2026 年 1 月 29 日 何利超 H70529@capital.com.tw 目标价(元) 130 公司基本资讯 | 产品组合 | | | --- | --- | | 光器件 | 99.8% | | 其他 | 0.2% | 机构投资者占流通 A 股比例 | 基金 | 7.8% | | --- | --- | | 一般法人 | 22.4% | 股价相对大盘走势 太辰光 (300570.SZ) Buy 买进 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2026/1/29) | | 110.80 | | 深证成指(2026/1/29) | | 14300.08 | | 股价 12 个月高/低 | | 147.66/54.21 | | 总发行股数(百万) | | 227.13 | | A 股数(百万) | | 192.19 | | A 市值(亿元) | | 212.95 | | 主要股东 | | 华阳进出口(深 | | | | 圳)有限公司 | | ...

公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2026/1/29) | | 110.80 | | 深证成指(2026/1/29) | | 14300.08 | | 股价 12 个月高/低 | | 147.66/54.21 | | 总发行股数(百万) | | 227.13 | | A 股数(百万) | | 192.19 | | A 市值(亿元) | | 212.95 | | 主要股东 | | 华阳进出口(深 | | | | 圳)有限公司 | | | | (09.17%) | | 每股净值(元) | | 7.31 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -7.1 12.8 | -5.9 | 近期评等 出刊日期 前日收盘 评等 | 产品组合 | | | --- | --- | | 光器件 | 99.8% | | 其他 | 0.2% | 机构投资者占流通 A 股比例 | 基金 | 7.8% | | --- | --- | | 一般法人 | 22.4% | 2026 年 1 月 29 日 何利超 H70529@capital.com.tw 目 ...

Meta与康宁达成协议，将在2030年前采购60亿美元AI数据中心光通信相关订单。 1据了解，此次订单主要为MMC/MPO等和光缆订单。 2后续其他CSP也有望跟进。 【康宁大涨16%】#60亿美元Meta订单@0128 Meta与康宁达成协议，将在2030年前采购60亿美元AI数据中心光通信相关订单。 1据了解，此次订单主要为MMC/MPO等和光缆订单。 2后续其他CSP也有望跟进。 【光库科技】 CPO 产业加速 + EML缺口 2026 年 EML芯片 20% 供应缺口成核心催化，千亿 AI 算 【康宁大涨16%】#60亿美元Meta订单@0128 【光库科技】 CPO 产业加速 + EML缺口 2026 年 EML芯片 20% 供应缺口成核心催化，千亿 AI 算力光互联市场全面爆发，公司 作为全球唯三、国内唯一薄膜铌酸锂量产企业，2025 年报业绩大超预期，归母净利增长152%-172%、扣非净利增 长 178%-198%，光通信器件营收激增 73.89%，主业高增确定性拉满。 ②光科技硬核壁垒 薄膜铌酸锂调制器带宽 70-110GHz、功耗低 40%，性能超海外龙头，国内市占率超 90%，100G/ ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 京东年终奖投入涨幅超70% 12月25日，有京东员工在社交媒体透露，京东2025年终奖公告，京东全集团92%的员工拿满甚至拿到超 额年终奖，年终奖投入同比增幅超过70%，预计将创下行业今年最大涨幅。公告显示，今年薪酬已升级 部门如期实现19薪，有业务单元提前实现20薪。此外，一线员工年终奖仍将在年前发放。过去一年多的 时间里，连续7次多范围提高员工薪酬激励。 通义千问图像编辑模型Qwen-Image-Edit推出新版本 阿里云通义千问宣布图像编辑模型Qwen-Image-Edit-2511正式开源。据介绍，该模型2509版本存在图像 编辑后的轻微漂移，也即编辑前后的人物或物体有轻微的移动，其在2511版本中着重进行了包括一致性 提升在内的多项增强。 字节跳动通报三季度违规案例 12月25日，字节跳动企业纪律与职业道德委员会发布通报，披露了2025年三季度内部违规案例的处理情 况。通报显示，共有120名员工因触犯公司"红线"被辞退，其中28名员工 ...

