证券代码：300570 证券简称：太辰光 公告编号：2025-034 深圳太辰光通信股份有限公司 关于与专业投资机构共同投资设立产业基金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、投资标的：国泰海通中际旭创科技股权投资基金（昆山）合伙企业（有限合伙） （具体名称以工商登记为准，以下简称"国泰海通产业基金"或"基金"） 2、投资金额：基金目标认缴出资总额为人民币 150,000 万元，其中深圳太辰光通 信股份有限公司（以下简称"公司"）作为有限合伙人以自有资金认缴出资人民币 15,000 万元。 3、风险提示：基金尚需处于筹划设立阶段，尚未完成工商登记、基金备案等，具 体实施情况和进度尚存在不确定性。基金在投资过程中可能受到宏观经济、行业周期、 监管政策、投资标的企业自身经营管理等多种因素影响，可能面临投资收益不及预期， 或不能及时有效退出等风险。 一、与专业投资机构合作投资概述 2025 年 9 月 25 日，公司召开第五届董事会第十二次会议和第五届监事会第十二 次会议，审议通过了《关于与专业投资机构共同投资设立产业基金的议案》。为 ...

证券代码：300570 证券简称：太辰光 公告编号：2025-032 深圳太辰光通信股份有限公司 第五届董事会第十二次会议决议公告 为满足公司整体发展需要，充分借助专业投资机构在投资领域的广泛布局 及资源整合能力，实现产业链协同及相关业务的投资，在不影响公司日常经营 和发展、有效控制投资风险的前提下，公司拟以自有资金 15,000 万元认购国泰 海通中际旭创科技股权投资基金（昆山）合伙企业（有限合伙）（具体名称以工 商登记为准）的出资份额，并成为该合伙企业的有限合伙人。根据《国泰海通中 际旭创科技股权投资基金（昆山）合伙企业（有限合伙）有限合伙协议》，本 次投资完成后，公司将持有合伙企业 10.00%的出资份额。 相关内容详见巨潮资讯网（http://www.cninfo.com.cn）。 表决结果： 9 票赞成： 0 票反对； 0 票弃权。 二、备查文件 1、公司第五届董事会第十二次会议决议 特此公告！ 深圳太辰光通信股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳太辰光通信股份有限公司（以下简称"公司"）于 2025 年 9 月 25 日 ...

Group 1 - The core point of the news is that Tai Chen Guang's stock price dropped by 5% to 108.28 CNY per share, with a trading volume of 1.207 billion CNY and a turnover rate of 5.68%, resulting in a total market capitalization of 24.593 billion CNY [1] - Tai Chen Guang Communication Co., Ltd. is based in Shenzhen, Guangdong, and was established on December 12, 2000, with its listing date on December 6, 2016. The company specializes in the research, production, and sales of optical devices [1] - The main revenue composition of the company includes optical device products at 98.02%, other products at 1.81%, and optical sensing products at 0.17% [1] Group 2 - From the perspective of major fund holdings, one fund under Huaxia Fund has a significant position in Tai Chen Guang. The Huaxia CSI Intelligent Selection 1000 Growth Innovation Strategy ETF (562520) held 4,800 shares in the second quarter, accounting for 1.06% of the fund's net value, ranking as the seventh-largest holding [2] - The Huaxia CSI Intelligent Selection 1000 Growth Innovation Strategy ETF (562520) was established on March 8, 2022, with a latest scale of 43.6988 million CNY. Year-to-date, it has achieved a return of 32.73%, ranking 1618 out of 4220 in its category; over the past year, it has returned 71.85%, ranking 1113 out of 3824; and since inception, it has returned 31.96% [2] - The fund manager of the Huaxia CSI Intelligent Selection 1000 Growth Innovation Strategy ETF is Zhang Jinzhi, who has been in the position for 116 days. The total asset size of the fund is 2.367 billion CNY, with the best return during his tenure being 58.04% and the worst being -3.12% [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][6]. Core Insights - The company is a leading global manufacturer of optical connection products, with a strong position in the passive optical device sector, particularly in MPO connectors, which are crucial for data center construction [6]. - The company's revenue for the first half of 2025 reached 828 million RMB, representing a year-on-year increase of 62.5%, while net profit grew by 118.0% to 173 million RMB [6]. - The demand for MPO connectors is expected to surge due to the growth of the CPO industry, with the company positioned to benefit significantly from this trend [6]. - The company has established a production base in Yunnan, which began operations in Q1 2025, and is expected to ramp up production capacity in the latter half of 2025 and into 2026 [6]. - The report forecasts net profits for 2025-2027 to be 477 million, 782 million, and 1.147 billion RMB, respectively, with corresponding year-on-year growth rates of 83%, 64%, and 47% [8]. Summary by Sections Company Overview - The company operates primarily in the communication industry, with a market capitalization of 21.791 billion RMB and a current stock price of 113.38 RMB [1]. Financial Performance - In the first half of 2025, the company achieved a gross margin of 38.94%, an increase of 7.11 percentage points year-on-year, driven by high-margin product demand and improved production capabilities [6]. - The report provides a detailed financial forecast, projecting significant revenue growth from 2.292 billion RMB in 2025 to 5.383 billion RMB by 2027 [10]. Market Position and Strategy - The company has a comprehensive production capability across the entire supply chain, including the development of key components such as ceramic inserts and MPO connectors, which enhances its competitive edge [6]. - The establishment of a production facility in Vietnam is aimed at meeting the increasing demand from overseas clients and mitigating trade risks, further supporting the company's growth trajectory [6].

