2 1 Shi Ji Jing Ji Bao Dao·2025-10-31 05:17Core Viewpoint - The recent stock price fluctuations of leading companies in the optical module sector are attributed to the performance signals revealed in their Q3 2025 financial reports, indicating a mixed outlook despite strong year-on-year growth in revenue and net profit [1][3]. Company Performance - New Yisheng reported a revenue of 16.505 billion yuan for the first three quarters, a year-on-year increase of 221.70%, and a net profit of 6.327 billion yuan, reflecting a staggering growth of 284.37% [1]. - Tianfu Communication achieved a revenue of 3.918 billion yuan, up 63.63% year-on-year, with a net profit of 1.465 billion yuan, marking a 50.07% increase [3]. - Zhongji Xuchuang reported a revenue of 25.005 billion yuan, a year-on-year growth of 44.43%, and a net profit of 7.132 billion yuan, which is a 90.05% increase [3]. Quarterly Performance Trends - New Yisheng's Q3 revenue was 6.068 billion yuan, showing a nearly 5% decline compared to Q2, with a net profit of 2.38 billion yuan, which only slightly increased by 0.6% [3]. - Tianfu Communication's Q3 revenue was 1.463 billion yuan, down 3.23% from Q2, while its net profit was 566 million yuan, reflecting a 0.80% increase, ending a streak of growth since Q1 2024 [3]. Market Dynamics - The decline in revenue for leading companies in the optical module sector is attributed to changes in the procurement rhythm of downstream customers, leading to a mismatch between revenue recognition and production schedules [3]. - Despite the short-term stock price corrections, institutions remain optimistic about the long-term prospects of the optical communication industry, predicting a shift from "order acquisition" to "delivery assurance" by 2026 [4]. Industry Outlook - The optical module market is characterized as a technology-driven sector, where new product generations initially enjoy premium pricing due to technological barriers, followed by gradual price declines as production scales up and costs are optimized [4]. - The demand for optical modules is expected to rise significantly, with projections indicating that shipments of 1.6T optical modules could exceed 25 million units and 800G modules could surpass 55 million units by 2026 [4].