10月10日，腾景科技发布的投资者关系活动记录表显示，合肥控股子公司主要应用于光通信的晶体材料产品已开始量产出货，主要为YVO4钒酸钇晶体材 料，扩产将根据客户的订单情况有序推进。 9月30日，公司在互动平台上表示，公司为高速光模块和光交换OCS领域提供关键元件和组件， 在光通信领域，公司与全球知名的光模块厂商建立了合作 关系。 10月22日晚间，腾景科技(688195)公告称，控股子公司合肥众波功能材料有限公司(以下简称"合肥众波")收到某客户关于YVO4产品的单笔采购订单，总金 额为8760.60万元（不含税）。2024年公司实现营收4.45亿元，该笔订单占去年营收的19.78%。 腾景科技称，该订单为公司日常经营性订单，无需提交公司董事会、股东会审议。若订单顺利实施，预计将会对公司经营业绩有积极影响。 应用于光通信的YVO4材料已量产出货 公开资料显示，腾景科技是专业从事各类精密光学元组件、光纤器件、光测试仪器研发、生产和销售的高新技术企业，公司的产品主要应用于光通信、光 纤激光等领域，部分应用于科研、生物医疗、消费类光学、半导体设备等领域。 YVO4，又称钒酸钇晶体。腾景科技在2025年半年报中表示， ...

We recently published 10 Stocks Hammered Harder than Wall Street. Credo Technology Group Holding Ltd. (NASDAQ:CRDO) is one of the worst performers on Tuesday. Credo Technology fell by 13.44 percent on Tuesday to finish at $129.75 apiece as investors resorted to profit-taking following the previous day’s gains. The share price dropped despite investment firm Stifel reiterating a “buy” recommendation for its stock at a price of $160 apiece. According to Stifel, Credo Technology Group Holding Ltd. (NASDAQ: ...

9月26日，太辰光跌5%，截至发稿，报108.28元/股，成交12.15亿元，换手率5.72%，总市值245.93亿 元。 资料显示，深圳太辰光通信股份有限公司位于广东省深圳市坪山区坑梓街道秀新社区锦绣中路8号太辰 光通信科技园-101(1、2、3号楼)(一照多址企业)，成立日期2000年12月12日，上市日期2016年12月6 日，公司主营业务涉及光器件的研发、生产和销售。主营业务收入构成为：光器件产品98.02%，其他 1.81%，光传感产品0.17%。 国泰君安中证1000指数增强A（015867）基金经理为胡崇海、刘晟。 截至发稿，胡崇海累计任职时间3年287天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 79.31%， 任职期间最差基金回报1.74%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓太辰光。国泰君安中证1000指数增强A（015867）二季度减 持1.82万股，持有股数13.06万股，占基金净值比例为0.88%，位居第十大重仓股。根据测算，今日浮亏 损失约74.44万元。 国泰君安中证1000指数增强A（015867）成立日期2022年8月16日，最新规模7 ...

Group 1 - The core viewpoint of the news is that Tengjing Technology has seen a significant increase in its stock price, with a rise of 5.04% to 138.80 CNY per share, and a total market capitalization of 17.954 billion CNY [1] - Tengjing Technology specializes in the research, production, and sales of precision optical components and fiber optic devices, with its main business revenue composition being 78.87% from precision optical components, 16.65% from fiber optic devices, and 4.43% from optical testing instruments [1] - The company is located in Fuzhou, Fujian Province, and was established on October 12, 2013, with its listing date on March 26, 2021 [1] Group 2 - From the perspective of fund holdings, one fund under Industrial Bank has a significant position in Tengjing Technology, with the Industrial Bank Zhiyuan Mixed A Fund holding 23,800 shares, accounting for 2.6% of the fund's net value [2] - The Industrial Bank Zhiyuan Mixed A Fund has achieved a year-to-date return of 35.29%, ranking 2188 out of 8244 in its category, and a one-year return of 78%, ranking 1243 out of 8066 [2] - The fund manager, Zou Hui, has a tenure of 4 years and 303 days, with the best fund return during this period being 84.73% [3]

