Group 1 - The core viewpoint is that the computing power industry is in a high prosperity cycle, driven by the rapid growth of demand due to continuous innovation in AI models [1] - Major companies like Google and NVIDIA have reported earnings that exceeded expectations, indicating a positive feedback loop between model innovation and computing power construction [1] - North American giants are increasing capital expenditures significantly, with Meta raising its forecast for capital spending from $66-72 billion to $70-72 billion, Google from $85 billion to $91-93 billion, and Amazon's expected capital expenditure around $125 billion for the year [1] Group 2 - Leading optical module manufacturers are expanding production capacity both domestically and internationally to meet explosive demand for computing power [2] - Companies like NewEase and Zhongji Xuchuang are establishing production bases in Thailand to optimize cost structures and mitigate geopolitical risks, with significant expansions planned for 2025-2026 [2] - Financial data supports the intensity of capacity expansion, with Zhongji Xuchuang reporting a 1765.7% increase in construction projects compared to the beginning of the year [2] Group 3 - A new round of concentrated capacity release is expected in Q1 2026, which will open up growth opportunities for the industry [3] - The optical module industry is facing supply bottlenecks due to rapidly growing demand, prompting leading manufacturers to adopt a dual-line expansion strategy in mainland China and Thailand [3] - The industry is transitioning from "capacity release" to "performance climb," with expectations of steady performance growth as production scales up and processes mature [3] Group 4 - Companies to watch in the computing power sector include leading optical module firms like Zhongji Xuchuang and NewEase, as well as other key players in the optical device market [4] - The focus is also on domestic computing power supply chains, including liquid cooling segments and edge computing platforms [5]

Investment Rating - The report maintains a "Buy" rating for the optical module industry, specifically recommending companies like Zhongji Xuchuang and Xinyi Sheng [5][13]. Core Views - The optical module industry is entering a high prosperity cycle driven by the explosive demand for AI computing power, with supply becoming the core issue. Major manufacturers are accelerating capacity expansion in both mainland China and Thailand, with a significant capacity release expected in Q1 2026, leading to a new growth phase for performance [1][3][4][22]. Summary by Sections Investment Strategy - The report emphasizes the importance of the optical module sector and suggests focusing on companies involved in computing power, particularly in optical communication, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [10][16]. Market Review - The communication sector has seen an increase, with optical communication performing particularly well, as indicated by various indices showing significant growth rates [18][21]. Supply and Demand Dynamics - The report highlights a supply gap in the optical module industry due to rapidly growing computing power demands, with structural shortages in upstream optical chips and slow capacity ramp-up being critical constraints [26][24]. Financial Data and Capacity Expansion - Financial data supports the intensity of capacity expansion, with Zhongji Xuchuang reporting a 1765.7% increase in construction projects compared to the beginning of the year, indicating strong order demand and confidence in long-term industry prosperity [3][24][25]. Future Outlook - The report anticipates a gradual process from "capacity release" to "performance realization," with initial challenges in yield improvement and cost control, but expects scale effects to drive steady performance growth as production scales up [9][25].

Investment Rating - The report maintains a "Buy" rating for the company [2][6][11] Core Views - The company is experiencing short-term growth constraints due to material shortages, but there is optimism for future growth as the optical engine products ramp up production [1][8] - The company has strong downstream demand for its optical components, particularly the 1.6T optical engine, which positions it well to benefit from increasing market needs [8] - The Thailand factory project is progressing steadily, with capacity expansion expected to support future growth [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 39.18 billion yuan, a year-on-year increase of 63.63%, and a net profit of 14.65 billion yuan, up 50.07% year-on-year [8] - The company forecasts significant revenue growth, with projected revenues of 3.25 billion yuan in 2024, 5.58 billion yuan in 2025, and 7.93 billion yuan in 2026, reflecting growth rates of 68% and 72% respectively [6][10] - The earnings per share (EPS) are expected to rise from 2.43 yuan in 2024 to 5.01 yuan by 2027, indicating strong profitability growth [6][10] Market Position and Strategy - The company is a core supplier of the 1.6T optical engine, benefiting from robust demand from major clients, including North American cloud providers [8] - The company is investing in research and development for new products, including the 1.6T silicon photonic engine and CPO scenarios, which opens up long-term growth opportunities [8] - The report emphasizes the company's leading position in the optical components sector and its potential for significant performance recovery once material supply issues are resolved [8]

