Group 1 - The company, AVIC Optoelectronics (002179.SZ), stated on the investor interaction platform that it possesses optical devices and components related to CPO optical interconnect, along with core technologies [1] - The company aims to provide highly reliable solutions for CPO interconnect [1]

Group 1 - The core point of the article is that AVIC Optoelectronics (002179.SZ) has successfully shipped its UQD connector and liquid cooling pipe components to overseas manufacturers, receiving positive feedback from users [1] Group 2 - The UQD connector and liquid cooling pipe components are now being utilized in overseas data centers [1] - The company has engaged with the investor community through an interactive platform to share updates on its product developments [1]

格隆汇9月16日丨中航光电(002179.SZ)在投资者互动平台表示，公司目前针对机器人领域已具备成熟的 互连解决方案。 ...

格隆汇9月16日丨中航光电(002179.SZ)在投资者互动平台表示，公司在空芯光互连方面进行了专利布 局，相关产品已完成多轮迭代优化，与行业头部客户正在深入合作。 ...

格隆汇9月16日丨中航光电(002179.SZ)在投资者互动平台表示，公司在空芯光互连方面进行了专利布 局，相关产品已完成多轮迭代优化，与行业头部客户正在深入合作。 ...

Investment Rating - The report assigns an "Overweight" rating for the military industry [12][38]. Core Viewpoints - The intensification of great power competition is a long-term trend, leading to a favorable long-term outlook for the military industry. The defense strategies of the US and its allies are gradually shifting towards the Indo-Pacific region, which may escalate tensions around China. Increased defense spending is essential to ensure peace, and the military industry is expected to benefit from this trend. The goal of achieving a century of military development by 2027 is anticipated to accelerate during the 14th Five-Year Plan period [2][8]. Summary by Sections Market Review - The military sector has seen an increase, with the defense and military index rising by 2.14%, outperforming the broader market by 0.62 percentage points during the week of September 8-12. The Shanghai Composite Index rose by 1.52%, and the ChiNext Index increased by 2.10% [12][13]. - Among various military indices, the leading military stocks performed the best, with a rise of 2.29%, ranking first among ten indices [12][14]. Major News in the Military Industry - NATO announced the deployment of the "Eastern Sentinel" system to enhance defense posture, integrating military resources from Denmark, France, the UK, and Germany. Concurrently, Russia and Belarus commenced the "West-2025" joint strategic exercise, aimed at improving military coordination and operational capabilities [9][10][23][25]. - The report highlights significant domestic and international military news, including China's maritime patrols and military exercises, as well as developments in the Israeli military operations [23][24]. Investment Recommendations - Recommended stocks include: 1. Assembly: AVIC Shenyang Aircraft Company (中航沈飞), AVIC Xi'an Aircraft Industry Group (中航西飞) 2. Components: AVIC Optoelectronics (中航光电) 3. Subsystems: AVIC Onboard (中航机载), North Navigation (北方导航), Aerospace Nanhai (航天南湖) 4. Materials and Processing: Philihua (菲利华), Huayin Technology (华秦科技) [10][11].

Core Viewpoint - The automotive connector industry is experiencing unprecedented growth opportunities driven by advancements in automotive technology, particularly in the electric vehicle (EV) sector, which is increasing the demand for high-voltage connectors [1][5]. Group 1: Market Size and Growth - The automotive connector market in China is projected to grow from 30.815 billion yuan in 2017 to 57.142 billion yuan in 2024, with an expected increase to 62.397 billion yuan by 2025 [1][5]. - The high-voltage connector market is anticipated to expand from 3.324 billion yuan in 2017 to 29.915 billion yuan in 2024, capturing a market share increase from 10.79% to 52.35% [1][5]. - By 2025, the high-voltage connector market is expected to reach 34.417 billion yuan, with its share of the automotive connector market rising to 55.16% [1][5]. Group 2: Industry Definition and Classification - Connectors are essential components that enable the connection, disconnection, or conversion of electrical or optical circuits, with applications across various fields including automotive, defense, and telecommunications [2]. - The automotive connector sector is categorized into low-voltage connectors, high-speed connectors, and high-voltage connectors, with high-voltage connectors defined as those operating at voltages above 600V [4][6]. Group 3: Industry Development and Trends - The automotive high-voltage connector industry has evolved through four stages, from basic metal shell designs to advanced versions with integrated high-low voltage capabilities and shielding functions [8][9]. - The global connector market is projected to grow from 55.402 billion USD in 2014 to 86.478 billion USD by 2024, with expectations to surpass 90 billion USD by 2025 [5]. - The demand for high-performance connectors, particularly in the EV sector, is expected to continue growing, supported by national policies favoring high-end manufacturing and technological advancements [13][14]. Group 4: Competitive Landscape - The automotive high-voltage connector market features a diverse competitive landscape, with international manufacturers like TE Connectivity, Amphenol, and Molex holding significant market shares [10]. - Domestic companies such as AVIC Optoelectronics, Suzhou Ruikeda, and Yonggui Electric are enhancing their competitiveness through technological innovation and product upgrades, narrowing the gap with international players [10][11]. - AVIC Optoelectronics is recognized for its extensive range of interconnect solutions and aims to establish itself as a global leader in the connector industry [11]. - Suzhou Ruikeda has developed a comprehensive product line for the EV market, including high-voltage connectors and charging systems, positioning itself as a key supplier in the sector [12].

