仕佳光子 20250605 摘要 仕佳光子泰国工厂有序扩产，二季度产能逐步释放，同时国内也在积极 扩产，以满足不断增长的市场需求。 公司在战略性大客户方面取得突破，海外综合部件商对 MPO 需求量大， 订单逐渐释放，但具体市场传闻需进一步核实。 光模块需求预计明年大幅增长，尤其 FR2 和 FR4 产品需求逐季爬升， AWG 供应情况稳定乐观，订单状况良好，预计未来几个季度呈抬升态 势。 公司一季度亏损，但二季度有望收窄亏损甚至盈亏平衡，若成功切换至 三英寸磷化铟衬底并通过 2.5G DFB 涨价覆盖部分成本，盈利状况或改 善。 数据中心建设推动高毛利大芯数光缆订单增加，一季度光缆业务表现良 好，毛利和营收均增长，二季度数据取决于海外综合部件商客户需求。 公司持续招募人员支持 MPO 业务发展，NPD 产线采用两班倒或三班倒 模式，并持续投入资源进行员工培训，确保新员工快速转换成产能。 未来三年，800G 光模块市场需求预计增长，AWG 产品渗透率逐步提高， FAU 领域客户端验证顺利，MPO 和多芯数光缆订单有望进一步释放。 Q&A 仕佳光子在 MPO 产品线上的布局和近期经营情况如何？ 物料紧缺问题目前不 ...

Summary of the Conference Call for Shijia Photonics Industry and Company Overview - The conference call discusses the optical chip and device industry, focusing on Shijia Photonics and its product offerings, particularly in the AWG (Arrayed Waveguide Grating) and CPO (Co-Packaged Optics) sectors [2][3][4]. Core Insights and Arguments - **AWG Adoption**: The AWG solution is gaining popularity among optical module manufacturers due to its cost advantages and simpler packaging, especially during the capacity constraints faced by zblock last year [2][4]. - **CPO Focus**: Shijia Photonics is actively investing in the CPO field, particularly in CW light sources and MPO (Multi-Fiber Push-On) connectors, anticipating a significant increase in MPO demand with the advent of the CPO era [2][7][14]. - **Revenue Contribution**: AWG-related products account for over 50% of the company's optical chip and device revenue, serving as a major profit source with higher profitability than the overall net profit level of the company [2][9]. - **Future Demand**: The demand for 800G optical modules is expected to surge to over 30 million units next year, with a corresponding increase in 1.6T demand. AWG is well-positioned for application in both 800G and 1.6T solutions, presenting new growth opportunities for the company [2][10][11]. - **Production Strategy**: The company employs a sales-driven production strategy, adjusting capacity based on order conditions, with an expansion cycle of approximately six months [2][12][18]. Additional Important Points - **Business Segmentation**: In Q1 2025, the revenue share of optical chips and devices increased from under 60% in 2024 to nearly 70%, indicating strong market interest in PLC, AWG, DFB products, and MPO connectors [3]. - **Client Relationships**: While the client list is confidential, the company collaborates with top ten module manufacturers and others, varying in order volume [6]. - **MPO Business Growth**: The MPO segment is experiencing rapid growth in Q1 2025, although it has lower gross margins due to a higher proportion of lower-core count products [8]. - **AWG Customization**: Different manufacturers have varying degrees of customization for AWG solutions, affecting yield rates. Higher yields are observed in reusable solutions compared to highly customized ones [13]. - **Patent Compliance**: The company emphasizes compliance and has a robust patent portfolio, mitigating risks associated with MPU patent disputes [5][23]. - **Investment in Supply Chain**: The company is investing in Foxima to enhance supply chain collaboration and address chip supply shortages [2][14][15]. - **Capital Expenditure**: The capital expenditure is relatively low, relying on domestic equipment to maintain cost control [5][20]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction and market positioning of Shijia Photonics within the optical chip and device industry.

