[Table_Page] 深度分析|专用设备 证券研究报告 [Table_Title] AI 设备系列 光模块&服务器双轮驱动，自动化设备需求迫切 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-26 [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 01/26 03/26 专用设备 沪深300 | [分析师： Table_Author]孙柏阳 | | | --- | --- | | SAC 执证号：S0260520080002 | | | 021-38003680 | | | sunboyang@gf.com.cn | | | 分析师： | 汪家豪 | | SAC 执证号：S0260522120004 | | | SFC CE No. BWR740 | | | 021-38003792 | | | wangjiahao@gf.com.cn | | | 分析师： 王宁 | | | SAC 执证号：S0260523070004 | | | ...

一、公司使用部分闲置自有资金的情况 证券代码：002957 证券简称：科瑞技术 公告编号：2026-004 深圳科瑞技术股份有限公司 关于使用部分自有闲置资金进行理财的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳科瑞技术股份有限公司（以下简称"公司"或"科瑞技术"）于 2025 年 4 月 24 日召 开第四届董事会第十九次会议、第四届监事会第十五次会议以及 2025 年 5 月 30 日召开 的 2024 年年度股东会，审议通过了《关于使用自有闲置资金进行证券投资的议案》，为 促进公司发展，合理利用自有资金，提高资金使用效率与效益，增加资金收益，同意公 司及子公司在充分保障日常运营性资金需求、不影响公司及子公司正常生产经营并有效 控制风险的前提下，使用自有闲置资金用于理财，投资最高额度不超过 95,000 万元人民 币，该额度在经审批的投资期限内可以循环滚动使用，授权总经理签署相关合同，由财 务部门负责具体组织实施。本议案已经股东会审议，有效期自股东会审议通过之日起 12 个月，具体内容详见公司刊登在《证券时报》《中国证券报》《上海证券报》 ...

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [2]. Core Insights - The report highlights the increasing capital expenditure in the optical module industry driven by AI demand, with a focus on the production processes and equipment for traditional pluggable optical modules and CPO (Co-Packaged Optics) products [1][6]. - The optical module is identified as a core component for optical communication, essential for high-speed interconnections within data centers, with significant growth expected in the market [9][40]. - CPO technology is noted for its higher integration and smaller size, offering significant improvements in bandwidth, power consumption, and space efficiency compared to traditional pluggable optical modules [29][36]. Summary by Sections 1. Overview of Pluggable Optical Module Equipment - Pluggable optical modules are crucial for optical-electrical conversion in data centers, consisting of components like TOSA, ROSA, and driver circuits [9]. - The production process includes key steps such as die bonding, wire bonding, optical coupling, packaging, and aging tests [11][15]. 2. Differences Between CPO and Pluggable Optical Modules - CPO integrates optical engines with switching chips on the same substrate, enhancing signal transmission efficiency and reducing energy consumption [17][29]. - The report outlines the core differences in production processes, including chip interconnection methods, optical coupling precision, packaging, and testing systems [30][33]. 3. Investment Recommendations - The optical module sector is positioned as a critical area for AI computing infrastructure, with ongoing investments in high-speed pluggable optical modules and CPO technology development [40]. - Key companies to watch in the optical module equipment industry include Bozhong Precision, Keri Technology, Kaige Precision, Robotec, and Quick Intelligent [6][41].

Investment Rating - The report maintains a positive investment outlook on the optical module equipment industry, highlighting significant growth potential driven by AI developments and technological upgrades in packaging and testing equipment [2]. Core Insights - The demand for optical modules is experiencing explosive growth due to the expansion of AI computing power, with a shift from 400G to 800G and accelerating towards 1.6T, indicating a high demand cycle for equipment [2][23]. - The core value segments in the optical module packaging process are die bonding, coupling, and testing, which together account for over 60% of the value, with increasing precision and automation requirements [2][58]. - Domestic substitution, automation upgrades, and the introduction of advanced packaging present structural opportunities for equipment manufacturers, particularly in high-precision areas still dominated by foreign suppliers [2][32]. Summary by Sections Section 1: AI Development and Optical Module Demand - AI advancements are driving a surge in optical module demand, with a transition towards higher specifications like CPO and OIO expected to shape future trends [4][23]. - The optical module market is projected to see significant growth, with 800G and 1.6T modules expected to reach over 52 million units shipped by 2026 [24][26]. Section 2: Core Packaging and Testing Equipment - The main processes in optical module packaging include die bonding, coupling, and testing, which are critical for ensuring high performance and reliability [53][55]. - The report emphasizes the importance of high-precision die bonding and coupling processes, which are essential for achieving optimal optical performance [70][74]. Section 3: Key Companies and Investment Recommendations - The report recommends focusing on companies such as Robotech (coupling equipment), Keri Technology (die bonding), and others that are well-positioned to benefit from the industry's growth [2][32]. - It highlights the potential of companies like Lumentum and Coherent, which are expanding their production capacities to meet rising demand [33][32].

