Core Viewpoint - CPO concept stocks are experiencing a strong upward trend, with significant gains observed in several companies [1] Group 1: Stock Performance - Shijia Photon has increased by over 10% [1] - Xinyi Sheng (300502) has risen by more than 8% [1] - Bochuang Technology (300548), Zhongji Xuchuang (300308), and Shengyi Electronics have also shown notable gains [1] Group 2: Market Activity - Dark pool funds are flowing into these stocks, indicating increased investor interest [1]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's performance exceeded expectations due to the demand driven by AI computing power, leading to rapid growth in the data communication market and highlighting the competitive advantages of its products [2] - The company reported a significant increase in revenue and net profit for 2024 and Q1 2025, with a year-on-year revenue growth of 42% and a net profit increase of 237% for 2024 [1][5] - The company is expected to continue its growth trajectory, with projected net profits of 352 million yuan, 478 million yuan, and 617 million yuan for 2025, 2026, and 2027 respectively [5] Financial Performance - In 2024, the company achieved a revenue of 1.075 billion yuan, with a net profit of 64.93 million yuan, marking a 42% increase in revenue and a 237% increase in net profit year-on-year [1][6] - The company's Q1 2025 revenue reached 436 million yuan, representing a 121% year-on-year increase and a 26% quarter-on-quarter increase, with a net profit of 93.19 million yuan, a 1004% year-on-year increase [1][6] - The gross margin for Q1 2025 was 39.1%, up 15 percentage points year-on-year and 12 percentage points quarter-on-quarter [1] Product Performance - The revenue from optical chips and devices reached 606 million yuan in 2024, a 68% increase year-on-year, with the AWG chip series revenue growing by 122% [3] - The company has made significant progress in product development, including the mass shipment of 400G and 800G optical modules and the development of a 100G EML laser [4] - The company has established itself as a qualified supplier for major global wiring manufacturers, with high-density fiber optic connector jumpers achieving certification [4] Market Outlook - The domestic revenue for 2024 was 776 million yuan, a 35% increase year-on-year, while overseas revenue reached 280 million yuan, a 74% increase [3] - The company is expected to benefit from the growing demand for AI computing and related products, which will continue to drive its revenue growth [2]

Summary of the Conference Call for Shijia Photonics Company Overview - **Company**: Shijia Photonics - **Industry**: Optical Communication Key Financial Performance - In Q1 2025, revenue reached 436 million yuan, a year-on-year increase of 120.57%, nearing half of the total revenue for 2024 [1][2] - Net profit attributable to shareholders was over 93 million yuan, a significant increase of 1,003.78% year-on-year, successfully turning a profit [1][2] Core Products and Growth Drivers - **AWG Products**: Core product with revenue and gross profit growth exceeding 200% year-on-year in Q1 2025, driving overall performance [1][3] - **Indoor Fiber Optic Cables**: Benefited from the expansion of overseas cabling customers and the production launch of the Thailand factory, with gross margin increasing from below 20% to over 30% and revenue growth exceeding 100% [1][5] - **Fiber Optic Connectors**: Revenue growth over 300% year-on-year, primarily due to the Thailand factory meeting the demands of overseas cabling customers [1][5] Sustainability of Growth - The company has enhanced the sustainability of its growth through increased high-margin orders, successful factory certifications, and the AWG solution replacing the Z-BLOCK solution [1][6] Production Capacity Expansion - **Thailand Factory**: Focused on expanding indoor fiber optic cable capacity, with plans to lease and purchase additional facilities to significantly boost production capacity [1][7] - **Hebi Factory**: Expanding AWG and MPO product capacity, with plans to double AWG production and evaluate market orders biannually [1][8] Market Demand and Supply Challenges - Currently facing a supply-demand imbalance, with efforts to accelerate capacity expansion to meet market needs [1][9] Technological Developments - Continuous investment in the PIC field, including the development of light sources and new MPO products, with projects in customer validation stages [1][4][10] - The company is also preparing for the development of high-power CWDM module chips and external high-power devices to meet future market demands [1][25][26] Market Position and Strategy - The company is expanding its customer base to include switch manufacturers, which will help broaden market reach and application areas [1][27] - The acquisition of Foxma through an industrial fund aims to ensure supply chain stability and enhance competitiveness in the connector supply chain [1][17] International Revenue and Impact of Tariffs - In 2024, international revenue accounted for approximately 20%, increasing to about 30% in Q1 2025, with minimal impact from US-China tariffs due to production in Vietnam, Thailand, and Malaysia [1][18][20] Conclusion - Shijia Photonics is positioned for continued growth with strong financial performance, expanding product lines, and strategic capacity enhancements, while navigating market challenges and leveraging technological advancements.

