Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 66% year-on-year increase, and a net profit of 79 million yuan, which is a 150% year-on-year increase and a 147% quarter-on-quarter increase [1] - The growth is driven by the increasing demand for high-density connection products, supported by factors such as the upgrade of optical module speeds and the gradual commercialization of CPO technology [1] - The company has signed a patent licensing agreement with US Conec, allowing it to produce and sell MDC and MMC products, which are essential components for high-speed optical modules and CPOs, thus filling a technological gap and enhancing its competitive advantage [2] - The company is expanding its production capacity to meet the rising demand driven by AI, with a new production base established in Vietnam to mitigate tariff risks and improve delivery capabilities [2] Financial Projections - Revenue projections for 2025-2027 are 2.315 billion yuan, 3.918 billion yuan, and 5.289 billion yuan respectively, with net profits of 509 million yuan, 959 million yuan, and 1.375 billion yuan [3] - The corresponding P/E ratios are expected to be 33, 18, and 12 times for the years 2025, 2026, and 2027 respectively [3] - The company is anticipated to benefit significantly from the infrastructure development of data centers, leading to increased demand for high-density connection products [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 66% year-on-year increase, and a net profit of 79 million yuan, which is a 150% year-on-year increase and a 147% quarter-on-quarter increase [1]. - The growth is driven by the increasing demand for high-density connection products, supported by factors such as the upgrade of optical module speeds and the commercialization of CPO technology [1]. - The company has signed a patent licensing agreement with US Conec, allowing it to produce and sell MDC and MMC products, which are essential for high-speed optical modules and CPOs, thus filling a technological gap and enhancing its competitive advantage [2]. - The company is expanding its production capacity to meet the rising demand driven by AI, with a new production base in Vietnam to mitigate tariff risks and improve delivery capabilities [2]. Financial Summary - The company is expected to achieve revenues of 2.315 billion yuan, 3.918 billion yuan, and 5.289 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 509 million yuan, 959 million yuan, and 1.375 billion yuan [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 33, 18, and 12 respectively, indicating a favorable valuation trend [3][5]. - The company is anticipated to benefit significantly from the infrastructure development in data centers, which will drive demand for high-density connection products [3].

太辰光 20250429 摘要 • 太辰光 2025 年一季度营收 3.71 亿元，同比增长 66%；归母净利润 0.79 亿元，同比增长 150%。综合毛利率达 42%，同比提升 11 个百分点，环 比提升 3 个百分点，主要受益于销售结构优化和关键器件国产替代。 • 公司母公司光纤连接器常规接头月产能约 500 万头，MPX 芯接头月产能 约 80 万头。MT 插芯自用占比超 50%。12 型单模低损耗已满足客户需求， 但 24 型单模低损耗供应仍然紧张，公司正调整产能结构。 • 太辰光与 USCOM 签署 MDC 连接器全球专利许可协议，获得 11 项核心专 利非独占许可，正推进 MDC 产品生产制造，公司是国内唯一可自主生产 MDC 插芯和散件的企业，有望提高市场占有率。 • 高密度连接器方面，未来将演变为更小型 VSFF 超小型连接器，多芯端采 用 MMC 接头，另一端采用更高密度的 MDC 接头，显著提升空间利用效率 和性能表现。 • 公司在光模块制造方面取得领先，强调其在机房密集连接布线及未来 CPU 方案中的应用优势，已在部分海外头部客户的无源光连接部分使用夏普技 术，并采用 MMC 小型接头 ...

证券研究报告 太辰光 (300570 CH) 1Q25 公司综合毛利率为 42%，同比增长 11pct，环比提升 3pct，我们判断 主要系营收结构的优化，以及公司自研 MT 插芯导入推动降本。费用方面公 司管控良好，1Q25 公司销售/管理/研发费用率分别为 1.63%/7.93%/4.47%， 分别同比+0.07/+1.29/-2.96pct。1Q25 公司资产减值损失为 0.11 亿元，同 比增长 48%，我们判断主要系公司存货增长的背景下，公司相应计提的跌 价准备；1Q25 公允价值变动损失为 0.07 亿元，主要系部分理财产品赎回。 2025 年需求端有望延续向好；CPO 打开未来成长天花板 随着 AI 算力需求带来光通信产业链景气度的继续向好，2025 年公司 MPO 业务有望延续高增趋势；长期来看，公司有望受益于 CPO 产业趋势，2025 年 3 月，英伟达于 GTC 大会中发布 CPO 交换机产品，产业趋势明确。根 据公司年报，公司光柔性板、超小型连接器及多芯保偏产品在 CPO 解决方 案中展现良好的应用前景，我们认为有望成为公司新的业绩增长点。 维持"增持"评级 我们维持公司 2025~2 ...

