证券日报网讯汇绿生态10月9日在互动平台回答投资者提问时表示，公司cpo技术有布局，目前还在研发 阶段，会根据客户需求情况推进。 （文章来源：证券日报） ...

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者：熊剑辉 来源：华商韬略（ID：hstl8888） "光模块枭雄"，是怎样炼成的？ 01 谜团 这一轮牛市中，要论"牛股旗手"，除了让人"不寒而栗"的寒武纪，就要属"易中天"的领头羊——新易盛。 2025年年初至今，它从46.56元的低点飙至401.1元的高位，涨幅高达861%。 这不但让"寒王"的涨幅（306.51%）相形见绌，在中际旭创（685.17%）、天孚通信（562.22%）面前也是一 骑绝尘。 如果把时间线拉回2016年新易盛上市之初，它的累计涨幅，将近180倍。 市值上，3600多亿的新易盛，成为碾压中兴通讯（2100亿）的存在。 可即便涨这么"疯"，高盛却认为：新易盛的估值依然合理。 因为新易盛的业绩，同样在"疯跑"。 2025年上半年，新易盛狂揽104.37亿营收，同比大增282.64%；净利润飙至39.42亿，同比暴涨355.68%；经 营现金流净额高达9.53亿，同比大增427.7%。 每个数字，都透着势不可挡的劲头。 而作为全球排名第三的光模块制造商，新易盛踩中的，是全球AI算力暴涨的超级风口。 ...

Core Insights - New Yi Sheng has experienced a remarkable stock price increase of 861% from January 2025, reaching a peak of 401.1 yuan, significantly outperforming competitors like Hanwang and Zhongji Xuchuang [5][9]. - The company's market capitalization has soared to over 360 billion yuan, surpassing ZTE's 210 billion yuan [7]. - High investment bank Goldman Sachs considers New Yi Sheng's valuation to be reasonable despite its rapid price increase [8]. Financial Performance - In the first half of 2025, New Yi Sheng reported revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit of 3.942 billion yuan, up 355.68% [9]. - The company's operating cash flow reached 953 million yuan, reflecting a substantial year-on-year growth of 427.7% [9]. - The gross profit margin for New Yi Sheng in 2024 was reported at 44.72%, exceeding competitors like Zhongji Xuchuang and Guangxun Technology [34]. Market Position and Strategy - New Yi Sheng is the third-largest optical module manufacturer globally, benefiting from the surge in AI computing power demand [10]. - The global optical module market is projected to reach $23.5 billion by 2025, with a 32% increase from 2024 [13]. - Approximately 80% of New Yi Sheng's revenue comes from overseas markets, with major clients including Nvidia, Microsoft, and Amazon [13]. Leadership and Company History - Gao Guangrong, the chairman and actual controller of New Yi Sheng, holds only a 7.4% stake in the company despite its significant growth [14]. - The company was formed in 2008 through a merger between Guangsheng Communication and Yijielong, with Gao securing a controlling stake [20]. - Gao's strategic decisions, including the acquisition of US-based Alpine, have been pivotal in enhancing New Yi Sheng's technological capabilities and market presence [29][30]. Challenges and Future Outlook - New Yi Sheng faces potential risks, including rising inventory levels of 5.944 billion yuan and accounts receivable of 5.017 billion yuan, leading to an increased asset-liability ratio of 33.08% [50][51]. - The company is currently in a critical transition phase from LPO to CPO technology, with competitors like Zhongji Xuchuang already advancing in the 1.6T optical module market [54][56]. - The future success of New Yi Sheng may hinge on its ability to navigate technological shifts and maintain its competitive edge in a rapidly evolving market [56].

格隆汇9月29日丨剑桥科技(603083.SH)在投资者互动平台表示，CPO技术作为光通信领域前沿方向，被 视为突破速率与功耗瓶颈的关键技术路径，但其商业化进程仍具有不确定性。公司已布局CPO相关技术 的前期研发，完成部分CPO核心技术的样品开发并推进客户验证。CPO技术从样机到商用落地存在周期 不确定性，对供应链分工及格局的影响也有较大不确定性。 ...

格隆汇9月29日丨剑桥科技(603083.SH)在投资者互动平台表示，CPO技术作为光通信领域前沿方向，被 视为突破速率与功耗瓶颈的关键技术路径，但其商业化进程仍具有不确定性。公司已布局CPO相关技术 的前期研发，完成部分CPO核心技术的样品开发并推进客户验证。CPO技术从样机到商用落地存在周期 不确定性，对供应链分工及格局的影响也有较大不确定性。 ...

