前言 AI数据中心末端配电+积极拓展光模块业务，这家公司与ABB合作打开海外高毛利市场，相关产品已开始 生产且规模化交付，同时切入光通信业务，进一步丰富数据中心相关产品线序列，有望加大利润弹性。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...

人民财讯12月17日电，据环旭电子（601231）消息，环旭电子越南海防厂于2021年投产，已建成生产面 积5万平方米，今年来自智能手表SiP模块及工业产品的营收已超过8亿美元。为加快公司光模块业务落 地，满足北美市场光模块产品的旺盛需求，公司计划在海防厂投资建设月产10万只800G/1.6T硅光光模 块的产能，包括光引擎、模块组装及终端测试的完整产线。后续公司将紧跟市场需求趋势，扩大产能满 足客户需求。此外，环旭电子亦规划在海防继续扩大投资，近日与SHP于越南海防长睿工业园正式签署 合作备忘录，并表达购买土地的初步意向。后续双方将依据实际需求推进正式协议的签订，为环旭电子 在越南第二厂区的扩建计划揭开序幕。 ...

证券日报网讯12月16日，思瑞浦在互动平台回答投资者提问时表示，公司高度重视光模块业务的发展， 其中模拟前端(AFE)芯片作为高速光模块中的关键核心组件，其设计与性能直接影响模块的整体表现。 目前，公司已建立起从研发设计到规模量产的完整能力，相关高价值AFE产品已成功导入行业头部客户 供应链并实现稳定交付。随着全球数据中心与AI算力需求持续增长，光模块技术向更高速率演进，进 一步推升了AFE芯片的技术门槛与产品价值，有望为公司的产品结构与业绩增长注入新的动力。公司会 持续聚焦技术创新与客户需求，巩固并扩大在这一重要赛道的领先优势。 ...

Core Viewpoint - Lixun Precision announced on August 29 that its current challenges in the optical module business are primarily related to business development rather than technology [1] Group 1: Business Development - The company is actively working to enter the supply chains of leading customers [1] - Currently, Lixun Precision's 800G and 1.6T optical module products are mainly delivered to small and medium-sized data center clients [1] - Although the company has not yet secured clear business cooperation opportunities with leading customers, this remains a key focus for the company [1] Group 2: Industry Position - The company expresses confidence in the optical module sector, noting that Chinese enterprises are leading the industry [1] - This leadership in the industry contributes to the company's optimism regarding its future prospects in the optical module market [1]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [5] Core Views - The company achieved a revenue of 783 million yuan in 2024, representing a year-on-year growth of 8.21%, while the net profit attributable to shareholders decreased by 30.34% to 66.41 million yuan [1] - In Q1 2025, the company reported a revenue of 202 million yuan, a year-on-year increase of 27.66%, but the net profit attributable to shareholders fell by 48.82% to 10.77 million yuan [1] - The company is focusing on functional devices and has expanded its product line in the semiconductor sector, including CMOS protective films and silicon-based OLED protective films, which have successfully passed customer testing and are entering mass production [2] - The company is advancing its composite electrolyte business for lithium batteries, having completed the first phase of its new composite material project and is expected to achieve mass production soon [3] - The establishment of a wholly-owned subsidiary for optical modules aims to create a full-chain production capability, with the first production line completed and self-developed silicon photonic chips entering the testing phase [4] Financial Summary - The company forecasts revenues of 1.14 billion yuan in 2025, with a projected growth rate of 45.77% [9] - The net profit is expected to rebound to 156 million yuan in 2025, reflecting a growth of 135.33% compared to 2024 [9] - The earnings per share (EPS) is projected to increase from 0.49 yuan in 2024 to 1.16 yuan in 2025 [9]