南财智讯1月6日电，东田微在投资者关系活动中表示，法拉第旋转片是光隔离器的核心部件，目前全球 供应链以国外厂商为主，国内具备制备能力的厂商较少，受下游高速光模块需求增加影响，整体市场供 需关系紧张。公司当前光隔离器生产所用的法拉第旋转片主要依赖外部采购，已根据生产需要进行供应 链管理以应对市场变化。 ...

紫光股份12月15日在互动平台表示，公司深度布局高速光模块产业，除800G光模块外，积极推进1.6T 高性能光模块在稳定性与性价比上的双重突破，并持续完善光模块认证与测试体系，推动LPO在智算中 心与互联网数据中心的规模化商用。 ...

智通财经获悉，剑桥科技(06166)早盘涨近10%，截至发稿，涨8.37%，报84.15港元，成交额2.93亿港 元。 华鑫证券此前指出，剑桥科技多个新产品在多个客户顺利完成认证，预计将在2025年实现大批量发货。 公司继续完善多款800G LPO 产品开发，800G DR8 LPO 产品在客户交换机的测试结果良好，将继续推 进800G 和1.6T LPO 和LRO 产品的开发和迭代更新。完成多个产品在上海工厂和马来西亚工厂的量产和 扩产，以满足2025 年客户的需求。 本文源自：智通财经网 消息面上，据媒体报道，Meta正与谷歌进行深入谈判，考虑从2027年起在自家数据中心大规模采用 TPU，潜在采购规模或达数十亿美元。这笔交易一旦落地，将是谷歌外售TPU上的重大胜利。近期业内 有报道称，谷歌正在进一步追加光模块龙头的订单。从供应链反馈看，此次加单主要集中在800G/1.6T 高速光模块，对应的多为谷歌新一代TPU集群扩容需求。 ...

华鑫证券此前指出，剑桥科技多个新产品在多个客户顺利完成认证，预计将在2025年实现大批量发货。 公司继续完善多款800G LPO产品开发，800G DR8LPO产品在客户交换机的测试结果良好，将继续推进 800G和1.6T LPO和LRO产品的开发和迭代更新。完成多个产品在上海工厂和马来西亚工厂的量产和扩 产，以满足2025年客户的需求。 消息面上，据媒体报道，Meta正与谷歌进行深入谈判，考虑从2027年起在自家数据中心大规模采用 TPU，潜在采购规模或达数十亿美元。这笔交易一旦落地，将是谷歌外售TPU上的重大胜利。近期业内 有报道称，谷歌正在进一步追加光模块龙头的订单。从供应链反馈看，此次加单主要集中在800G/1.6T 高速光模块，对应的多为谷歌新一代TPU集群扩容需求。 剑桥科技（603083）(06166)早盘涨近10%，截至发稿，涨8.37%，报84.15港元，成交额2.93亿港元。 ...

消息面上，近日，剑桥科技披露投资者关系活动记录表。公司表示，1.6T光模块预计于2026年一季度实 现大量发货。2026年，公司1.6T光模块的出货占比预计约为20%，且该占比后续呈上升趋势；800G光模 块仍将是当年出货主力，二者占比将随市场需求与公司产能释放动态调整。公司800G与1.6T光模块的 产能爬坡进度，当前整体进展符合公司内部经营规划节奏，力争于本年底实现年化230万只的产能规 模。 剑桥科技（603083）(06166)午后涨超7%，截至发稿，涨6.81%，报83.15港元，成交额4189.76万港元。 剑桥科技10月26日晚间披露2025年三季报。前三季度，公司共实现营业收入约为33.6亿元，同比增长 21.57%；实现归属于上市公司股东的净利润约为2.59亿元，同比增长70.88%。报告期内，公司业绩实现 高质量增长，核心驱动力来自高速光模块与电信宽带接入两大主营业务。 ...

