Investment Rating - The investment rating for YJ Semitech is "Sell" with a 12-month price target of Rmb100, indicating a downside potential of 21.9% from the current price of Rmb128.04 [8][10]. Core Insights - YJ Semitech is experiencing strong demand for its Continuous Wave (CW) lasers, particularly from key customers in the silicon photonics transceiver market, and is planning to ramp up shipments significantly in the coming quarters [2][8]. - The company is expanding its production capacity to meet the increasing demand for CW lasers and aims to reach a capacity of low tens of millions of units per year by 2026 [2][8]. - YJ Semitech's CW laser pricing is slightly below that of global peers, and its datacom segment gross margin was reported at 71% in 2024, driven mainly by customized products [4][8]. Summary by Sections CW Laser Ramp Outlook - Management maintains a positive outlook for CW laser shipments, driven by strong demand from key customers [2]. - The company is addressing supply tightness in CW and EML lasers by expanding output capacity through additional equipment and improved yield levels [2]. Competitive Barriers - The competitive landscape is characterized by high switching costs for customers, who evaluate suppliers based on product quality, reliability, delivery capability, and capacity scale [3]. Margins and Pricing Comparison - The gross margin for the datacom segment was 71% in 2024, while CW lasers are expected to have a gross margin below the segment average [4]. - The company is currently priced slightly below its global peers, indicating potential pricing power in the future [4]. 100G EML Outlook - YJ Semitech's 100G EML products have passed customer qualifications but are not yet in mass production due to prioritization of CW laser production [6]. - As capacity expands, the company anticipates more room for EML production, which will aid in ramping up EML products [6].

Group 1 - A-shares showed mixed performance on May 28, with the Sci-Tech Chip ETF (588200) declining by 0.34% despite some constituent stocks like Yuanjie Technology rising over 3% [1] - The Sci-Tech Chip ETF (588200) has seen a net inflow of over 2.8 billion yuan recently, accumulating more than 9.18 billion yuan in net inflows over the past five days [1] - The ETF tracks an index that selects stocks from the Sci-Tech Board related to semiconductor materials, equipment, design, manufacturing, packaging, and testing [1] Group 2 - The A-share merger and acquisition market is becoming increasingly active, particularly in the semiconductor sector, with companies like Haiguang Information merging with Zhongke Shuguang [2] - More than ten semiconductor and chip companies have announced M&A activities this year, driven by supportive policies and a recovery in the semiconductor industry [2] - Future M&A hotspots are expected to focus on emerging sectors such as new energy, semiconductors, and biomedicine, which require significant funding and technical support [2] Group 3 - The launch of the domestic 3nm chip "Xuanjie" marks a significant advancement in China's chip design capabilities, following major global competitors [3] - The 3nm chip is expected to reshape the global smartphone SoC landscape and drive innovation in the domestic semiconductor industry [3] - The consumer electronics sector continues to recover, with AI technology driving high demand for AI infrastructure and hardware upgrades [3]