格隆汇9月29日丨剑桥科技(603083.SH)在投资者互动平台表示，公司在光模块领域具备涵盖硅光、EML （电吸收调制激光器）、DML（直接调制激光器）在内的多种技术路线的技术能力与技术储备，目前 800G及1.6T光模块产品以硅光技术为主要方案。在CPO技术布局方面，公司现阶段业务重点聚焦于基 于硅光技术的CPO光引擎，以及CPO外置集成光源ELSFP（外置集成光源小型可热插拔模块）的研发工 作。其中，1.6T与3.2T的CPO集成硅光光引擎、基于大功率激光器的CPO外置集成光源ELSFP均已启动 预研及后续研发，相关产品目前处于客户定制化样机阶段。公司于近期深圳的CIOE（中国国际光电博 览会）展会期间，已展出部分试验样机。需要特别提示的是，敬请投资者理性看待公司在新兴技术领域 的长期布局进展：一方面，业界各厂商（包括本公司）在CPO领域的布局属于长期投入，对公司短期业 绩无直接影响；另一方面，业界共识是CPO技术从研发到商用落地仍需相当长的周期，且过程中存在不 确定性。 ...

格隆汇9月24日丨美迪凯(688079.SH)在投资者互动平台表示，公司目前没有产品直接应用于CPO（共封 装光学）领域，但在Micro LED、多光谱技术及半导体封测等领域的技术积累，与CPO技术存在内在关 联。 本次收购海硕力及越南工厂，是公司积极拓展海外市场的重要举措。借此，公司成功切入三星供 应链体系，并通过越南生产基地，与日本、韩国子公司协同，进一步优化全球布局。 ...

Group 1 - The company has deepened its precision manufacturing capabilities over the years, initially focusing on Foxconn and later acquiring Chunsheng Electronics, which has allowed it to serve key clients like Sony and Meta in the gaming console manufacturing sector [1] - The gaming console sales are cyclical, and the company's core clients have recently launched new products that are selling well, indicating that the company, as an upstream supplier, is expected to continue benefiting from ongoing new material introductions [1] - The optical communication business has experienced rapid growth since the company entered the fiber connector market in 2019 and became a qualified supplier for SENKO in 2020, now representing a significant growth driver for the company's performance [1] Group 2 - The company plans to acquire Shenzhen Hengyang Data Co., Ltd. through a combination of share issuance and cash payment, which focuses on intelligent computing and data processing solutions [2] - If the acquisition is completed, it will enhance the company's profitability and diversify its business structure, transitioning from a "data transmission" provider to a "light + computing" solution provider, thus meeting broader customer needs [2] Group 3 - Assuming the acquisition of Hengyang Data is completed by 2026, the company forecasts revenues of 1.012 billion, 1.813 billion, and 2.201 billion yuan for 2025-2027, with year-on-year growth rates of +3.84%, +79.20%, and +21.42% respectively [3] - The projected net profits for the same period are 223 million, 204 million, and 248 million yuan, with year-on-year changes of +230.75%, -8.27%, and +21.63% respectively [3] - The earnings per share (EPS) are expected to be 1.73, 1.59, and 1.93 yuan for 2025-2027, with the closing price on September 22, 2025, at 96.97 yuan, resulting in corresponding price-to-earnings (PE) ratios of 56.08x, 61.13x, and 50.28x [3]

Core Viewpoint - The company Tongfu Microelectronics (002156.SZ) has made significant progress in the development of domestically produced CPO switches using 2.5D packaging technology, which have passed preliminary reliability tests [1] Group 1: Company Developments - Tongfu Microelectronics confirmed participation in the development of CPO switches and stated that the products have achieved breakthrough progress [1] - The company indicated that future developments will be assessed based on customer and market demand [1]

Core Viewpoint - Cambridge Technology announced on September 12 that its A-share stock price had deviated by a cumulative increase of 20% over three consecutive trading days, indicating abnormal trading activity [1] Group 1: Company Operations - The company confirmed that there have been no significant changes in its daily operations [1] - The market environment and industry policies affecting the company have not undergone major adjustments [1] - The production costs and sales of various products have not experienced substantial fluctuations, and internal operational order remains normal [1] Group 2: Product Development - The company does not currently produce chips containing CPO technology, and the core components related to CPO, such as the optical engine and external light source (ELSFP), are still in the stages of collaborative research and design, with no business revenue generated yet [1] - The LPO business has sent samples for testing to several major North American clients, but the cumulative order and shipment amount for the first half of 2025 is only about 0.03% of the revenue for the same period, contributing minimally to the company's current performance [1]