Company Overview - Shenzhen Taicheng Light Communication Co., Ltd. is located in Pingshan District, Shenzhen, Guangdong Province, and was established on December 12, 2000. The company was listed on December 6, 2016. Its main business involves the research, production, and sales of optical devices, with revenue composition being 98.02% from optical device products, 1.81% from others, and 0.17% from optical sensing products [1]. Stock Performance - On September 23, the stock price of Taicheng Light fell by 2.03%, trading at 114.10 yuan per share, with a transaction volume of 1.01 billion yuan and a turnover rate of 4.45%. The total market capitalization is 25.915 billion yuan [1]. - Year-to-date, the stock price has increased by 58.69%, with a 0.62% rise over the last five trading days, a 4.12% decline over the last 20 days, and a 19.05% increase over the last 60 days [1]. Financial Performance - For the first half of 2025, Taicheng Light achieved operating revenue of 828 million yuan, representing a year-on-year growth of 62.49%. The net profit attributable to shareholders was 173 million yuan, with a year-on-year increase of 118.02% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders of Taicheng Light was 50,300, an increase of 10.13% from the previous period. The average number of circulating shares per person was 3,823, a decrease of 9.19% [2]. - The company has distributed a total of 827 million yuan in dividends since its A-share listing, with 408 million yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 7.8152 million shares, an increase of 1.354 million shares from the previous period. New institutional shareholders include the Fuhua Value Momentum Mixed A Fund and the Southern CSI 1000 ETF [3].

Core Viewpoint - The stock of Taicheng Light has shown significant performance, with a year-to-date increase of 64.87% and a recent market capitalization of 26.924 billion yuan [1][2]. Company Overview - Taicheng Light Communication Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on December 12, 2000. It was listed on December 6, 2016. The company specializes in the research, production, and sales of optical devices, with 98.02% of its revenue coming from optical device products [1][2]. Financial Performance - For the first half of 2025, Taicheng Light achieved operating revenue of 828 million yuan, representing a year-on-year growth of 62.49%. The net profit attributable to shareholders was 173 million yuan, reflecting a year-on-year increase of 118.02% [2][3]. Shareholder Information - As of June 30, 2025, the number of shareholders of Taicheng Light was 50,300, an increase of 10.13% from the previous period. The average number of circulating shares per shareholder decreased by 9.19% to 3,823 shares [2][3]. Dividend Distribution - Since its A-share listing, Taicheng Light has distributed a total of 827 million yuan in dividends, with 408 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.8152 million shares, an increase of 1.354 million shares from the previous period. New institutional shareholders include the Financial Value Momentum Mixed A and Southern CSI 1000 ETF [3].

