天孚通信领涨“易中天”，靠英伟达赚麻了

Core Viewpoint - Tianfu Communication, one of the "three musketeers" in the optical module sector, saw its stock price surge by 17.76% to a record high of 297.9 CNY per share, reflecting its critical role in AI development [1][15]. Stock Performance - Over the past year, Tianfu Communication's stock exhibited a "roller coaster" performance, rising to 224 CNY per share by September 2025, then dropping to 146 CNY in October, a decline of over 30% from its peak, before gradually recovering [3][17]. - The stock price increased by 213.7% throughout the previous year, establishing the company as a "star" in the tech sector [3][17]. - In 2026, Tianfu Communication was the only one among its peers to see a price increase, with a year-to-date gain of 46.73% as of February 9, while its competitors experienced declines [3][17]. Industry Position - Tianfu Communication occupies a unique position in the AI computing supply chain, likened to selling high-quality flour and core ingredients rather than complete products, which allows it to avoid intense competition faced by companies selling finished optical modules [4][18]. - The company is well-positioned to benefit from the AI boom, as it provides essential components for high-speed optical modules, making it a preferred choice in the market [4][18]. Partnership with NVIDIA - The company's significant market position is bolstered by its deep partnership with NVIDIA, holding over 65% of the global 1.6T optical engine market and being the near-exclusive supplier for NVIDIA's Mellanox 1.6T silicon optical engines [5][20]. - The 1.6T optical module is crucial for next-generation AI data centers, enabling efficient collaboration among thousands of GPU chips [5][20]. - NVIDIA's CEO emphasized that AI infrastructure development is the "largest infrastructure project in human history," with major clients planning to spend approximately 650 billion USD in 2026, a 60% increase year-on-year, much of which will be directed towards NVIDIA's chips [5][20]. Financial Performance - Tianfu Communication's revenue reached 1.9 billion CNY in 2023 and is projected to grow to 3.25 billion CNY in 2024 [11][28]. - The company forecasts a net profit of 1.881 billion to 2.15 billion CNY for 2025, representing a year-on-year growth of 40% to 60% [12][29]. - Analysts have issued "buy" ratings, citing the company's strong revenue and profit growth potential amid surging market demand [13][29]. Founder and Company Background - The founder, Zou Zhinong, has seen his wealth rise to 66.5 billion CNY, making him the richest person in Yichun [9][24]. - Tianfu Communication was established in 2005 and became the first listed company in China's optical communication components sector in 2015, with revenues historically below 1 billion CNY until the recent surge in AI demand [11][28].