太辰光(300570)公司点评报告 2025 年 10 月 31 日 [Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 [Table_Title] 毛利率环比基本持平，未来受益 CPO 渗透 ——太辰光（300570）2025 年三季度报告点评 事件： [Table_Summary] 2025 年 10 月 27 日晚间，太辰光发布 2025 年三季度报告。2025 年前三季 度，公司实现营业收入 12.14 亿元，同比增长 32.58%；实现归母净利润 2.6 亿元，同比增长 78.55%。2025 年 Q3，公司实现营业收入 3.86 亿元，同比 降低 4.98%，环比降低 15.75%；实现归母净利润 0.87 亿元，同比增长 31.2%， 环比降低 7.46%。 点评： 产品矩阵丰富，CPO 相关器件市场地位领先 收入端，作为领先的光器件供应商，太辰光产品布局广泛，除了自有的 MT 插芯，其基于 CPO 架构的柔性板、ShuffleBox、FAU 等新结构亦处于领先 地位，未来将同步受益于光通信上游器件的需求扩张及 CPO 新架构的渗透 及占比提升。 盈利端，2025 年前三 ...

太辰光成立于2000年12月12日，于2016年12月06日在深圳证券交易所上市，注册地址和办公地址均为广东 省深圳市。该公司是全球最大的密集连接产品制造商之一，主营光器件研发、生产和销售，具备自研MT 插芯等技术优势。 太辰光主营业务为光器件的研发、生产和销售，所属申万行业为通信 - 通信设备 - 通信网络设备及器件， 涉及IDC概念（数据中心）、5G、光通信核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第十七，净利润第十二 太辰光控股股东和实际控制人均为张映华、张致民、张艺明、肖湘杰、蔡乐、蔡波。董事长张致民，1951 年生，中国国籍，无境外永久居留权，工商管理硕士。1984 - 1986年任职于中日（深圳）租赁有限公司， 1986 - 2000年先后在深圳市中发机械租赁等公司任职，2000年12月起就职于公司，现任董事长。其2024年 薪酬409.52万，2023年为250.71万，同比增加158.81万。总经理张艺明，1964年生，中国国籍，无境外永久 居留权，自动控制专业工学硕士。1989 - 1992年任深圳荣生企业工程师，后在多家公司任职，2000年12月 起就职于公司，现任董事、总经理 ...

10月30日，太辰光跌5.04%，截至发稿，报103.51元/股，成交9.06亿元，换手率4.47%，总市值235.10亿 元。 汇丰晋信科技先锋股票（540010）基金经理为陈平。 截至发稿，陈平累计任职时间10年101天，现任基金资产总规模5.79亿元，任职期间最佳基金回报 77.43%， 任职期间最差基金回报-29.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，深圳太辰光通信股份有限公司位于广东省深圳市坪山区坑梓街道秀新社区锦绣中路8号太辰 光通信科技园-101(1、2、3号楼)(一照多址企业)，成立日期2000年12月12日，上市日期2016年12月6 日，公司主营业务涉及光器件的研发、生产和销售。主营业务收入构成为：光器件产品98.02%，其他 1.81%，光传感产品0.17%。 从基金十大重仓股角度 数据显示，汇丰晋信基金旗下1只基金重仓太辰光。汇丰晋信科技先锋股票（540010）三季度增持7.22 万股，持有股数32 ...

Group 1 - The core viewpoint of the article highlights significant target price increases for certain companies, with Dazhu Laser, Qianjiang Motorcycle, and Lihigh Food leading the rankings with target price increases of 62.27%, 54.74%, and 54.33% respectively, indicating strong market confidence in these sectors [1] Group 2 - On October 29, brokerages lowered ratings for two companies: Huazhong Securities downgraded Jiayi Co., from "Buy" to "Hold," while Qunyi Securities (Hong Kong) downgraded Taicheng Light from "Buy" to "Range Trading," reflecting a cautious outlook on these firms [1]

Core Insights - The company, Shenzhen Taicheng Communication Co., Ltd. (referred to as "Taicheng"), reported strong growth in its Q3 2025 results, achieving record high revenue and net profit amid a complex market environment [1][2] - For the first three quarters of 2025, Taicheng's revenue reached 1.214 billion yuan, a year-on-year increase of 32.58%, while net profit was 260 million yuan, up 78.55% [1] - The company's gross margin stood at 38.05%, reflecting a year-on-year increase of 4.27 percentage points, indicating a strong competitive advantage [1] Financial Performance - Taicheng's net profit growth significantly outpaced revenue growth, with a non-recurring net profit of 245 million yuan, marking an 80.08% year-on-year increase [1] - The company's debt ratio was only 20.15%, and financial expenses decreased due to foreign exchange gains, enhancing its financial health [1] Market Position and Future Outlook - As a leading player in the optical device sector, Taicheng benefits from the expanding global demand for data centers and AI computing power [2] - The company focuses on high-value-added products, reducing costs through self-developed technology, and enhancing market share through stable customer partnerships [2] - With the high prosperity of the optical communication industry, Taicheng is expected to continue releasing growth potential through technological iterations and market deepening, creating long-term value for shareholders [2]

