业绩简评 2025 年 8 月 25 日公司发布 2025 年半年度报告，公司 1H25 营收 104.37 亿元，同比增长 282.64%；归母净利润 39.42 亿元，同比 增长 355.68%。对应 2Q25 营收 63.85 亿元，同比增长 295.39%； 归母净利润 23.70 亿元，同比增长 338.36%。考虑一次计提绩效奖 金和减值损失，业绩略超预期。 经营分析 800G 高速率光模块放量，带动公司增收增利：公司 1H25 境外点对 点光模块收入达 98.53 亿，同比增长 355.96%；光模块产能 1520 万只，同比增长 66.67%；光模块产量 710 万只，同比增长 86.35%。 公司是北美云厂商的重要光模块供应商，下游大客户 AI 算力投资 增长带动高速率光模块需求量高增。2Q25公司销售毛利率46.64%， 同比+2.88pct，环比-2.02pct，我们认为环比下降主要系：1）公 司给 Mellanox 做代工带来产品结构调整；2）原材料成本涨价。 前瞻布局 LPO、AEC、硅光，市场规模有望进一步扩大：公司 800G LPO 光模块已进入大批量生产，单模产品功耗降至行业领 ...

Core Viewpoint - The company reported significant revenue and profit growth for 2024 and Q1 2025, driven by high-end product sales and improved operational efficiency [1][2][3] Financial Performance - In 2024, the company achieved revenue of 23.863 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1] - For Q1 2025, revenue reached 6.674 billion yuan, growing 37.82% year-on-year, with a net profit of 1.583 billion yuan, an increase of 56.39% [1] - The gross margin for 2024 was 33.80%, up 0.81 percentage points, while the net margin was 22.51%, an increase of 1.91 percentage points [1] - Q1 2025 gross margin was 36.70%, a quarter-on-quarter increase of 1.62 percentage points, and net margin was 25.33%, up 2.42 percentage points [1] Cost Management - Sales expense ratio decreased to 0.84%, down 0.32 percentage points year-on-year; management expense ratio was 2.85%, down 1.19 percentage points; R&D expense ratio was 5.21%, down 1.69 percentage points [1] Product Development and Market Trends - The company is experiencing increased demand for 800G and 400G products, with significant growth in shipments due to both domestic and overseas customer demand [2][3] - The introduction of new tariff policies has allowed for zero tariffs on shipments from Thailand, enhancing the company's competitive position [2] - The company has developed advanced technologies in silicon photonics and coherent optics, with a focus on high-end products [3] Future Outlook - The company is positioned as a leader in the optical module market, with expectations for rapid adoption of 800G products domestically and potential demand for 1.6T and 3.2T products overseas [4] - Projected net profits for 2025-2027 are 7.256 billion yuan, 9.163 billion yuan, and 10.542 billion yuan, respectively, with corresponding EPS of 6.57 yuan, 8.29 yuan, and 9.54 yuan [4]