Summary of Conference Call Records Industry Overview - The conference call primarily discusses the domestic computing power industry and the optical communication sector, highlighting the performance of various companies within these industries [1][4][8]. Key Points and Arguments Domestic Computing Power Industry - The Ascend 910C chip has shown performance improvements, narrowing the gap with NVIDIA's H100, primarily used in Huawei's cloud infrastructure. Strong demand from downstream internet companies is expected to lead to large-scale shipments by May 2025, utilizing a dual 910B chip packaging solution [1][2]. - The overall performance of domestic graphics cards has improved, with increased customer acceptance and a positive outlook for the upstream supply chain, including connectors, liquid cooling, and servers [2]. Optical Communication Sector - The optical communication segment has exceeded expectations, with companies like NewEase and Shijia Photon showing strong performance. Source Technology's CW light source shipments have significantly improved revenue and profitability, with new product gross margins exceeding 80% [1][4]. - Domestic optical module companies, such as Guangxun Technology, experienced a slight decline in Q1 but showed significant improvement in profitability. Demand for domestic optical modules remains high, with production capacity expected to ramp up to 700,000 to 800,000 units per month this year [1][4]. Company Performance Highlights - NewEase and Shijia Photon have reported strong revenue and profit growth, driven by overseas demand for passive devices and corresponding chip products. Their revenue and gross margins for AWG, MPO connectors, and indoor optical cable products have significantly improved [5]. - In contrast, Invec's performance in the liquid cooling segment fell short of expectations, leading to a stock price decline. However, revenue met expectations, and the company faces increased margin pressure due to intensified competition in domestic temperature control orders [8]. Market Trends and Future Outlook - The communication sector's overall performance has been mixed, with some companies meeting expectations while others, like Invec, have struggled. The industry remains optimistic due to high investment from major players like ByteDance, Alibaba, and Tencent, which is expected to drive growth [8][9]. - The AI large model continues to evolve, with significant increases in computing power demand. For instance, Baidu's new model has reduced costs to about one-fourth per million tokens, indicating a growing need for computing resources [12]. - Investment recommendations focus on three areas: self-controlled supply chains (including high-speed connectors and liquid cooling), domestic computing power and AI data center industry trends, and advancements in AI applications, particularly in IoT smart modules and controllers [13]. Additional Important Insights - The optical communication sector's performance is expected to see rapid growth in domestic and international capacity releases over the next few years, particularly in overseas DCI business, which will contribute to significant revenue growth [5]. - The overall sentiment in the communication sector is optimistic, with expectations of continued improvement in profitability and growth trajectories for companies involved in new product releases and increased shipments [6][7].

华西证券（002926）发布研报称，在全球生成式人工智能高速发展驱动下，数据量与算力需求激增推动 光模块加速向800G/1.6T升级。国内头部光模块厂商2024年及2025Q1财报显示收入及净利润持续高增， 印证行业高景气。尽管市场担忧DeepSeek等技术降低算力成本可能抑制需求，但短期算力芯片升级、 大模型竞赛加剧供需紧张，中长期AI应用(如具身智能)仍处爆发初期，支撑光模块长期增长逻辑。叠加 地缘政治催化国产算力建设提速，行业具备业绩支撑与估值修复空间。 华西证券主要观点如下： 光模块业绩高速增长，国内云厂商算力投资加速 伴随生成式人工智能快速发展，全球数据总量与算力规模保持着高速增长态势，光模块市场向 800G/1.6T演进。 该行认为，算力需求在过去两年受益于算力芯片催生一波跳跃式需求增长，而短期供应紧缺、大厂大模 型"军备"竞赛加剧供需紧缺。中长期看AI应用仍处于极早期，包括具身智能在内的众多AI+应用场景仍 有巨大空间。作为算力集群拓展的基础组件，光模块行业仍然具备高增长能力。 短期内，考虑全球地缘政治冲突、关税贸易冲突等一系列不确定性影响下，国产算力建设加速对国内市 场需求有望提振。 光模块作 ...

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The optical module industry is experiencing rapid growth, driven by accelerated computing power investments from domestic cloud vendors, with the market evolving towards 800G/1.6T standards. The demand for optical modules is surging as they are fundamental components in the expansion of computing power infrastructure [1][6][9] - The latest round of computing power demand surge is catalyzed by upgrades in computing chips, with significant growth in demand over the past two years. The short-term supply shortage and competition among major models are intensifying the supply-demand imbalance. However, the AI application landscape is still in its early stages, indicating substantial growth potential for the optical module industry in the long term [2][16] - The global computing power scale is projected to grow at a rate of 50% over the next five years, with the total computing power expected to exceed 16ZFlops by 2030, where intelligent computing will account for over 90% [6][12] Summary by Sections Optical Module Performance - The optical module market is projected to reach $6.25 billion in 2023, with an expected CAGR of 27% from 2024 to 2029, potentially reaching $25.8 billion by 2029. The Ethernet optical module market is anticipated to grow at a CAGR of 26% to $22.2 billion [6][10] - Major optical module companies are showing significant revenue and net profit growth, with companies like Zhongji Xuchuang and Xinyi Sheng reporting revenue growth rates of 122.6% and 179.1% respectively for 2024 [10][12] Investment Recommendations - The report suggests that the optical module industry has strong performance support and long-term growth logic, with current market valuations having entered a low range, indicating potential for recovery. Beneficiary stocks include Guangxun Technology, Huagong Technology, Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication [2][16] - The report emphasizes the importance of domestic cloud vendors' capital expenditures, which are expected to significantly increase the demand for optical modules, with a projected over 100% growth in procurement by 2025 [12][16]

