研报掘金丨天风证券：维持亨通光电“买入”评级，AI算力时代光通信布局领先

Core Viewpoint - Hengtong Optic-Electric's performance in the first half of the year shows a slight increase in net profit, with strong order backlog supporting future growth [1] Financial Performance - In the first half of the year, Hengtong Optic-Electric achieved a net profit attributable to shareholders of 1.613 billion yuan, representing a year-on-year increase of 0.24% [1] - In Q2, the net profit attributable to shareholders was 1.056 billion yuan, reflecting a year-on-year decrease of 3.63% [1] Order Backlog and Growth Potential - As of the first half of 2025, the company has an order backlog of approximately 20 billion yuan in the energy interconnection sector, including submarine cables, marine engineering, and land cable products, which is expected to support sustained rapid growth [1] Expansion Projects - Hengtong Optic-Electric has recently commenced the construction of an advanced optical fiber materials R&D and manufacturing center, which is scheduled for completion in February 2026 [1] - The expansion project aims to meet the growing market demand for multimode, multi-core, and hollow-core specialty optical fibers [1] Industry Collaboration - In 2025, Hengtong, in collaboration with industry partners, plans to launch a new generation of immersion liquid cooling solutions tailored for high-density computing scenarios, addressing future cooling needs for data centers [1] Investment Rating - The company maintains a "Buy" rating based on its performance and growth prospects [1]