每经AI快讯，12月25日，罗博特科（300757）(300757.SZ)发表投资者关系活动记录表，作为上游设备 端，从来自于下游客户的forecast以及对设备的交付节奏要求等方面的信息来看，CPO产业落地节奏并 未如市场传言般放缓，目前呈现正常推进甚至加快的态势，公司相关业务推进与排产均按既定规划稳步 开展，整体节奏也未受扰动。公司已经在OCS技术路径方面与核心产业链参与方开展深度合作， ficonTEC已为某瑞士客户提供生产OCS核心模块的整线自动化设备，且该客户未来还有新的产线规划需 求。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][6]. Core Insights - The company is a leading global manufacturer of optical connection products, with a strong position in the passive optical device sector, particularly in MPO connectors, which are crucial for data center construction [6]. - The company's revenue for the first half of 2025 reached 828 million RMB, representing a year-on-year increase of 62.5%, while net profit grew by 118.0% to 173 million RMB [6]. - The demand for MPO connectors is expected to surge due to the growth of the CPO industry, with the company positioned to benefit significantly from this trend [6]. - The company has established a production base in Yunnan, which began operations in Q1 2025, and is expected to ramp up production capacity in the latter half of 2025 and into 2026 [6]. - The report forecasts net profits for 2025-2027 to be 477 million, 782 million, and 1.147 billion RMB, respectively, with corresponding year-on-year growth rates of 83%, 64%, and 47% [8]. Summary by Sections Company Overview - The company operates primarily in the communication industry, with a market capitalization of 21.791 billion RMB and a current stock price of 113.38 RMB [1]. Financial Performance - In the first half of 2025, the company achieved a gross margin of 38.94%, an increase of 7.11 percentage points year-on-year, driven by high-margin product demand and improved production capabilities [6]. - The report provides a detailed financial forecast, projecting significant revenue growth from 2.292 billion RMB in 2025 to 5.383 billion RMB by 2027 [10]. Market Position and Strategy - The company has a comprehensive production capability across the entire supply chain, including the development of key components such as ceramic inserts and MPO connectors, which enhances its competitive edge [6]. - The establishment of a production facility in Vietnam is aimed at meeting the increasing demand from overseas clients and mitigating trade risks, further supporting the company's growth trajectory [6].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 114.85 RMB [8][5]. Core Insights - The company's revenue for 2024 reached 1.378 billion RMB, a year-on-year increase of 56%, while the net profit attributable to shareholders was 261 million RMB, exceeding expectations and growing by 68% [1]. - The fourth quarter of 2024 saw a significant revenue increase of 77% year-on-year, totaling 462 million RMB, with net profit soaring by 130% to 115 million RMB, driven by improved market conditions and enhanced gross margins [1][3]. - The gross margin for 2024 was reported at 36%, up 6 percentage points year-on-year, with a further increase to 39% in Q4 2024, attributed to optimized revenue structure and cost reductions from self-developed products [3]. Revenue Breakdown - The optical device segment generated 1.321 billion RMB in revenue for 2024, marking a 59% increase, while the optical sensing business saw a decline of 10% to 4 million RMB [2]. - Domestic revenue reached 298 million RMB, a 41% increase, while international revenue was 1.08 billion RMB, growing by 60% [2]. Future Outlook - Demand in 2025 is expected to remain strong, particularly in the MPO business, supported by the growing AI computing power needs [4]. - The company is poised to benefit from the CPO industry trend, with promising applications for its products in future solutions [4]. Financial Projections - The report projects net profit for 2025 and 2026 to increase by 8% and 12% respectively, with net profits expected to reach 450 million RMB and 646 million RMB [5]. - The company’s PE ratio for 2025 is set at 58x, reflecting its leading position in the MPO industry [5].