通信设备及服务2024年第38周周报：CIOE顺利举办，高速光互联技术快速迭代

Industry Investment Rating - The report maintains an Overweight rating for the Communication Equipment and Services industry, consistent with the previous rating [2][3] Core Views - The CIOE 2024 in Shenzhen showcased significant advancements in optical interconnect technologies, including OCS, CPO, 1.6T silicon photonics, and hollow-core fiber, indicating rapid technological iteration [3][6] - OCS (Optical Circuit Switching): Demonstrated by companies like Accelink, Coherent, and Sanshiyuan, OCS is gaining traction for its ability to reduce latency and deployment costs in cloud networks [3][6] - CPO/OCI (Co-Packaged Optics/Optical Compute Interconnect): Companies like Broadcom and Intel highlighted the potential of integrating optical engines with ASICs and GPUs, leveraging silicon photonics for improved performance and power efficiency [3][6] - 1.6T Silicon Photonics: Leading companies such as InnoLight, Accelink, and HG Tech showcased 1.6T modules with excellent performance metrics, including low bit error rates and extinction ratios [3][6] - Hollow-Core Fiber: This technology offers ultra-low latency and a significant increase in dense wavelength division multiplexing capacity, though challenges remain in terms of cost, maintenance, and current distance limitations (20km per segment) [3][6] Investment Recommendations - Focus on the investment value of optical interconnect driven by the global AI industry [3][6] - Balance investments between state-owned enterprises with stable growth and high dividends, and emerging opportunities in new business models [3][6] - Explore new connectivity themes such as low-altitude economy, satellite communication, and vehicle communication, which are in the early stages of development [3][6] - Monitor leading companies in sectors like IoT and submarine cables, which are poised for recovery and growth [3][6] Market Performance - The communication sector outperformed the broader market, with the Shenwan Communication Index rising 2.11% last week, compared to a 2.23% decline in the CSI 300 Index [7][10] - Within the communication sector, the communication equipment sub-sector rose 4.26%, while the communication services sub-sector fell 1.86% [10] - Top-performing stocks included DaFu Technology (+37.31%), Dingxin Communication (+21.45%), and InnoLight (+16.62%), while Yitong Century (-19.85%) and Hengbao Co (-17.40%) were among the worst performers [11][12] Key Companies and Valuations - TFC Optical Communication (300394.SZ): Current price 76.81, with a Buy rating and a forward PE of 31.64 for 2024 [16] - Eoptolink (300502.SZ): Current price 100.33, with a Buy rating and a forward PE of 41.43 for 2024 [16] - Accelink (002281.SZ): Current price 26.72, with a Buy rating and a forward PE of 27.23 for 2024 [17] - ZTE (000063.SZ): Current price 23.54, with a Buy rating and a forward PE of 14.37 for 2024 [17]