【私募调研记录】同犇投资调研仕佳光子

Group 1 - The core viewpoint of the news is that Shijia Photon is experiencing revenue and profit growth driven by increasing computing power demand and rapid growth in the data communication market, with significant growth in three product categories [1] - In Q1 2025, overseas revenue is expected to account for 26% of total revenue, with an increase in gross margin due to resource allocation flexibility, economies of scale, and adjustments in customer structure [1] - The company is increasing its borrowing to expand production capacity, stock up on raw materials, acquire equity in industrial funds, and maintain liquidity [1] Group 2 - The DFB laser products cover data centers, access networks, and laser radar and sensing markets, with stable supply of access network chips and small batch deliveries of silicon photonics supporting data centers [1] - Indoor optical cable demand is increasing due to data center wiring needs, leading to more orders for high-core-count optical cables and the development of new types of optical cables [1] - MPO products are being produced in multiple locations including Shenzhen, Henan, and Thailand, with production capacity planned to meet customer needs and avoid trade barriers [1]