天孚通信 20250826 摘要 天孚通信 2025 年上半年营收同比增长 37%，达亿元级别，其中二季度 营收环比增长近 60%，归母净利润环比增长 66%，显示出强劲的增长 势头，主要受益于 1.6T 产品市场占比提升和新客户导入。 公司 2025 年上半年毛利率为 50.8%，净利率为 36.62%，加权平均净 资产收益率为 20.13%。尽管有源产品毛利率因 1.6T 产品处于爬坡阶 段略有下降，但整体盈利能力依然稳健。 天孚通信持续优化生产管理系统，存货周转率有所提升，应收账款周转 率保持稳定，并通过战略备货等措施有效控制存货，提升了整体营运能 力。 公司有源业务收入同比增长超过 90%，主要得益于数据中心领域需求的 强劲拉动和 1.6T 光模块的逐步量产，同时也在不断扩展市场份额。 公司在苏州、江西和泰国三地进行布局，稳健扩张产能，专注于 CPO 项 目的研发和迭代，目前处于小批量验证阶段，并持续改进以提高性价比。 为确保 1.6T 核心器件如激光器的物料供应，公司采取引入二供等措施， 保障供应链安全与连续性，以支持新产品顺利上量，应对交付压力。 公司在 CPU 领域不断拓展新产品，如 ERS 外 ...

业务问答环节要点有源业务增长与新客户导入：2025年上半年有源业务增长源于高速率有源产品，且不 同产品处于不同阶段。关于新客户导入，公司未明确透露。高速率产品供需展望：下一阶段高速率产品 需求仍旺盛，公司将协调物料供给与产能增加，保障客户交付。泰国工厂产能建设：泰国工厂产能建设 稳步推进，一期厂房已投产，二期处于研发试样及客户验证阶段，预计明年大规模量产有源与无源产 品。毛利率下降原因：产品结构变化致毛利率下降，有源产品收入占比提升影响整体毛利率。CPO相 关配套产品进展：公司较早布局CPO配套产品，相关技术持续迭代，按不同客户要求稳步推进项目。下 一代速率产品研发：公司保持高强度研发投入，配合客户研发最新产品。关税政策影响：2025年上半年 北美洲地区关税占销售收入比例为1.13%，关税政策对销售业务影响可控。人员扩张情况：为满足交付 需求，公司人员规模增加，同时通过自动化替代提升效率，控制人员规模增长。产品价值量变动：产品 价值量取决于客户设计方案，不同客户在不同场景应用产品设计存在差异，影响产品价值量。关键物料 供应商导入：公司将根据客户要求和建议，在保证质量前提下，合理安排新供应商导入工作。光无源产 ...

周二（8月26日），市场缩量调整，创业板人工智能冲高回落小幅收跌，但算力方向仍局部火热。其 中，受业绩驱动，光模块龙头天孚通信逆市大涨超11%，股价再创历史新高，年内累计涨超123%强势 翻倍！联特科技、润和软件、中科创达、长芯博创、北京君正等多股涨超2%。下跌方面，协创数据、 太辰光、东土科技领跌超5%。 热门ETF方面，同标的指数规模最大、流动性突出的创业板人工智能ETF（159363）早盘冲涨逾1%续刷 上市高点，午后随市回落场内收跌1.13%，但仍居五日线上方。全天成交额达7.18亿元，交投维持活 跃。资金继续进场抢筹，全天净申购达2.84亿份，此前十日已有超7.7亿元资金增持！ 消息面上，8月26日，天孚通信发布2025年半年度报告。报告期内，公司实现营业收入24.56亿元，同比 增长57.84%；归属于上市公司股东的净利润8.99亿元，同比增长37.46%。报告期内，人工智能行业加速 发展，全球数据中心建设带动了高速光器件产品需求的持续稳定增长，进而带动公司有源和无源产品线 营收增长。 复盘中长期行情看，以光模块为核心的算力硬件频繁走高，光模块含量超41%的创业板人工智能持续领 跑本轮AI行情。统 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84% [5] - In Q2 2025, operating revenue reached 1.511 billion yuan, with a quarter-on-quarter growth of 59.98% [5] - The net profit attributable to shareholders was 899 million yuan, up 37.46% year-on-year [5] - In Q2 2025, net profit attributable to shareholders was 562 million yuan, reflecting a quarter-on-quarter increase of 66.34% [5] Market Trends and Demand - The rapid development of the artificial intelligence industry and the global data center construction have driven stable growth in demand for high-speed optical device products [5] - The company is actively expanding its customer base, with new product deliveries at different stages for various clients [6] Production and Capacity - The Thai factory's capacity construction is progressing steadily, with the first phase already in production and the second phase in the R&D and customer validation stage [6] - The company anticipates large-scale production at the Thai facility to commence next year [6] Profitability and Margins - The decline in gross margin in the first half of 2025 is attributed to changes in product structure, with an increased revenue share from active products [6] - The North American sales revenue was approximately 27.69 million yuan, accounting for 1.13% of total sales revenue in the first half of 2025, with limited impact from tariff policies [7] Product Development and Innovation - The company maintains high R&D investment to support the development of next-generation high-speed products [6] - The value of the company's products is primarily determined by customer design schemes, which vary across different applications [7] Operational Adjustments - The company is increasing its workforce to meet customer delivery needs while also focusing on automation to enhance efficiency [7] - Plans for capacity expansion of passive optical products are driven by customer orders and forecasts [7]

