Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - CPO technology integrates ASIC chips and optical engines on the same high-speed motherboard, reducing signal attenuation, system power consumption, and costs while achieving high integration, applicable in data centers, high-performance computing, AI, and virtual reality [2] - The CPO market is expected to grow rapidly, with Yole predicting a market size of $2.6 billion by 2033, driven by AI demand and requiring collaboration across the industry chain [2] - Major overseas companies are leading the CPO industry development, with significant advancements from Broadcom, Marvell, TSMC, and NVIDIA [2][3] Summary by Sections 1. CPO Technology and Development Trends - CPO technology addresses bandwidth and power challenges, with a 25%-30% reduction in total power consumption for 51.2T switches compared to traditional solutions [12] - CPO technology offers low power consumption, low latency, high bandwidth, improved system performance, and cost-effectiveness [15] - Silicon photonics is becoming the main path for CPO technology due to its high integration and compatibility with CMOS processes [18] 2. CPO Market Size and Major Drivers - The CPO market is projected to grow at a CAGR of 69% from $600,000 in 2022 to $287 million in 2033, while OIO is expected to grow at a CAGR of 81% from $500,000 to $2.3 billion [31] - Major players in the CPO market include Broadcom, Intel, NVIDIA, and Marvell, with significant contributions from laser manufacturers and silicon photonics foundries [35] 3. CPO Switch Internal Structure - CPO switches consist of key components such as ASIC chips, optical engines, external light sources, and flexible optical backplanes [63] - The optical engine is crucial for optical-electrical conversion, with various packaging methods impacting performance and integration [67] 4. Recommended Companies to Watch - Companies actively involved in CPO technology include: - Zhongji Xuchuang, focusing on high-end optical communication modules and CPO-related products [96] - Xinyi Sheng, leveraging silicon photonics technology for CPO applications [101] - Tianfu Communication, developing multiple projects related to CPO components [106] - Taichuang, specializing in optical communication devices and flexible boards [111] - Yuanjie Technology, providing CW light sources for CPO applications [116] - Shijia Photon, offering components for CPO packaging [121] - Guangxun Technology, launching CPO ELS light source modules [126] - Robotech, focusing on silicon photonics and CPO packaging equipment [131] - Ruijie Network, releasing CPO switches with significant market presence [136]

Investment Rating - Maintain "Buy" rating for the industry [5] Core Viewpoints - The upcoming OFC 2025 conference will showcase cutting-edge optical communication technologies, focusing on 1.6T optical modules, 200G optical chips, CPO, MPO, and LPO technologies [21][22] - The collaboration between AI and optical communication technologies is creating a feedback loop that drives comprehensive computing power upgrades, enhancing data rates, reliability, and operational efficiency [24][25] - The report emphasizes the importance of low-power optical modules in meeting the demands of AI computing clusters, with advancements leading to a reduction in power consumption by 20% for new products [21][22] Summary by Sections Investment Strategy - Focus on the optical communication sector, particularly on leading companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [7][13] - Recommendations include monitoring developments in AI infrastructure and optical modules [7][13] Market Review - The communication sector has experienced a decline, with the operator index performing relatively better than other segments [17][18] - Specific declines noted in various sub-sectors, with optical communication down by 3.5% [20] Technology Developments - CPO and MPO technologies are rapidly advancing, transitioning from theoretical solutions to scalable applications [22][23] - LPO products are undergoing continuous micro-innovations to meet the increasing demands of AI applications [22][23] Key Companies to Watch - Recommended companies include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others in the optical module and AI infrastructure space [7][8]

证券代码：300394 证券简称：天孚通信 公告编号：2025-002 苏州天孚光通信股份有限公司 关于持股 5%以上股东减持计划期限届满暨实施情况 的公告 股东朱国栋保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 苏州天孚光通信股份有限公司（以下简称"公司"或"天孚通信"）于 2024年12月27日在巨潮资讯网(http://www.cninfo.com.cn)披露了《关于持股5% 以上股东减持股份的预披露公告》（公告编号：2024-072），持有公司 49,324,505股（占公司总股本比例8.90%）的股东朱国栋先生因自身资金需求， 计划以集中竞价方式减持公司股份不超过4,000,000股（不超过公司总股本比例 0.73%），减持时间为减持计划公告之日起十五个交易日后的两个月内进行（即 2025年1月21日至2025年3月20日）。 近日，公司收到朱国栋先生出具的《关于减持股份计划实施完毕的告知 函》，朱国栋先生于2025年1月22日至2025年3月20日期间，共计减持所持有天 孚通信股份3,451 ...

