罗博特科(300757)：CPO产业化进程加速 OCS开辟全新增长极

Core Viewpoint - The company is undergoing a strategic transformation focusing on a "dual-engine" development model, integrating clean energy and semiconductor sectors, with a strong emphasis on photovoltaic equipment and advanced automation solutions [1] Group 1: Business Overview - The company specializes in high-end automation equipment and intelligent manufacturing execution systems, having acquired ficonTEC, a leading manufacturer in the field of optoelectronic and semiconductor packaging and testing equipment [1] - The photovoltaic business covers mainstream technology routes such as PERC, TOPCon, HJT, and XBC, with equipment performance at the domestic leading and international advanced levels [1] - The semiconductor business focuses on cutting-edge packaging, coupling, and testing equipment for silicon photonic chips, optical modules, and other advanced fields, serving major global clients like Intel, Cisco, and Huawei [1] Group 2: CPO Technology and Market Position - CPO technology integrates ASIC chips with silicon photonic engines on a single high-speed motherboard, addressing the rate bottleneck of traditional pluggable optical modules [2] - ficonTEC is one of the few companies capable of providing fully automated packaging and coupling equipment for silicon photonics and CPO optical modules above 800G, serving major clients like Intel and Broadcom [2] - The company supports clients throughout the product lifecycle, from research validation to mass production, through its "From Lab to Fab" model [2] Group 3: Competitive Advantages - ficonTEC's core competitiveness is built on five pillars: proprietary motion control and process algorithm software, ultra-high precision motion platforms, advanced positioning and vision systems, a collaborative business model, and strong partnerships with leading research institutions [3] - The company has delivered over 1,000 sets of optoelectronic packaging and testing equipment, showcasing its extensive design and R&D experience [3] Group 4: Growth Drivers - The acceleration of delivery processes by downstream clients is driving the company to rapidly enhance its production capacity, with CPO technology expected to scale up between 2026 and 2027 [4] - OCS technology is emerging as a new growth driver, optimizing optical connections between servers and enhancing AI infrastructure scalability and energy performance [4] - Recent significant orders include a €9.465 million contract for fully automated silicon photonic packaging equipment and a €7.7 million contract for OCS packaging systems, indicating strong demand from industry and large-scale data center clients [5] Group 5: Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 701 million, 1.293 billion, and 1.677 billion respectively, with EPS estimates of -0.30, 0.30, and 0.60 [6] - The company is expected to benefit from the acceleration of CPO industrialization and the explosion of AI computing demand, positioning itself favorably in the market [6]