Technology achieving significant gains of 19.45% and 14.47% respectively [6] Other Sector Performances - Other sectors such as comprehensive, machinery, power equipment, and computers also showed strong performance, while sectors like oil and food and beverage lagged behind [6]