Investment Rating - The report maintains a "Buy" rating for Accelink Technology (002281 SZ) [9][11] Core Views - Accelink Technology is a veteran in the optical communication industry with over 20 years of experience, having built a vertically integrated platform covering optical chips, devices, and modules through multiple acquisitions and capacity expansions [5] - The company has maintained steady growth from 2014 to 2022, with a slight revenue decline in 2023 due to industry fluctuations [5] - The transmission business has shown stable growth, while the access business exhibits cyclical characteristics, and the data communication business continues to increase its revenue share [5] - The domestic market remains the primary focus, with overseas markets contributing stable and higher profitability [5] - The company has completed five equity incentive plans, with the latest in 2023 aimed at expanding high-end module capacity [5] Data Communication Market - AI has created new opportunities in the data communication market, with domestic cloud providers accelerating investments [6] - AI model training is bandwidth-sensitive, leading to increased demand for GPUs and server network cards, with optical modules expected to be a key beneficiary of the AI wave [6] - Domestic cloud providers' capital expenditures (Capex) are at a cyclical low, with significant room for growth, as evidenced by a 216% YoY increase in Q1 2024 for BAT (Baidu, Alibaba, Tencent) [6] Transmission Market - The company offers end-to-end solutions for optical transport networks, with subsystems being the largest revenue contributor [7] - The 400G OTN upgrade in China, initiated by China Mobile in 2023, is expected to benefit the company's transmission business significantly [7] - The DCI (Data Center Interconnect) market has significant potential, with Lumen Technologies securing $5 billion in orders due to AI-driven demand [7] Optical Module and Chip Capabilities - Accelink Technology holds leading positions in multiple market segments, with a strong presence in the domestic market [8] - The company is one of the few domestic players with strategic R&D capabilities in optical chips, with high self-sufficiency in low-speed optical chips and breakthroughs in high-end products like 100G PAM4 EML chips [8] - The company has a silicon photonics R&D line backed by the National Innovation Center (NOEIC), giving it a significant advantage [8] Financial Projections and Investment Recommendations - The company is expected to achieve net profits of 758 million, 1.026 billion, and 1.317 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 22%, 35%, and 28% [9] - The corresponding P/E ratios are 31x, 23x, and 18x, supporting the "Buy" rating [9] - The company's vertical integration, strong position in the transmission market, and self-sufficiency in optical chips position it as a potential flagship in the AI era [9]

证券代码：002281 证券简称：光迅科技 武汉光迅科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |------------|------------------------------|---------|----------------------------------------------| | | | 编号： | [2024]003 | | 投资者关系 | □特定对象调研 | | | | 活动类别 | □媒体采访 | | | | | | | | | | □新闻发布会 | | | | | □现场参观 | | | | 参与单位名 | 海通证券 | | 余伟民、徐卓、王海涛、夏凡、邹泽世、于一铭、 | | 称及人员姓 | | | 张予名、潘亘扬 | | 名 | 瑞银集团 | JimmyYu | 、赖咏惟 | | | 百嘉基金管理有限公司 | | 黄艺鸣、谢泽林 | | | 财信吉祥人寿保险股份有限公司 | | 袁子扬 | | | 创金合信基金管理有限公司 | | 郭镇岳、李晗 | | | 东吴基金管理有限公司 | | 张浩佳 | | | 方正富邦基金管理有限公 ...

