消息面上，近日，剑桥科技披露投资者关系活动记录表。公司表示，1.6T光模块预计于2026年一季度实 现大量发货。2026年，公司1.6T光模块的出货占比预计约为20%，且该占比后续呈上升趋势；800G光模 块仍将是当年出货主力，二者占比将随市场需求与公司产能释放动态调整。公司800G与1.6T光模块的 产能爬坡进度，当前整体进展符合公司内部经营规划节奏，力争于本年底实现年化230万只的产能规 模。 剑桥科技（603083）(06166)午后涨超7%，截至发稿，涨6.81%，报83.15港元，成交额4189.76万港元。 剑桥科技10月26日晚间披露2025年三季报。前三季度，公司共实现营业收入约为33.6亿元，同比增长 21.57%；实现归属于上市公司股东的净利润约为2.59亿元，同比增长70.88%。报告期内，公司业绩实现 高质量增长，核心驱动力来自高速光模块与电信宽带接入两大主营业务。 ...

Core Viewpoint - The company is experiencing accelerated market application of its VC module products in high-speed optical modules, supported by technological upgrades in heat dissipation solutions [1] Group 1 - The company has received product certification and is in mass production with leading domestic and international optical communication enterprises [1]

Core Insights - The company reported a significant revenue increase of 115.1% year-on-year for the first three quarters of 2025, reaching 383 million yuan, with a net profit of 106 million yuan [1] - In Q3 2025 alone, revenue surged by 207.31% year-on-year to 178 million yuan, with a net profit of 60 million yuan, reflecting strong performance in line with expectations [1] Financial Highlights - The gross margin for Q3 2025 improved to 61.6%, up 9.9 percentage points quarter-on-quarter, driven by increased sales of high-margin CW light sources [1] - The net profit margin also saw a quarter-on-quarter increase of 6.93 percentage points to 33.44% due to rapid revenue growth and scale effects [1] - The company announced a new order worth 63.02 million yuan for high-power laser chip products, indicating strong market demand and plans for capacity expansion [1] Industry Trends - There is a rising demand for high-speed optical modules, with supply constraints for key materials like CW light sources and EML [2] - The capital expenditure from major North American cloud providers exceeded expectations, driving up the demand for high-speed optical modules [2] - The company is well-positioned to benefit from the anticipated supply-demand gap in CW light sources and EML, with potential opportunities for 100G/200G EML products [2] Profit Forecast and Valuation - The company's profit forecasts for 2025, 2026, and 2027 have been revised upwards by 23.7%, 43.7%, and 42.5% respectively, reaching 190 million, 515 million, and 862 million yuan [3] - The current stock price corresponds to a 50.7 times P/E ratio for 2027, with a target market value of 51.89 billion yuan based on a 60 times P/E ratio [3] - The target price has been raised by 43% to 560 yuan, indicating a potential upside of 10.2% [3]

Core Viewpoint - The company confirmed that its high-speed optical modules, including 800G and 1.6T, can meet the interconnection needs of high-end GPU clusters, specifically for NVIDIA's GB200 GPU [1] Group 1 - The company is actively monitoring market demand to ensure supply continuity [1]

Group 1 - The company is increasing its investment in high-speed optical modules, focusing on overseas markets and expanding production of 800G/1.6T optical modules, which is expected to drive strong growth in the future [1] - The technology developed by the company can extend battery life by 1-2 orders of magnitude and can be directly added to new batteries, indicating a significant innovation in lithium battery "revival" technology, which is already in small-scale production and continuous sampling [1]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant price appreciation over the next 6-12 months [5]. Core Insights - The company reported a substantial increase in revenue and net profit for the first half of 2025, with revenue reaching 10.437 billion yuan, a year-on-year growth of 282.64%, and net profit of 3.942 billion yuan, up 355.68% [2]. - The demand for high-speed optical modules, particularly the 800G modules, has driven revenue growth, with overseas point-to-point optical module revenue increasing by 355.96% year-on-year [3]. - The company is positioned as a key supplier of optical modules for major North American cloud providers, benefiting from increased investments in AI computing [4]. Summary by Sections Performance Review - In 2Q25, the company achieved revenue of 6.385 billion yuan, reflecting a year-on-year increase of 295.39%, and a net profit of 2.370 billion yuan, up 338.36% [2]. Operational Analysis - The production capacity for optical modules reached 15.2 million units, a 66.67% increase year-on-year, with production volume at 7.1 million units, up 86.35% [3]. - The gross margin for 2Q25 was 46.64%, showing a year-on-year increase of 2.88 percentage points, although it decreased by 2.02 percentage points quarter-on-quarter due to product mix changes and rising raw material costs [3]. Forward-Looking Strategy - The company has entered mass production of 800G LPO optical modules, with leading power consumption levels, and is advancing in silicon photonics solutions for 400G/800G coherent optical modules [4]. - The anticipated large-scale deployment of ASIC chips by major tech companies in 2026 is expected to further increase the demand for optical modules, positioning the company favorably in the market [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are set at 23.01 billion, 41.56 billion, and 57.33 billion yuan, with year-on-year growth rates of 166%, 81%, and 38% respectively [5]. - Expected EPS for the same period is forecasted at 7.66, 13.17, and 17.40 yuan, with corresponding P/E ratios of 17, 10, and 7 [5].

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]