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 ...

Industry Overview - The Chinese optical communication industry is experiencing historic development opportunities driven by artificial intelligence, computing power networks, and the digital economy [1] - The market size of China's optical communication is expected to exceed 175 billion yuan by 2025, with a compound annual growth rate of 12%, accounting for over 50% of the global market share [1] Company Performance - Zhongji Xuchuang is projected to achieve a revenue of 23.861 billion yuan in 2024, a year-on-year increase of 122.63%, and a net profit of 5.171 billion yuan, up 137.9% [1] - Tianfu Communication is expected to realize a net profit of 1.256 billion to 1.401 billion yuan in 2024, representing a growth of 72% to 92% [1] - Xinyi Sheng is forecasted to achieve a net profit of 2.830 billion yuan in 2024, a significant increase of 311% [1] - Guangku Technology anticipates a net profit of 66.983 million yuan in 2024, reflecting a year-on-year growth of 12.32% [2] Technological Advancements - The optical communication industry has entered a technology iteration cycle centered on computing power demand, with 800G/1.6T optical modules and CPO technology expected to reshape the competitive landscape [2] - CPO (Co-Packaged Optics) and OIO (Optical Interconnect) technologies are projected to open new market opportunities, with the CPO market potentially reaching 19.2 billion USD and the OIO market potentially reaching 69.1 billion USD under neutral assumptions [2]

欢迎广大投资者积极参与。 特此公告！ 深圳太辰光通信股份有限公司 关于举行 2024 年度业绩网上说明会的公告 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。 深圳太辰光通信股份有限公司（以下简称"公司"）2024 年年度报告已于 2025 年 3 月 29 日披露。为了让广大投资者进一步了解公司经营情况和发展规 划等相关问题，公司拟于 2025 年 4 月 18 日（星期五）15:00 至 16:30 举行 2024 年度业绩网上说明会。本次业绩说明会将通过深圳证券交易所提供的"互动易" 平 台 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 互 动 易 " 平 台 （http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次业绩说明会。 公司出席本次业绩说明会的人员有：公司董事长张致民先生、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。 为充分尊重投资者、提升交流的针对性，公司现就本次业绩说明会提前向投 资者公开征集问题，广泛听取投资者意 ...

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]

Mergers and Acquisitions - Anyuan Coal Industry's controlling shareholder plans to swap 57% of Jiang Jinhui's magnetic separation shares with the company's coal business, which is expected to constitute a significant asset restructuring [1] - *ST Zhongji intends to acquire 100% equity of New Energy Chemical [1] Equity Transfer, Buyback, and Increase - Kingsoft Office's shareholder is inquiring about the transfer of 7.7618 million shares [2] - Shenhuo Co. plans to repurchase shares for between 250 million to 450 million yuan [2] - Glodon Company intends to repurchase shares for between 105 million to 210 million yuan [2] - Lite Optoelectronics plans to repurchase shares for between 50 million to 100 million yuan [2] - Hengtong Group, the controlling shareholder of Hengtong Co., plans to increase its stake by 150 million to 300 million yuan [2] External Investment and Daily Operations - Jinlongyu plans to invest 1.2 billion yuan in the construction of a solid-state battery material project [3] - Guangxin Materials' fundraising project "11,300t/a self-made resin and 7,000t/a inner layer ink" has begun trial production [3] - WuXi AppTec sold 50.8 million shares of WuXi AppTec Holdings, with an investment return of approximately 1.847 billion yuan [3] - Shanghai Environment intends to acquire 50% equity of Shanghai Chengbo Lian Industrial Co., Ltd. for 582 million yuan [3] - Taicheng Light signed a global patent licensing agreement with US Conec Ltd., allowing for mass production and sales of MDC fiber optic connectors [3] Performance Changes - New Hope expects a year-on-year net profit growth of 122.23% to 125.85% in the first quarter of 2025, with a reduction in losses from pig farming and an increase in both volume and profit in the feed business [4] - Haili Heavy Industry anticipates a year-on-year net profit growth of 50.00% to 65.00% in the first quarter of 2025, driven by improved order quality and a higher proportion of high-margin product orders, resulting in increased sales gross margin [4]

证券代码：30 05 7 0 证券简称：太辰光 公告编号：2 0 25-01 7 深圳太辰光通信股份有限公司 关于签署全球专利许可协议的公告 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。 一、专利许可方情况 公司名称：US Conec Ltd. 企业简介：US Conec 是全球高密度光纤互连技术的领导者，凭借 30 余年的 技术积累和持续创新，US Conec 专注于研发和生产面向数据中心、企业级网络、 公共基础设施、工业制造和军事应用的先进光连接产品。公司总部位于美国北卡 罗来纳州希科里（Hickory, NC），由光通信技术巨头——康宁光通信（Corning Optical Communications）、藤仓（Fujikura）和 NTT-AT 联合投资。 二、对公司的影响 基于与 US Conec 的本次合作，公司将向市场批量产销 MDC 光纤连接器及相 关产品，为 800G/1.6T 以太网部署提供关键器件，同时为共封装光学（CPO）提 供高可靠性、高密度的光连接方案。此外，在 US Conec 的供应支持下，公司也 可向市场批量产销 MMC（M ...

