Group 1 - The core viewpoint of the article is that Hengtong Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating strong business performance [1] - The company achieved an operating income of 818 million yuan, representing a year-on-year increase of 45.80% [1] - The net profit attributable to shareholders of the listed company was 127 million yuan, showing a year-on-year growth of 8.91% [1] Group 2 - The net profit attributable to shareholders after deducting non-recurring gains and losses was 78.33 million yuan, which reflects a year-on-year decline of 29.36% [1] - The basic earnings per share were reported at 0.04 yuan [1]

通信行业 2025 年 8 月 22 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 超配（维持） 通信行业双周报（2025/8/8-2025/8/21） 行 业 全球首批支持 NB-NTN 卫星通信的可穿戴平台面世 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 | 1、通信行业行情回顾 | | | 3 | | --- | --- | --- | --- | | 2、产业新闻 | | | 4 | | 3、公司公告 | | | 6 | | 4、行业数据更新 | | | 6 | | ...

通信行业 2025 年 8 月 22 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 全球首批支持 NB-NTN 卫星通信的可穿戴平台面世 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（8/8-8/21）累计上 涨14.81%，跑赢沪深300指数10.59个百分点，涨幅在31个申万一级行业 中位列第1位；申万通信板块8月累计上涨15.25%，跑赢沪深300指数 10.04个百分点；申万通信板块今年累计上涨39 ...

Group 1: Guizhou Moutai - Guizhou Moutai achieved a net profit of 45.403 billion yuan in the first half of 2025, an increase of 8.89% year-on-year [1] - The company's operating income for the same period was 89.389 billion yuan, reflecting a growth of 9.1% year-on-year [1] - Basic earnings per share were reported at 36.18 yuan per share [1] Group 2: Weixing New Materials - Weixing New Materials reported a net profit of 271 million yuan in the first half of 2025, a decrease of 20.25% year-on-year [1] - The company's operating income was 2.078 billion yuan, down 11.33% year-on-year [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares [1] Group 3: Jianyuan Trust - Jianyuan Trust's net profit for the first half of 2025 was 40.2897 million yuan, an increase of 13.36% year-on-year [1] - The company achieved an operating income of 15 million yuan, a significant growth of 84.89% year-on-year [1] - Basic earnings per share were reported at 0.0041 yuan per share [1][2] Group 4: Weili - Weili won a bid for a leachate treatment project, expected to generate an annual revenue of approximately 61 million yuan [1] - The project has a total expected revenue of about 610 million yuan over a 10-year operational period [1] - The project includes a 0.5-year construction period followed by a 10-year operational period [1] Group 5: Tianjun Wind Power - Tianjun Wind Power provided a guarantee for a credit line of 150 million yuan for its wholly-owned subsidiary [1] - The guarantee covers the principal amount, interest, penalties, and other related costs [1] - The guarantee period is three years from the maturity of the main contract [1] Group 6: Jiangshan Oupai - Jiangshan Oupai's wholly-owned subsidiary completed the registration for a change in business type [1] - The subsidiary is now classified as a limited liability company [1] Group 7: Ningbo Port - Ningbo Port announced the resignation of independent director Yan Guoqing due to personal reasons [1] Group 8: Yangfan New Materials - Yangfan New Materials reported a net profit of 23.1372 million yuan in the first half of 2025, marking a turnaround from losses [1] - The company's total operating revenue was 473 million yuan, an increase of 47.93% year-on-year [1] Group 9: Zhongguancun - Zhongguancun's subsidiary received a drug registration certificate for a new injection [1] - The company also announced that another product passed the consistency evaluation for generic drugs [1] Group 10: Hengtong Oriental - Hengtong Oriental is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1] Group 11: Quzhou Development - Quzhou Development plans to acquire 95.46% of Xian Dao Electronics and will resume trading on August 13, 2025 [1] Group 12: Jiangsu Sop - Jiangsu Sop reported a net profit of 102 million yuan in the first half of 2025, a decrease of 13.01% year-on-year [1] - The company's operating income was 3.158 billion yuan, down 1.08% year-on-year [1] Group 13: Fudan Fuhua - Fudan Fuhua's subsidiary plans to invest 48.87 million yuan in a capital increase for another company [1] Group 14: Shaanxi Huada - Shaanxi Huada is planning to acquire 100% of Huajing Microelectronics and has suspended trading [1]

