4月24日，A股市场风格分化，昨日表现强势的光模块、光通信、AI算力板块蓄力回调，截至10：47， 创业板人工智能ETF华夏（159381）跌超2%，持仓股中，润泽科技、富瀚微、景嘉微、首都在线等领 跌。 资料显示，创业板人工智能ETF华夏（159381）跟踪创业板人工智能指数，费率在同类标的中位居最低 一档。指数选取创业板上市的AI主业公司，实现AI产业硬件+软件+应用龙头全覆盖。行业分布上，该 指数在光模块、光芯片、IT服务等概念上的暴露度较高，前十大成分股股包含新易盛、中际旭创、天孚 通信三大光模块龙头，北京君正、全志科技两大芯片设计公司，以及软通动力、润泽科技、光环新网、 网宿科技、深信服等IDC、云计算龙头。 近日，光模块龙头企业相继发布2024年年报及2025年一季报，业绩同比高增，彰显AI算力高景气度。 新易盛：2024年公司实现营收86.47亿元，同比增加179.15%，实现归母净利润28.38亿元，同比增长 312.26%，2025Q1公司实现营收40.52亿元，同比增长264.13%，环比增长15.24%，实现归母净利润15.73 亿元，同比增长384.54%，环比增长31.95%。 中际 ...

Mergers and Acquisitions - Shanghai Yashi plans to acquire 30% equity in Euro-Asia Company, which would result in holding 100% equity if successful [1] - Jizhong Energy intends to acquire 20.02% equity in Duanwang Coal Industry from Jianxin Investment for 898 million yuan, increasing its stake to 83.21% post-transaction [1] Share Buybacks and Increases - Jerry Holdings plans to repurchase shares worth 150 million to 250 million yuan, with a maximum price of 49 yuan per share [2] - Tongkun Holdings' shareholder, Leixin Industrial, intends to increase holdings by 250 million to 500 million yuan [2] External Investments and Daily Operations - Visionox plans to invest 5 billion yuan to establish a global new display industry innovation center project in Kunshan [3] - Siwei Map Technology has signed a strategic cooperation framework agreement with Volcano Engine [4] - Nandu Power plans to list on the Hong Kong Stock Exchange [5] Performance Changes - Tianfu Communication reported a net profit of 338 million yuan in Q1 2025, a year-on-year increase of 21.07% [6] - Yara International reported a net profit of 384 million yuan in Q1, a significant year-on-year increase of 374%, driven by increased sales and prices of potash [7] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan in Q1, marking a turnaround from losses, with increased production and sales of lithium compounds and derivatives [7] - Haitai Technology reported a net profit of 13.92 million yuan in Q1, a year-on-year increase of 5739%, attributed to revenue recognition from molds reaching acceptance status [7] - Lanke Technology's net profit for Q1 2025 was 525 million yuan, up 135.14% year-on-year, benefiting from AI industry trends driving demand for DDR5 memory interface chips and high-performance computing chips [7] - Shanghai Yashi reported a net profit of 9.75 million yuan in Q1 2025, a year-on-year increase of 129.78% [7] - Beiyuan Group's net profit for Q1 was 50 million yuan, a year-on-year increase of 442%, due to rising prices of caustic soda and declining procurement prices of key raw materials [7] - Desay SV reported a net profit of 582 million yuan in Q1, a year-on-year increase of 51.32% [8] - Quectel Wireless Solutions reported a net profit of 588 million yuan in 2024, a year-on-year increase of 548.49% [8] - Aucma corrected its annual performance forecast for 2024, expecting a net loss of 45 million to 50 million yuan [9]

