【私募调研记录】宁泉资产调研仕佳光子

Core Insights - A well-known private equity firm, Ningquan Asset, recently conducted research on a listed company, Shijia Photonics, highlighting its progress and future plans in various business segments [1] Group 1: Company Developments - Shijia Photonics has begun mass production of its 800G/1.6T optical module MT-F products [1] - The company has completed the research and validation of the 1.6T optical module WG chips and components [1] - The expansion plan for MPO products is progressing smoothly, focusing on factory planning, equipment installation, and personnel recruitment and training [1] Group 2: Product Innovations - Shijia Photonics has developed a 100G EML laser and is internally validating a 10G 1577nm EML+SO laser [1] - The company is also validating a 50G PON EML product with customers [1] - Efforts to improve yield rates across product lines are on schedule, with results gradually translating into cost optimization benefits [1] Group 3: Financial and Operational Insights - Inventory growth is attributed to strategic stocking of key raw materials and increased reserves of general materials and semi-finished products [1] - Capital expenditures have risen due to increased R&D investments, capacity expansion, and overseas layout [1] - The company plans to dynamically optimize capital allocation in the future [1]