Market Overview - The Shanghai Composite Index rose by 0.34% on November 28, with 29 out of 31 sectors experiencing gains, led by the steel and agriculture sectors, both up by 1.59% [1] - The telecommunications sector saw a modest increase of 0.12%, while the banking and coal sectors faced declines of 0.83% and 0.14%, respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets reached 10.84 billion yuan, with 19 sectors experiencing net inflows [1] - The electronics sector led the net inflow with 3.423 billion yuan and a daily increase of 1.30%, followed by the non-ferrous metals sector, which saw a net inflow of 3.051 billion yuan and a daily increase of 1.44% [1] Telecommunications Sector Performance - In the telecommunications sector, there were 124 stocks, with 86 rising and 36 falling; 2 stocks hit the daily limit up [2] - The top net inflow stocks included Xinyi Technology with 627 million yuan, Tianfu Communication with 433 million yuan, and Changxin Bochuang with 355 million yuan [2] - The sector experienced a net outflow of 1.311 billion yuan, with the largest outflows from Zhongji Xuchuang (799 million yuan), ZTE Corporation (695 million yuan), and Yongding Co. (276 million yuan) [2][4] Top Gainers in Telecommunications - Notable gainers in the telecommunications sector included: - Xinyi Technology: +2.05%, turnover rate 4.68%, net inflow 626.81 million yuan - Tianfu Communication: +1.88%, turnover rate 4.71%, net inflow 432.73 million yuan - Changxin Bochuang: +7.22%, turnover rate 18.54%, net inflow 354.54 million yuan [2] Top Losers in Telecommunications - Major losers in the telecommunications sector included: - Zhongji Xuchuang: -1.81%, turnover rate 2.94%, net outflow 796.74 million yuan - ZTE Corporation: -0.50%, turnover rate 3.48%, net outflow 695.40 million yuan - Yongding Co.: -1.26%, turnover rate 12.93%, net outflow 275.75 million yuan [4]

Core Insights - The communication equipment sector experienced a slight decline of 0.1% on November 28, with Dekoli leading the drop [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Notable gainers in the communication equipment sector included: - Tongyu Communication (002792) with a closing price of 23.78, up 9.99% on a trading volume of 73,200 shares and a transaction value of 174 million [1] - Changxin Bochuang (300548) closed at 126.30, up 7.22% with a trading volume of 498,400 shares and a transaction value of 6.203 billion [1] - Meilixin (301307) closed at 38.13, up 6.33% with a transaction value of 544 million [1] - Conversely, Dekoli (688205) saw a significant decline of 8.69%, closing at 122.35 with a trading volume of 269,400 shares [2] - Other notable decliners included: - Shida Group (600734) down 8.30% to 5.08 [2] - Wanlong Optoelectronics (300710) down 6.80% to 26.59 [2] Capital Flow - The communication equipment sector saw a net outflow of 1.862 billion from institutional investors, while retail investors contributed a net inflow of 1.938 billion [2][3] - The capital flow for specific stocks indicated: - Xinyi Sheng (300502) had a net inflow of 632.2 million from institutional investors, while retail investors had a net outflow of 328 million [3] - Changxin Bochuang (300548) experienced a net inflow of 339 million from institutional investors, with a net outflow of 165 million from retail investors [3] - Guodun Quantum (688027) had a net inflow of 67.76 million from institutional investors, while retail investors had a net outflow of 1.4514 million [3]