Market Performance - The main board led the gains with notable increases in stocks such as Jishi Media (+10.20%), Desheng Technology (+10.02%), and Rihai Intelligent (+10.00%) [1] - The ChiNext board saw significant rises with Aerospace Intelligent Equipment (+10.64%) and Jiebang Technology (+9.61%) [1] - The Sci-Tech Innovation board was led by China Shipbuilding Gas (+7.31%) and Gaohua Technology (+7.08%) [1] - Active sub-industries included SW Communication Cables and Accessories (+2.25%) and SW Brand Consumer Electronics (+1.70%) [1] Domestic News - Aibang ARAI launched agricultural smart AR glasses with various functions including pest identification and remote guidance, already piloted in over 300 regions [1] - TSMC reported July revenue of NT$323.166 billion, a month-on-month increase of 22.5% and a year-on-year increase of 25.8%, with cumulative revenue from January to July reaching NT$2.096 trillion, up 37.6% year-on-year [1] - Sanan Optoelectronics announced that its SiC MOSFET products have been supplied in bulk to major data center and AI server power clients [1] - CINNO reported a 10% year-on-year decline in TV sales in Q2, attributed to the suspension of national subsidies in several provinces, but anticipates a mild recovery in demand as subsidy funds are fully allocated [1] Company Announcements - Wifang Optoelectronics reported H1 2025 total revenue of CNY 612 million, a year-on-year increase of 7.32%, but a net profit decrease of 32.33% to CNY 28 million [3] - Changguang Huaxin announced government subsidies totaling CNY 10.3768 million received from May 6, 2025, to the announcement date [3] - Furi Electronics reported H1 2025 total revenue of CNY 5.333 billion, a year-on-year increase of 0.42%, with net profit increasing by 123.62% to CNY 22 million [3] - Longli Technology received a patent for an injection mold that enhances OLED module strength and reliability [3] Overseas News - Skywater Technology completed a significant acquisition of a semiconductor factory in Texas for $93 million to boost domestic semiconductor manufacturing capacity [4] - AMD's CEO Lisa Su noted positive signals across all products and progress in obtaining U.S. government approval for market exports [4] - OpenAI released its most powerful AI model, GPT-5, which reportedly has a 45% lower chance of factual errors compared to GPT-4 [4] - A UK startup is focusing on developing next-generation wide bandgap semiconductor materials and devices, aiming to launch prototypes in the next 2-3 years [4]

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing fluctuations in stock performance and is positioned to benefit from trends in high-speed data transmission and the depreciation of the RMB. Company Overview - Zhejiang Zhaolong Interconnect was established on August 21, 1995, and went public on December 7, 2020. The company specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products [7]. - The revenue composition includes: 52.44% from category 6 and below data communication cables, 21.25% from category 6A and above, 10.04% from connection products, 8.51% from specialized cables, and 4.54% from other products [7]. Financial Performance - For the first quarter of 2025, the company achieved a revenue of 448 million yuan, representing a year-on-year growth of 21.54%. The net profit attributable to shareholders was 32.59 million yuan, reflecting an 85.12% increase year-on-year [7]. - The company has distributed a total of 113 million yuan in dividends since its A-share listing, with 82.34 million yuan distributed over the past three years [8]. Market Position and Trends - The company is one of the few in China capable of designing and manufacturing data cables that meet the new transmission demands of the 5G era [2]. - As of the 2024 annual report, overseas revenue accounted for 61.93% of total revenue, benefiting from the depreciation of the RMB [3]. Product Development - The company has developed high-speed components for large data center switches and servers, with products supporting transmission rates of 25G, 100G, 200G, 400G, and has successfully developed an 800G transmission rate cable [2]. - The product range includes optical fiber jumpers, MPO/MTP pre-terminated connectors, and LC fiber connectors, primarily serving high-end projects in finance, education, and healthcare, while also expanding into overseas markets [2]. Stock Performance - On August 6, the stock price of Zhaolong Interconnect fell by 2.35%, with a trading volume of 867 million yuan and a turnover rate of 6.62%, resulting in a total market capitalization of 15.973 billion yuan [1]. - The average trading cost of the stock is 47.76 yuan, with the current price near a support level of 50.98 yuan [6].

