[Table_Page] 深度分析|专用设备 证券研究报告 [Table_Title] AI 珠峰系列五 CPO 渐行渐近，有望重构高效算力互连架构 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-29 [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 01/26 03/26 专用设备 沪深300 | [分析师： Table_Author]孙柏阳 | | --- | | SAC 执证号：S0260520080002 | | 021-38003680 | | sunboyang@gf.com.cn | | 分析师： 汪家豪 | | SAC 执证号：S0260522120004 | | SFC CE No. BWR740 | | 021-38003792 | | wangjiahao@gf.com.cn | | 分析师： 王宁 | | SAC 执证号：S0260523070004 | | 021-38003627 | | shwangnin ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The demand for automation equipment is driven by the urgent need for AI infrastructure, with the optical module market expected to grow significantly from $18.9 billion in 2026 to $35 billion by 2030 [4][19] - The production of optical modules is transitioning from labor-intensive methods to automated production lines due to increased production volume and precision requirements [4][28] - The server assembly process is evolving towards automation, with the complexity of AI servers necessitating automated assembly solutions [4][57] Summary by Sections Optical Module Automation Equipment - Optical modules are essential components for optical communication, benefiting from strong demand driven by AI infrastructure [12] - The global Ethernet optical module market is projected to grow at a CAGR of over 35%, reaching $18.9 billion in 2026 and $35 billion by 2030 [19][20] - The transition from copper cables to optical interconnects is expected to increase the penetration of optical technology in Scale-Up networks, with the market share for optical modules in AI applications projected to reach 65% by 2030 [25][28] Server Automation Assembly Equipment - AI data center servers consist of multiple components, with assembly processes categorized into 12 levels based on integration complexity [57] - The automation of server assembly is becoming essential as the complexity of servers increases, similar to trends observed in the "fruit chain" industry [4][57] Investment Recommendations - Companies to watch include: - For optical module packaging equipment: Robotech, LQ Smart, Keg Precision, Bozhong Precision, Anda Intelligent, Kory Technology, and Zhilifang [4] - For optical module testing equipment: Lianxun Instruments, Robotech, LQ Smart, Bozhong Precision, Aotwei, Kuaike Intelligent, and Zhilifang [4] - For server automation assembly and testing equipment: Bozhong Precision and Anda Intelligent [4]

Core Viewpoint - The CPO concept stocks in the A-share market have shown strong performance, particularly following the announcement of NVIDIA's Feynman chip, which integrates optical communication to significantly reduce energy consumption in AI data center communications by over 70% [1]. Group 1: Stock Performance - Resconda (603803) saw a price increase of 9.97%, with a total market capitalization of 5.579 billion and a year-to-date increase of 18.39% [2]. - Tianfu Communication (300394) rose by 6.94%, with a market cap of 232.8 billion and a year-to-date increase of 47.48% [2]. - Kechuan Technology (603052) increased by 6.70%, with a market cap of 1.16 billion and a year-to-date increase of 95.21% [2]. - Dekeli (688205) experienced a 6.04% rise, with a market cap of 2.72 billion and a year-to-date increase of 24.92% [2]. - Aerospace Electric (002025) rose by 5.71%, with a market cap of 2.69 billion and a year-to-date increase of 17.81% [2]. - Xinyi Technology (300502) increased by 4.28%, with a market cap of 40.35 billion and a year-to-date decrease of 5.78% [2]. - Other notable stocks include Zhili Fang (301312) up 3.76%, Juguang Technology (688167) up 3.40%, and Luobotek (300757) up 3.30% [2]. Group 2: Market Trends - The overall trend in the CPO concept stocks indicates a positive market sentiment, driven by technological advancements in optical communication [1]. - The introduction of NVIDIA's Feynman chip is expected to have a significant impact on the energy efficiency of AI data centers, which may further boost investor interest in related stocks [1].

