剑桥科技的前世今生：经营业绩行业领先，高速光模块支撑高增长预期

Core Viewpoint - Cambridge Technology is a leading global provider of ICT terminal devices, focusing on R&D, production, and sales based on JDM and ODM models, showcasing significant investment value [1] Group 1: Business Performance - In Q3 2025, Cambridge Technology achieved a revenue of 3.36 billion yuan, ranking 5th in the industry out of 29 companies, with the top competitor, Yiyuan Communication, generating 17.877 billion yuan [2] - The revenue composition includes telecom broadband at 2.033 billion yuan (55.66%), wireless networks and small base stations at 1.052 billion yuan (28.82%), and high-speed optical modules at 492 million yuan (13.46%) [2] - The net profit for Q3 2025 was 249 million yuan, ranking 7th in the industry, with the leading company, Yiyuan Communication, reporting 727 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the debt-to-asset ratio was 62.37%, higher than the previous year's 50.06% and above the industry average of 40.17%, indicating increased financial pressure [3] - The gross profit margin for Q3 2025 was 23.02%, an increase from 21.54% year-on-year, but still below the industry average of 26.55%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.64% to 67,000, while the average number of circulating A-shares held per shareholder increased by 0.64% to 3,999.1 [5] - Hong Kong Central Clearing Limited is the second-largest shareholder, holding 15.853 million shares, an increase of 4.9918 million shares from the previous period [5] Group 4: Strategic Developments - Cambridge Technology has made significant breakthroughs in the high-speed optical module sector, with a focus on 400G, 800G, and 1.6T products, and has commenced mass production of 800G and 400G series products [6] - The company is expected to launch multiple new high-speed optical module products in 2024, with large-scale shipments anticipated in 2025 [6]