天孚通信 20250827 摘要 天孚通信从无源器件向高速光引擎等高价值组件转型，尤其与 M 公司合 作开发高速光引擎，显著提升了公司营收，目前光引擎已占公司收入的 三分之二，成为主要利润来源。 公司聚焦高毛利、高价值的无源器件，如 FAU 和 MPO，剥离低毛利品 类，并通过优化产线和制造工艺，提高整体毛利率和利润贡献，提升市 场竞争力。 天孚通信坚持研发与制造双轮驱动，尽管研发费用率较高，但凭借制造 优势，整体毛利率保持较高水平，确保公司持续推出具有竞争力的新产 品。 未来光学技术趋势集中在 CPO 和 OIO 技术，这些技术将光模块转变为 光引擎模组，需要高精度耦合设备如 FAU，天孚科技在相关领域具有技 术优势。 天孚科技作为平台型公司，提供全方位无源器件解决方案，通过天孚大 学提升工人技能，保证较高良率，并具备强大的研发能力和全面布局， 快速响应市场需求。 Q&A 天孚通信在光通信领域的业务发展历程及其主要产品有哪些？ 天孚通信成立于 2005 年，最初仅有三款核心产品，主要集中在光模块内部的 光学精密元器件。公司上市后，通过融资逐步扩展产品线，在五年内形成了涵 盖近 20 个产品的矩阵。2020 ...

Core Viewpoint - The optical module industry is experiencing significant growth driven by the rapid development of AI and the increasing demand for computing infrastructure, as evidenced by the strong performance of several listed companies in the sector [1][2]. Industry Growth Momentum - The optical module companies that have disclosed their 2025 semi-annual reports show impressive revenue growth: - Zhongji Xuchuang achieved revenue of 14.789 billion yuan, a year-on-year increase of 36.95%, and a net profit of 3.995 billion yuan, up 69.4% [2]. - Xinyi Sheng reported revenue of 10.437 billion yuan, a staggering growth of 282.64%, with a net profit of 3.942 billion yuan, up 355.68% [2]. - Tianfu Communication recorded revenue of 2.456 billion yuan, a growth of 57.84%, and a net profit of 899 million yuan, up 37.46% [2]. - The growth is attributed to increased capital expenditure from key end customers in the computing infrastructure sector, leading to a significant demand for high-end optical modules like 800G [2]. Technological Advancements - The optical module market is primarily divided into data communication and telecommunications, with the data communication sector being the main growth driver [4]. - The demand for high-end optical products is accelerating due to the requirements of AI model training and inference, which necessitate greater network bandwidth [4]. - Companies are focusing on dual-track strategies to enhance production capacity and expedite the transition to 1.6T optical modules [4]. R&D Investments - Leading companies are increasing their R&D investments to enhance their technological capabilities: - Zhongji Xuchuang's R&D expenditure reached 586 million yuan, a growth of 11.12%, focusing on optimizing 800G and 1.6T optical module performance [5]. - Xinyi Sheng's R&D investment was 334 million yuan, a significant increase of 157.56%, with a rising sales proportion of high-speed optical modules [5]. - Huagong Technology invested 461 million yuan in R&D, up 19%, emphasizing innovation and key technology breakthroughs [5]. Market Outlook - The global market for Ethernet optical modules in cloud data centers is expected to continue growing, with projections indicating sales will exceed 30 billion USD by 2030, and nearly 20 billion USD specifically for AI clusters [3]. - Companies in the optical module sector are well-positioned to capitalize on the ongoing market demand and technological advancements, potentially leading to substantial market returns [3].

截至2025年8月27日 13:13，国证通信指数强势上涨4.49%，成分股仕佳光子上涨19.72%，长芯博创上涨 14.33%，德科立上涨12.68%，新易盛、移远通信等个股跟涨。通信ETF(159695)上涨3.97%。拉长时间 看，截至2025年8月26日，通信ETF近1周累计上涨9.69%，涨幅排名可比基金第一。 截至8月26日，通信ETF近1年净值上涨92.52%，指数股票型基金排名254/2977，居于前8.53%。从收益 能力看，截至2025年8月26日，通信ETF自成立以来，最高单月回报为24.48%，最长连涨月数为3个月， 最长连涨涨幅为31.45%，上涨月份平均收益率为6.39%。 消息面上，国务院近期印发的《"人工智能+"行动方案》提出，要加快构建智能网络和算力基础设施， 推动人工智能与实体经济深度融合。这一政策导向对通信行业具有重大意义，因其为AI算力传输和智 能终端应用提供了不可或缺的底层支撑。 行业消息方面，新易盛(300502.SZ)公布半年度报告，营业收入104.37亿元，同比增长282.64%，归属于 上市公司股东的净利润39.42亿元，同比增长355.68%，归属于上市公司 ...