Group 1 - Coherent (NYSE: COHR) is positioned at the intersection of rapidly growing markets, specifically optical components for AI data centers and industrial lasers, which supports the potential for accelerated financial growth [1] - The company is optimizing its business operations to enhance its market position and financial performance [1] Group 2 - The analyst has a background in equity analysis across various sectors, indicating a strong foundation in identifying value within financial statements [1] - The investment project focuses on the CIS region, applying Western analytical tools to uncover hidden value in emerging markets [1]

Summary of Suzhou TFC Optical Communication Conference Call Company Overview - **Company**: Suzhou TFC Optical Communication (Ticker: 300394.SZ) - **Industry**: Optical Communication, Networking - **Market Cap**: USD 11,206.2 million as of 26 August 2025 - **Closing Price**: CNY 144.78 with a target price (TP) raised to CNY 169, implying a 16.7% upside [4][30] Key Financial Performance - **1H25 Results**: Revenue and earnings grew by 58% and 37% year-on-year (y-y), respectively - **2Q25 Results**: Revenue and earnings increased by 83% and 50% y-y, beating estimates by 33% and 22% [1][14] - **Gross Profit Margin (GPM)**: Declined by 7.0 percentage points (pp) y-y in 1H25, with a 10.4 pp decline in 2Q25, attributed to a higher revenue contribution from lower-margin active optical components [1][14] - **Revenue Forecasts**: FY25-27 revenue forecasts raised by 2.3-9.4% due to better-than-expected demand for 800G/1.6T optical engines [16][19] Growth Drivers - **Optical Upgrade Cycle**: The company is positioned to benefit from the global AI networking market's technology roadmap, including 1.6T and 3.2T transceiver upgrades and Co-packaged optics (CPOs) [2][12] - **Active Component Segment**: Expected to achieve a 35% revenue compound annual growth rate (CAGR) over FY25-27, contributing 66% of total revenue by FY27 [2] - **Fiber Array Unit (FAU)**: Anticipated to grow at a 37% CAGR over FY25-27, contributing 21% of total revenue in FY27 [2] Financial Metrics - **Earnings Per Share (EPS)**: FY25F EPS revised to CNY 2.97, with a projected growth of 71.1% y-y [3][21] - **Price-to-Earnings Ratio (P/E)**: Current trading at 36x FY26F EPS, with a target P/E of 42x for FY26F [1][22] - **Return on Equity (ROE)**: Expected to be 46.1% in FY25, declining to 37.7% by FY27 [3][9] Risks and Challenges - **Market Risks**: Potential risks include weaker-than-expected demand for optical components, technological changes that could impact competitiveness, and geopolitical risks [12][22] - **Competition**: New competitors like Eoptolink may pose challenges, although TFC remains a major supplier to NVIDIA's Mallanox [2][12] Additional Insights - **Cash Flow**: The company maintains a strong cash position with net cash flow of CNY 901 million projected for FY25 [10] - **Dividend Yield**: Expected to increase from 0.4% in FY25 to 2.9% by FY27 [3][9] - **Environmental Considerations**: Manufacturing processes may impact the environment, but automation efforts could enhance sustainability [13] This summary encapsulates the key points from the conference call, highlighting the company's strong financial performance, growth prospects, and potential risks in the optical communication industry.

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Tengjing Technology, including stock price fluctuations and trading volumes [1][2] - On August 26, Tengjing Technology's stock fell by 4.22%, with a trading volume of 538 million yuan, and a net financing buy of -594.47 million yuan [1] - As of August 26, the total margin balance for Tengjing Technology was 351 million yuan, accounting for 4.43% of its market capitalization, indicating a high level of financing [1] Group 2 - As of March 31, the number of shareholders for Tengjing Technology increased by 6.41% to 11,200, while the average circulating shares per person decreased by 6.02% to 11,525 shares [2] - For the first quarter of 2025, Tengjing Technology reported a revenue of 113 million yuan, representing a year-on-year growth of 20.60%, and a net profit attributable to shareholders of 13.03 million yuan, up 15.81% year-on-year [2] - Since its A-share listing, Tengjing Technology has distributed a total of 91.11 million yuan in dividends, with 52.95 million yuan distributed over the past three years [3]

Group 1 - The core product of the company is passive optical devices, active optical devices, and optical sensing products, with passive optical devices accounting for over 90% of the revenue [1]