天孚通信（300394.SZ）2025 年半年报点评 AI 需求驱动，Q2 业绩同环比高增 2025 年 08 月 26 日 ➢ 事件：8 月 25 日，公司发布 2025 年半年报，上半年实现营收 24.56 亿元， 同比增长 57.8%，实现归母净利润 8.99 亿元，同比增长 37.5%，实现扣非归母 净利润 8.67 亿元，同比增长 35.3%。Q2 单季度来看，实现营收 15.11 亿元，同 比增长 83.3%，环比增长 60.0%，实现归母净利润 5.61 亿元，同比增长 49.6%， 环比增长 66.3%，实现扣非归母净利润 5.35 亿元，同比增长 43.9%，环比增长 61.1%。 ➢ AI 需求驱动，光有源器件业务增速显著，助力公司业绩高增：公司上半年业 绩高增，营收和归母净利润分别实现同比 57.8%和 37.5%的高增长，其中，下游 电信侧市场需求平稳，AI 驱动高速光器件产品需求持续增长，助力公司业绩高 增。按产品拆分来看，1）光无源器件：上半年实现营收 8.63 亿元，同比增长 23.8%，毛利率为 63.57%，同比下降 5.37pct；2）光有源器件：上半年实现营 收 15.6 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Views - The company's Q2 performance exceeded expectations, driven by the ramp-up of its 1.6T optical engine products and effective cost management [7][10]. - The company is expected to benefit from the ongoing demand in the AI computing sector, particularly in the 800G optical communication industry [10][11]. - The report projects significant revenue growth, with a forecasted revenue of RMB 5.736 billion in 2025, representing a 76.41% increase year-on-year [6][11]. Financial Summary - The target price is set at RMB 164.16, with the closing price as of August 25 at RMB 129.35 [3][11]. - The company's market capitalization is RMB 100.559 billion, with an average daily trading volume of RMB 2.508 million over the past six months [3]. - For the first half of 2025, the company reported revenue of RMB 2.456 billion, a 58% increase year-on-year, and a net profit of RMB 899 million, a 37% increase year-on-year [7][8]. - The company’s gross margin for the first half of 2025 was 50.79%, a decrease of 6.98 percentage points year-on-year, attributed to changes in revenue structure [9]. Growth Projections - Revenue is projected to grow to RMB 8.710 billion by 2027, with a compound annual growth rate (CAGR) of 17.84% from 2025 to 2027 [6][11]. - The net profit attributable to the parent company is expected to reach RMB 3.601 billion by 2027, reflecting a CAGR of 18.42% [6][11]. - The report highlights the company's strong position in the CPO field and anticipates continued growth driven by the demand for 1.6T related products [10][11].

Core Viewpoint - Tianfu Communication reported strong financial performance for the first half of 2025, with significant revenue and profit growth driven by robust demand in the AI and data center sectors [1][2][3]. Financial Performance - The company achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84% [1]. - Net profit attributable to shareholders reached 899 million yuan, reflecting a year-on-year growth of 37.46% [1]. - A cash dividend of 5 yuan per 10 shares was proposed, totaling 389 million yuan, indicating strong cash reserves and confidence in future profitability [1]. Industry Demand - Tianfu Communication is a leading provider of optical device solutions, with products widely used in AI, data centers, optical communication, and optical sensing [2]. - The global AI industry is accelerating, and data center construction is ongoing, leading to stable growth in demand for high-speed optical devices [2]. - The production and sales of optical communication components expanded, with a production volume of 210 million units, an increase of 38.38% year-on-year [2]. Product Performance - Revenue from passive optical devices reached 863 million yuan, up 23.79% year-on-year, with a gross margin of 63.57% [2]. - Active optical devices saw revenue of 1.566 billion yuan, a remarkable increase of 90.95% year-on-year, driven by new product launches [2]. R&D Investment - R&D investment amounted to 126 million yuan, a year-on-year increase of 11.97%, focusing on five core projects aligned with industry trends [4]. - The company is enhancing its global strategy with operational bases in Singapore, the U.S., and Thailand to improve local responsiveness and reduce costs [4]. Future Outlook - The demand for AI computing power is expected to drive upgrades in data center optical modules to 1.6T and above, benefiting Tianfu Communication [5]. - The company aims to optimize production capacity in Thailand, deepen technology development related to silicon photonics and CPO, and explore new fields like lidar and biophotonics [6]. - Overall, the combination of industry demand, R&D investment, and global expansion is expected to support long-term growth for the company [6].