市场表现上，基金调研股中，近5日上涨的有35只，涨幅居前的有天孚通信、广联达（002410）、豪声 电子等，涨幅为18.69%、14.54%、13.64%；下跌的有11只，跌幅居前的有新天药业、星云股份 （300648）、新瀚新材（301076）等，跌幅为15.67%、13.10%、11.18%。 数据宝统计，基金参与调研股中，近5日资金净流入的有14只，广联达近5日净流入资金4.72亿元，主力 资金净流入最多；净流入资金较多的还有广和通（300638）、美亚光电（002690）等，净流入资金分别 为1.89亿元、4347.32万元。 业绩方面，基金调研公司中，46家公司已经公布了半年报，净利润同比增幅最高的是索通发展 （603612）、纳睿雷达，净利润增长幅度为1568.52%、866.97%。（数据宝） 8月26日基金调研公司一览 昨日基金共对46家公司进行调研，扎堆调研天孚通信（300394）、新易盛（300502）、神州泰岳 （300002）等。 证券时报 数据宝统计，8月26日共56家公司被机构调研，按调研机构类型看，基金参与46家公司的调研 活动，其中，10家以上基金扎堆调研公司共9家。天孚通信最 ...

Group 1 - In the past five trading days, a total of 287 companies were investigated by institutions, with Tianfu Communication, Desai Xiwai, and Zhongkuang Resources being the most frequently researched [1][2] - Among the companies investigated, 177 had more than 20 institutions participating, with Tianfu Communication receiving attention from 306 institutions, ranking first [1] - The types of institutions involved in the research included 277 securities companies, 247 fund companies, and 190 private equity firms [1] Group 2 - In terms of market performance, 121 of the investigated stocks rose, with Tianrongxin, Shengyi Electronics, and Jinli Permanent Magnet showing the highest increases of 38.21%, 31.14%, and 29.68% respectively [2] - Conversely, 54 stocks experienced declines, with Furuishi, Xingyun Co., and Yuanhang Precision showing the largest drops of 16.06%, 13.10%, and 10.29% respectively [2] - Among the stocks investigated, 176 have released semi-annual reports, with Fuji Lai and Suotong Development reporting the highest year-on-year net profit growth of 12430.96% and 1568.52% respectively [2] Group 3 - The most frequently investigated stock was Ice Wheel Environment, which received 7 institutional research visits [1] - Other companies with multiple investigations included Hualing Steel and Youfa Group, each receiving 3 visits [1] - The net inflow of funds in the past five days for stocks with more than 20 institutions researching was positive for 55 stocks, with Zhaoyi Innovation seeing a net inflow of 912 million yuan, the highest among them [1]

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面上，中际旭创昨晚公布业绩显示，2025年上半年营收147.89亿元，同比增长36.95%；归属于上市 公司股东的净利润39.95亿元，同比增长69.40%。公司拟以11.11亿股为基数，向全体股东每10股派发现 金红利4元(含税)。 另外，剑桥科技昨晚发布股票交易异常波动公告称，关于市场关注的CPO(共封装光学)和LPO(线性驱动 光引擎)相关业务，公司特别说明如下：公司目前不生产含CPO技术的芯片，CPO相关核心部件光引擎 与外置光源ELSFP分别处于合作研发和设计阶段，尚未产生业务收入；LPO业务虽已向多家北美大客户 送样测试，但2025年上半年累计订单及发货金额占同期营业收入比例仅约0.03%，对公司当前业绩贡献 极小。敬请投资者理性看待公司在新兴技术领域的布局进展，勿过度解读相关业务对短期业绩的影响， 关注业务落 ...

公司25Q2 单季度业绩创新高，高速光引擎及无源光器件得益于AI 发展维持高景气：公司25 年Q2 单季 度实现营收15.11 亿元，同比+83.34%，环比+59.98%；实现归母净利润5.62 亿元，同比+49.64%，环比 +66.34%；毛利率为49.38%，同比下降10.39pct。公司的业绩增长主要得益于因全球人工智能AI 技术的 发展和算力需求的增加，全球数据中心建设带动对高速光器件产品需求的持续稳定增长，推动公司有源 和无源产品线业绩增长。公司毛利率25Q2 毛利率下降较为明显，主要原因一是去年同期基数较高，二 是销售产品结构变化影响（有源产品营收占比明显增加）。 无源和有源业务双轮驱动，数通产品快速增长而电信市场平稳：分业务来看，2025 年H1 公司光无源器 件实现营收8.63 亿元，同比增长23.79%，毛利率为63.57%，同比下降5.37pct；公司光有源器件实现营 收15.66 亿元，同比增长90.95%，毛利率为43.36%，同比下降3.48pct。从产品结构看，光通信板块两个 应用市场差异较大。其中电信通信方面，市场对光器件产品的需求较平稳；数据中心方面，虚拟经济、 云计算、A ...