太辰光（300570.SZ）2024 年年报点评 AI 需求高企，公司业绩增长显著 2025 年 03 月 30 日 ➢ 事件：3 月 28 日，公司发布 2024 年年报，2024 年实现营收 13.78 亿元， 同比增长 55.7%，实现归母净利润 2.61 亿元，同比增长 68.5%，实现扣非归母 净利润 2.50 亿元，同比增长 82.67%。24Q4 单季度来看，实现营收 4.62 亿元， 同比增长 76.5%，环比增长 13.8%，实现归母净利润 1.15 亿元，同比增长 129.7%，环比增长 74.2%。 ➢ AI 需求高企，公司业绩增长显著：随着 AI 技术的突破与算力需求的高企， 全球数据中心建设进入高速扩张期进而显著带动高密度互联产品需求，助力公司 业绩实现高增长。按地区拆分营收来看，1）外销：24 年全年实现营收 10.80 亿 元，同比增长 60.28%，营收占比达 78.4%。其中北美地区是营收主要来源，24 年营收达到了 10.00 亿元；2）内销：24 年全年实现营收 2.98 亿元，同比增长 41.2%，营收占比达 21.6%。毛利率方面，24 年公司综合毛利率达 35.62 ...

太辰光（300570.SZ）2024 年年报点评 ➢ 作为全球最大的光密集连接产品制造商之一，公司未来有望充分把握 AI 发 展机遇：下游需求来看，海外巨头持续加大 CAPEX 投入并对未来投入整体乐观， 国内侧阿里、腾讯等巨头同样全力聚焦 AI，CAPEX 投入开始明显变大。公司作 为全球最大的光密集连接产品制造商之一，深耕中高端市场，部分无源光器件产 品（如 MTP/MPO 高密度光纤连接器、光柔性板）的技术水平在细分行业中处 于领先地位，占据重要市场份额。前沿技术方面，公司近年来持续加大研发投入， 在多芯低损插芯、密集连接产品、光柔性板布纤方案、高速光模块、光波导芯片、 光传感器件等诸多领域均实现了技术突破，特别是应用于 CPO 场景的光柔性板、 超小型连接器及多芯保偏产品，未来伴随 CPO 技术路径的加速发展，有望迎来 重要发展机遇。 ➢ 投资建议：我们预计公司 25~27 年的归母净利润分别为 3.80/5.38/7.15 亿 元，对应 PE 倍数为 48/34/25x。公司是全球最大的密集连接产品制造商之一， 连接类产品竞争优势显著，同时近年来持续完善各类新产品布局，未来有望充分 受益于 AI 需 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 114.85 RMB [8][5]. Core Insights - The company's revenue for 2024 reached 1.378 billion RMB, a year-on-year increase of 56%, while the net profit attributable to shareholders was 261 million RMB, exceeding expectations and growing by 68% [1]. - The fourth quarter of 2024 saw a significant revenue increase of 77% year-on-year, totaling 462 million RMB, with net profit soaring by 130% to 115 million RMB, driven by improved market conditions and enhanced gross margins [1][3]. - The gross margin for 2024 was reported at 36%, up 6 percentage points year-on-year, with a further increase to 39% in Q4 2024, attributed to optimized revenue structure and cost reductions from self-developed products [3]. Revenue Breakdown - The optical device segment generated 1.321 billion RMB in revenue for 2024, marking a 59% increase, while the optical sensing business saw a decline of 10% to 4 million RMB [2]. - Domestic revenue reached 298 million RMB, a 41% increase, while international revenue was 1.08 billion RMB, growing by 60% [2]. Future Outlook - Demand in 2025 is expected to remain strong, particularly in the MPO business, supported by the growing AI computing power needs [4]. - The company is poised to benefit from the CPO industry trend, with promising applications for its products in future solutions [4]. Financial Projections - The report projects net profit for 2025 and 2026 to increase by 8% and 12% respectively, with net profits expected to reach 450 million RMB and 646 million RMB [5]. - The company’s PE ratio for 2025 is set at 58x, reflecting its leading position in the MPO industry [5].