光模块概念股“狂飙”，天孚通信再创历史新高

Core Viewpoint - The CPO concept stocks have strengthened again, with Tianfu Communication reaching a historical high of 238.5 yuan per share, reflecting a year-to-date increase of 159% and a market capitalization of 184.2 billion yuan [1] Industry Summary - The global optical module industry is accelerating its upgrade to 800G/1.6T driven by AI computing power demand, with optical isolators becoming a critical bottleneck due to a global supply shortage of Faraday rotators [1] - Continuous deployment of AI applications such as Google's new model and Amazon's Trainium3 is expected to drive the construction of computing infrastructure, creating investment opportunities in the related industry chain [1] Company Summary - Tianfu Communication is a core supplier of optical devices and components for optical modules and is also a manufacturer of 800G and 1.6T optical modules, possessing key technologies such as multi-channel fiber coupling arrays and high-power optical engines [1] - The company has achieved mass production capability for 800G and 1.6T high-speed optical engines, with normal deliveries of 1.6T optical engine products [1] - The production capacity is expanding, with the first phase of the Thailand production base expected to be operational by mid-2024 and the second phase launched in 2023, with increased capacity anticipated by 2026 [2] - In the first three quarters of the year, Tianfu Communication reported revenue of 3.918 billion yuan, a year-on-year increase of 63.63%, and a net profit of 1.465 billion yuan, up 50.07% year-on-year [2] - However, the third quarter saw a sequential revenue decline of 3.23% to 1.463 billion yuan, with net profit growth slowing to 0.80% due to supply chain constraints [2] - Despite the stock price surge, the controlling shareholder and executives have been frequently reducing their holdings, with a planned transfer of 8.5 million shares at 140 yuan per share [2]