当悲观预期充分定价，而产业趋势仍在向上时，光模块行业的"黄金时代"或许并未终结。 2024年，光模块行业在AI算力狂潮的推动下迎来业绩爆发，但资本市场却给出了截然相反的回应。 数据显示，光模块"三剑客"——新易盛（300502）（300502.SZ）、中际旭创（300308） （300308.SZ）、天孚通信（300394）（300394.SZ）均交出了高速增长的财报：新易盛净利润同比飙升 312%，中际旭创营收突破238亿元，天孚通信净利增长84%。 二级市场却对此反应平平——自去年10月以来，三家公司股价一路震荡下行，股价较去年高点普遍回撤 超40%，基金持仓量更是在2025年一季度锐减。 业绩与股价的严重背离，折射出市场对行业周期拐点、地缘政治风险的双重焦虑。 面对变局，头部企业正积极寻求破局之道：加速海外产能布局、加码硅光技术研发等等。 根据数据，光模块"三剑客"2024年业绩整体维持高速增长，但内部呈现分化特征。 新易盛去年的营业收入达到86.47亿元，同比增长179.15%；归属于母公司股东的净利润28.38亿元，同 比增幅高达312.26%。 其业绩在三家企业中增长最为迅猛，主要得益于其在800 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥944,631,274.77, representing a year-over-year increase of 29.11% compared to ¥731,670,538.96 in the same period last year[5] - Net profit attributable to shareholders was ¥337,626,696.86, up 21.07% from ¥278,877,189.59 in the previous year[5] - The company’s diluted earnings per share for the quarter were ¥0.6078, reflecting a 20.69% increase from ¥0.5036 in the same period last year[5] - Total operating revenue for the current period reached ¥944,631,274.77, an increase of 29% compared to ¥731,670,538.96 in the previous period[22] - Net profit for the current period was ¥337,728,982.68, representing a 21% increase from ¥279,823,463.52 in the previous period[23] - Total comprehensive income for the period was CNY 336,730,428.47, an increase from CNY 273,450,258.65 in the previous period, representing a growth of approximately 23.2%[24] - Basic earnings per share increased to 0.6095 from 0.5044, reflecting a growth of about 20.8% year-over-year[24] Cash Flow and Investments - Operating cash flow net amount increased significantly by 115.12%, totaling ¥293,609,336.55 compared to ¥136,489,059.49 in the same period last year[5] - Net cash flow from operating activities was CNY 293,609,336.55, up from CNY 136,489,059.49, indicating a significant increase of approximately 115.5%[26] - Cash inflow from operating activities totaled CNY 998,007,867.49, compared to CNY 691,746,571.86 in the previous period, marking an increase of around 44.3%[25] - Cash outflow for investment activities was CNY 1,194,074,876.78, compared to CNY 207,516,388.30 in the previous period, resulting in a net cash flow from investment activities of -CNY 312,278,793.95[26] - The company received CNY 880,000,000.00 from the recovery of investments, significantly higher than CNY 435,000,000.00 in the previous period, representing an increase of about 102.6%[26] - The company reported cash and cash equivalents at the end of the period of CNY 1,959,766,473.92, down from CNY 2,236,437,155.12, a decrease of approximately 12.4%[26] - The company’s net increase in cash and cash equivalents was -CNY 18,721,670.43, contrasting with an increase of CNY 408,734,890.51 in the previous period[26] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,209,808,463.88, reflecting a 9.99% increase from ¥4,736,726,176.30 at the end of the previous year[5] - Current assets totaled ¥3,933,807,227.50, up from ¥3,524,465,817.83, indicating a growth of 12%[19] - Non-current assets increased to ¥1,276,001,236.38 from ¥1,212,260,358.47, reflecting a growth of 5%[19] - Total liabilities rose to ¥866,680,547.67, compared to ¥750,727,452.60, which is an increase of 15%[20] - The company's equity attributable to shareholders increased by 8.97%, reaching ¥4,336,539,969.87 compared to ¥3,979,564,829.64 at the end of the previous year[5] - The company's equity attributable to shareholders reached ¥4,336,539,969.87, up from ¥3,979,564,829.64, showing an increase of 9%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 85,487[13] - The largest shareholder, Suzhou Tianfu Renhe Investment Management Co., Ltd., holds 38.04% of shares, totaling 210,714,328 shares[13] - The second-largest shareholder, Zhu Guodong, holds 8.28% of shares, totaling 45,873,305 shares[13] - The top ten shareholders collectively hold significant stakes, with the largest three shareholders accounting for over 48% of total shares[13] - There are no changes in the number of restricted shares during the reporting period, remaining at 952,990 shares[16] - The company has no preferred shareholders or related changes in preferred stock holdings[15] Research and Development - Research and development expenses for the quarter were ¥6,149.66 million, an increase of 17.42% from ¥5,237.40 million in the same period last year[11] - Research and development expenses for the current period were ¥61,496,570.67, compared to ¥52,374,016.71 in the previous period, reflecting a 17% increase[23] Operational Insights - The company reported a significant increase in inventory, which rose by 55.49% to ¥54,440.77 million, primarily due to increased raw material stocking[10] - The company experienced a 36.27% increase in operating costs, totaling ¥44,355.11 million, driven by sales growth and product structure changes[11] - Total operating costs amounted to ¥548,186,661.59, up from ¥406,835,909.81, reflecting a 35% increase[22] - The company reported a significant increase in accounts receivable, totaling ¥766,183,649.80, compared to ¥776,325,360.10 at the beginning of the period[19] Strategic Developments - The company has not disclosed any new strategies or market expansions during this reporting period[17] - There are no new product developments or technological advancements mentioned in the conference call[17] - The company has not reported any mergers or acquisitions in the current financial period[17] - No significant changes in shareholder financing or margin lending activities were noted[14]