Investment Rating - Maintain "Buy" rating for the industry [4] Core Viewpoints - The market has underestimated the explosive potential of innovative connection solutions in optical communication, particularly with the increasing demand for MPO and shuffle box in complex interconnections [1][21] - The transition from 400G to higher speeds like 800G and 1.6T in optical modules is becoming a consensus, creating new opportunities for passive connection devices [3][24] - The report emphasizes the importance of high-density, high-speed, and low-power solutions in the context of growing computing clusters, which will drive innovation in passive products [24] Summary by Sections Investment Strategy - Focus on the undervalued high-speed optical interconnect sector, recommending "Two Big and Four Small" companies: Tianfu Communication, Sanhuan Group, and smaller firms like Taicheng Light, Shijia Photon, Bochuang Technology, and Zhishang Technology [7][13][24] Market Review - The communication sector has seen an increase, with the blockchain segment performing the best [18][19] - The report notes significant stock movements, with Guomai Technology leading the sector with a 46.586% increase [20] Weekly Topic - The upcoming GTC and OFC events are expected to highlight new technologies in optical communication, with a focus on the demand for more compact and efficient solutions [1][21] Key Recommendations - The report suggests monitoring developments in optical modules and passive connection devices, as these areas are poised for growth due to technological advancements and market demand [24][26]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][38]. Core Insights - The launch of the AI agent platform Manus signifies a maturation of intelligent agent capabilities, with significant market interest and a rapid increase in computational token consumption [4][11]. - Manus is designed to integrate various capabilities, including planning, tool usage, and memory, which are essential for executing complex tasks and will lead to a substantial increase in computational demand [4][12]. - The report emphasizes that the domestic computational power sector is currently the largest investment theme, with recommendations to focus on companies benefiting from capital expenditures by CSPs and operators [5][13]. Summary by Sections Industry Investment Rating - The telecommunications industry is rated as "Outperform" with expectations of exceeding the benchmark index by over 10% [1][38]. Market Performance - The overall market saw an increase during the week of March 3 to March 9, 2025, with the Shenwan Communications Index rising by 2.81% and the STAR Market Index increasing by 2.67% [6][14]. Key Developments - The Manus AI platform has been released, showcasing advanced capabilities in handling various tasks, which has garnered significant attention in the market [4][11]. - The report highlights that the introduction of Manus will lead to a dramatic increase in the consumption of computational tokens, with a single task running cost estimated at approximately $2, significantly lower than previous models [4][12]. Investment Recommendations - The report suggests focusing on domestic computational power, particularly in sectors such as servers, switches, optical modules, and IDC infrastructure, which are expected to benefit from increased capital expenditures [5][13]. - It also recommends monitoring overseas computational sectors for innovations in NV technology and ASIC capital expenditures, especially with upcoming events like GTC2025 [5][14]. - Attention is drawn to edge AI applications, particularly in IoT modules and edge computing, as they align with privacy compliance requirements [5][14]. Notable Companies to Watch - Domestic computational power: Unisplendour, Ruijie Networks, Guangxun Technology, Huagong Technology, Guanghuan New Network, Aofei Data, Chaoxun Communication, Langwei Co [5][15]. - Overseas computational power: NewEase, Tianfu Communication, Zhongji Xuchuang, Taicheng Light, Guangku Technology, Dingtong Technology, Wolong Nuclear Materials [5][15]. - Edge AI: Guanghetong, Yiyuan Communication, Meige Intelligent, Yuntian Leifeng, Yinghantong, Tianzhun Technology, Heertai, Tuobang Co [5][15].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][6]. Core Insights - The government work report for 2025 emphasizes commercial aerospace as a leading emerging industry, shifting from "encouraging exploration" to "scale and standardized implementation," highlighting its core position in the national modernization industrial system [1][15]. - Manus, a Chinese startup, launched the world's first general-purpose AI agent, which can assist in various applications beyond stock analysis, marking a significant advancement in AI capabilities [2][12]. - The 2025 Mobile World Congress (MWC) showcased innovations in 5G-A technology from Huawei and ZTE, which are expected to accelerate technological progress and the adoption of AI terminals [3][32]. Summary by Sections Commercial Aerospace - The 2025 government work report prioritizes commercial aerospace, indicating a qualitative breakthrough in key technologies, market applications, and industrial ecology, which will inject new momentum into economic development [15][19]. - Various provinces, including Beijing, Shanghai, and Chongqing, are implementing special support policies for commercial aerospace, which is expected to enhance industrial cluster development [19][20]. AI Development - Manus's AI agent can perform tasks autonomously, utilizing a multi-agent architecture to simulate human workflows, and has achieved state-of-the-art performance in benchmark tests [2][10]. - The AI agent trend is becoming mainstream, with major tech companies accelerating their development, indicating a shift towards a more integrated AI application ecosystem [14][37]. 5G-A Innovations - Huawei's AI-Centric 5.5G solutions and ZTE's new 5G-A products were highlighted at MWC 2025, showcasing the integration of AI with 5G technology to enhance user experience and operational efficiency [23][24]. - The report notes that the communication sector index rose by 2.81%, outperforming the broader market, with specific sectors like military information technology and satellite internet showing strong performance [38][40]. Investment Recommendations - The report suggests focusing on companies benefiting from AI development, such as ZTE and Unisplendour, and highlights the high dividend potential of major telecom operators like China Mobile and China Telecom [43][44].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company is expected to achieve a net profit of 1.26 billion to 1.4 billion yuan in 2024, representing a year-on-year growth of 72% to 92%. The growth is primarily driven by the increasing demand for optical devices due to global data center construction [1]. - The company is positioned to benefit from the accelerated construction of AI-driven data centers (AIDC), which is expected to significantly increase the demand for optical devices [1]. - The company has a long-term strategic focus on the CPO (Co-Packaged Optics) sector, which is anticipated to bring marginal changes in the optical communication landscape. The company has developed advanced optical packaging capabilities and aims to become a key player in the CPO supply chain [2]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 3.54 billion, 5.69 billion, and 7.31 billion yuan, respectively, with corresponding net profits of 1.34 billion, 2.09 billion, and 2.67 billion yuan [3][5]. - The report indicates a significant increase in earnings per share (EPS), projected to be 2.42 yuan in 2024, 3.78 yuan in 2025, and 4.82 yuan in 2026 [5][10]. - The company’s net profit margin is expected to remain strong, with a projected net profit margin of 37.9% in 2024 [10].