Core Viewpoint - The stock of Henan Shijia Photon Technology Co., Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 30% over two consecutive trading days on April 21 and April 22, 2025 [2][4]. Group 1: Stock Trading Abnormalities - The company's stock price deviation is classified as abnormal trading according to the Shanghai Stock Exchange regulations [2][4]. - The company conducted a self-examination and confirmed that there are no undisclosed significant matters related to the company as of April 22, 2025 [2][5]. Group 2: Company Operational Status - The company's daily production and operational status is normal, with no significant changes reported [5]. - The market environment and industry policies have not undergone major adjustments, and internal operations remain orderly [5]. Group 3: Financial Performance - In 2024, the company achieved operating revenue of 1,074.53 million yuan, a year-on-year increase of 42.40%, and a net profit attributable to shareholders of 64.93 million yuan, up 236.57% [5]. - For the first quarter of 2025, the company reported operating revenue of 436.21 million yuan, a year-on-year increase of 120.57%, and a net profit attributable to shareholders of 93.19 million yuan, up 1,003.78% [5]. Group 4: Major Events and Market Sentiment - There are no undisclosed major events such as asset restructuring or significant acquisitions that could impact the stock price [6]. - The company has not identified any media reports or market rumors that could significantly affect its stock trading price [7]. Group 5: Board of Directors' Statement - The board confirms that there are no undisclosed matters that should be reported according to the relevant regulations [9].

证券代码：688313 证券简称：仕佳光子 公告编号：2025-020 河南仕佳光子科技股份有限公司 股票交易异常波动公告 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。 重要内容提示： 公司股票交易连续两个交易日内（2025 年 4 月 21 日、2025 年 4 月 22 日）收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所交易规则》《上 海证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异 常波动的情况。 经公司自查，并发函问询公司控股股东和实际控制人，截至 2025 年 4 月 22 日，公司及控股股东、实际控制人不存在关于公司的应披露而未披露的重 大事项。公司目前生产经营正常，生产经营未发生重大变化。 公司股价短期波动幅度较大，公司特别提醒广大投资者，注意投资风险， 理性决策。 一、股票交易异常波动的具体情况 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司近期日常生产经营情况正常，未发生重大变化。公司市场 环境或行业政策未发生重大调整，内部生产经营秩序正常。公司已于 ...

关于河南仕佳光子科技股份有限公司 股票交易异常波动问询函的回函 致河南仕佳光子科技股份有限公司： 本人已收到贵公司发来的《关于河南仕佳光子科技股份有限公司股票交易 异动波动有关事项的问询函》，作为河南仕佳光子科技股份有限公司的实际控制 人，经核查，现回复如下： 1、截至目前，本人不存在影响上市公司股票交易异常波动的重大事项； 2、截至目前，本人不存在涉及上市公司应披露而未披露的重大信息，包括 但不限于重大资产重组、发行股份、上市公司收购、债务重组业务重组、资产剥 离和资产注入等重大事项，不存在处于筹划阶段的重大事项；未发现前期披露的 信息存在需要更正、补充之处； 3、在股票异常波动期间，本人不存在买卖上市公司股票的情况。 特此回复。 签字：葛海泉 2025 年 4 月 22 日 ...