0826强势股脱水 | 财报披露关键期，它们代表了 部分景气度方向 2025/08/26 16:38 ①养猪：龙头中报净利润同比增长超十倍，近期还有发改委准备收储加持，公司有望凭借成本优 势在"反内卷"中进一步提升行业地位。 ②CPO：得益于AI爆发，公司高速光模块配套的光无源和有源器件需求大增，客户订单快速转化 为收入，此外公司参与英伟达CPO供应链，相关产品已实现小批量交付。 ③企业Agent：它已有覆盖二十余个工业场景的应用Agent以及多款工业软件智能助手产品，落地 了多个亿级大项目，还和华为紧密合作打造针对不同行业需求的公有云应用解决方案。在2025年 华为中国合作伙伴大会上，新晋为华为优选级解决方案开发伙伴。 本文是对当日大涨公司进行研报深度复盘，相关个股信息仅供参考，不构成投资建议。 1、牧原股份：10倍业绩增长 （1）大涨题材：养猪+业绩增长 公司公布中报净利润105.3亿，同比增长1169.77%，主要得益于"生猪出栏量增加及养殖成本 的持续下降带来的盈利能力提升"。 出栏量上，25年1-7月，公司累计销售商品猪4474.90万头，同比增长16.1%。养殖成本上， 年初至今成本逐月下降，25 ...

证券之星消息，根据市场公开信息及8月26日披露的机构调研信息，融通基金近期对3家上市公司进行了调研，相关名单如下： 融通基金成立于2001年，截至目前，资产管理规模(全部公募基金)1541.98亿元，排名47/210；资产管理规模(非货币公募基金)752.13亿元，排名 57/210；管理公募基金数174只，排名42/210；旗下公募基金经理39人，排名30/210。旗下最近一年表现最佳的公募基金产品为融通中证云计算与 大数据主题指数(LOF)A，最新单位净值为1.71，近一年增长108.3%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）汇嘉时代 （融通基金参与公司特定对象调研&电话会议） 调研纪要：乌鲁木齐北京路购物中心超市生鲜品类占比提升1.87%，熟食增5%，面包烘焙增0.8%，优化联营商与供应链，引进本地品牌，升级包 装与设备。上半年调改涵盖设立成长基金、优化商品结构、尝试自营鲜食与烘焙、推进日清计划、更新设施、取消强制动线、加强服务培训。公 司高度重视投资者回报，努力提升分红收益。百货门店调改聚焦品牌级次提升与首店 ...

Group 1: Company Insights - Ruipu Biotech reported a comprehensive gross margin increase of 2.36 percentage points, driven by revenue scale expansion and product structure optimization, with a 17.94% year-on-year growth in the pet health sector [1] - Huijia Times has enhanced its fresh food category in Urumqi's Beijing Road shopping center, with a 1.87% increase in fresh food share and a 5% increase in cooked food [2] - Marubi Biotech expanded its audience on Douyin through targeted content, with a focus on brand building and new product launches in the second half of the year [3] - Jiangbolong's domestic market share in eSSD is second only to Solidigm and Samsung, with significant advancements in PCIe SSD and RDIMM products [4] - AVIC High-Tech is focusing on low-altitude economy strategies and has invested 9.17 billion in civil aviation composite materials projects [5] - Tianfu Communication achieved a revenue of 2.456 billion, a year-on-year increase of 57.84%, with a notable growth in active products [6] Group 2: Financial Performance - Ruipu Biotech's raw material drug segment showed significant improvement, with a gross margin increase of 14 percentage points and a reduction in losses by over 10 million compared to the previous year [1] - Huijia Times is prioritizing investor returns and enhancing dividend yields through strategic adjustments in its department stores [2] - Marubi Biotech's core product series accounts for over 70% of sales, indicating potential for further growth [3] - Jiangbolong's self-developed main control chip has shipped over 80 million units, showcasing its strong market position [4] - AVIC High-Tech expects significant improvement in cash collection in the second half of the year due to the maturity of previously received bills [5] - Tianfu Communication's gross margin decreased due to changes in product structure, with an increased focus on active products [6] Group 3: Strategic Developments - Ruipu Biotech plans to accelerate the launch of new products in the second half of the year, supported by significant R&D achievements [1] - Huijia Times is optimizing its product structure and enhancing service training to improve customer experience [2] - Marubi Biotech is set to launch a series of new products under its successful Xiaojin needle series [3] - Jiangbolong is collaborating with SanDisk to launch customized UFS products, enhancing its market presence [4] - AVIC High-Tech is deepening collaboration with core customers in the engine blade business through joint ventures [5] - Tianfu Communication is expanding its product offerings in response to customer demands, ensuring effective resource allocation [6]