Group 1 - The core viewpoint of the article highlights the strong performance of CPO concept stocks in the A-share market, particularly noting the significant gains of various companies following the announcement of a new chip by Nvidia [1] Group 2 - Risconda saw a limit-up increase, while Tianfu Communication, Kechuan Technology, and Dekeli rose over 6% [1] - Aerospace Electric increased by over 5%, and Xinyi Sheng rose by over 4% [1] - Other companies such as Zhili Fang, Juguang Technology, Robotec, Xiechuang Data, and Tongfu Microelectronics experienced gains of over 3% [1] Group 3 - The news is driven by Nvidia's announcement on March 16 regarding the Feynman chip, which integrates optical communication for inter-chip connectivity, potentially reducing AI data center communication energy consumption by over 70% [1]

Company and Industry Summary Company: Tianfeng Electronics Key Points - **Joint Venture and Market Position** The joint venture, Shinaiboge Precision Systems (Shenzhen) Co., Ltd., focuses on nano-level precision motion control platforms for semiconductor optical equipment in the Asia-Pacific region. It has already engaged with leading domestic clients such as Zhongke Feimiao [1] - **High Market Barriers** The nano-level precision motion control platform is a core subsystem within measurement and testing equipment, essential for achieving precise physical positioning of wafers. The positioning accuracy can reach the nanometer level, making it a cornerstone for semiconductor manufacturing and testing, with high requirements for motor drives, air-floating guide rails, high-precision feedback systems, and synchronous motion control [1] - **Significant Domestic Market Potential** The domestic market for measurement and testing equipment requires high-precision motion control platforms, with the value accounting for approximately 15-20% of the BOM cost. The long-term domestic measurement and testing equipment market is expected to reach 60 billion, corresponding to a high-precision motion control platform market of about 6 billion [1] - **Client Acquisition and Market Leadership** The joint venture has successfully entered leading domestic clients such as Zhongke Feimiao and Aixin Semiconductor. Swiss company Shinaiboge is a global leader in precision motion control platforms, serving clients like KLA, AMAT, ASML, and Onto, indicating significant potential for domestic substitution [1] - **High Profit Margins** Due to the high entry barriers, the gross margin for the nano-level precision motion control platform is approximately 70-80%, with a steady net profit margin expected to reach 40-50% [1] - **Growth in Optical Chip and Module Equipment** The company’s core optical chip equipment includes packaging machines, unpacking machines, and Bar AOI, with clients such as Yuanjie Technology, Changguang Huaxin, and HiSilicon. The demand from downstream clients is driving accelerated growth in orders, with projected revenues of 50 million, 150 million, and 250-300 million for the years 2025-2027 [1] - **Expansion into Semiconductor Packaging** The company is actively expanding into the advanced packaging testing field, with mass shipments of power-level die bonders to major clients like China Resources Microelectronics and Silan Microelectronics. The revenue from this segment is expected to reach 50 million in 2025 and potentially 200 million in 2026, with aspirations to become China's Besi [1] - **Steady Growth in Consumer Electronics** The main products include optical recognition and sensing detection equipment, with Apple as a core client. Revenue is expected to exceed 400 million in 2025, driven by client product innovations [1] Conclusion The company is experiencing significant breakthroughs and rapid growth across multiple business segments, indicating substantial future growth potential and warranting close attention [1]

Group 1 - The A-share market saw a collective decline in CPO concept stocks, with New Yisheng dropping by 7% [1] - Zhongji Xuchuang, Taicheng Guang, and Changxin Bochuang experienced declines exceeding 6% [1] - Zhili Fang and Dekeli fell by more than 5%, while Shijia Guangzi, Cambridge Technology, Guangku Technology, Jingwang Electronics, and Robotech dropped over 4% [1] - Lian Te Technology, Huilv Ecology, and Juguang Technology saw declines of more than 3% [1]

