据中国移动方面介绍，在技术指标上，该线路展现出三大领先优势：此次商用部署的空芯光纤重点优化 深港证券交易所数据中心间的双向数据传输时延；数据在此线路传输过程中损耗小于0.09dB/km（光衰 计量单位，光衰是指光在光纤中传输时发生的损耗而引起的信号强度下降），相较于当前市面上常用的 光纤损耗降低7.6倍；采用气体替代石英导光，使得光信号在光纤中传输非线性降低超1000倍。 8月1日，《每日经济新闻》记者从中国移动获悉，公司在广东开通了我国首条反谐振空芯光纤商用线 路，实现了我国自主研发、具备完全自主知识产权的反谐振空芯光纤从技术原型到实际应用的跨越。 每经记者｜杨卉 每经编辑｜董兴生 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown significant results in its diversified layout, particularly in the commercialization of hollow-core fibers, which is expected to drive future growth [7] - The company reported a revenue of 12.197 billion yuan in 2024, a year-on-year decrease of 8.65%, with a net profit of 676 million yuan, down 47.91% year-on-year [7] - The company has made substantial progress in various sectors, including optical interconnection components and high-purity synthetic quartz materials, with a notable increase in sales driven by AI demand [7] Financial Data and Forecast - Revenue projections for the company are as follows: 2025 at 13.900 billion yuan, 2026 at 15.874 billion yuan, and 2027 at 17.717 billion yuan, with respective year-on-year growth rates of 14.0%, 14.2%, and 11.6% [6][8] - The net profit forecast for the same years is 1.099 billion yuan, 1.459 billion yuan, and 1.813 billion yuan, with year-on-year growth rates of 62.6%, 32.8%, and 24.3% respectively [6][8] - The company’s gross margin is expected to improve from 27.3% in 2024 to 28.6% in 2027 [6][8] Business Segment Performance - The optical transmission products segment is projected to generate revenue of 78.67 billion yuan in 2024, with a year-on-year decline of 12.79% [8] - The optical interconnection components segment is expected to see revenue growth to 32.90 billion yuan in 2025, reflecting a year-on-year increase of 55.48% [8] - Other products and services are forecasted to generate 19.92 billion yuan in 2025, with a modest growth rate of 3.00% [8] Valuation - The company is assigned a dynamic PE range of 25-30X for 2025, corresponding to a reasonable value range of 36.24 to 43.49 yuan [7]