Investment Rating - The report assigns a "Sell" rating to YJ Semitech [1][9][12] Core Insights - The primary driver for YJ Semitech's growth in 2025 is the ramp-up of Continuous Wave (CW) laser shipments, supported by strong demand from key customers in silicon photonics transceivers [2][9] - The company is experiencing supply tightness in both CW lasers and Electro-Absorption Modulated Lasers (EML), prompting plans for capacity expansion to meet customer demand [2][9] - YJ Semitech aims to reach a production capacity of low tens of millions of units per year by 2026, positioning itself for future trends in the industry [2][9] Summary by Sections CW Laser Ramp Outlook - Management maintains a positive outlook for CW laser shipments, driven by strong demand from key customers [2] - The company is expanding output capacity through additional equipment and improved yield levels [2] - The capacity expansion is intended to capture near-term opportunities and future trends in the industry [2] Competitive Barriers - The key competitive barrier is not just product performance but also includes product quality, reliability, delivery capability, and capacity scale [3] - Once a supplier establishes a solid track record, customers are unlikely to switch suppliers easily [3] Margins and Pricing Comparison - YJ Semitech's CW laser pricing is slightly below that of global peers [4] - The gross margin for the datacom segment is projected at 71% in 2024, primarily driven by customized products [4] 100G EML Outlook - The company's 100G EML products have passed customer qualifications but are not yet in mass production due to prioritization of CW laser production [7] - As capacity increases, there will be more room for EML production, aiding in ramp progress [7] Financial Projections - Revenue is projected to grow from Rmb252 million in 2024 to Rmb460 million in 2025, and further to Rmb665 million in 2026 [8] - The net income is expected to rise from Rmb161 million in 2025 to Rmb284 million in 2026 [8] - The report sets a 12-month price target of Rmb100 based on a 30x 2026E P/E ratio, indicating a downside potential of 21.9% from the current price of Rmb128.04 [10][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][14]. Core Insights - The company is projected to achieve revenues of CNY 252 million in 2024, representing a year-on-year growth of 74.63%. The revenue from the telecommunications market and data center business is expected to be CNY 202 million and CNY 48.04 million, respectively, with growth rates of 52.05% and 919.10% [3][10]. - The company has successfully launched its CW70mW laser chip, which is expected to see over one million units shipped in 2024, driven by the increasing demand in AI data centers [4][3]. - The company is investing heavily in R&D, with expenditures expected to reach CNY 54.52 million in 2024, a 76.17% increase from the previous year [3][10]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are CNY 454 million, CNY 647 million, and CNY 888 million, respectively, with corresponding net profits of CNY 92 million, CNY 158 million, and CNY 265 million [8][10]. - The projected P/E ratios for 2025, 2026, and 2027 are 127, 74, and 44, respectively, indicating a significant potential for earnings growth [8][10]. - The company is expected to improve its gross margin from 33.3% in 2024 to 57.7% by 2027, reflecting enhanced profitability [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][8][14]. Core Insights - The company is projected to achieve revenues of CNY 252 million in 2024, with a year-on-year growth of 74.63%. The revenue from the telecommunications market is expected to be CNY 202 million, growing by 52.05%, while data center and other businesses are anticipated to generate CNY 48.04 million, a significant increase of 919.10% [3][10]. - The company has successfully launched its CW70mW laser chip, which is expected to see over one million units shipped in 2024, driven by the growing demand in AI data centers [4][3]. - The company is increasing its R&D investment, with expenditures projected at CNY 54.52 million in 2024, reflecting a 76.17% increase year-on-year [3][10]. Financial Projections - Revenue forecasts for the company are CNY 454 million in 2025, CNY 647 million in 2026, and CNY 888 million in 2027, with respective growth rates of 80.05%, 42.47%, and 37.27% [8][10]. - The net profit attributable to the parent company is expected to turn positive in 2025, reaching CNY 92.33 million, and further increasing to CNY 158 million in 2026 and CNY 265 million in 2027 [10][11]. - The projected P/E ratios for 2025, 2026, and 2027 are 127, 74, and 44, respectively, indicating a potential for significant valuation improvement as profitability increases [8][10].

证券代码：688498 证券简称：源杰科技 公告编号：2025-033 陕西源杰半导体科技股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体接 待日暨 2024 年度业绩说明会"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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与 广大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在 陕西证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市 公司投资者集体接待日暨 2024 年度业绩说明会"。 届时，公司高管人员将通过互动平台与投资者进行网络沟通和交流，欢迎 广大投资者踊跃参加！！ 一、说明会基本情况 活动时间：2025 年 5 月 20 日（星期二）15:00-17:00 活动地址："全景路演" 网址：https://rs.p5w.net/ 投资者问题征集渠道：https://ir.p5w.net/zj，公司将在说明会上对投资 者普遍关注的问题进行回答。 二、公司联系方式 联系部门：证券部 电话：029-38 ...

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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与 广大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在 陕西证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市 公司投资者集体接待日暨 2024 年度业绩说明会"。 届时，公司高管人员将通过互动平台与投资者进行网络沟通和交流，欢迎 广大投资者踊跃参加！！ 证券代码：688498 证券简称：源杰科技 公告编号：2025-033 陕西源杰半导体科技股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体接 待日暨 2024 年度业绩说明会"的公告 网址：https://rs.p5w.net/ 投资者问题征集渠道：https://ir.p5w.net/zj，公司将在说明会上对投资 者普遍关注的问题进行回答。 二、公司联系方式 联系部门：证券部 一、说明会基本情况 活动时间：2025 年 5 月 20 日（星期二）15:00-17:00 活动地址："全景路演" 电话：029-38 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the overseas computing power demand, particularly focusing on the optical communication industry and related companies involved in chip production and optical modules. Core Insights and Arguments - The overseas demand for 800G in 2026 is projected to exceed 3000 watts, indicating a significant growth in the market [1] - Meta's incremental demand is notably increasing, with expectations to surpass 800 watts in 2026, primarily driven by single-mode technology [2] - Companies like Xuchuang and NewEase are accelerating their chip production capacity bookings for 2025-2026, highlighting a shortage in silicon photonic sources [3] - Meta's performance has exceeded expectations, leading to an upward revision of its capital expenditure for 2025 from $60 billion to $65 billion [4] Key Companies Mentioned - Optical Modules: Zhongji Xuchuang, NewEase, Huagong Technology, Guangxun Technology, Liante Technology, Cambridge Technology, Dekoli, and Huilv Ecology [5] - High-Speed Copper Cables: Not specifically detailed in the document [6] - CPO/Silicon Photonics: Taicheng Technology, Tianfu Communication, Shijia Photonics, Bochuang Technology, Yuanjie Technology, Guangku Technology, Changfei Optical Fiber, Changguang Huaxin, and Tengjing Technology [7] - PCB & Switches: Ruijie Networks, Hudian Co., Shenzhen South Circuit, and Unisplendour [8] Additional Important Information - The document emphasizes the tight supply of silicon photonic sources, which could impact the production capabilities of the mentioned companies [3] - The upward revision of Meta's capital expenditure reflects a broader trend of increasing investment in infrastructure to support growing demand in the optical communication sector [4]