Group 1: Company Announcements - Zhixiang Jintai received approval for clinical trials of its drug, Sileweimi Monoclonal Antibody Injection, for passive immunity in children and adolescents exposed to suspected rabies virus [1] - Liyuan Technology's actual controller, Shen Wanzhong, received a criminal judgment for violating information disclosure laws, resulting in a one-year prison sentence with a one-and-a-half-year probation and a fine of 3.3 million yuan [1] - Shijia Photon reported a net profit of 217 million yuan for the first half of 2025, a year-on-year increase of 1712% [2] - Xinghua New Materials expects a net profit of 75 million to 85 million yuan for the first half of 2025, representing a year-on-year growth of 12.37% to 27.36% [3] - Greenland Holdings achieved a contract sales amount of 21.752 billion yuan in the second quarter, a year-on-year increase of 16.93% [4] Group 2: Shareholder Actions - Bluefeng Biochemical announced that a shareholder plans to reduce its stake by up to 2.61% [5] - Jiahe Meikang's shareholder intends to reduce its stake by up to 3% [5] - Lakaala reported that Lenovo Holdings reduced its stake by 535,960 shares, representing 0.68% of the total share capital [12] - Anji Food's controlling shareholder plans to reduce its stake by up to 2% [16] - Tongding Interconnect's shareholder plans to reduce its stake by up to 2.08% [20] Group 3: Strategic Partnerships and Investments - Yitian Intelligent signed distribution agreements with SMEG and Simico for a three-year period [6] - Daoshi Technology entered into a strategic cooperation agreement with Nengsida and Chipason to collaborate on materials for humanoid robot components [22]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][41]. Core Viewpoints - In the first half of 2025, China's telecommunications business revenue reached CNY 905.5 billion, showing a year-on-year growth of 1% [20]. - The communication industry is experiencing a period of technological iteration and policy dividends, with growth drivers from AI, quantum communication, and low-altitude economy [38]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + performance certainty" [38]. Summary by Sections 1. Industry Market Review - The communication sector index increased by 6.78% from July 11 to July 24, outperforming the CSI 300 index by 3.31 percentage points, ranking 7th among 31 sectors [11]. - Year-to-date, the communication sector has risen by 17.04%, surpassing the CSI 300 index by 11.60 percentage points [11]. 2. Industry News - Dell'Oro report indicates a 6% CAGR for the global 5G core network market from 2024 to 2029, driven by accelerated deployment of 5G SA architecture [16]. - China Mobile's procurement for data center switches includes major players like Huawei and ZTE, with an estimated procurement of approximately 33,300 units [18]. - The Ministry of Industry and Information Technology reported that the number of mobile phone users reached 1.81 billion, with 5G users at 1.118 billion, accounting for 61.8% of mobile users [20]. 3. Company Announcements - Zhongji Xuchuang expects a net profit increase of 53%-87% for the first half of 2025, driven by strong demand for high-end optical modules [22]. - New Yisheng anticipates a net profit growth of 328%-385% for the same period, benefiting from AI-related investments [24]. - StarNet Ruijie forecasts a net profit increase of 43.81%-91.75% due to accelerated orders for data center switch products [26]. 4. Industry Data Updates - As of June 2025, the length of optical cable lines reached approximately 73.77 million kilometers, a year-on-year increase of 9.91% [29]. - The total number of 5G base stations reached 4.549 million, with a net increase of 298,000 from the end of the previous year [34]. 5. Weekly Perspective on the Communication Sector - The report emphasizes the stable operation of the communication industry, with ongoing growth in telecommunications business volume and new infrastructure construction [38]. - It recommends focusing on companies such as China Telecom, FiberHome, and Changfei Fiber for potential investment opportunities [39].

Group 1 - The company expects a positive net profit for the reporting period, with estimated earnings between 4.5 million and 6.4 million yuan, compared to a loss of 2.5899 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 3.5 million and 5 million yuan, while last year's figure was a loss of 51.0326 million yuan [1] - Basic earnings per share are estimated to be between 0.0050 yuan and 0.0071 yuan, compared to a loss of 0.0029 yuan per share in the previous year [1] Group 2 - The company attributes the turnaround in net profit to increased revenue and gross margin in its cable segment, leveraging opportunities in the global AI infrastructure market [1] - Cost control measures and improvements in production processes have effectively reduced operating costs, enhancing overall profitability [1] - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an accounting firm [2]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting it to outperform the market index by over 10% in the next six months [2][45]. Core Viewpoints - The communication industry is experiencing growth driven by AI and emerging technologies, leading to increased demand for bandwidth and lower latency. This is pushing the optical network towards greater capacity and efficiency [3][41]. - The report highlights that the communication sector is in a period of technological iteration and policy benefits, with new growth drivers from AI, quantum communication, and low-altitude economy [3][41]. - The demand for DWDM bandwidth is expected to surge due to DCI bandwidth overflow, indicating a significant opportunity for companies involved in cloud and infrastructure development [3][41]. Summary by Sections 1. Industry Market Review - The communication sector index rose by 3.91% over the past two weeks, outperforming the CSI 300 index by 2.29 percentage points, ranking 9th among 31 sectors [11][12]. - Year-to-date, the communication sector has increased by 9.61%, surpassing the CSI 300 index by 7.70 percentage points [11][12]. 2. Industry News - Dell'Oro predicts that the AI RAN market will exceed $10 billion by 2029, accounting for about one-third of the overall RAN market [16]. - IoT Analytics reports a 23% year-on-year increase in cellular IoT module shipments in Q1 2025, indicating a recovery from inventory adjustments [20]. - LightCounting notes that AI is driving an increase in DWDM traffic, necessitating upgrades in telecom networks to support new AI applications [21]. 3. Company Announcements - 移远通信 (Quectel) expects a 121% year-on-year increase in net profit for the first half of 2025, projecting a net profit of approximately 463 million yuan [23]. - 华测导航 (Huace Navigation) anticipates a net profit growth of 27.37% to 33.34% for the first half of 2025, driven by rapid development in geospatial information and robotics [24]. 4. Industry Data Updates - As of May 2025, the mobile phone user base reached approximately 1.807 billion, a year-on-year increase of 2.71% [26]. - The internet broadband access user base was about 682 million, reflecting a 5.05% year-on-year growth [29]. - The length of optical cable lines reached approximately 72.88 million kilometers by Q4 2024, a 13.31% increase year-on-year [30]. 5. Communication Sector Outlook - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty," highlighting potential investment opportunities in firms like 中国电信 (China Telecom), 烽火通信 (FiberHome), and 长飞光纤 (Yangtze Optical) [41][42].