Group 1: Business Structure and Financial Performance - The company's main products are passive optical devices, active optical devices, and optical sensing products, with passive optical devices accounting for over 90% of revenue [2][4] - The gross margin for Q1 2025 was high due to product structure, but it is not expected to be a norm; Q2 gross margin decreased compared to Q1 due to production line expansion [3][4] - The company has maintained a gross margin of around 30% in recent years and is confident in sustaining this level in the future [3] Group 2: Capacity and Production - The company is expanding capacity significantly by renting new factories domestically and utilizing a production base in Vietnam [4] - The capacity changes disclosed in the semi-annual report do not reflect the true situation due to the variety of products involved [4] Group 3: Market and Trade Impact - The impact of U.S. tariffs on the company is minimal, as the settlement model with major clients is based on FOB, allowing for effective communication and compliance to mitigate tariff effects [5] - The company is optimistic about future development, especially in the context of AI-driven global computing demand [6] Group 4: Research and Development - The company has significantly expanded MT connector capacity and possesses advanced cutting and testing technology, enhancing the competitiveness of its single-mode low-loss MT connectors [7] - Ongoing R&D efforts focus on CPO-related products, including flexible boards and high-core-count connectors, maintaining a leading position in the flexible board sector [8][10] - The company is developing new products such as hollow-core fibers and V-groove products, targeting market-leading technologies and customer needs [11] Group 5: Customer Relations and Market Strategy - The company has a high dependency on its largest customer but maintains a strong supply relationship, aiming to diversify its customer base and product applications [17] - The company emphasizes the use of capital to accelerate development and plans to disclose relevant matters in accordance with regulatory requirements [18] Group 6: Employee Incentives - The company adheres to a principle of shared benefits and plans to continue incentivizing employees who contribute significantly to its success [18]

Summary of Sunny Optical (2382.HK) Conference Call Company Overview - **Company**: Sunny Optical Technology Group Co., Ltd. (2382.HK) - **Industry**: Optical components and optoelectronic products Key Financial Highlights - **1H25 Revenue**: CNY 19.652 billion, a 1% increase HoH and a 4% increase YoY [6] - **Gross Margin (GM)**: Improved to 19.8% in 1H25 from 19.3% in 2H24, with optoelectronic products GM at 10.6% (up from 8.2% in 1H24) [6][13] - **Operating Income (OP)**: Increased by 18% HoH to CNY 1.484 billion, 5% ahead of Bloomberg consensus [6][7] - **Net Income**: CNY 1.646 billion, a 2% increase HoH and a 53% increase YoY [6] - **Operating Expense (Opex) Ratio**: Improved to 12.3% in 1H25 from 12.9% in 2H24 [6] Segment Performance - **Optoelectronic Products**: Revenue growth of 2% YoY to CNY 13.4 billion, accounting for 68% of total revenues; driven by vehicle modules [13] - **Optical Components**: Revenue growth of 11% YoY to CNY 6.1 billion, representing 31% of total revenues; supported by handset lens and vehicle lens sales [9][13] Margins and Ratios - **Gross Profit (GP)**: CNY 3.894 billion in 1H25, a 20% increase YoY [6] - **Operating Profit Margin (OPM)**: Increased to 7.6% in 1H25 from 6.5% in 2H24 [6] - **Net Margin (NM)**: Improved to 8.4% in 1H25 from 8.3% in 2H24 [6] Future Outlook and Valuation - **Target Price**: HK$89.00, implying an upside of 18.7% from the current price of HK$74.95 [10][16] - **Valuation Methodology**: Based on a target P/E of 21.6x for 2026E, consistent with historical trading range [10][14] - **Risks**: Include competition in handset lens, shipment growth variability in camera modules, and currency fluctuations [15] Additional Insights - **Product Mix Improvement**: The better product mix in optoelectronic products contributed to margin improvements [1] - **Market Position**: The company maintains a strong position in the optical components market, particularly in vehicle and handset lenses [9][13] - **Growth Drivers**: Increased demand for AR/VR cameras and vehicle modules are key growth drivers for the company [13] This summary encapsulates the essential financial metrics, segment performance, and future outlook for Sunny Optical, providing a comprehensive overview for potential investors and stakeholders.