研报掘金丨国泰海通：予剑桥科技“增持”评级，目标价161元

Group 1 - Cambridge Technology is a global leader in optical connectivity, broadband, and wireless solutions [1] - The rapid development of AI is expected to lead to an outperformance in the optical module business [1] - The company is actively expanding overseas production capacity and investing in supply chain manufacturers through H-share issuance [1] Group 2 - With a strong background in products, production capacity, North American teams, and supply chain partnerships, the optical module business is poised for further breakthroughs in overseas markets [1] - The average industry valuation suggests a 2026 PE of 32.13x, corresponding to a target price of 161 yuan, with a rating of "Buy" [1]