Core Viewpoint - Tianfu Communication (300394.SZ) has achieved mass production capabilities for 800G and 1.6T high-speed optical engines and plans to leverage existing technological advantages to expand its customer base [1] Group 1: Product Development and Delivery - The company has commenced normal delivery of its 1.6T optical engine products and will continue to invest in R&D to enhance product performance and control costs [1] - The value increase of 1.6T supporting products primarily depends on the specific technological solutions and product structures employed [1] - Overall, speed upgrades are expected to lead to a positive increase in value, although the specific ratio will depend on product configurations [1] Group 2: Production Capacity Expansion - The company's Thailand production base is being developed in two phases, with the first phase expected to be operational by mid-2024 and currently increasing capacity based on customer demand [1] - The second phase of the project commenced this year, with expectations for various product lines at the Thailand production base to gradually increase capacity by 2026 [1]

天孚通信发布投资者关系活动记录表公告称，公司目前已具备800G及1.6T高速光引擎的量产能力，未 来将依托现有技术优势，持续拓展新客户。公司1.6T光引擎产品已在正常交付，公司将持续投入研发， 推动产品性能优化与成本控制。 ...

Company Overview - Tianfu Communication (SZ 300394) announced an investor meeting scheduled for November 27, 2025, from 13:30 to 16:30, where the company’s board secretary and deputy general manager, Chen Kairong, along with securities department staff, will address investor inquiries [1] - As of the report, Tianfu Communication has a market capitalization of 120.6 billion yuan [1] Financial Performance - For the first half of 2025, Tianfu Communication's revenue composition shows that optical communication components accounted for 98.91% of total revenue, while other businesses contributed 1.09% [1]

Core Insights - The A-share market showed a significant decrease in trading volume, with the ChiNext index briefly rising over 2% before closing in the red, indicating a volatile trading environment [1] - The light module CPO sector experienced a rebound followed by selling pressure, with leading stocks like Zhongji Xuchuang hitting new highs before retreating [1] - The long-term investment logic for the light module CPO industry remains clear, driven by global demand for computing power and technological advancements [3] Demand Side - The global competition for computing power is driving demand, with capital expenditures from major overseas cloud companies projected to reach $363.3 billion by 2025, a 63% year-on-year increase [3] - The introduction of Google's TPU to challenge Nvidia's GPU is expected to further stimulate the market, with expectations for increased production of 800G and 1.6T light modules by 2026 [3] Supply Side - Accelerated technological iterations are expected to alleviate supply constraints, with leading light module manufacturers actively expanding global production capacity [3] - The shortage of optical devices is improving, leading to anticipated growth in performance for light module manufacturers [3] Pricing Dynamics - The light module industry is experiencing a "volume increase and price improvement" scenario, with the price of 1.6T light modules rising from approximately $1,200 to over $2,000 [3] - Demand for 800G and lower products remains strong, with a noticeable slowdown in price declines, indicating a stabilization trend [3] Investment Opportunities - Institutions continue to favor investment opportunities in the AI computing power industry chain, with a focus on the first AI-themed ETF tracking the ChiNext index [4] - The ETF has over 70% of its portfolio allocated to computing power and more than 20% to AI applications, positioning it to effectively capture trends in the AI sector [4]

证券代码：300394 证券简称：天孚通信 苏州天孚光通信股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 现场参观 □ 其他（线上通讯会） 参 与 单 位 名 称 （ 排 名 不 分 先 后） 广发证券、东吴证券、中金财富、华泰证券、华安基金及参与 "创业板系列 ETF 中国行：走进创业板 50 成分股公司一天孚通 信" 的投资者 时间 2025 年 11 月 27 日 13:30-16:30 地点 苏州高新区长江路 695 号 上市公司接待人 员姓名 董事会秘书兼副总经理 陈凯荣 证券部工作人员 投资者关系活动 主要内容介绍 一、参观公司展厅及介绍公司情况 二、投资者交流提问 1.公司光引擎产品未来的市场拓展机会如何？ 答：公司目前已具备 800G 及 1.6T 高速光引擎的量产能力，未 来将依托现有技术优势，持续拓展新客户，把握市场增长机遇。 2. 公司物料供应是否稳定？ 答：目前行业总体需求增长较快，部分物料出现阶段性提产瓶 颈，公司与供应商积极沟通协调，努力提升交付，保障客户 ...