Shijia Photons(SH:688313) 3 6 Ke·2025-07-31 08:08Core Insights - The CPO (Co-Packaged Optics) sector has seen significant activity, with the CPO index rising nearly 20% in July, driven by strong demand in the Chinese market and the approval of H20 chips for export to China [1][2] - Companies like Shijia Photon have reported impressive earnings growth, with a 121.12% increase in revenue and a 1712.00% rise in net profit for the first half of 2025, attributed to the rapid growth of the data communication market driven by AI [2][3] Company Performance - Shijia Photon achieved a revenue of 993 million yuan and a net profit of 217 million yuan in the first half of 2025, marking the first time its net profit exceeded 100 million yuan since its listing [2][3] - The company’s revenue from optical chips and devices grew by 190.92%, indoor cable business increased by 52.93%, and polymer materials for cables rose by 23.39% [2][3] Market Expansion - Shijia Photon is accelerating its overseas market expansion, with foreign revenue reaching 452 million yuan, a 323.59% increase, accounting for 45.50% of total revenue [3] - The company has established a subsidiary in Singapore and is expanding production capacity in Thailand [3] Financial Management - R&D expenses for Shijia Photon reached 61.42 million yuan, while management expenses grew by 54.66% to 50 million yuan, reflecting the company's expansion and operational improvements [3] - Short-term borrowings increased by 1905.29% to 206 million yuan, indicating a significant rise in funding needs for production expansion [3] Strategic Acquisitions - Shijia Photon plans to acquire an 82.38% stake in Dongguan Fokexima Communications Technology to enhance its MPO supply chain, with the share price set at 28.24 yuan per share [4][5] - Fokexima has shown substantial growth, with a revenue of 270 million yuan in 2024, up 225.04%, and a net profit of 79.94 million yuan, up 338.64% [4][5] Future Outlook - Goldman Sachs has raised its sales forecasts for 800G optical transceiver modules for 2025 and 2026, predicting a market value of 12.73 billion USD and 19.37 billion USD respectively, indicating strong growth potential in the optical module market [5][6] - Shijia Photon’s stock price surged from 16.98 yuan at the beginning of the year to a high of 66.95 yuan, reflecting a 263.84% increase, although it experienced a decline of over 7% following major announcements [6]