AI算力新贵，光模块驱动，订单排到2026年底！

Core Insights - The company has transformed its image from being perceived as inefficient with weak profitability to a competitive player in the optical electronics sector, achieving significant improvements in financial metrics [3][4] - The gross margin has increased to 25% and net margin is approaching 12%, indicating a strong recovery and operational efficiency [3] - The company is benefiting from the AI computing cycle and the trend towards domestic self-sufficiency, with orders for optical modules secured until the end of 2026, leading to full production capacity [3] Financial Performance - In 2021, the company reported a gross margin of only 17% and a net margin of 7.5%, which were significantly lower than leading competitors in the industry [3] - After three years of adjustments, the company has successfully raised its gross margin to 25% and net margin to nearly 12% [3] Market Perception - The market has shifted its valuation approach for the company, moving away from traditional equipment manufacturing metrics to a growth stock perspective focused on high-speed optical modules [4]