天孚通信（300394）公告，2025年第一季度营业收入9.45亿元，同比增长29.11%。净利润3.38亿元，同 比增长21.07%。 ...

Core Viewpoint - The rapid development of global data center construction has benefited Tianfu Communication, leading to significant growth in revenue and net profit in 2024 [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 3.252 billion yuan, a year-on-year increase of approximately 67.74%, and a net profit attributable to shareholders of over 1.344 billion yuan, up about 84.07% [2][4]. - The company has experienced continuous growth in revenue and net profit for seven consecutive years from 2018 to 2024, with net profit growth exceeding 80% for two consecutive years in 2023 and 2024 [1][4]. - Operating cash flow for 2024 was 1.263 billion yuan, reflecting a year-on-year increase of about 39.99% [4]. Business Operations - The company specializes in the research, mass production, and sales of high-speed optical devices, positioning itself as a leading provider of optical device solutions and advanced packaging services [1][6]. - In 2024, the production and sales volume of optical communication components reached 332 million and 209 million units, respectively, representing year-on-year growth of 14.27% and 15.18% [3]. R&D and Technological Advancements - The company has significantly increased its R&D investment from 77 million yuan in 2020 to 232 million yuan in 2024, focusing on advanced materials and optical technologies [6]. - Tianfu Communication has established R&D centers in Suzhou, Shenzhen, and Japan, gathering top talent to innovate in optical device design and development [6]. Competitive Advantages - The company boasts industry-leading mass production capabilities, producing over 100 million products annually for global customers [7]. - Financially, the company maintains a healthy balance sheet with a debt-to-asset ratio of only 15.85% and cash reserves of 1.978 billion yuan as of the end of 2024 [7]. Dividend Policy - Since its listing in 2015, the company has distributed a total of 1.783 billion yuan in cash dividends, with an average dividend payout ratio of 47.05% [7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 3.252 billion yuan in 2024, representing a year-on-year growth of 67.7%, and a net profit attributable to shareholders of 1.344 billion yuan, up 84.1% year-on-year [1][2]. - The significant growth in performance is primarily driven by the increasing demand for high-speed optical devices and modules, fueled by global data center construction [2][3]. - The company has made substantial investments in R&D, focusing on cutting-edge technologies such as silicon photonics, with R&D expenses increasing by 62.1% year-on-year to 232 million yuan in 2024 [3][4]. Revenue Breakdown - Revenue from passive optical devices reached 1.576 billion yuan in 2024, a 33.2% increase, accounting for 48.5% of total revenue. Revenue from active optical devices surged to 1.655 billion yuan, up 121.9%, making up 50.9% of total revenue [2]. - Domestic sales amounted to 778 million yuan, growing 124.8% year-on-year, while international sales reached 2.473 billion yuan, a 55.3% increase [2]. Profitability Metrics - The company's overall gross margin for 2024 was 57.22%, an increase of 2.91 percentage points year-on-year. The gross margin for passive optical devices was 68.41%, up 8.16 percentage points, while for active optical devices, it was 46.69%, an increase of 1.92 percentage points [3][4]. Future Projections - The company is projected to achieve net profits of 2.205 billion yuan, 2.927 billion yuan, and 3.726 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17x, 13x, and 10x [4][5].

