华工科技A+H上市被质疑 光模块业务毛利率仅10%、政府补助等收入占净利超3成|CPO融资潮

Core Viewpoint - The capital market is witnessing a surge in interest in the optical communication industry, driven by the demand for AI computing power and the emergence of CPO technology as a key infrastructure. This has led to significant stock price increases for companies like NewEase and Zhongji Xuchuang, while also impacting IPOs, private placements, and mergers and acquisitions in the sector [2]. Financial Position - HwaCom Technology has a substantial cash position, with cash and deposits totaling nearly 7 billion, significantly exceeding its interest-bearing liabilities. The company has consistently reported interest income higher than interest expenses, indicating no financial pressure [4][10]. - From the end of 2020 to the end of 2024, HwaCom's cash assets increased from 3.4 billion to 7.3 billion, consistently outpacing its interest-bearing liabilities [6]. - As of the end of Q3 2025, the company's cash and deposits were approximately 6.8 billion, still significantly higher than its interest-bearing liabilities [7]. Business Performance - HwaCom Technology has experienced continuous revenue growth, with a reported revenue of 11.038 billion for the first three quarters of the year, representing a year-on-year increase of 22.62%. The net profit attributable to shareholders was 1.321 billion, up 40.92% year-on-year [11]. - Despite the growth, the company's profitability, particularly in the optical module business, lags behind competitors. The gross margin for the optical module business is only 10%, significantly lower than peers like Zhongji Xuchuang and NewEase, and even below half of the industry average [11][14]. - Government subsidies and non-operating income have accounted for over 30% of the net profit for HwaCom, raising concerns about the competitiveness of its three main business segments: lasers, optical modules, and sensors [14]. Market Position and Future Outlook - HwaCom Technology has recently been removed from the CSI 500 and CSI 800 indices, casting uncertainty on its A+H listing ambitions [3][16]. - The CPO market is projected to reach a scale of 8.1 billion by 2030, with a compound annual growth rate of 137%. However, the rapid capital operations in the optical communication industry raise questions about whether this is a necessary step to secure technological leadership or a potential overcapacity situation [16].