通信行业投资策略周报：数据中心短距传输AEC需求有望高增，关注产业链投资机会

Investment Rating - The industry investment rating is "Buy" [5] Core Viewpoints - Credo reported record revenue for FY25Q2, with a year-over-year increase of 63.6% and a quarter-over-quarter increase of 20.6%, driven primarily by the growth in AEC business demand [25][26] - The company expects FY25 revenue to grow by 100% or more year-over-year, and FY26 revenue to achieve approximately 50% year-over-year growth [25][26] - AEC products are expected to see accelerated demand in data center short-distance interconnections, with specific applications identified in major companies like Amazon and NVIDIA [27][28] Summary by Sections 1. Core Viewpoints - Credo's FY25Q2 revenue reached $72.034 million, marking a record high, with significant contributions from AEC business [25] - The company anticipates FY25Q3 revenue between $115 million and $125 million, representing a 67% quarter-over-quarter growth [25] - AEC technology offers advantages in power consumption, deployment flexibility, and cost compared to traditional DAC and AOC solutions [26][27] 2. Industry Data Updates - As of the end of 2023, China has built 3.377 million 5G base stations, a net increase of 1.065 million from the previous year, accounting for 29.1% of total mobile base stations [52] - In October 2024, domestic smartphone shipments reached 29.674 million units, with 5G smartphones accounting for 90.1% of the total [54] - The number of 5G users in China reached 5.46 billion as of October 2024, with significant growth in mobile internet traffic [59][72] 3. Market Performance - The communication sector outperformed the CSI 300 index by 2.92 percentage points this week, with a sector increase of 1.91% [30] - The communication sector has shown a year-to-date increase of 28.2%, significantly outperforming the CSI 300 index [33] 4. Recommendations - The report suggests focusing on companies like Ruikeda, Zhaolong Interconnect, and Xinyi Sheng, which are positioned to benefit from the growing AEC market demand [28]