Summary of Guangxun Technology Conference Call Company Overview - **Company**: Guangxun Technology - **Year**: 2024 and Q1 2025 Key Financial Performance - **2024 Revenue**: 8.272 billion CNY, up 32.68% YoY - **Data Product Revenue**: 5.1 billion CNY, up 91% YoY - **International Business Revenue**: 2.34 billion CNY, up 12% YoY - **Net Profit**: 661 million CNY, up 6.82% YoY - **Q1 2025 Revenue**: 2.222 billion CNY, up 72% YoY - **Q1 2025 Net Profit**: 150 million CNY, up 95% YoY - **Q1 2025 Non-Recurring Net Profit**: 141 million CNY, up 93.8% YoY - **Operating Cash Flow**: Negative 113 million CNY in Q1 2025 due to increased inventory and scale [2][3][5] Industry Dynamics - **Tariff Impact**: U.S. tariffs on Chinese optical modules at 27.5%, with most costs borne by customers. Company is responding by building overseas production bases and increasing inventory [2][6][7]. - **AI Chip and Optical Module Demand**: Anticipated growth in 2025 for AI chips and optical modules, particularly for 400G, 800G, and 1.6T products [2][8]. - **Data Center Optical Module Gross Margin**: Reached historical highs in Q1 2025 due to product structure optimization and improved yield [2][9]. Profitability Insights - **Gross Margin**: 22.46% for 2024, with data product gross margin improving by 4.86 percentage points [3]. - **Net Margin Fluctuations**: Net margin decreased to 7.93% due to increased expenses and asset impairment losses [3][12]. - **Telecom Segment**: Gross margin decline attributed to product structure and customer price adjustments, with weaker demand compared to data centers [4][11]. Strategic Developments - **Silicon Photonics Technology**: Established production capacity of 500,000 units per month for short-distance products like 400G and 800G modules [4][28]. - **Cost Management**: Focus on reducing production costs through high integration in silicon photonics, which can lower production steps and costs [29]. Future Outlook - **Revenue and Profit Expectations for 2025**: Anticipated to exceed 2024 performance, with internal targets set for growth [16]. - **Market Demand**: Significant growth expected from domestic internet clients and large equipment manufacturers due to increased GPU computing demands [17][23]. - **Inventory Management**: Increased inventory due to order-based production and anticipation of future sales, with a focus on critical material shortages [20][21]. Additional Considerations - **Asset Impairment**: Increased due to accounting policies on raw materials and semi-finished products, with potential for reversal as materials are utilized [12][24]. - **Product Mix Changes**: Shift towards single-mode products may impact average selling prices, potentially alleviating previous pricing pressures [22]. This summary encapsulates the key points from Guangxun Technology's conference call, highlighting financial performance, industry dynamics, strategic developments, and future outlook.