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - The focus of the Two Sessions on humanoid robots and the acceleration of their application by companies like BMW and Samsung indicates a significant technological breakthrough and investment momentum in the industry [2][3]. - The humanoid robot sector is experiencing a surge in financing and technological advancements, with domestic companies making notable progress [2][3]. Summary by Sections Industry News and Company Developments - BMW has introduced humanoid robots in its Leipzig factory for real industrial applications, marking the first deployment in Europe for the company [6]. - Samsung plans to transform all its factories into AI-driven facilities by 2030, integrating humanoid robots into various operational processes [7]. - The Chinese government is emphasizing the importance of humanoid robots in its technology innovation strategy, with notable entrepreneurs advocating for accelerated development in this field [7][9]. Investment Dynamics - The humanoid robot sector is witnessing increased investment activity, with companies like UniX AI and Galaxy General Robotics securing significant funding rounds [11]. - Notable financing includes UniX AI's completion of nearly 300 million yuan and Galaxy General Robotics' 2.5 billion yuan funding, positioning them as leaders in the domestic humanoid robotics market [11]. Investment Recommendations - The report suggests focusing on both complete robot manufacturers and core component suppliers, highlighting specific companies for investment: 1. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related firms like Weichuang Electric and Boke Co [15]. 2. Gear Reducers: Key players include Lide Harmony and Keda Li, among others [15]. 3. Sensors: Recommended companies include Amperelong and Hanwei Technology [15]. - The report notes that the robotics sector accounted for approximately 4.5% of total A-share trading volume, indicating a slight decrease in activity [13].

Investment Rating - The report assigns an "Overweight" rating to the robotics industry [27]. Core Insights - The latest embodiment intelligence model, Pi 06, has significantly improved robustness, with the number of domestic humanoid startups valued at over 10 billion increasing to six [2][4]. - Pi 06 achieved a 92% autonomous operation rate in laundry tasks and a packaging efficiency of 165 items per hour [4][6]. - Nvidia's DreamDojo model has addressed the bottleneck of insufficient operational training data for robots by utilizing a large dataset of 44,000 hours of first-person human video [4][6]. - Major financing events include AI² Robotics raising over 10 billion RMB, Qianxun Intelligent completing nearly 2 billion RMB in two rounds, and Yinshi Robotics securing several hundred million RMB [4][26]. Summary by Sections Industry News and Company Dynamics - Physical Intelligence's Pi 06 model demonstrated a 92% autonomous operation rate in a laundry setting and a packaging efficiency of 165 items per hour [6]. - Nvidia's DreamDojo model has created a comprehensive robot world model, bridging the embodiment gap through large-scale human video pre-training [6]. - Domestic companies like Yinshi Robotics and AI² Robotics are making significant strides in funding and technology development [6][26]. Investment Recommendations - Focus on robotics manufacturers and core component suppliers, including: 1. Actuators and motors: Recommended companies include Zhao Wei Electric and related firms like Weichuang Electric and Buke Co [27]. 2. Reducers: Key players include Lide Harmony and Blue Dai Technology [27]. 3. Screw components: Recommended company is Hengli Hydraulic [27]. 4. Equipment: Recommended company is Tsunami Machine Tool China [27]. 5. Sensors: Recommended companies include Anpeilong and Hanwei Technology [27]. 6. Joints: Recommended company is Changying Precision [27]. 7. Structural components: Related company is Ningbo Huaxiang [27]. 8. Complete machines: Recommended companies include UBTECH and Hangcha Group [27].

