报告摘要 事件： 公司发布2025年中报，25年H1实现营业收入24.56亿元，同比增长57.84%；实现归母净利润8.99亿 元，同比增长37.46%；实现扣非后归母净利润8.67亿元，同比增长35.27%。 点评： 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）。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【成都银行（601838.SH）】规模扩张强度加大，营收盈利增长提速——2025年半年报点评 8月26日，成都银行发布2025年中报，上半年实现营收122.7亿，同比增长5.9%，归母净利润66.2亿，同比增长 7.3%。公司息差拖累减弱，营收、盈利增长提速。不良率维持低位，风险抵补能力较强。成都银行根植成渝 经济圈，受益于公园城市示范区、成都都市圈建设等战略机遇，在获取优质对公项目上具备天然优势，区位环 境优势较为突出。 （王一峰/赵晨阳）2025-08-27 您可点击今日推送内容的第1条查看 【南大光电（300346.SZ）】25H1前驱体材料持续放量，半年度现金分红比例近60%——2025年半年报点评 公司发布20 ...

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].

Core Insights - The communication sector is experiencing significant growth, with the Guozheng Communication Index rising by 4.49% and individual stocks like Shijia Photon increasing by 19.72% [1] - The recent policy direction from the State Council emphasizes the integration of AI with the communication industry, which is expected to create new applications and enhance infrastructure [3][4] Group 1: Market Performance - The Communication ETF (159695) has seen a 3.97% increase, with a weekly cumulative rise of 9.69%, ranking first among comparable funds [1][3] - The ETF's trading volume was active, with a turnover rate of 12.54% and a total transaction value of 20.63 million yuan [3] - The ETF's latest scale reached 160 million yuan, marking a one-year high, and its shares reached 89.81 million, also a one-month high [3] Group 2: Financial Performance - New Yi Sheng reported a revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit of 3.942 billion yuan, up 355.68% [4] - The Communication ETF has achieved a net value increase of 92.52% over the past year, ranking 254 out of 2977 in the index stock fund category [3] Group 3: Industry Trends - The integration of AI technology in the communication sector is creating new application scenarios, such as intelligent communication network optimization and AI-based fault prediction [4][5] - The rise of low-altitude economy is driving demand for low-altitude communication networks, expanding market opportunities for the communication industry [5] - The top ten weighted stocks in the Guozheng Communication Index account for 61.8% of the index, indicating concentrated investment in key players [5][7]

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]

Group 1 - The CPO concept stocks in the A-share market continue to perform strongly, with notable increases in share prices for companies such as Shijia Photon (up 13.34%), Xinyi Sheng (up 11.60%), and Cambridge Technology (up 10.00%) [1][2] - The total market capitalization of these companies varies significantly, with Xinyi Sheng having a market cap of 312.8 billion and Shijia Photon at 36.6 billion [2] - Year-to-date performance shows substantial growth, with Shijia Photon up 388.17% and Xinyi Sheng up 282.81% [2] Group 2 - Zhongji Xuchuang reported a revenue of 14.789 billion for the first half of 2025, representing a year-on-year growth of 36.95%, and a net profit of 3.995 billion, up 69.40% [2] - The company plans to distribute a cash dividend of 4 yuan per 10 shares based on 1.111 billion shares [2] Group 3 - Cambridge Technology clarified that it does not currently produce chips containing CPO technology, and its related core components are still in the research and design phase, with no business revenue generated yet [3] - The LPO business has sent samples to several North American clients, but the cumulative orders and shipment amounts for the first half of 2025 account for only about 0.03% of the company's revenue during the same period [3] - Investors are advised to rationally assess the company's progress in emerging technologies and not to overinterpret the short-term impact on performance [3]