Group 1: Business Impact and Market Demand - The company is actively addressing the impact of increased tariffs on optical modules by communicating with customers about cost-sharing and expanding overseas production capacity to mitigate effects [1] - Domestic demand for optical modules is expected to see significant growth compared to last year, driven by increased investment in computing power from domestic clients [2] - Overseas demand remains stable and is not showing signs of slowing down [2] Group 2: Financial Performance - The company's gross margin reached a historical high in Q1 2025, influenced by product mix, capacity release, and improved yield rates [2] - The gross margin for optical modules has also seen a noticeable increase [2] - The telecom segment's gross margin has declined year-on-year due to changes in product mix and lower sales prices, reflecting overall weak demand in the telecom market [2] Group 3: Asset Management and Procurement - Asset impairment losses are accounted for based on the age of raw materials and semi-finished products, with Q4 2024 and Q1 2025 impairments related to inventory turnover [2] - Imported optical chips are primarily sourced from Malaysia, Singapore, and Japan, while the proportion of domestic chips remains low [2] Group 4: Future Outlook and Strategy - The company aims to improve revenue and profit in 2025 compared to 2024, setting internal targets for higher performance [2] - The data communication business is expected to account for approximately 62% of the company's revenue in 2024, with further growth anticipated [2] - The global telecom transmission market is currently at a low point, but there is potential for improvement as inventory levels stabilize [3] Group 5: Technology and Product Development - The company has made early investments in silicon photonics technology, with a current monthly production capacity of 500,000 units, primarily focusing on short-distance applications [3] - Silicon photonics technology is expected to coexist with EML technology, with advantages in integration for certain optical modules [3]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company achieved a revenue of 8.272 billion yuan in 2024, representing a year-on-year growth of 36.5%. The net profit attributable to shareholders was 661 million yuan, up 6.8% year-on-year, while the net profit excluding non-recurring items was 630 million yuan, growing by 11.6% [3]. - In Q1 2025, the company reported a revenue of 2.222 billion yuan, a significant increase of 72.1% year-on-year, with a net profit of 150 million yuan, up 95.0% year-on-year, and a net profit excluding non-recurring items of 141 million yuan, growing by 93.8% [3]. - The data communication business saw substantial growth driven by AI demand, with revenue from data and access reaching 5.101 billion yuan in 2024, a year-on-year increase of 91.5%, accounting for 61.7% of total revenue [4]. - The company has launched a restricted stock incentive plan, proposing to grant up to 15.07 million shares, which is 1.90% of the total share capital, to enhance future development momentum [5]. Revenue Breakdown - In 2024, the transmission segment generated revenue of 3.102 billion yuan, a decline of 7.2%, while the data and access segment's revenue was 5.101 billion yuan, reflecting a 91.5% increase [4]. - Domestic revenue was 5.934 billion yuan, up 49.1%, while international revenue reached 2.338 billion yuan, growing by 12.4% [4]. Market Position - The company held a global market share of 5.3% in the optical device sector as of Q4 2023 to Q3 2024, ranking fifth overall. In the data communication, telecom, and access optical device markets, the company ranked fifth, sixth, and third, respectively [4]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 1.104 billion yuan, 1.505 billion yuan, and 1.900 billion yuan, respectively, with corresponding PE ratios of 30, 22, and 18 [6][7].

证券代码：002281 证券简称：光迅科技 公告编号：（2025）021 二、 会议的召开情况 1、会议召集人：公司董事会 2、会议时间： 现场会议召开时间：2025 年 4 月 24 日下午 14：30。 网络投票时间为：2025 年 4 月 24 日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为 2025 年 4 月 24 日上午 9:15－9:25、9:30－11:30， 下午 13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 4 月 24 日上午 9:15－下午 15:00。 三、 会议的出席情况 1、股东出席的总体情况： 武汉光迅科技股份有限公司 二○二五年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、 重要提示 通过现场和网络投票的股东 968 人，代表股份 308,297,956 股，占公司有表 1 1、公司于 2025 年 4 月 9 日在《证券时报》《中国证券报》《上海证券报》 《证券日报》和巨潮资讯网上刊登《武汉光迅科技股份有限公司关于召 开 2025 年第一次 ...

嘉源(2025)-04-236 北京市嘉源律师事务所（以下简称"本所"）接受武汉光迅科技股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《武 汉光迅科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指 派本所律师对公司 2025 年第一次临时股东大会（以下简称"本次股东大会"） 进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。在前述 审查和验证的过程中，本所律师得到公司的如下承诺和保证：就本所认为出具本 法律意见书所必需审查的事项而言，公司已经提供了全部相关的原始书面材料、 副本材料或口头证言，该等资料均属真实、准确、完整及有效，有关复印件与原 件一致、副本与正本一致。 北京市嘉源律师事务所 关于武汉光迅科技股份有限公司 2025 年第一次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 ...

Core Viewpoint - The company, Wuhan Guangxun Technology Co., Ltd., has announced its financial results and plans for profit distribution and asset impairment provisions for the year 2024, emphasizing transparency and compliance with accounting standards [7][8][15]. Financial Data Summary - The company reported a net profit of 656,163,189.25 yuan for 2024, with a net profit attributable to the parent company of 661,315,430.94 yuan [8]. - The proposed cash dividend is 2.60 yuan per 10 shares, amounting to an estimated total of 206,334,089.52 yuan, which represents 31.20% of the net profit attributable to shareholders [10][11]. - The company plans to provision for asset impairment totaling 218,363,872.19 yuan, which will reduce the net profit attributable to shareholders by 183,517,832.00 yuan [16][19]. Shareholder Information - The company has confirmed that there are no changes in the major shareholders or their holdings due to the proposed profit distribution [5]. Accounting Policy Changes - The company has changed its accounting policy in accordance with the Ministry of Finance's new guidelines, which will not significantly impact its financial results [23][29]. Risk Assessment of Financial Company - The company conducted a risk assessment of its financial subsidiary, Xinke (Beijing) Financial Co., Ltd., confirming its compliance with regulatory requirements and effective internal controls [34][65]. - As of December 31, 2024, the financial company reported total assets of 9.789 billion yuan and a net profit of 29 million yuan, with all regulatory indicators meeting the required standards [53][54].

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