Group 1 - The stock of Shijia Photon (688313) has a comprehensive score of 62.37, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 29.30 CNY, with a 5-day and 20-day main cost of 28.85 CNY, and a 60-day main cost of 21.38 CNY [1] - Over the past year, the stock has experienced one limit-up and no limit-down events [1] Group 2 - The short-term resistance level is at 29.28 CNY, while the short-term support level is at 28.17 CNY [2] - The stock price has broken through the short-term resistance level, suggesting a potential short-term strength, although the medium-term trend remains unclear [2] - On May 28, 2025, the net inflow of main funds was 38.31 million CNY, accounting for 5% of the total transaction volume [2]

Group 1 - The core viewpoint of the news highlights that the company Shijia Photon is adapting to international trade policy changes with limited impact through overseas capacity layout and diversification strategies [1] - In the first quarter, the company's gross margin significantly increased due to product structure upgrades, process optimization, yield improvements, and customer structure optimization [1] - The company has made progress in data centers, access networks, and laser radar and sensing markets, aiming to deepen process advantages and accelerate product industrialization [1] Group 2 - MPO product capacity layout is globalized, while MT connectors ensure supply stability through investments in suppliers and long-term agreements [1] - The existing production lines for WG products meet order demands, with future capacity adjustments based on market conditions [1] - Revenue and profit are expected to continue growing in the first quarter of 2025, driven by rapid growth in computing power demand and the data communication market [1] Group 3 - The construction of the Thailand production base is progressing steadily, with core team formation and skills training meeting expectations, leading to continuous capacity enhancement [1] - The company maintains a cautiously optimistic attitude towards the market and operational conditions in 2025 [1]

Core Viewpoint - The company is focusing on three strategic directions: data centers, access networks, and emerging markets for lidar and sensors, with significant progress in product delivery and certification [1] Group 1: Product Development and Delivery - The company has achieved stable mass supply of chips in the access network sector, supporting the construction of gigabit and 10-gigabit networks [1] - The silicon photonic light sources for data centers have reached small batch delivery [1] - Laser radar products have passed automotive certification and have been integrated into the automotive supply chain for small batch shipments [1] - Gas sensing chips are being mass-produced for power and environmental monitoring [1] - EML lasers have completed sample development and are now in the customer validation phase [1] Group 2: Future Plans - The company plans to deepen its process advantages and accelerate the industrialization of related products [1]