Group 1: Market Performance - AI computing power stocks showed mixed performance, with leading stocks like Cambricon, Shenghong Technology, and Industrial Fulian adjusting, while Tianfu Communication surged and Cambridge Technology hit the daily limit [1] - Huawei concept stocks were active, with Tuo Wei Information's stock hitting the daily limit just 6 minutes after market open, achieving a trading volume of 4.956 billion yuan [1][2] - By midday, the semiconductor, consumer electronics, and internet finance sectors rallied, pushing the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.73%, and the ChiNext Index up by 0.21% [1] Group 2: Company Earnings Reports - Tuo Wei Information reported a revenue of 1.306 billion yuan for the first half of the year, a year-on-year decrease of 24.42%, but a net profit of 78.81 million yuan, a significant increase of 2262.83% [2] - Tianfu Communication's revenue reached 2.456 billion yuan, a year-on-year increase of 57.84%, with a net profit of 899 million yuan, up 37.46% [3] - Huafeng Technology's revenue was 1.105 billion yuan, a year-on-year increase of 128.26%, surpassing the previous year's total revenue, with a net profit of 151 million yuan compared to a loss of 17.93 million yuan in the same period last year [4] Group 3: Gaming Industry Developments - The gaming sector saw significant gains, with multiple leading stocks experiencing price increases [5] - The National Press and Publication Administration approved 166 domestic games and 7 imported games in August, indicating a positive regulatory environment for the gaming industry [8] - Policies supporting the gaming industry's international expansion have been introduced, including measures from Guangdong and Zhejiang provinces aimed at enhancing global competitiveness and promoting original games [8] Group 4: Future Outlook - Analysts suggest that the gaming sector is driven by policy support, industry recovery, and accelerated AI implementation, which are expected to enhance performance in the short term [9] - The domestic gaming market is projected to reach new highs in scale and user data by the first half of 2025, with AI applications expected to reshape development and operational processes [9]

2025年8月26日早盘A股三大股指涨跌不一，沪指跌0.28%，深成指涨0.08%，创业板指跌0.45%。创 业板新能源 ETF 华夏（159368）小幅回调，下跌0.43%，持仓股天孚通信强势领涨，涨幅超15%。 创业板新能源ETF华夏（159368）是全市场首只上市跟踪创业板新能源指数的ETF基金，该指数主 要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域，弹性大、成长性强，行业结构与反 内卷政策高度契合。此外，创业板新能源ETF华夏（159368）管理费率为0.15%，托管费率为0.05%，合 计仅为0.2%，同类产品费率最低档，助力大家"一键上车"快速把握投资机遇。如果看好未来新能源发展 投资机遇，建议持续关注。 每日经济新闻 （责任编辑：董萍萍 ） 【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，光伏组件厂商出现业绩改善信号。截至8月22日，包括隆基绿能、通威股份、天合光能 ...

Core Viewpoint - The market is experiencing a correction, particularly in the technology growth sector, with the Double Innovation Leader ETF (588330) showing a decline of 1.15% and a trading volume exceeding 620 million yuan, indicating active trading interest in the sector [1] Group 1: Market Performance - The Double Innovation Leader ETF (588330) attracted 26.15 million yuan in investments on August 25, reflecting positive sentiment towards the sector's future [1] - Key stocks within the ETF saw significant movements, with Haiguang Information and Sunshine Power both dropping over 5%, while Tianfu Communication surged over 13% [1] Group 2: Company Performance - Tianfu Communication reported a revenue of 2.456 billion yuan for the first half of 2025, marking a year-on-year growth of 57.84%, and a net profit of 899 million yuan, up 37.46% year-on-year [3] - The growth in Tianfu Communication's revenue is attributed to the accelerated development of the artificial intelligence industry and the ongoing demand for high-speed optical device products driven by global data center construction [3] Group 3: Industry Trends - Analysts suggest that China is undergoing a transformation towards new and old driving forces, with technology innovation and high-end manufacturing being encouraged by policy, particularly in emerging industries like AI and innovative pharmaceuticals [4] - The demand for AI computing power is expected to see explosive growth, with projections indicating a more than 40% increase in global intelligent computing scale by 2025, which will drive hardware demand such as servers and optical modules [3][4] Group 4: Investment Opportunities - The Double Innovation Leader ETF (588330) is characterized by cross-market diversification, focusing entirely on strategic emerging industries, including new energy, semiconductors, and medical devices [4] - The ETF offers a lower investment threshold compared to direct investments in individual stocks on the Sci-Tech Innovation Board and the Growth Enterprise Market, allowing investors to start with less than 100 yuan [4]