Summary of the Conference Call for 科瑞技术 Industry Overview - The conference call focused on the optical module and semiconductor equipment industry, specifically discussing the company's engagements with both overseas and domestic clients. Key Points Overseas Clients - Lumentum has placed an order worth 60 million yuan for 2025, which includes supplies for fiber polishing, AOI, and coupling equipment [1] - Expected revenue from Lumentum in 2026 is projected to be between 40 to 50 million yuan, with total orders anticipated to exceed 100 million yuan [1] - The delivery cycle for the equipment is estimated to be between 6 to 9 months [1] - The mass production of CPO technology is expected to commence in 2027 [1] - Starting in 2025, the company will collaborate with Finisar on coupling prototypes, with anticipated orders for coupling machines in 2026 ranging from 20 to 60 million yuan [1] - There is competition with 罗博, although the functionalities of the equipment differ [1] Domestic Clients - The company is supplying optical modules and semiconductor equipment to client H, with projected revenue of 100 to 200 million yuan in 2025 [1] - For client X, the company is providing ultra-high precision components and equipment, with a single unit value being high [1] - In 2025, there are expected orders for components worth 20 million yuan and equipment orders also worth 20 million yuan [1] - For 2026, the anticipated orders for components are projected to reach 200 million yuan, while equipment orders are expected to be between 40 to 60 million yuan [1] Additional Important Information - The company is strategically positioning itself in both domestic and international markets, indicating a robust growth trajectory in the optical module and semiconductor equipment sectors [1] - The collaboration with Finisar and the competitive landscape with 罗博 highlight the dynamic nature of the industry and the need for differentiation in product offerings [1]

Group 1 - Zhongji Xuchuang (300308) is a leading global player in the high-speed optical module sector, deeply tied to major North American cloud providers like Nvidia, Microsoft, and Google, making it a core beneficiary during the AI computing power explosion [1][24] - The company maintains a strong position in the global market for 800G and 1.6T high-speed optical module shipments, with a continuous upgrade in product structure towards high-end offerings, leading to steady improvements in gross margin and profitability [1][24] - With the large-scale rollout of Nvidia's GB300 and Rubin next-generation computing platforms, the demand for optical modules per machine has significantly increased, driving a sustained high growth in orders for the company [1][24] Group 2 - Xinyi Technology (300502) focuses on the research, production, and sales of high-speed optical modules, ranking among the few domestic companies with global competitiveness, particularly in the 400G and 800G high-end module sectors [2][25] - The company has a high proportion of overseas revenue and is closely tied to major global cloud providers and equipment manufacturers, resulting in high order visibility and outstanding delivery capabilities [2][25] - Benefiting from the accelerated construction of AI data centers and the explosive demand for high-speed interconnects, the company is seeing a continuous increase in the proportion of high-end products and an ongoing optimization of profitability [2][25] Group 3 - Luxshare Precision (002475) has rapidly entered the high-speed optical module market, becoming an important partner for leading international companies like Nvidia, leveraging its advanced manufacturing and supply chain integration capabilities [3][26] - The company has significant advantages in optical module structural components, packaging processes, and thermal solutions, allowing it to quickly respond to large-volume orders from major clients [3][26] - As AI computing demand continues to surge, the optical module business is emerging as a new growth curve for the company, supported by stable cash flow and technological synergies from its experience in consumer and automotive electronics [3][26] Group 4 - Shengyi Technology (600183) is a global leader in the field of copper-clad laminates and high-frequency materials, serving as a core upstream supplier for optical modules, servers, and data center hardware [4][27] - The demand for high-frequency and high-speed copper-clad laminates is continuously increasing due to the growth of high-speed optical modules, with the company maintaining a leading position in related materials technology and comprehensive customer coverage [4][27] - The company benefits from the accelerated construction of AI computing infrastructure and the rapid iteration of data center hardware, leading to a steady improvement in profitability [4][27] Group 5 - Pengding Holdings (002938) is a global leader in high-end printed circuit board (PCB) research, production, and sales, holding a significant position in the PCB market for high-speed communication, servers, and optical modules [5][28] - The requirements for PCB layers, precision, and signal integrity have significantly increased due to 800G and 1.6T high-speed optical modules, with the company demonstrating industry-leading technical strength and process levels [5][28] - The company is experiencing rapid growth in high-speed PCB demand as AI data center construction accelerates, leading to improvements in revenue and gross margin [5][28] Group 6 - Hengtong Optic-Electric (600487) has become a domestic industry leader by leveraging its advantages across the entire optical communication industry chain, with core competitiveness in optical modules, optical fibers, and marine communications [6][29] - The company’s high-speed optical module products cover 400G and 800G high-speed rates, achieving bulk shipments in data centers and computing interconnect scenarios [6][29] - With significant investments in silicon photonics and CPO co-packaging optical technology, the company is well-positioned to benefit from the increased global investment in computing infrastructure and the explosive demand for optical modules [6][29]

（文章来源：证券日报） 证券日报网讯 2月24日，科瑞技术在互动平台回答投资者提问时表示，在固态电池领域，公司目前已为 国内外多家相关厂商交付热压化成设备，相关设备已投入使用。 ...

Group 1 - The core point of the article is that Keri Technology (002957) reported a total of 33,762 shareholders as of January 20, 2026 [1]