【私募调研记录】鸿道投资调研仕佳光子

Group 1 - The core viewpoint of the news is that Hongdao Investment has conducted research on the listed company Shijia Photon, highlighting its progress and future plans in various business segments [1] - Shijia Photon has successfully mass-produced 800G/1.6T optical module MT-F products, and the 1.6T optical module WG chips and components have completed research and validation [1] - The company is advancing its MPO product expansion plan, focusing on factory planning, equipment installation and debugging, as well as personnel recruitment and training [1] Group 2 - Shijia Photon has developed a 100G EML laser and is internally validating a 10G 1577nm EML+SO laser, while the 50G PON EML product is undergoing customer validation [1] - The company is working on improving the yield of various product lines, with results gradually translating into cost optimization benefits [1] - The increase in inventory is attributed to strategic stocking of key raw materials and an increase in general materials and semi-finished product reserves [1] Group 3 - Capital expenditures have risen due to increased R&D investment, capacity expansion, and overseas layout, with plans for dynamic optimization of capital allocation in the future [1]