1、持有本公司股份2,309.472万股（占公司总股本的10.1682%）的股东华暘进出口 （深圳）有限公司计划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗 口期不减持）以大宗交易或集中竞价交易方式减持本公司股份不超过340.6万股（占公 司总股本的1.4996%）。 证券代码：30 0 570 证券简称：太辰光 公告编号：2 0 2 5-02 2 深圳太辰光通信股份有限公司 关于大股东减持股份预披露公告 公司股东华暘进出口（深圳）有限公司、张艺明先生、张映华女士、蔡乐先生、蔡 波女士及肖湘杰先生保证向本公司提供的信息披露内容真实、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。 特别提示： 2、持有本公司股份999.892万股（占公司总股本的4.4024%）的股东张艺明先生计 划自公告之日起15个交易日后的3个月内（2025.6.10~2025.9.9）（窗口期不减持）以大 宗交易或集中竞价交易方式减持本公司股份不超过18万股（占公司总股本的0.0793%）。 3、持有本公司股份913.7579万股（占 ...

深圳太辰光通信股份有限公司 关于完成工商变更登记并换发营业执照的公告 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"）分别于 2025 年 3 月 27 日和 2025 年 4 月 25 日召开第五届董事会第八次会议和 2024 年度股东大会，审议通过了 《关于办理一照多址并修订<公司章程>的议案》，具体内容详见巨潮资讯网披露的相关 公告。 证券代码：300 570 证券简称：太辰光 公告编号：2 0 2 5-02 1 近日，公司完成上述工商变更登记和《公司章程》备案手续，并取得了深圳市市场 监督管理局换发的《营业执照》。《营业执照》登记的相关信息如下： 1、统一社会信用代码：91440300724721938J 深圳太辰光通信股份有限公司 董事会 2025 年 5 月 14 日 4、成立日期：2000 年 12 月 12 日 5、法定代表人：张致民 6、住所：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） 特此公告。 2、名称：深圳太辰光通信股份有限公司 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry and its sub-sectors, including communication operators [9]. Core Insights - China Mobile has initiated a centralized procurement project for ordinary optical cable products for 2025-2026, with a notable decrease in both procurement scale and price limits, indicating a downward trend in capital expenditure for traditional connections [2][3]. - The optical fiber and cable manufacturers are expected to seek new growth points in saturated markets, such as undersea cables and data center interconnect (DCI) [2][3]. - The report highlights the need to monitor the bidding progress of optical fiber and cable manufacturers and their breakthroughs in new directions [2][3]. Summary by Sections Market Overview - The communication index rose by 4.96% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 1.92% and 2.29%, respectively [2][13]. - The procurement scale for China Mobile's current round is 0.99 billion core kilometers, down 30.98% from 2021 and 8.65% from 2023 [14]. Procurement Details - The maximum price limit for this round is set at 5.675 billion yuan, a decrease of 42.44% from 2021 and 25.57% from 2023 [14]. - The average procurement price is 57.42 yuan per core kilometer, down 16.6% from 2021 and 18.72% from 2023 [14]. Company Recommendations - The report recommends several companies for investment, including China Mobile, China Telecom, and China Unicom, with target prices and ratings indicating a bullish outlook [10]. - Specific companies highlighted for their potential include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, all rated as "Buy" [10]. Industry Trends - The report notes a significant shift in focus towards AI computing chains and core asset value reassessment within the communication industry [4]. - The demand for optical cables in data centers is projected to account for approximately 5% of global demand by 2025, increasing to over 11% by 2030 [18]. Competitive Landscape - The competitive environment among optical cable manufacturers is expected to intensify due to the reduced procurement scale and price limits, with a maximum share of 19.36% for winning bidders [15][18]. - Major players are expanding into international undersea communication projects, with companies like Hengtong Optic-Electric actively participating in global markets [19].

Group 1 - F5G concept index increased by 2.35%, ranking 10th among concept sectors, with 31 stocks rising, including Cambridge Technology hitting the daily limit [1][2] - Leading gainers in the F5G sector include Zhongji Xuchuang, Dekeli, and Taichuang, with increases of 11.36%, 7.47%, and 5.95% respectively [1][2] - Major declines were seen in Pingzhi Information, Shanghai Port Group, and Yihua Co., with decreases of 2.04%, 0.54%, and 0.34% respectively [1][2] Group 2 - The F5G sector attracted a net inflow of 1.125 billion yuan, with 23 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [2][3] - Zhongji Xuchuang led the net inflow with 519 million yuan, followed by Cambridge Technology and Taichuang with 360 million yuan and 145 million yuan respectively [2][3] Group 3 - In terms of net inflow ratio, Cambridge Technology, Zhaochi Co., and Xingwang Ruijie had the highest ratios at 24.53%, 10.44%, and 8.45% respectively [3][4] - The top stocks in the F5G sector by net inflow include Zhongji Xuchuang, Cambridge Technology, and Taichuang, with respective daily turnover rates of 9.02%, 14.75%, and 14.47% [3][4] Group 4 - Notable declines in the F5G sector were observed in Pingzhi Information, which fell by 2.04%, and other companies like Chunyuan Electric and Bochuang Technology, which also experienced negative net inflows [5]

Core Viewpoint - The company reported strong financial performance for Q1 2025, with total revenue of 370 million yuan, a year-on-year increase of 66%, and a net profit attributable to shareholders of 79 million yuan, reflecting a year-on-year growth of 150% and a quarter-on-quarter growth of 147% [1]. Group 1: Financial Performance - The company achieved significant revenue and profit growth, benefiting from the increased demand for high-density connectivity products [2]. - The company has seen continuous growth in revenue, profit, and profit margins since Q3 of the previous year [2]. - The demand for high-density connectivity products is driven by factors such as the upgrade of optical module speeds, complex wiring, and the gradual commercialization of CPO technology [2]. Group 2: Strategic Partnerships and Product Development - The company is one of the largest manufacturers of optical dense connection products globally and maintains long-term supply relationships with major players like Corning [2]. - The company signed a patent licensing agreement with US Conec in April 2025, allowing it to mass-produce and sell MDC and MMC products, which are core components for high-speed optical modules and CPO [2]. - This partnership is expected to fill technological gaps in the connector field, enhance product compatibility with next-generation technology, and help the company seize opportunities in the CPO market [2]. Group 3: Expansion and Market Strategy - The company is accelerating capacity expansion to meet the rising demand for high-density connectivity products driven by AI [3]. - A new production base in Vietnam has been established to enhance delivery capabilities and mitigate tariff risks associated with overseas supply chains [3]. - The strategic layout aims to align with the US Conec patent authorization to better respond to uncertainties in tariffs and improve responsiveness to overseas customers [3]. Group 4: Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 2.3 billion, 3.9 billion, and 5.3 billion yuan, with net profits of 510 million, 960 million, and 1.38 billion yuan, respectively [3]. - Corresponding price-to-earnings ratios are expected to be 33, 18, and 12 times for the respective years [3]. - The company is well-positioned to benefit from the demand for high-density connectivity products driven by data center infrastructure development [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 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%。 ...