Core Viewpoint - 中航光电的股价在近期表现良好，显示出市场对其业务的信心和资金的流入 [1][2] Financial Performance - As of January to June 2025, 中航光电 achieved operating revenue of 11.183 billion yuan, a year-on-year increase of 21.60% [2] - The net profit attributable to shareholders for the same period was 1.437 billion yuan, a year-on-year decrease of 13.87% [2] Stock Performance - 中航光电's stock price increased by 10.88% year-to-date, with a recent 5-day increase of 1.45%, 20-day increase of 11.61%, and 60-day increase of 9.27% [1] - The stock was trading at 42.69 yuan per share with a market capitalization of 90.429 billion yuan as of September 1 [1] Shareholder Information - As of August 20, 中航光电 had 84,300 shareholders, a decrease of 13.07% from the previous period [2] - The average circulating shares per shareholder increased by 15.03% to 24,694 shares [2] Dividend Distribution - 中航光电 has distributed a total of 5.653 billion yuan in dividends since its A-share listing, with 3.863 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, 富国中证军工龙头ETF was the fifth largest circulating shareholder, increasing its holdings by 8.1308 million shares [3] - Other notable institutional shareholders include 易方达国防军工混合A and 华泰柏瑞沪深300ETF, both of which increased their holdings [3]

Summary of the Conference Call for AVIC Optoelectronics Company Overview - **Company**: AVIC Optoelectronics - **Industry**: Defense, Data Center, New Energy Vehicles Key Points Financial Performance - **Revenue**: In the first half of 2025, revenue reached 11.18 billion yuan, a year-on-year increase of 21.6%, with a quarter-on-quarter growth of 31% in Q2 [3][4] - **Gross Margin**: There was a decline in gross margin due to changes in business structure and high raw material prices, although the proportion of operating expenses improved by 2.58 percentage points [2][3] - **Net Profit**: Short-term pressure on net profit was noted, attributed to structural changes and economic pressures in the housing sector [3] Industry Trends - **Data Center Industry**: The industry is entering a new phase centered on AI computing power, with a compound annual growth rate (CAGR) exceeding 26.7%. The demand for intelligent computing is driving the transformation of data centers into smart computing hubs [2][5] - **New Energy Vehicles (NEVs)**: The NEV sector is thriving, with China expected to account for 60% of global sales and 70% of production by 2024. The penetration rate is nearing 50%, with projections indicating a global penetration rate exceeding 50% by 2030 [2][19] Business Development - **Data Center Solutions**: AVIC Optoelectronics provides comprehensive product solutions in the data center sector, including high-current, high-voltage, and high-density power connectors, as well as advanced optical coupling technologies [2][10] - **Automotive Business**: The company aims to become a leading provider of vehicle interconnection solutions, targeting a market share of 40% in high-voltage connections and 30% in intelligent networking by 2025 [20][21] - **International Expansion**: Plans to achieve over 30% growth in international business, with a focus on market analysis and internal capability assessments [3][32] Technological Advancements - **Liquid Cooling Technology**: The company has made significant progress in liquid cooling solutions, which are essential due to increasing power demands in data centers. The market for liquid cooling is projected to reach 400 billion yuan by 2030 [14][17] - **Optical Communication**: AVIC Optoelectronics is enhancing its capabilities in optical communication, particularly in CPU optical integration, to maintain a competitive edge [42][43] Challenges and Strategies - **Profitability Pressures**: Factors contributing to profitability challenges include changes in military-civilian product structures and rising prices of precious metals [34][35] - **Market Positioning**: The company is focused on maintaining its leading position in military connectors while expanding its civilian and industrial business segments [24][29] Future Outlook - **Growth Projections**: The company anticipates a stable revenue growth trajectory, with a target of 20.6 billion yuan in revenue for 2025, maintaining profit levels similar to 2024 [33] - **Strategic Goals**: AVIC Optoelectronics aims to solidify its position as a top-tier interconnection solution provider globally, with a focus on innovation and strategic partnerships [29][54] Shareholder Engagement - **Dividend Policy**: The company has established a dividend plan to ensure stable cash flow returns to shareholders while investing in R&D and new business expansions [26][24] Conclusion AVIC Optoelectronics is strategically positioned to leverage growth opportunities in the data center and NEV sectors while navigating challenges in profitability and market dynamics. The company's focus on technological innovation and international expansion is expected to drive future growth and shareholder value.

Group 1 - The company, Zhonghang Optoelectronics, has established a deep layout in the field of optical modules and related areas based on its foundation in optoelectronic interconnection [1] - The company is increasing its technological investment and product research and development in areas such as CPO (Chip-on-Board) to secure a more advantageous position amid technological iterations and industrial transformations [1]