Core Viewpoint - The company is experiencing accelerated market application of its VC module products in high-speed optical modules, supported by technological upgrades in heat dissipation solutions [1] Group 1 - The company has received product certification and is in mass production with leading domestic and international optical communication enterprises [1]

Core Insights - The company reported a significant revenue increase of 115.1% year-on-year for the first three quarters of 2025, reaching 383 million yuan, with a net profit of 106 million yuan [1] - In Q3 2025 alone, revenue surged by 207.31% year-on-year to 178 million yuan, with a net profit of 60 million yuan, reflecting strong performance in line with expectations [1] Financial Highlights - The gross margin for Q3 2025 improved to 61.6%, up 9.9 percentage points quarter-on-quarter, driven by increased sales of high-margin CW light sources [1] - The net profit margin also saw a quarter-on-quarter increase of 6.93 percentage points to 33.44% due to rapid revenue growth and scale effects [1] - The company announced a new order worth 63.02 million yuan for high-power laser chip products, indicating strong market demand and plans for capacity expansion [1] Industry Trends - There is a rising demand for high-speed optical modules, with supply constraints for key materials like CW light sources and EML [2] - The capital expenditure from major North American cloud providers exceeded expectations, driving up the demand for high-speed optical modules [2] - The company is well-positioned to benefit from the anticipated supply-demand gap in CW light sources and EML, with potential opportunities for 100G/200G EML products [2] Profit Forecast and Valuation - The company's profit forecasts for 2025, 2026, and 2027 have been revised upwards by 23.7%, 43.7%, and 42.5% respectively, reaching 190 million, 515 million, and 862 million yuan [3] - The current stock price corresponds to a 50.7 times P/E ratio for 2027, with a target market value of 51.89 billion yuan based on a 60 times P/E ratio [3] - The target price has been raised by 43% to 560 yuan, indicating a potential upside of 10.2% [3]

Core Viewpoint - The company confirmed that its high-speed optical modules, including 800G and 1.6T, can meet the interconnection needs of high-end GPU clusters, specifically for NVIDIA's GB200 GPU [1] Group 1 - The company is actively monitoring market demand to ensure supply continuity [1]

Group 1 - The company is increasing its investment in high-speed optical modules, focusing on overseas markets and expanding production of 800G/1.6T optical modules, which is expected to drive strong growth in the future [1] - The technology developed by the company can extend battery life by 1-2 orders of magnitude and can be directly added to new batteries, indicating a significant innovation in lithium battery "revival" technology, which is already in small-scale production and continuous sampling [1]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant price appreciation over the next 6-12 months [5]. Core Insights - The company reported a substantial increase in revenue and net profit for the first half of 2025, with revenue reaching 10.437 billion yuan, a year-on-year growth of 282.64%, and net profit of 3.942 billion yuan, up 355.68% [2]. - The demand for high-speed optical modules, particularly the 800G modules, has driven revenue growth, with overseas point-to-point optical module revenue increasing by 355.96% year-on-year [3]. - The company is positioned as a key supplier of optical modules for major North American cloud providers, benefiting from increased investments in AI computing [4]. Summary by Sections Performance Review - In 2Q25, the company achieved revenue of 6.385 billion yuan, reflecting a year-on-year increase of 295.39%, and a net profit of 2.370 billion yuan, up 338.36% [2]. Operational Analysis - The production capacity for optical modules reached 15.2 million units, a 66.67% increase year-on-year, with production volume at 7.1 million units, up 86.35% [3]. - The gross margin for 2Q25 was 46.64%, showing a year-on-year increase of 2.88 percentage points, although it decreased by 2.02 percentage points quarter-on-quarter due to product mix changes and rising raw material costs [3]. Forward-Looking Strategy - The company has entered mass production of 800G LPO optical modules, with leading power consumption levels, and is advancing in silicon photonics solutions for 400G/800G coherent optical modules [4]. - The anticipated large-scale deployment of ASIC chips by major tech companies in 2026 is expected to further increase the demand for optical modules, positioning the company favorably in the market [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are set at 23.01 billion, 41.56 billion, and 57.33 billion yuan, with year-on-year growth rates of 166%, 81%, and 38% respectively [5]. - Expected EPS for the same period is forecasted at 7.66, 13.17, and 17.40 yuan, with corresponding P/E ratios of 17, 10, and 7 [5].