【私募调研记录】汐泰投资调研德科立

Group 1 - The core viewpoint is that a well-known private equity firm, Xitai Investment, has conducted research on a listed company, highlighting the rapid growth in computing power demand and the company's insufficient capacity and supply chain resources leading to order delivery issues [1] - The revenue share of data communication products has increased to nearly 40%, while the telecom business has seen a year-on-year decline of approximately 8% [1] - A new factory is expected to be operational in the second half of the year, which is anticipated to improve the situation [1] - The company has received million-level sample orders for OCS products and is exploring applications in collaboration with partners [1] - A self-owned factory in Thailand is expected to commence production after the 2026 Spring Festival, with some clients already completing certification [1] - The company emphasizes enhancing its core competitiveness to address uncertainties related to tariff policies [1] Group 2 - Xitai Investment is a relatively new private equity fund manager in the Chinese market, established in July 2014, with a registered capital of 10 million RMB [2] - The firm focuses on secondary market stock investment management and provides customized product services for investors with different risk preferences [2] - The research team consists of highly qualified employees, with 80% holding graduate degrees, and core investment personnel have backgrounds in public funds, demonstrating the ability to manage large-scale assets [2]