作者：昊 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 当新易盛、中际旭创、天孚通信组成的"易中天"组合在资本市场不断上演股价翻倍行情，当CPO（光电共封装）技术因AI算力需求爆发成为"算力高速公 路"的核心基建，光通信行业的资本热度已从二级市场的股价狂欢，蔓延至IPO、定增与并购赛场。 近日，证监会要求拟赴港IPO的纳真科技补充相关材料。今年上半年，纳真科技实现扭亏，但公司毛利率特别是数通光模块主业的毛利率持续下滑，主要客 户高度集中，并与其控股股东海信集团在采购、销售、存贷款服务、物业租赁等方面，长期存在关联交易。 需要注意的是，在申请上市前，纳真科技4次分红派息累计5.42亿，占同期12.44亿净利润近一半，特别是2022年至2024年，公司分红率高达68%。 除采购和销售外，纳真科技还与海信集团订立多项关联交易，涵盖物业租赁、共享服务及金融服务等领域，长期保持关联交易。 业绩扭亏毛利率仍延续下行 客户高度集中关联交易持续 纳真科技是光通信与光连接解决方案供应商，为AI算力网络提供光通信产品，2009年注册于英属维尔京群岛。公司历史可追溯至海信集 ...

来源：新浪证券 出品：新浪财经上市公司研究院 作者：昊 当新易盛、中际旭创、天孚通信组成的"易中天"组合在资本市场不断上演股价翻倍行情，当CPO（光电共封装）技术因AI算力需求爆发成为"算力高速公 路"的核心基建，光通信行业的资本热度已从二级市场的股价狂欢，蔓延至定增与并购赛场。 日前，光迅科技定增事项进入冲刺阶段，公司拟募资35亿，用于光连接及高速光传输产品的生产，光互联及新兴光电子技术的研发，同时补充流动资金。 然而，公司目前账面资金超40亿，有息负债不到5亿，而35亿定增中，却仍计划8亿用于补流，必要性存在很大疑问。 不仅如此，相较于可比公司，光迅科技毛利率显著偏低，光模块、光芯片等主营产品竞争力不足，存货大幅上升的同时，存货账款周转天数持续攀升，存货 跌价也不断增加。 光模块行业低端产品过剩，高端又面临中际旭创等头部企业在技术和市场等方面的挤压，光迅科技融资激进扩产前景难料。 现金超40亿有息负债不足5亿 定增募资35亿8亿用于补流 日前，光迅科技定增事项进入冲刺阶段，公司拟增发2.42亿股，募资不超过35亿元，用于算力中心光连接及高速光传输产品生产建设项目、高速光互联及新 兴光电子技术研发项目，并补 ...

出品：新浪财经上市公司研究院 光模块行业低端产品过剩，高端又面临中际旭创等头部企业在技术和市场等方面的挤压，光迅科技融资激进扩产前景难料。 现金超40亿有息负债不足5亿 定增募资35亿8亿用于补流 日前，光迅科技定增事项进入冲刺阶段，公司拟增发2.42亿股，募资不超过35亿元，用于算力中心光连接及高速光传输产品生产建设项目、高速光互联及新 兴光电子技术研发项目，并补充流动资金。 光迅科技主营产品为高端光电子器件、高端光通信器件等，以800G、1.6T光模块为代表。其中，800G光模块是公司当前增长主力，该产品2025年前三季度 出货量同比大幅增长。 然而，值得注意的是，截至2025年三季度末，光迅科技账面货币资金达41.58亿，而同期各类有息负债仅4.26亿，有息负债率也从2024年末的4.02%下降至 2.60%，债务负担并不显著。 作者：昊 当新易盛、中际旭创、天孚通信组成的"易中天"组合在资本市场不断上演股价翻倍行情，当CPO（光电共封装）技术因AI算力需求爆发成为"算力高速公 路"的核心基建，光通信行业的资本热度已从二级市场的股价狂欢，蔓延至定增与并购赛场。 日前，光迅科技定增事项进入冲刺阶段，公司拟 ...