证券代码：688313 证券简称：仕佳光子 公告编号：2025-026 河南仕佳光子科技股份有限公司 关于设立海外子公司的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、对外投资概述 河南仕佳光子科技股份有限公司（以下简称"公司"）于 2025 年 1 月 3 日 召开第四届董事会第四次会议、第四届监事会第四次会议，审议通过了《关于 设立新加坡子公司并调整内部股权架构、向泰国子公司增资的议案》，同意公 司使用自筹资金在新加坡投资设立子公司，注册资本 5,000 万美元，并安排由 新加坡子公司向泰国子公司增资不超过 5,000 万美元，用于建设泰国产业园区 项 目 。 具 体 内 容 详 见 公 司 于 2025 年 1 月 4 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于设立新加坡子公司并调整境外子公司股权架 构的公告》（公告编号：2025-001）。 二、对外投资进展情况 近日，公司已完成对外投资所涉境外投资项目相关备案、登记手续，现将 相关进展情况公告如下： | ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [3][17]. Core Insights - The company is a leading domestic manufacturer in the optical chip industry, focusing on optical chips and devices, indoor optical cables, and cable materials. The optical chip business is becoming the core engine of the company, benefiting from the rapid development of AI and the growing demand for data centers [1][19]. - The upgrade of optical module speeds is opening up market space for AWG chips, with the company already achieving mass shipments of AWG components for 400G and 800G optical modules in 2024. The demand for AWG products is expected to grow as optical modules continue to evolve [1][16]. - The acquisition of a 53% stake in Dongguan Fokexima Communications Technology Co., Ltd. is expected to enhance the company's production capacity and strengthen its position in the supply chain, further integrating the MPO business [2][16]. Summary by Sections Company Overview - The company specializes in optical communication, with its main business covering optical chips and devices, indoor optical cables, and cable materials. Key products include PLC splitters, AWG chips, DFB laser chips, and various types of optical cables [1][21]. - The company has a concentrated shareholding structure, with a strong and stable management team that has extensive experience in the optical communication industry [24]. Financial Performance - The company expects to achieve net profits of 382 million, 539 million, and 713 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35, 25, and 19 [3][17]. - In 2024, the company reported revenue of 1.075 billion yuan, a year-on-year growth of 42.4%, and a net profit of 65 million yuan, reflecting a significant increase of 236.6% [5][28]. Market Trends - The optical communication industry is evolving towards higher bandwidth, lower power consumption, and higher speed, with the company positioned to benefit from the growth in demand for AWG and MPO optical devices [3][15]. - The report highlights the increasing importance of AWG chips in high-speed optical modules and the necessity of MPO solutions in addressing complex wiring challenges in data centers [18][15]. Competitive Advantages - The company has established a strong competitive position as one of the few domestic suppliers of AWG chips, having developed and mass-produced AWG chips for data centers since 2017 [16][15]. - Continuous investment in R&D and optimization of customer structure are key strategies for enhancing the company's competitiveness in the rapidly evolving optical communication market [17][32].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company is a leading domestic manufacturer in the optical chip industry, focusing on optical chips and devices, indoor optical cables, and cable materials, with its optical chip business becoming a core growth engine due to the rapid development of AI and increasing demand from data centers [1][19] - The upgrade of optical module speeds opens up market space for AWG chips, with the company already achieving mass shipments of AWG components for 400G and 800G optical modules in 2024, benefiting from the rapid iteration of optical modules [1][16] - The acquisition of a 53% stake in Dongguan Fokexima Communications Technology Co., Ltd. is expected to enhance the company's production capacity and integrate the supply chain, further driving demand for MPO products due to the construction of high-density, high-speed data centers [2][16] Summary by Sections Company Overview - The company has a strong focus on the optical communication industry, with its main business covering optical chips and devices, indoor optical cables, and cable materials, and has successfully achieved mass production of PLC splitters and AWG chips [19][21] - The company has a concentrated shareholding structure, with a strong and stable management team that has extensive experience in the optical communication field [24] Financial Performance - The company expects to achieve a net profit of 382 million, 539 million, and 713 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35, 25, and 19 times [3][17] - In 2024, the company achieved revenue of 1.075 billion yuan, a year-on-year increase of 42.4%, and a net profit of 65 million yuan, a year-on-year increase of 236.6% [5][28] Market Trends - The optical communication industry is evolving towards higher bandwidth, lower power consumption, and higher speed, with the company positioned to benefit from the significant market space for AWG and MPO optical devices [3][15] - The demand for MPO products is expected to grow due to the complexity of data center wiring and the implementation of CPO solutions [2][18] Competitive Advantages - The company has established a first-mover advantage in the AWG chip market, having developed and shipped AWG chips for data centers since 2017, and is well-positioned to capture market share as demand for AWG products increases [16][17] - Continuous investment in R&D and optimization of customer structure are key strategies for enhancing the company's competitive position in the industry [17][32]

经河南仕佳光子科技股份有限公司（以下简称"公司"）2024 年年度股东 大会审议通过，决定对公司组织架构进行优化调整。公司在调整后将不再设立 监事会，相应取消职工代表监事职务；同时，公司董事会增设一名职工代表董 事席位，该职工代表董事须由公司职工代表大会依法选举产生。 证券代码：688313 证券简称：仕佳光子 公告编号：2025-025 河南仕佳光子科技股份有限公司 关于选举第四届董事会职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 附件：职工代表董事简历 张可：男，1989 年 11 月出生，中国国籍，无境外永久居留权，中共党员。 毕业于郑州信息科技职业技术学院，应用电子专业，大专学历。2011 年 12 月 至今任职于公司。历任切割作业员、切割班长、切磨抛主管、AWG 封装生产主 管、无源晶圆芯片产品线生产经理、生产总监助理，并担任公司第四届监事会 职工代表监事。现任晶圆芯片及组件产品线生产总监。 根据《中华人民共和国公司法》《上市公司章程指引（2025 年修订）》等 相关法律法规及《公司章程》的 ...