公司连续7年荣获"中国光器件与辅助设备及原材料最具竞争力企业10强"、信息披露工作连续8年获深交 所最高考评等级A级。2024年公司获得证券时报评选的"创业板上市公司价值50强"、"中国上市公司投 资者关系天马奖"等奖项，同时通过了IATF16949汽车行业质量管理体系认证、责任商业联盟（RBA） 认证等，在市场拓展、生产管理、社会责任履行方面不断前行。 日前，天孚通信发布 2024 年年度业绩预告。数据显示，公司预计2024 年实现归属于上市公司股东的净 利润12.55 亿元-14.01亿元，同比增长72%-92%。2024年度公司预计净利润同比上升，主要得益于公司 持续的研发投入、自动化替代以及流程优化，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。 校对：苏焕文 天孚通信定位于光通信器件整体解决方案提供商和光电先进封装制造服务商，产品广泛应用于光通信、 激光雷达、生物光子学等领域。公司立足光通信领域，长期致力于各类中高速光器件产品的研发、生 产、销售和服务，为下游客户提供垂直整合一站式解决方案。 自上市以来，天孚通信长期保持高强度研发投入，深化公司研发设 ...

Financial Projections - The estimated net profit for 2024 is projected to be between RMB 1,255.39 million and RMB 1,401.37 million, representing a year-on-year growth of 72.00% to 92.00%[2] - The estimated net profit after deducting non-recurring gains and losses is projected to be between RMB 1,215.39 million and RMB 1,371.37 million, indicating a growth of 68.86% to 90.53% compared to the previous year[2] Factors Influencing Profit Growth - The increase in net profit is primarily attributed to ongoing R&D investments, automation replacements, and process optimizations, driven by the stable growth in demand for high-speed optical devices due to global data center construction[5] - Financial expenses are expected to decrease year-on-year due to interest income and foreign exchange gains, positively impacting net profit[5] Non-Recurring Gains and Losses - The estimated impact of non-recurring gains and losses on the net profit attributable to shareholders is approximately RMB 30 million to RMB 40 million, compared to RMB 10.13 million in the same period last year[7]

白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用粉丝会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究及法律责任的权利 各位投资人大家晚上好我是华语通讯分析师John Hale非常感谢大家今天晚上来收听我们的第一时间的最新的汇报今天的话顺便给大家讲一下当前我们对天文通信的观点天文通信的话在今天整个市场表现上来说是非常亮眼实现了这个20个点的股价的表现 整个AI的生态理念最核心的三家三家这个发展商公司一个是英伟达一个是博通还有一个是marvel那么这个跟过去的CPU的 从前期的股价走上来一直都是偏弱的 尤其是这个定期针对这个CPU这个新的剧毒方向催化密集的这么一个产业变化下我们一直重点跟大家强调就是啊天赋通信他作为当前这个光引擎啊包括啊光的无人器件这块的一个龙头公司啊他其实是呃在CPU的方向上面他是一个核心受益标的啊是核心受益标的啊那么今天的话呢总总算是看到呃市场这块有一个嗯比较明显的表现吧对那首先的话我觉得就把这个 把CPU近期的产业变化先给贵导汇报一下包括天福其实在上一轮的CPU的产业变化下他其实也是有股价的体现的那么CPU这块的话其实今 ...