Summary of Conference Call on Optical Chip Industry Industry Overview - The optical chip industry is experiencing a rapid increase in demand, particularly driven by overseas CSP (Cloud Service Provider) capital expenditures, which are expected to rise, leading to optimistic demand forecasts for 2026 [1][3] - The telecommunications market is recovering, with China likely to initiate 50G PON construction in 2026, while the data communication market benefits from the explosive demand for AI training [1][5] Key Points and Arguments - Domestic companies are beginning to break into the high-end optical chip market (25G and above), with significant demand growth and accelerated technology iterations due to AI advancements [1][6] - Leading domestic firms like Yuanjie have achieved mass production of 70mW optical chips, with over one million units shipped, and have completed customer validation for 100G EML and development for 200G EML [1][7] - The laser industry is seeing a rapid increase in demand, with companies like Lumentum planning to increase production of silicon-based CW lasers and expand 100G EML laser capacity, with orders extending into 2025 [1][8] Market Trends - The global demand for 400G and 800G optical modules is projected to approach 20 million units in 2025, with 1.6T demand expected to be in the low millions, potentially contributing over 100 million CW or EML lasers, valued at least $400-700 million [1][12] - The growth points in the optical chip market are primarily in CPU and CPO technology fields, with significant value increases expected as CPO penetration rises [1][13] Emerging Opportunities - The co-packaged optics (IOG) market is anticipated to grow significantly, with potential market capacity reaching $1.5 to $1.7 billion, and domestic firms could capture 10-20% of this market, leading to substantial revenue and high profit margins [1][14] - Domestic leading laser chip companies, such as Lianjie Technology and Changguang Huaxin, are expanding their production capabilities and securing significant orders, indicating a strong competitive position in the market [1][15][16] Additional Insights - The overall sentiment in the optical chip industry is highly positive, with several technical trends emerging, including increased silicon-based penetration and higher-value single-mode laser usage [1][17] - The shift from multi-mode to single-mode modules is evident, with domestic manufacturers actively participating in the bidding for 400G and 800G modules, indicating a robust market structure [1][11]

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Electronics Industry, specifically focusing on AI and AR glasses market - **Market Trends**: Significant development expected in the AI glasses market in the second half of the year, driven by new product launches from companies like Meta and domestic firms such as Rocket [1][4] Core Companies and Their Insights 1. **Crystal Optoelectronics (水晶光电)** - **Partnerships**: Strong collaboration with Meta in reflective films and display modules, leading to anticipated performance improvements [1][6] - **Financial Projections**: Expected revenue of approximately 1.26 billion yuan in 2025, with a potential increase of 20% to 30% [1][9] - **Market Position**: Positioned well in the AR field with a focus on mass production breakthroughs [5][9] 2. **Source Technology (源杰科技)** - **Competitive Advantage**: Holds a material positioning advantage in glass diffraction, with deep partnerships with major manufacturers [1][10] - **Profit Growth**: Projected net profit growth of 50% to 60% in 2025, reaching 340 million yuan, with a similar potential for stock price increase [1][10] 3. **Shunluo Electronics (顺络电子)** - **Growth Areas**: Significant growth in consumer electronics, automotive, and server sectors, with a projected growth rate of about 30% in 2025 [1][11] - **Profit Expectations**: Expected profit of 1.08 billion yuan in 2025, with a potential increase of 20% to 30% [1][12] 4. **Biyang Technology (生益科技)** - **Market Performance**: High operating rates in the copper-clad laminate industry, with expectations of price increases due to rising copper prices [3][14] - **Future Outlook**: Transitioning to high-end materials, with projected revenue of 2.7 billion yuan in 2025 [16] Market Dynamics - **AI Asset Performance**: Divergence in performance of AI assets in the US stock market, with a shift towards mid and micro-enterprise factors influencing stock opportunities [1][8] - **AR Glasses Supply Chain**: Key components include display modules and waveguide technology, with a focus on long-term solutions like reflection and diffraction [5][6] Additional Insights - **Product Launches**: Anticipated peak in new product releases from various companies, including Meta's Hypernova, expected to enhance user experience significantly [2][4] - **Investment Recommendations**: Companies like Crystal Optoelectronics and Blue Special Optics are recommended due to their strong partnerships and unique technological advantages in the AR glasses market [6][7] Conclusion - The electronics industry, particularly in AI and AR glasses, is poised for significant growth driven by technological advancements and strategic partnerships. Key players are expected to see substantial revenue increases and market share growth in the coming years.