太辰光：第一季度营业收入为3.71亿元，同比增长65.96%；归属于上市公司股东的净利润为7936.96万 元，同比增长149.99%。 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥370,555,568.42, representing a 65.96% increase compared to ¥223,282,260.29 in the same period last year[5] - Net profit attributable to shareholders was ¥79,369,583.24, a significant increase of 149.99% from ¥31,749,073.02 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥78,210,269.25, marking a 200.50% increase from ¥26,027,009.12 in the previous year[5] - Basic earnings per share rose to ¥0.35, a 150.00% increase from ¥0.14 in the previous year[5] - Total operating revenue for the current period reached ¥370,555,568.42, a significant increase from ¥223,282,260.29 in the previous period, representing a growth of approximately 66.1%[20] - Net profit for the current period was ¥79,369,583.24, up from ¥31,749,073.02 in the previous period, reflecting a growth of approximately 149.5%[22] - Earnings per share (EPS) for the current period was ¥0.35, compared to ¥0.14 in the previous period, marking an increase of 150%[22] - The total comprehensive income for the current period was ¥81,582,083.08, compared to ¥32,276,057.45 in the previous period, indicating an increase of about 153.5%[22] Cash Flow and Liquidity - The company's cash flow from operating activities increased by 117.85%, amounting to ¥96,178,412.79 compared to ¥44,149,505.83 in the same quarter last year[5] - The net cash flow from operating activities was $96,178,412.79, an increase from $44,149,505.83 in the previous period, representing a growth of approximately 117%[25] - Cash received from sales of goods and services was ¥362,552,545.64, compared to ¥226,328,307.96 in the previous period, showing an increase of about 60.2%[24] - Total cash inflow from investment activities amounted to $135,588,496.97, compared to $84,341,584.25 previously, indicating a growth of about 60%[25] - The total cash and cash equivalents at the end of the period reached $659,255,974.64, up from $477,296,444.26, marking an increase of approximately 38%[26] - The net increase in cash and cash equivalents for the period was $173,272,553.89, compared to $109,617,111.35 in the prior period, reflecting a growth of about 58%[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,162,436,802.48, an 8.45% increase from ¥1,993,945,838.35 at the end of the previous year[5] - Total liabilities increased to ¥508,710,781.45 from ¥433,621,589.15, representing a rise of about 17.3%[18] - Total equity attributable to shareholders reached ¥1,633,951,129.85, up from ¥1,542,611,036.89, indicating an increase of approximately 5.9%[18] - The company's cash and cash equivalents increased to ¥644,189,538.16 from ¥473,173,854.88, representing a growth of approximately 36.1%[16] - Accounts receivable decreased to ¥453,550,724.10 from ¥478,885,478.33, a decline of about 5.3%[17] - Inventory increased to ¥364,772,421.45 from ¥307,346,334.68, reflecting a rise of approximately 18.7%[17] - The company’s non-current assets totaled ¥316,257,975.36, slightly up from ¥305,256,078.84, showing a growth of about 3.3%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 45,649[12] - The largest shareholder, Huayang Import and Export (Shenzhen) Co., Ltd., holds 10.17% of shares, totaling 23,094,720 shares[12] Strategic Initiatives - The increase in revenue was driven by growing market demand for the company's products, particularly due to advancements in AI technology[10] - The company plans to continue focusing on R&D for key components to replace external sourcing, which is expected to improve gross margins further[10] - The company approved a 2024 employee stock ownership plan, allowing up to 180,000 shares to be allocated at a price of ¥16.95 per share[13] - The first lock-up period for the employee stock ownership plan will end on March 14, 2025, with a 50% unlock ratio[15] Other Financial Metrics - The weighted average return on equity improved to 5.02%, up from 2.30% year-on-year, reflecting enhanced profitability[5] - The company reported a significant increase in investment income, which rose to ¥743.64, a staggering 33,247.09% increase from ¥2.23 in the previous year[10] - Total operating costs amounted to ¥266,160,281.68, compared to ¥187,595,372.30 in the prior period, indicating an increase of about 42%[21] - Deferred income increased to ¥14,845,851.72 from ¥13,862,182.11, reflecting a growth of approximately 7.1%[18] - Other comprehensive income after tax for the current period was ¥150,820.97, with no prior period figure reported[22] Audit Information - The company did not undergo an audit for the first quarter report[27]

