● 本报记者李嫒嫒 从日常的智能手机、新能源汽车，到前沿的深海探测、低空飞行器、量子通信等领域，都离不开一个看 似微小却至关重要的部件——连接器，它犹如"血管"，支撑着电子设备系统控制、电能分配、信号传 输，堪称数字世界的隐形基石。 位于河南洛阳的中航光电（002179）是国内连接器行业的领军企业，专业为航空和高端制造等领域提供 互连解决方案，从单一电连接器，到形成电、光、液、集成化等连接产业，不断丰富产品种类。自2007 年上市以来，公司营收实现持续稳健增长。 在波动起伏的市场环境中，中航光电如何穿越周期，保持强劲的发展韧性？"这源于公司对'连接'主业 的战略定力、持续深化的改革和技术创新以及面向未来的前瞻布局。"中航光电董事长郭泽义日前在接 受中国证券报记者专访时表示。 聚焦连接穿越周期的利器 郭泽义表示，中航光电聚焦"连接"并非固步自封，而是在专业领域内不断进行"价值延伸"，拓展新业 务。"我们不仅仅提供元器件、组件或成品缆，更要成为一个装备或未来重大工程的集成互连方案提供 商。" 中航光电的业务拓展不仅体现在横向上覆盖更多领域、市场；还重视纵向延伸，提供"连接"以外的信号 传输、信号高效转换产品，同时 ...

● 本报记者 李嫒嫒 从日常的智能手机、新能源汽车，到前沿的深海探测、低空飞行器、量子通信等领域，都离不开一个看 似微小却至关重要的部件——连接器，它犹如"血管"，支撑着电子设备系统控制、电能分配、信号传 输，堪称数字世界的隐形基石。 位于河南洛阳的中航光电是国内连接器行业的领军企业，专业为航空和高端制造等领域提供互连解决方 案，从单一电连接器，到形成电、光、液、集成化等连接产业，不断丰富产品种类。自2007年上市以 来，公司营收实现持续稳健增长。 在波动起伏的市场环境中，中航光电如何穿越周期，保持强劲的发展韧性？"这源于公司对'连接'主业 的战略定力、持续深化的改革和技术创新以及面向未来的前瞻布局。"中航光电董事长郭泽义日前在接 受中国证券报记者专访时表示。 聚焦连接 穿越周期的利器 中航光电自上市以来，营收持续增长。近十年来，中航光电年营收额由47.25亿元增长至206.9亿元。 同时，公司不断丰富产品品类，延伸市场版图，以洛阳为中心，辐射全国，又将触角延伸向全球市 场…… 在郭泽义看来，中航光电能够保持稳健发展的原因主要有：一张蓝图绘到底的战略定力，聚焦"连接"专 业化发展；持续不断的改革创新，满足市场 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5]. Core Views - The company is positioned to become a leader in domestic computing power and connectivity, actively participating in the construction of intelligent computing infrastructure [1][2]. - The company has a comprehensive product range covering wireless, wired, cloud computing, terminal products, and professional communication services, serving over 160 countries and regions [1][13]. - The revenue from the second curve, represented by computing power and terminal products, has nearly doubled year-on-year, accounting for over 35% of total revenue [1][21]. - The company has achieved a historical high in revenue of 71.55 billion yuan in the first half of 2025, with a year-on-year growth of 15% [1][32]. Summary by Sections Financial Performance - The company reported a net profit of 5.058 billion yuan in the first half of 2025, a decrease of 11.5% year-on-year [1]. - Revenue projections for 2025-2027 are estimated at 141.9 billion, 155.6 billion, and 171.8 billion yuan, respectively, with corresponding net profits of 8.82 billion, 9.986 billion, and 11.883 billion yuan [4][3]. - The company's A-share PE ratios for 2025-2027 are projected to be 25, 22, and 18 times, respectively [3]. Market Position and Strategy - The company leads the telecommunications server market with a 21% market share among telecom operators [2]. - The company is focusing on the development of 5G-A networks and has received satellite communication licenses, preparing for future 6G networks [2][9]. - The company has established deep partnerships with major cloud service providers like ByteDance, Alibaba, and Baidu for customized server solutions [2][70]. Innovation and R&D - The company has been investing in self-developed chips for nearly 30 years and is one of the few domestic companies to mass-produce 7nm and 5nm chips [3]. - The company is committed to autonomous innovation, forming competitive data center interconnection solutions [3][21]. - The company has a strong focus on R&D, with continuous investment in technology to enhance its product offerings [40]. Industry Outlook - The global server market is expected to reach $366 billion by 2025, with a year-on-year growth of 44.6% [62]. - The AI server market in China is projected to reach $25.9 billion by 2025, growing at a rate of 36.2% [63]. - Major cloud service providers are significantly increasing their capital expenditures, indicating a robust demand for computing power infrastructure [50][51].