武汉光迅科技股份有限公司 2024 年半年度报告全文 武汉光迅科技股份有限公司 2024 年半年度报告 | --- | --- | |------------|--------------------| | | | | 股票简称： | 光迅科技 | | 股票代码： | 002281 | | 披露日期： | 2024 年 8 月 24 日 | 武汉光迅科技股份有限公司 2024 年半年度报告全文 1 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人黄宣泽、主管会计工作负责人向明及会计机构负责人(会计主 管人员)向明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司存在宏观行业风险、行业竞争风险、供应链风险等，详细内容见本报 告"第三节、十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 武汉光迅科技股份有限公司 2024 年半年度报告全文 目录 | --- | --- | ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 30.25 CNY [2] Core Views - The company is a leading player in the optical communication industry with comprehensive vertical integration capabilities, covering the entire supply chain from chips to subsystems [1] - AI-driven demand for high-speed optical modules (400G/800G/1.6T) is expected to be a key growth driver, with the company well-positioned due to its advanced product portfolio and self-sufficient chip capabilities [1][5] - The company's traditional telecom transmission business remains a strong foundation, with domestic 400G backbone network upgrades and data center interconnect (DCI) demand providing significant growth opportunities [1][5] Financial Forecasts - Revenue is expected to grow from 6,061 million CNY in 2023 to 13,255 million CNY in 2026, with a CAGR of 24.5% [2] - Net profit attributable to shareholders is projected to increase from 619 million CNY in 2023 to 1,505 million CNY in 2026, with a CAGR of 36.3% [2] - The company's PE ratio is expected to decline from 34x in 2024 to 16x in 2026, reflecting strong earnings growth [2] Industry Analysis Optical Communication Market - The global optical module market is expected to grow by 27% in 2024, driven by AI-related demand for 400G/800G modules [28] - Silicon photonics is gaining traction, with its market share in optical modules projected to increase from 24% in 2022 to 44% by 2028 [29] - Emerging technologies like LPO (Linear-drive Pluggable Optics) and OCS (Optical Circuit Switch) are expected to play a significant role in reducing power consumption and latency in data centers [31][33] Telecom Market - The global optical transmission market grew by 2% in 2023, with domestic 400G backbone network upgrades being a key driver [43] - The 50G PON market is expected to see rapid growth, with a CAGR of 200% from 2024 to 2028, driven by the need for higher bandwidth and lower latency in fiber access networks [50][51] Company Strengths Vertical Integration - The company has a rare capability of full vertical integration in the optical communication industry, covering chips, devices, modules, and subsystems [1][12] - It has self-sufficient capabilities in laser and detector chips, with IDM (Integrated Device Manufacturing) mode ensuring supply chain security [1][40] Product Portfolio - The company offers a comprehensive range of optical modules, including 400G, 800G, and 1.6T products, with silicon photonics and LPO technologies already in mass production [36][37] - It has a strong presence in the telecom transmission market, with products like AWG, optical amplifiers, and ITLA (Integrated Tunable Laser Assembly) being key revenue drivers [54][55] Emerging Technologies - The company is actively exploring new growth areas such as quantum communication and automotive LiDAR, with significant investments in related technologies [58][59] - It has established a joint venture in the quantum field, focusing on quantum key distribution (QKD) and quantum measurement systems [58]

证券代码：002281 证券简称：光迅科技 武汉光迅科技股份有限公司投资者关系活动记录表 编号：[2024]002 | --- | --- | --- | --- | --- | |------------|----------------|--------------|-------|----------------| | | | | | | | | | | | | | 投资者关系 | ☑ 特定对象调研 | □ 分析师会议 | | | | 活动类别 | □ 媒体采访 | □ 业绩说明会 | | | | | □ 新闻发布会 | □ 路演活动 | | | | | ☑ 现场参观 | □ 其他 | | | | 活动参与人 | 海通证券 | | | 余伟民、徐卓 | | 员 | 宝盈基金 | | | 叶秀贤 | | | 博时基金 | | | 肖达 | | | 大成基金 | | | 徐一清 | | | 淡水泉投资 | | | 房畅坤 | | | 东北证券 | | | 要文强 | | | 东吴证券 | | | 李博韦 | | | 东证资管 | | | 张明宇 | | | 东证自营 | | | 尹伊 | | | 方正富邦基 ...