深圳太辰光通信股份有限公司 2024 年度股东大会决议公告 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： 证券代码：300570 证券简称：太辰光 公告编号：2 0 2 5 -0 1 9 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次股东大会以现场结合网络投票方式召开； 4、为尊重中小投资者利益，提高中小投资者对公司股东大会决议事项的参与度， 本次股东大会对中小投资者进行单独计票。中小投资者是指除上市公司董事、监事、高 级管理人员以及单独或者合计持有公司5%以上股份的股东以外的其他股东。 一、会议基本情况 （一）会议召开时间： 1、现场会议召开时间：2025年4月25日14:30（星期五） 2、网络投票时间： （1）通过深圳证券交易所交易系统投票的时间为2025年4月25日9:15~9:25， 9:30~11:30和13:00~15:00； （2）通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票时间 为2025年4月25日9:15至15:00期间的任 ...

广东深天成律师事务所 关于深圳太辰光通信股份有限公司 2024 年度股东大会的法律意见书 2025 粤天成意字第[FG0006-1 号] 致：深圳太辰光通信股份有限公司 广东深天成律师事务所（以下简称"本所"）根据贵公司的委托，指派律师 列席贵公司 2024 年度股东大会（以下简称"本次股东大会"），并就本次股东 大会召开的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《规则》"）等法律、法规、规范性文 件及《深圳太辰光通信股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，出具本法律意见书。 为了出具本法律意见书，本所律师列席了本次股东大会并核查了贵公司提供 的有关召开本次股东大会相关文件的原件或影印件，包括（但不限于）贵公司关 于召开本次股东大会的通知，贵公司本次股东大会的各项议程及相关决议等文件， 同时听取了贵公司就有关事实的陈述和说明。 一、关于本次股东大会的召集和召开 1、贵公司董事会于 2025 年 3 月 29 日在深圳证券交易所网站、巨潮资讯网 刊登了《深圳太辰光通信股份有限公司关于召开 2024 年度股东大会的通知》（以 下简 ...

证券代码：300570 证券简称：太辰光 深圳太辰光通信股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 参与公司 2024 年度业绩网上说明会的投资者 | | 及人员姓名 | | | 时间 | 2025 年 4 月 18 日 15:00-16:30 | | 地点 | 深圳证券交易所"互动易"平台 | | 上市公司接待 | 董事长：张致民先生； | | 人员姓名 | 总经理、董事、财务总监：张艺明先生； | | | 副总经理、董事、技术总监：肖湘杰先生； | | | 董事会秘书：蔡波女士； | | | 独立董事：周新黎女士。 | | | 问题 1 | | | 问：请问公司什么时候分红？ | | | 答：您好！公司将于 2025 年 4 月 25 日召开 2024 年度股东 | | | 大会，股东大会审议通过利润分配方案后，公司将在两个月 | | ...

其中2024 年营收13.78 亿元，归母净利润2.61 亿元，位于此前预测区间2.3-2.75 亿元上沿；从公司单Q4 看，公司营收4.61 亿元，环比增长13.77%；毛利率达到39.25%，环比提升3 个百分点；净利率26.46%， 环比提升10 个百分点，盈利能力大超预期。以单一大客户营收看 2024 年贡献了9.6 亿收入，同比增长 50%，外销收入毛利率整体达到39%。当前北美在积极建立各类AIDC，而且投入周期都是为多年维度 （如星际之门项目等），大客户又是北美最大的数据中心布线商，公司有望深度受益。 产能积极扩张，积极布局高密度光互联。展望2025 年景气度非常旺盛，公司各类产品线都在全线扩 充，分别在国内和海外均准备产能投产。我们预计到Q2 公司营收体量和利润体量将进一步上台阶。 研发项目上，2024 年报公司提到开发"基于超级算力和AI 服务器的超高密度光背板"，有望应用到AI 服 务器集群等领域。同时，公司在CPO 方向也积极布局。考虑此前Nvidia GTC 大会已经发布的CPO 产 品，预计CPO 的产业推广将在2025 年各类展会上正式拉开帷幕。 催化剂：CPO 需求放量；新客户导 ...