研报掘金丨银河证券：维持兆驰股份“推荐”评级，光模块业务加速

Core Insights - The report from Galaxy Securities highlights that the company, Zhao Chi Co., has increased the guarantee limit for its subsidiary, accelerating its optical module business [1] - The company has established a comprehensive layout in the LED industry chain and is currently a leading player across multiple segments, maintaining good growth and profitability amid intense industry competition [1] LED Industry - The company is a leader in various segments of the LED industry chain and is experiencing a favorable growth trend [1] - The LED industry is witnessing price increases, which is expected to enhance profitability [1] Optical Communication Sector - The company has a vertically integrated layout in the optical communication field, covering optical chips, optical devices, and optical modules [1] - Stable mass production has been achieved for low-speed optical modules (200G and below) [1] - The 2.5G optical chip successfully completed wafer testing in Q3 2025, with plans for mass production and application [1] - High-speed optical modules are expected to be launched by 2026 [1] AI and Entertainment - The subsidiary, Fengxing Online, is a leader in AI comic dramas, having established a full-chain layout in the AI entertainment ecosystem through three core AI application products [1] Traditional Business - The traditional business of TV OEM is recovering profitability [1]