Core Viewpoint - The CPO concept stocks in the A-share market experienced a collective decline, with significant drops in several key stocks on February 27, indicating a bearish trend in this sector [1]. Group 1: Stock Performance - Xinyisheng (新易盛) fell by 7.02%, with a total market capitalization of 35.67 billion and a year-to-date decline of 16.72% [2]. - Zhongji Xuchuang (中际旭创) decreased by 6.40%, having a market cap of 59.51 billion and a year-to-date drop of 12.20% [2]. - Taichengguang (太辰光) saw a decline of 6.34%, with a market value of 30.6 billion and a year-to-date increase of 16.48% [2]. - Changxin Bochuang (长芯博创) dropped by 6.16%, with a market cap of 43 billion and a year-to-date increase of 3.74% [2]. - Zhili Fang (智立方) decreased by 5.54%, with a market capitalization of 10.1 billion and a year-to-date increase of 67.18% [2]. - Dekeli (德科立) fell by 5.41%, with a market cap of 25.5 billion and a year-to-date increase of 16.96% [2]. - Shijia Guangzi (仕佳光子) declined by 4.88%, with a market value of 37.8 billion and a year-to-date drop of 5.77% [2]. - Cambridge Technology (剑桥科技) decreased by 4.86%, with a market cap of 36.3 billion and a year-to-date drop of 23.31% [2]. - Guangku Technology (光库科技) fell by 4.38%, with a market value of 40.6 billion and a year-to-date increase of 10.83% [2]. - Jingwang Electronics (景旺电子) saw a decline of 4.28%, with a market cap of 65.3 billion and a year-to-date drop of 9.34% [2]. - Robot Technology (罗博特) decreased by 4.19%, with a market value of 63.7 billion and a year-to-date increase of 62.91% [2]. - Liante Technology (联特科技) fell by 3.64%, with a market cap of 23.8 billion and a year-to-date increase of 8.70% [2]. - Huilv Ecology (汇绿生态) decreased by 3.03%, with a market value of 23.4 billion and a year-to-date increase of 36.03% [2]. - Juguang Technology (炬光科技) fell by 3.01%, with a market cap of 33.2 billion and a year-to-date increase of 111.22% [2]. - Tiantong Co. (天通股份) decreased by 2.96%, with a market value of 21 billion and a year-to-date increase of 29.78% [2]. - Tianfu Communication (天孚通信) fell by 2.53%, with a market cap of 274.3 billion and a year-to-date increase of 73.80% [2]. - Changjia Technology (长甲科技) decreased by 2.32%, with a market value of 85.2 billion and a year-to-date increase of 29.39% [2].

Core Viewpoint - The stock market is experiencing significant activity in computing hardware stocks, particularly in the PCB and CPO sectors, with notable price increases observed in various companies [1][6]. PCB Sector Summary - The PCB concept has seen a substantial rise, with companies like Mingyang Circuit up over 15%, Weier High up over 12%, and several others including Dazhu Laser, Guanghe Technology, and Huadian Co., Ltd. reaching the 10% limit up [1][6]. - Specific stock performances include: - Mingyang Circuit: 33.79, up 15.32% [7] - Weier High: 70.56, up 12.72% [7] - Dazhu Laser: 69.72, up 10.00% [7] - Huadian Co., Ltd.: 117.67, up 10.00% [7] - Shenzhen South Circuit: 290.14, up 10.00% [7] CPO Sector Summary - The CPO concept is leading the A-share market, with stocks like Jieput and Jufei Optoelectronics hitting the 20% limit up, and others like Zhongtian Technology and Hengtong Optoelectronics also reaching the limit up [2][3]. - Specific stock performances include: - Jieput: 242.46, up 20.00% [8] - Jufei Optoelectronics: 9.30, up 20.00% [8] - Zhili Fang: 85.65, up 12.06% [8] - Zhongtian Technology: 27.59, up 10.01% [8] Nvidia's Financial Performance - Nvidia's latest quarterly earnings report shows total revenue of $68.13 billion for Q4 of fiscal year 2026, exceeding analyst expectations of $66.2 billion, with earnings per share at $1.62, surpassing the forecast of $1.53 [4][9]. - The company projects revenue of $78 billion for Q1 of fiscal year 2027, with a variance of 2%, not accounting for data center revenue from China [4][9]. - Analyst Yu Yang from Huachuang Securities highlights that Nvidia's performance boosts confidence in the AI computing power outlook, benefiting the upstream hardware supply chain, particularly PCB manufacturers [4][9].

Core Viewpoint - The computing hardware stocks are experiencing significant activity, with several companies reaching historical highs, driven by advancements in computing technology showcased by Nvidia [1] Group 1: Market Performance - Computing hardware stocks, including PCB and CPO concepts, are showing strong performance, with companies like Huadian Co. and Guanghe Technology hitting the daily limit and achieving historical highs [1] - Tianfu Communication increased by nearly 10%, while companies such as Zhili Fang and Weier Gao rose over 10% [1] Group 2: Technological Advancements - On February 25, Nvidia presented details about the next-generation Vera Rubin computing system, highlighting its internal structure and supply chain [1] - The system integrates 72 Rubin GPUs and 36 Vera CPUs, totaling 1.3 million components [1]

Group 1 - The core point of the article is that Zhili Fang (301312) reported its shareholder count as of February 13, which stands at 16,397 households [1]