出品：新浪财经上市公司研究院 作者：昊 当新易盛、中际旭创、天孚通信组成的"易中天"组合在资本市场不断上演股价翻倍行情，当CPO（光电共封装）技术因AI算力需求爆发成为"算力高速公 路"的核心基建，光通信行业的资本热度已从二级市场的股价狂欢，蔓延至定增与并购赛场。 近日，光库科技临时股东大会通过了新一轮融资预案，拟发行股份和可转债募资约19.5亿用于收购资产、补流和还贷，但交易或新增商誉14亿，考虑到标的 高度依赖大客户，公司又连续两次高溢价并购以及畸高的管理费用率，背后风险值得关注。 事实上，自2020年以来，光库科技已两度定增融资，但有息负债和负债率在2024年以后仍大幅上升。更重要的是，尽管光通信行业迎来高速发展期，公司上 述定增募投项目却全部出现延期，至今未能完工。此番再次融资，高溢价收购资产，前景如何仍需观察。 12月8日，光库科技临时股东会审议通过新一轮融资方案，公司拟以发行股份、可转换公司债券及支付现金的方式收购苏州安捷讯光电科技股份有限公司 （以下称"安捷讯"）99.97%的股权。 安捷讯主营业务为光通信领域中光无源器件的研发、生产、销售，与上市公司部分主业重叠。光库科技表示，交易完成后，将有 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：昊 当新易盛、中际旭创、天孚通信组成的"易中天"组合在资本市场不断上演股价翻倍行情，当CPO（光电共封装）技术因AI算力需求爆发成为"算力高速公 路"的核心基建，光通信行业的资本热度已从二级市场的股价狂欢，蔓延至定增与并购赛场。 近日，光库科技临时股东大会通过了新一轮融资预案，拟发行股份和可转债募资约19.5亿用于收购资产、补流和还贷，但交易或新增商誉14亿，考虑到标的 高度依赖大客户，公司又连续两次高溢价并购以及畸高的管理费用率，背后风险值得关注。 事实上，自2020年以来，光库科技已两度定增融资，但有息负债和负债率在2024年以后仍大幅上升。更重要的是，尽管光通信行业迎来高速发展期，公司上 述定增募投项目却全部出现延期，至今未能完工。此番再次融资，高溢价收购资产，前景如何仍需观察。 募资近20亿再次高溢价收购资产 新增商誉或达14亿管理费用率畸高 12月8日，光库科技临时股东会审议通过新一轮融资方案，公司拟以发行股份、可转换公司债券 ...

Core Viewpoint - Dongshan Precision, a leading PCB company, is seeking to go public in Hong Kong despite stagnant performance over the past few years, with a significant stock price increase of over 500% since January 2024, raising questions about its high valuation and ability to attract investors [2][10][27] Group 1: Financial Performance - In the first three quarters of 2025, Dongshan Precision reported revenue of 27.071 billion yuan, a slight increase of 2.28% year-on-year, and a net profit of 1.223 billion yuan, up 14.61% year-on-year [2] - The company's net profit in Q3 2025 decreased by 8.19% year-on-year, amounting to 465 million yuan [2] - The PCB segment is the largest business for the company, contributing 65.2% of total revenue in the first half of 2025, with PCB revenue reaching 11.06 billion yuan [3] Group 2: Market Position and Competition - Dongshan Precision primarily produces flexible PCBs, with major clients including Tesla and Apple, but has seen slow revenue growth due to stagnant sales in these sectors [5] - In contrast, competitors like Shenghong Technology have experienced significant growth, with a 72% increase in net profit in 2024, highlighting Dongshan's lag in high-layer PCB production [5][6] Group 3: IPO and Fundraising - The company plans to raise funds through its IPO to repay debts, with a total of 13.8 billion yuan in outstanding loans related to various projects [17] - Dongshan Precision's current TTM P/E ratio exceeds 110, significantly higher than competitors, raising concerns about investor acceptance at this valuation [10][11][19] - The company has a substantial short-term financial burden, needing to pay over 11 billion yuan to suppliers, which is a record high [20][24] Group 4: Strategic Expansion - Dongshan Precision has invested heavily in acquisitions and expansions, including an 18 billion yuan project for multilayer PCBs, which is 90% complete as of mid-2025 [6] - The company is also acquiring Solstice Optoelectronics for approximately 6.29 billion USD, which is expected to enhance its capabilities in optical modules [12][14][16] - The company has raised a total of 26.766 billion yuan since its listing, indicating a reliance on external financing for growth [22]

Core Viewpoint - The company has developed a CPO (Co-Packaged Optics) solution that integrates optical engines with ASIC chips on the same substrate, addressing high bandwidth and low power consumption needs across various applications [1][3]. Company Summary - The CPO solution offers bandwidth expansion and energy efficiency optimization for computing scenarios, facilitating generational upgrades of systems [3]. - Compared to traditional board-level interconnects, CPO has potential advantages in link distance, power consumption, and bandwidth density, making it suitable for high-performance interconnect needs in AI computing clusters and data centers [3]. - The company is collaborating with multiple clients on core aspects such as optical engine packaging integration, thermal management, and reliability validation, focusing on device layout, heat dissipation optimization, and long-term reliability assessment [3]. Industry Summary - CPO is viewed as a significant direction for enhancing interconnect efficiency, although mass production faces challenges related to optical alignment precision, yield, and maintainability [3]. - As the ecosystem matures and standards advance, manufacturers with advanced packaging and validation capabilities are expected to benefit from increasing demand [3]. - Industry perspectives suggest that if the company achieves large-scale adoption and stable yield on the client side, there could be improvements in order volume and product structure; however, uncertainties remain regarding downstream demand trends, standard evolution, and supply chain collaboration [3].