感谢大家参与欢迎参加国庆通信光驯科技报告解读国产光细件领先企业自主可控受益国产算力发展会议目前所有赞助者均处于静音状态下面开始播报名字声明声明播报完毕后委员会直接开始发言谢谢 本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主作出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先输出 任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 好的各位投资者大家晚上好啊我是国信诊券通信行业分析师马晟龙今天晚上呢我跟我的同事钱嘉龙一起呢给大家汇报一下这个光云科技当前的一个投资观点啊那么近期也是写了公司这个资料报告啊呃那么呃这两天的表现也都还不错啊我首先呢把这个公司整理大逻辑啊给大家梳理一下后边呢呃公司包括了一些具体一些业务的一些成长性还有核心竞争力呢 那么请这个加农呢给大家再做一个详 ...

证券研究报告 | 2024年05月17日 光迅科技（002281.SZ） 增持 国产光器件领先企业，自主可控受益国产算力发展 核心观点 公司研究·财报点评 光通信领军企业，具备光电器件垂直整合布局。公司是中国信科集团所属公 通信·通信设备 司，拥有从芯片、器件、模块到子系统的垂直集成能力，产品主要应用于电 证券分析师：马成龙 联系人：钱嘉隆 信光通信网络和数据中心网络。公司国内市场竞争力凸显，并积极拓展海外 021-60933150 021-60375445 machenglong@guosen.com.cn qianjialong@guosen.com.cn 市场。据Omida数据，公司在全球光器件行业排名第四，并在传输网、接入 S0980518100002 网和数通等领域份额靠前。公司整体成长稳健，短期有所承压，2024年一季 基础数据 度实现营收12.9亿元，同比+1.8%；实现归母净利润0.8亿元，同比-24.2%。 投资评级 增持(首次覆盖) 合理估值 AI催化数通市场需求，公司受益国产算力建设。数通市场受益于AI催化， 收盘价 35.25元 总市值/流通市值 27996/26645百万元 高速率光 ...

你好欢迎参加民生通讯公讯科技2023年年报和2024年疫情报解读电话会议目前所参会者正处于检讨状态现在开始播报名字声明声明播完后指示用口现在开始发言本次电话会议仅供民生证券专业投资者参考会议内容任何情况下都不构成投资建议任何机构或个人不得以任何形式泄露本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利尊敬各位投资人大家 我是民生空间的首席分析师马天宇今天和我们组的这个马家卫博士一起然后这个跟这个光鲜科技的领导当中一起来交流一下这个光鲜科技最近的一些经营的一个情况其实呢我们一直以来也一直跟市场的讲一个观点就是说其实光模块一旦减去的时候它会引起整个行业的这样一个明显的共振包括今年我们看到上万年的上游器件的一些顶缺包括海外的升级节约的速度的加快 包括一些材料侧的替换,这几方面其实基本上延展了我们说的这个观点,就是在整体构起来的时候,我光通信的这样一个扩展或者说中间产业的供应和我们有些看到的消费电子的供应是完全不一样的这样一个商业逻辑。 所以今天呢我们也邀请了就是我们光鲜科技的这个对外交流的领导张总和我们来一起来交流一下光鲜科技在光通信包括量子通信包括以前这个我们其实我们当年 ...

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[Table_StockInfo] 持有 2024年 04月 28日 （首次） 证券研究报告•2023年年报点评 当前价： 37.92元 光迅科技（002281） 通信 目标价： ——元（6个月） 业绩短期承压，AI 推动需求回暖 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年度报告&2024年一季度报告，2023年实现营收60.6 [分Ta析bl师e_：Au叶th泽or佑] 亿元，同比下降12.3%；归母净利润6.2亿元，同比增长1.8%；扣非归母净利 执业证号：S1250522090003 润 5.6亿元，同比增长 3.5%。2024Q1单季度实现营收 12.9亿元，同比增长 电话：13524424436 1.8%，环比增长0.4%；归母净利润7743.2万元，同比下降24.2%，环比下降 邮箱：yezy@swsc.com.cn 4.0%；扣非归母净利润7331.6万元，同比下降5.2%，环比下降0.7%。  业绩短期承压，不改长期向好趋势。分产品来看，公司传输类产品营收同比下 [相Tab对le指_Q数u表ot现eP ic] 降 8.55%，占比达 55. ...