【私募调研记录】健顺投资调研源杰科技、科华数据等3只个股（附名单）

Group 1: Yuanjie Technology - The company experienced significant revenue growth in the data communication sector in the first half of 2025, particularly driven by the demand for 400G/800G optical modules, with an upward trend expected in the second half [1] - The company has achieved core technological breakthroughs in high-power CW light sources and high-speed EML, with ongoing equipment procurement and team building at its U.S. factory [1] - The company is committed to continuous R&D investment and process optimization to maintain a high gross margin level [1] Group 2: Kehua Data - The company reported a revenue of 3.733 billion yuan in the first half of 2025, a slight increase of 0.06% year-on-year, with a net profit of 244 million yuan, up 7.94% [2] - The data center business generated 1.398 billion yuan in revenue, reflecting a year-on-year growth of 16.77%, while the smart energy and new energy sectors saw a decline [2] - The company is focusing on "technological innovation" and "computing power layout," rapidly developing its intelligent computing center business and launching a new computing power platform [2] Group 3: LightSpeed Technology - The company launched silicon optical modules in 2023, achieving a historical peak in shipment volume, with expectations for increased proportions in the future [3] - The gross margin declined in the second quarter due to changes in product structure and intensified competition, but is expected to recover in the second half [3] - The company is preparing for material price fluctuations by stockpiling in advance to alleviate pressure [3]