Group 1 - The China Securities Regulatory Commission (CSRC) has announced measures to enhance the protection of small and medium investors in the capital market, focusing on key issues of concern and proposing 23 specific measures across eight areas [4][5] - The National Development and Reform Commission has reduced domestic gasoline and diesel prices for the ninth time this year, with gasoline prices decreasing by 265 yuan per ton and diesel prices by 255 yuan per ton, effective from October 27 [5] - Recent data shows that institutional investors have been actively researching the technology growth sector, including sub-sectors such as semiconductors, computer software, and hardware [6][8] Group 2 - The People's Bank of China (PBOC) has expressed a cautious stance towards the development of stablecoins and plans to continue cracking down on domestic virtual currency operations while monitoring the development of overseas stablecoins [4] - The recent third-quarter reports from various companies in the power generation sector indicate a recovery in profitability driven by a decrease in thermal coal prices and increased electricity demand during peak summer [6] - The A-share market has shown strong performance, with major indices approaching the 4000-point mark, driven by a resurgence in AI hardware and strong performances from financial and cyclical sectors [7][8] Group 3 - Several companies have reported significant growth in their third-quarter earnings, including Tongfu Microelectronics with a revenue of 7.078 billion yuan, up 17.94% year-on-year, and a net profit of 448 million yuan, up 95.08% [10] - Allwinner Technology reported a revenue of 824 million yuan for the third quarter, a year-on-year increase of 32.28%, with a net profit of 117 million yuan, up 267.36% [10] - Gaode Infrared reported a substantial increase in revenue to 1.134 billion yuan, up 71.07%, and a net profit of 401 million yuan, up 1143.72% for the third quarter [11]

每经记者｜曾子建 每经编辑｜程鹏 文多 潘海福 10月28日，光模块龙头上海剑桥科技股份有限公司（以下简称剑桥科技，HK06166，SH603083）将在港交所正式挂牌，成为CPO（光电共封装）概念首 个"A+H股"上市公司。 72岁的创始人Gerald G Wong将携管理团队敲响上市锣声，此次发行不仅吸引了霸菱、红杉等16家全球顶级机构组成基石阵容，更因较A股股价超40%的折 价率而受到了市场关注。 图片来源：剑桥科技公告截图 16家投资机构组成豪华基石阵容 剑桥科技兼具光模块、有线宽带及无线网络设备研发能力，"深度绑定"全球主流电信运营商、通信设备制造商及数据中心运营商。作为A股光模块领域核 心玩家，其2025年内股价累计涨幅超186%，仅次于同概念的新易盛（SZ300502）和中际旭创（SZ300308）。 剑桥科技成立于2006年，主要从事设计、开发和销售连接及数据传输设备。公司主要通过销售宽带、无线、光模块技术产品获得收入。 根据弗若斯特沙利文的资料，剑桥科技在2024年全球综合光学与无线连接设备（OWCD）行业中，按销售收入计排名第五，所占市场份额为4.1%。光模 块产品方面，剑桥科技的产品组合 ...

Core Viewpoint - Cambridge Technology, a leading optical module company, is set to officially list on the Hong Kong Stock Exchange, becoming the first "A+H share" company in the CPO (Co-Packaged Optics) concept, attracting significant market attention due to a more than 40% discount compared to A-share prices [1][2] Company Overview - Founded in 2006, Cambridge Technology specializes in the design, development, and sales of connectivity and data transmission devices, with a strong focus on optical modules, broadband, and wireless network equipment [2][6] - The company ranks fifth globally in the OWCD (Optical and Wireless Connectivity Devices) industry by sales revenue, holding a market share of 4.1% in 2024 [2] - Cambridge Technology's product portfolio includes optical modules with speeds of 100G, 400G, 800G, and 1.6T, being one of the first companies to deploy 800G and 1.6T optical module products [2][7] IPO Details - The company plans to issue 67.01 million shares at an offering price of HKD 68.88, with a total fundraising target of HKD 4.48 billion [3][7] - A notable aspect of the IPO is the participation of 16 cornerstone investors, including major global asset management firms and private equity, who collectively invested USD 290 million, accounting for 48.89% of the total shares offered [3][4] Market Position and Growth Potential - Cambridge Technology's stock price is projected to increase by over 186% by 2025, making it a key player in the optical module sector [2] - The optical module industry is expected to grow significantly, with global sales projected to reach USD 41.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 18.5% from 2024 [7][8] - Specifically, the revenue for 800G optical modules is anticipated to grow at a CAGR of approximately 188.1% from 2020 to 2024, and 19.1% from 2024 to 2029, while 1.6T optical modules are expected to see explosive growth with a CAGR of 180.0% from 2024 to 2029 [7][8] Research and Development Focus - Approximately 20% of the funds raised from the IPO will be allocated to enhancing R&D capabilities and talent, which is crucial for maintaining technological leadership [8] - The company has consistently invested in R&D, with expenditures as a percentage of total revenue projected to be 7.1%, 8.9%, 8.8%, and 7.9% for the years ending 2022, 2023, 2024, and the first half of 2025, respectively [8]