Core Insights - The company reported strong financial performance for H1 2025, with revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit attributable to shareholders of 899 million yuan, up 37.46% [1] - The second quarter of 2025 saw record-high performance, driven by the growth in AI technology and the increasing demand for computing power, particularly in data centers [2] Financial Performance - For Q2 2025, the company achieved revenue of 1.511 billion yuan, a year-on-year increase of 83.34% and a quarter-on-quarter increase of 59.98% [2] - The net profit for Q2 2025 was 562 million yuan, reflecting a year-on-year growth of 49.64% and a quarter-on-quarter growth of 66.34% [2] - The gross margin for Q2 2025 was 49.38%, which represents a decline of 10.39 percentage points compared to the previous year [2] Business Segments - The company's passive optical components generated revenue of 863 million yuan in H1 2025, a year-on-year increase of 23.79%, with a gross margin of 63.57% [3] - The active optical components achieved revenue of 1.566 billion yuan, a year-on-year increase of 90.95%, with a gross margin of 43.36% [3] - The demand for optical components in the telecommunications market remained stable, while the data center market experienced steady growth driven by virtual economy, cloud computing, and AI [3] Global Expansion - The company is advancing its globalization strategy, establishing a service and supply chain system that covers key global markets through its headquarters in Singapore, a sales subsidiary in the U.S., and a production base in Thailand [3] - The production facility in Thailand has been fully operational as of H1 2025, enhancing local production response capabilities [3] Profit Forecast and Valuation - The company's net profit forecasts for 2025 and 2026 have been slightly adjusted to 2.307 billion yuan and 3.208 billion yuan, respectively, with a new forecast for 2027 set at 4.134 billion yuan [4] - The current market capitalization corresponds to price-to-earnings ratios of 49X, 35X, and 27X for the respective years [4] - The company maintains a "buy" rating, benefiting from the ongoing demand for both passive and active products due to AI computing power growth [4]

Summary of Key Points from Conference Call Records Industry or Company Involved 1. **Pig Farming Industry**: Focus on leading company Muyuan Foods (牧原股份) and its performance in the pig farming sector [3][6][19] 2. **Optical Communication Industry**: Emphasis on Tianfu Communication (天孚通信) and its developments in optical modules and CPO technology [8][11][19] 3. **AI Software Industry**: Highlighting Nengke Technology (能科科技) and its advancements in AI-driven industrial software [13][17][19] Core Points and Arguments Muyuan Foods (牧原股份) 1. **Profit Growth**: The company reported a net profit of 10.53 billion, a year-on-year increase of 1169.77%, attributed to increased pig sales and reduced breeding costs [3][19] 2. **Sales Volume**: From January to July 2025, the company sold 44.749 million pigs, a 16.1% increase year-on-year [3][19] 3. **Cost Reduction**: Breeding costs have decreased to approximately 12.2 yuan/kg as of May 2025, with a target to achieve 12 yuan/kg by the end of the year [6][19] 4. **Market Stability Measures**: The government is implementing measures to stabilize the pig market, including the central reserve of frozen pork [3][6][19] 5. **Long-term Outlook**: The industry is expected to enter a phase of stable and high-quality development, with potential for valuation reassessment for leading companies [6][7][19] Tianfu Communication (天孚通信) 1. **Revenue Growth**: The company reported a net profit of 899 million, a 37.46% increase year-on-year, driven by the surge in AI demand [8][11][19] 2. **Product Development**: The company is developing various products for CPO applications, including high-power lasers and 800G optical transceiver modules [8][11][12][19] 3. **Market Position**: As a key player in the CPO supply chain for NVIDIA, the company is positioned to benefit from the growing demand for optical components in data centers [9][12][19] 4. **Future Market Potential**: The CPO market is projected to reach $5 billion by 2030, with significant contributions from major tech companies [12][19] Nengke Technology (能科科技) 1. **AI-Driven Growth**: The company experienced a 64.64% year-on-year increase in net profit in Q2, driven by demand for AI agents in the military sector [13][17][19] 2. **Product Ecosystem**: Nengke has developed a comprehensive suite of AI products, including intelligent assistants and industrial software, covering over twenty industrial scenarios [14][17][19] 3. **Strategic Partnerships**: The company collaborates closely with Huawei to develop cloud-based solutions, enhancing its market presence and product offerings [18][19] Other Important but Possibly Overlooked Content 1. **Regulatory Environment**: The agricultural sector is facing strict capacity control measures, which may lead to the elimination of inefficient production capacities [6][19] 2. **Technological Advancements**: Companies are leveraging advancements in technology, such as AI and silicon photonics, to optimize production and reduce costs [11][12][17][19] 3. **Market Dynamics**: The interplay between government policies, market demand, and technological innovation is shaping the future landscape of these industries [6][12][19]