Core Viewpoint - The company reported strong growth in its optical dense connection business, with a significant increase in revenue and net profit for the first three quarters of 2025, driven by rising overseas MPO demand [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.214 billion yuan, a year-on-year increase of 32.58%, and a net profit attributable to shareholders of 260 million yuan, up 78.55% year-on-year [1][2]. - In Q3 2025, the company recorded revenue of 386 million yuan, a quarter-on-quarter decrease of 15.7% and a year-on-year decline of 5.0% [1]. - The net profit for Q3 2025 was 87 million yuan, reflecting a quarter-on-quarter decrease of 7.5% but a year-on-year increase of 31.2% [2]. Market Trends and Demand - The MPO industry is expected to benefit from a significant upward revision in overseas optical module demand for 2026, with the MPO business showing good elasticity due to its integrated advantages [2]. - There is a shift in demand from overseas end customers towards smaller MMC/MDC products or higher core count products, indicating a trend towards miniaturization [2]. - The company is positioned as one of the few integrated manufacturers capable of producing various connectors, which may enhance its capacity utilization and flexibility in domestic expansion [2]. Product Development and Innovation - The company is focusing on the large-scale application of optical flexible boards in data centers, collaborating with various manufacturers to develop Shuffle solutions [3]. - Recent developments in optical backplane technology, as presented at the ECOC 2025 exhibition, highlight the company's commitment to adapting to network architecture upgrades [3]. Investment Outlook - The MPO wiring solution is identified as a critical physical layer facility for data centers, with the company expected to maintain its leadership in optical dense connection products [4]. - Revenue projections for 2025, 2026, and 2027 are 1.81 billion yuan, 2.90 billion yuan, and 4.85 billion yuan, respectively, with net profits of 390 million yuan, 640 million yuan, and 1.22 billion yuan [4].

证券研究报告 | 公司点评报告 2025 年 10 月 28 日 太辰光（300570.SZ） 三季度业绩环比小幅下滑，MPO 及 Shuffle 增长空间广阔 TMT 及中小盘/通信 公司发布 2025 年三季度报告，随着海外 MPO 需求持续爆发，公司光密集连接 业务良好增长，前三季度实现营业收入 12.14 亿元，同比增长 32.58%；归母净 利润 2.60 亿元，同比增长 78.55%。随着 2026 年海外光模块需求持续显著上 修，与光模块用量强相关的 MPO 需求有望跟随高增，公司 Shuffle 柔性板持续 迭代，未来有望在 Scale-Out 乃至 Scale-Up 的光互连时代中取得独特优势。 强烈推荐（维持） 目标估值：NA 当前股价：111.65 元 基础数据 | 总股本（百万股） | 227 | | --- | --- | | 已上市流通股（百万股） | 192 | | 总市值（十亿元） | 25.4 | | 流通市值（十亿元） | 21.5 | | 每股净资产（MRQ） | 7.3 | | ROE（TTM） | 22.6 | | 资产负债率 | 20.1% | | 主要股东 | 华 ...

Group 1 - The core viewpoint of the news is that Tai Chen Guang (300570.SZ) has reported its Q3 2025 results, highlighting changes in institutional investor holdings [1] - As of October 27, 2025, a total of 12 institutional investors disclosed holdings in Tai Chen Guang A-shares, with a combined holding of 39.49 million shares, accounting for 17.39% of the total share capital [1] - The top ten institutional investors collectively hold 17.38% of the shares, with a decrease of 1.96 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings, accounting for 2.33% of the total, while one fund, the ChiNext 200 ETF, saw a slight decrease in holdings [2] - Four new public funds disclosed their holdings in this period, including funds focused on digital economy and mixed strategies [2] - One new social security fund, the National Social Security Fund 110 Combination, disclosed holdings in Tai Chen Guang [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 1.49%, while UBS AG was a new foreign institution that disclosed its holdings [2]

业绩简评 2025 年 10 月 27 日，公司发布 2025 年第三季度报告，2025 年第 1-3 季度公司实现营业收入 12.14 亿元，同比增长 32.58%；实现 归母净利润 2.60 亿元，同比增长 78.55%。对应 3Q25 营业收入 3.86 亿元，同比下降 4.98%，环比下降 15.75%；实现归母净利润 0.87 亿元，同比增加 31.20%，环比下降 7.46%。 经营分析 收入同环比下滑，我们认为主要受公司海外工厂产能爬坡节奏影 响：公司 3Q25 收入同环比均有下滑。从 3Q25 海关数据看，公司 所处的广东省 MPO 出口数据同比+61%，环比-11%，相较湖北（同比 +71%、环比+21%）、上海（同比+232%、环比+16%）、河南（同比+3461%、 环比+15%）等地的 MPO 出口增速较弱。考虑到其他省份的 MPO 海 关出口数据同环比的高增速，我们依旧看好 MPO 行业景气度。我 们认为公司 MPO 放量不及预期可能与越南工厂的产能爬坡节奏有 关，越南基地于 1Q25 正式投产，4Q 产能问题或有望得到缓解。 毛利率同环比微降，费用管控能力较好：从单季度毛利率看，3 ...

南财智讯10月28日电，太辰光公告，公司于2025年10月24日召开第五届董事会第十三次会议和第五届监 事会第十三次会议，审议通过了使用部分暂时闲置自有资金进行委托理财的议案。投资金额为合计不超 过4亿元的闲置自有资金，投资品种包括结构性存款、收益凭证、国债、央行票据、金融债、股票型基 金及银行和其他金融机构发行的稳健型理财产品。资金来源为公司及子公司暂时闲置自有资金，上述额 度可滚动使用，授权有效期自董事会审议通过之日起至2026年10月31日。 ...