Investment Rating - The investment rating for Tianfu Communication is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.252 billion yuan for 2024, an increase of 67.74% year-on-year, and a net profit attributable to shareholders of 1.344 billion yuan, up 84.07% year-on-year. The revenue for Q4 2024 was 857 million yuan, showing a year-on-year growth of 17.00% and a quarter-on-quarter growth of 2.18% [4][5] - The company benefits from the accelerating development of the artificial intelligence industry and the ongoing demand for high-speed optical devices driven by global data center construction. This has led to revenue growth across both active and passive product lines [4][5] - The company has increased its profit forecasts for 2025 and 2026 to 2.465 billion yuan and 3.355 billion yuan, respectively, and has introduced a new profit forecast for 2027 at 4.312 billion yuan. The current stock price corresponds to a PE ratio of 14.9/11.0/8.5 for 2025/2026/2027 [4][5] Financial Performance - In 2024, the company's gross profit margin reached 57.22%, an increase of 2.91 percentage points year-on-year, while the net profit margin was 41.30%, up 3.65 percentage points year-on-year. The sales expense ratio decreased to 0.71%, and the management expense ratio fell to 4.06% [4][5] - The company invested 232 million yuan in R&D in 2024, a year-on-year increase of 62.11%, with an R&D expense ratio of 7.14% [5] - Domestic revenue reached 778 million yuan, a year-on-year increase of 124.79%, while overseas revenue was 2.473 billion yuan, up 55.33% year-on-year [6] Valuation Metrics - The company's projected revenues for 2025, 2026, and 2027 are 6.186 billion yuan, 8.472 billion yuan, and 10.762 billion yuan, respectively, with year-on-year growth rates of 90.2%, 36.9%, and 27.0% [7][10] - The projected net profit for 2025, 2026, and 2027 is 2.465 billion yuan, 3.355 billion yuan, and 4.312 billion yuan, respectively, with year-on-year growth rates of 83.5%, 36.1%, and 28.5% [7][10] - The company's return on equity (ROE) is projected to be 38.2% in 2025, 34.2% in 2026, and 30.5% in 2027 [7][10]

天孚通信（300394.SZ） 业绩符合预期，积极布局前沿技术领域 2025 年 04 月 21 日 通信/通信设备 投资评级：买入（维持） | 日期 | 2025/4/18 | | --- | --- | | 当前股价(元) | 66.38 | | 一年最高最低(元) | 166.38/57.11 | | 总市值(亿元) | 367.73 | | 流通市值(亿元) | 366.92 | | 总股本(亿股) | 5.54 | | 流通股本(亿股) | 5.53 | | 近 3 个月换手率(%) | 246.16 | 告 股价走势图 jiangying@kysec.cn 证书编号：S0790523120003 业绩符合预期，受益于 AI 发展需求，维持"买入"评级 2025 年 4 月 20 日公司发布 2024 年年报，2024 年公司实现营收 32.52 亿元，同 比增加 67.74%，实现归母净利润 13.44 亿元，同比增长 84.07%，2024Q4 公司实 现营收 8.57 亿元，同比增长 17.00%，环比增长 2.18%，实现归母净利润 3.67 亿 元，同比增长 26.23%，环比增长 13. ...

重要的消息有哪些 央行将于周一公布4月1/5年期贷款市场报价利率 中国央行将于周一公布4月1/5年期贷款市场报价利率(LPR)，截至目前，1年期LPR为3.1%，5年期以上 LPR为3.6%，均持平前值，为连续五个月维持不变。此外，4月25日，中国人民银行将发布4月中期借贷 便利(MLF)数据。白宫将成立工作组，紧急处理对中国加征关税危机 基金一季报密集亮相基金经理提升"含科量" 据央视新闻，当地时间4月18日，美国哥伦比亚广播公司报道称，多名消息人士透露，由于特朗普政府 对中国商品加征的畸高关税将导致供应链危机，特朗普政府内部已开始讨论组建一个工作组，以便在未 能与中国政府谈判取得突破的情况下紧急处理这些问题。 消息人士称，目前有关成立该小组的具体情况还未敲定任何细节，但工作组可能包括副总统万斯、财政 部长贝森特、商务部长卢特尼克、白宫国家经济委员会主任凯文.哈西特、白宫经济顾问委员会主席斯 蒂芬.米兰和美国贸易代表贾米森.格里尔。 美宣布对中国海事、物流和造船领域301调查的最终措施中国商务部：敦促美方尽早纠正错误做法 有记者问：4月17日，美国贸易代表办公室宣布对中国海事、物流和造船领域301调查的最终 ...