致河南仕佳光子科技股份有限公司： 本公司已收到贵公司发来的《关于河南仕佳光子科技股份有限公司股票交易 异动波动有关事项的问询函》，作为河南仕佳光子科技股份有限公司的控股股东， 经核查，现回复如下： 关于河南仕佳光子科技股份有限公司 股票交易异常波动问询函的回函 2、截至目前，本公司不存在涉及上市公司应披露而未披露的重大信息，包 括但不限于重大资产重组、发行股份、上市公司收购、债务重组业务重组、资产 剥离和资产注入等重大事项，不存在处于筹划阶段的重大事项；未发现前期披露 的信息存在需要更正、补充之处； 3、在股票异常波动期间，本公司不存在买卖上市公司股票的情况。 特此回复。 河南仕佳信息技术有限公司 2025 年 4 月 22 日 1、截至目前，本公司不存在影响上市公司股票交易异常波动的重大事项； ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating expected stock price appreciation exceeding 15% over the next six months [5][12]. Core Insights - The company has experienced significant revenue and profit growth driven by the AI wave, with 2024 revenue reaching 1.075 billion yuan, a year-on-year increase of 42.40%, and net profit of 64.93 million yuan, up 236.57% year-on-year [1][2]. - In Q1 2025, the company reported revenue of 436 million yuan, a remarkable year-on-year growth of 120.57%, and net profit of 9.3 million yuan, reflecting a staggering increase of 1003.78% year-on-year [1][2]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 1.075 billion yuan and a net profit of 64.93 million yuan, with projections for 2025, 2026, and 2027 showing net profits of 309 million yuan, 440 million yuan, and 604 million yuan respectively [3][4]. - The projected P/E ratios for 2025, 2026, and 2027 are 23, 16, and 12 times respectively, indicating a favorable valuation outlook as the company benefits from AI-driven growth [3][4]. Market Position and Strategy - The company is capitalizing on the booming demand in the data communication market, particularly in light of the AI computing wave, with significant growth in orders for its optical chips and components [2][3]. - The establishment of a factory in Thailand and advancements in domestic production lines for silicon photonics products are part of the company's proactive global strategy [2][3]. Customer Base and Industry Trends - The company has successfully deepened collaborations with several leading international clients, enhancing its market penetration in the telecom and cloud computing sectors [3]. - The report highlights the increasing acceptance and recognition of the company's products among major telecom operators and internet enterprises, indicating a positive trend in customer structure optimization [3].

Group 1 - The company, Shijia Photon, experienced a 20% increase in stock price, reaching the daily limit [1] - In the first quarter, the company's net profit was 93.19 million yuan, representing a year-on-year growth of 1004% [1]

证券代码：688313 证券简称：仕佳光子 公告编号：2025-019 2、关联关系声明：本次交易对方深圳市致尚科技股份有限公司（以下简称 "致尚科技"）、标的公司其他股东与公司及控股股东、实际控制人不存在关联关 系或利益安排。 3、风险提示：标的公司未来经营可能受宏观经济、产业政策、行业周期与 市场环境等外部因素影响，存在业绩不确定性。 一、交易概述 河南仕佳光子科技股份有限公司 关于产业基金股权收购事项进展暨完成工商变更的公告 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。 重要提示： 1、交易进展：河南泓淇光电子产业基金合伙企业（有限合伙）（以下简称"泓 淇光电"）已完成对东莞福可喜玛通讯科技有限公司（以下简称"福可喜玛"或"标 的公司"）53%股权的收购，标的公司于近日完成工商变更登记。 三、对上市公司的影响 本次交易为产业基金泓淇光电的正常投资经营行为，不涉及公司直接股权或 资产收购。交易完成后，福可喜玛将纳入泓淇光电投资管理范围，暂不会导致公 司合并报表范围发生变化。产业基金的运作有利于加强公司上下游产业链资源 ...