Core Viewpoint - The company is actively advancing its development and production of high-speed optical modules, including 800G modules, and is monitoring industry trends to meet market demands [1] Group 1: Product Development - The company has commenced supply of its 800G optical modules [1] - The company is systematically promoting the research and production transition of high-speed optical modules [1] Group 2: Production Capacity - The company's factory in Vietnam has initiated production on some production lines [1] Group 3: Technology and Market Adaptation - The company is closely monitoring industry dynamics and continuously developing new technologies and products to adapt to market needs [1]

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten stocks by purchase frequency on September 18 include: 1.卧龙电驱 (sh600580) 2.先导智能 (sz300450) 3.神州数码 (sz000034) 4.三花智控 (sz002050) 5.中际旭创 (sz300308) 6.模塑科技 (sz000700) 7.力量钻石 (sz301071) 8.阳光电源 (sz300274) 9.芯原股份 (sh688521) 10.晶瑞电材 (sz300655) [2] - The top ten stocks by purchase amount on September 18 include: 1.三花智控 (sz002050) 2.卧龙电驱 (sh600580) 3.中际旭创 (sz300308) 4.先导智能 (sz300450) 5.芯原股份 (sh688521) 6.神州数码 (sz000034) 7.先进数通 (sz300541) 8.工业富联 (sh601138) 9.紫光股份 (sz000938) 10.太辰光 (sz300570) [3] Group 3 - The event includes an investment capability evaluation segment, divided into three categories: stock simulation group, on-market ETF simulation group, and public fund simulation configuration group [5] - The main trading rules for the simulation include restrictions on the holding ratio of individual investment targets, maximum drawdown rate, and number of adjustments [5]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Core Viewpoint - The global data traffic is experiencing explosive growth due to the proliferation of the internet, cloud computing, and streaming services, leading to increased demand for bandwidth in data center interconnections. Traditional Ethernet connection technologies are struggling to meet this demand, while Wavelength Division Multiplexing (WDM) technology offers an effective solution. The market for WDM devices, particularly wavelength division multiplexers, is expected to grow significantly, reaching $4.85 billion in 2024 and projected to increase to $6.6 billion by 2029 [1][8]. Wavelength Division Multiplexer Industry Overview - Wavelength Division Multiplexers (WDM) are critical optical components in fiber optic communication systems, allowing multiple wavelengths of light to be transmitted simultaneously over a single fiber, thus enhancing transmission capacity and reducing costs [3][4]. - The WDM technology includes Coarse Wavelength Division Multiplexing (CWDM) and Dense Wavelength Division Multiplexing (DWDM), which are essential for high-capacity data transmission in metropolitan area networks [4][5]. Industry Chain of Wavelength Division Multiplexers - The industry chain consists of upstream suppliers of raw materials and core components, midstream manufacturers producing WDM devices, and downstream applications in telecommunications, data centers, and metropolitan networks [6]. - The demand for WDM technology is driven by the increasing need for high-speed and reliable internet connections, particularly with the rise of mobile devices and the expansion of 5G and IoT technologies [6][7]. Market Size and Growth - The global WDM market is projected to reach $4.85 billion in 2024, with a growth forecast to $6.6 billion by 2029, reflecting the increasing data traffic demands [1][8]. - In China, the WDM market is expected to reach 1.67 billion yuan in 2024, with a year-on-year increase of 7.8% [9]. Competitive Landscape - The Chinese WDM market is primarily dominated by domestic companies such as Huawei and ZTE, which are enhancing their market share through technological innovation and expansion. International players like Ciena and Cisco are also active in the market, particularly in high-end segments [9][10]. Industry Development Trends - The industry is moving towards higher density and larger capacity solutions, enabling more wavelength channels to be transmitted over a single fiber, thus improving efficiency [13]. - There is a focus on reducing energy consumption and costs through advanced manufacturing processes and smart energy-saving technologies [14]. - The application of WDM technology is expanding beyond traditional telecommunications into emerging markets such as industrial automation and smart homes, increasing demand for reliable and secure communication networks [15].