Core Viewpoint - The domestic optical chip industry is rapidly developing, driven by increasing demand for data transmission bandwidth and computing power, with significant advancements in technology and production capabilities [2][5]. Industry Development - The optical communication industry in China has entered a rapid growth phase, with domestic optical chip supply chains covering design, epitaxy, manufacturing, and testing [2]. - Companies are focusing on R&D investments to achieve self-sufficiency in key optical communication chips, including DFB, EML, and APD [2]. Company Highlights - **DecoLi**: Achieved breakthroughs in thin-film lithium niobate chips and O-Band semiconductor optical amplifier chips, securing overseas sample orders for silicon-based optical waveguide high-speed optical switches [2]. - **Changguang Huaxin**: Launched high-performance optical communication chip products, including 100G EML and 200G EML, with ongoing production and sample deliveries [3]. - **Shijia Photon**: Made significant advancements in passive optical chips and laser chips, breaking foreign technology monopolies and focusing on high-speed optical communication systems [3][6]. - **Yuanjie Technology**: Completed customer validation for 100G PAM4 EML and CW 100mW chips, with over one million units of 400G/800G silicon optical module chips shipped [4]. Market Strategy - Companies emphasize the importance of continuous R&D investment, global ecological chain collaboration, and flexible product strategies to navigate industry cycles and international competition [5][6]. - DecoLi adopts a dual-driven strategy focusing on self-research and industrial collaboration, targeting high-end optical components and expanding overseas customer channels [5][7]. - Changguang Huaxin leverages its IDM model to integrate materials, chip design, wafer manufacturing, and testing, enhancing its global market influence [6][7]. Global Expansion - The competition in the global optical chip market is intensifying, prompting Chinese companies to enhance their international competitiveness through technology innovation and capital operations [7][8]. - DecoLi has established a global integrated strategy with operations in Singapore, Canada, and Thailand, focusing on emerging fields like satellite laser communication and 6G [7]. - Shijia Photon is expanding its overseas manufacturing capabilities and targeting new applications such as gas sensing and quantum communication [8]. - Yuanjie Technology aims to enhance its global competitiveness by focusing on high-end technology breakthroughs and expanding its customer base internationally [8].

Core Viewpoint - The article highlights the investment philosophy and achievements of Mi Qun, a prominent figure in early-stage technology investments, emphasizing the importance of understanding both current and future technological trends to identify potential investment opportunities [1][2][4]. Investment Strategy - Mi Qun has over 20 years of experience in venture capital, focusing on early investments in outstanding Chinese technology companies and facilitating their global expansion [2][16]. - The investment strategy involves a dual focus on hardware and software innovations, recognizing their interdependent nature [2]. Successful Investments - Mi Qun led early investments in successful companies such as Meituan, Pinduoduo, and several hard-tech firms like Zhongji Xuchuang and Hesai Technology, which have become industry leaders [1][3][12]. - Zhongji Xuchuang has grown into a global leader in AI optical communication technology, achieving a market valuation of over 100 billion [6]. - Hesai Technology, recognized as the first Chinese company to go public in the lidar sector, has achieved the highest market share in the global automotive lidar revenue [12]. Industry Insights - Mi Qun emphasizes the necessity of long-term research and understanding of industry trends, as demonstrated by his extensive study of the lidar industry before investing in Hesai Technology [5][6]. - The article discusses the importance of having a growth mindset and continuously learning to adapt to the rapidly evolving technology landscape [14]. Team and Collaboration - The core investment team at Lightspeed China Partners possesses strong technical backgrounds and extensive industry experience, enabling them to identify promising projects and trends [15]. - Mi Qun actively shares his insights and experiences with his team to foster collaboration and drive greater impact in the investment landscape [14].

Investment Rating - The report maintains a rating of "Buy" for key companies in the optical module industry, including Zhongji Xuchuang and Xinyi Technology [11]. Core Insights - The optical communication technology iteration is accelerating, with the cycle for 800G and 1.6T modules reduced to 2 years or less, driven by material innovation and process revolution [1][22]. - The evolution of architecture in optical communication focuses on integrating light technology closer to chips, addressing bandwidth, power consumption, and distance limitations [2][23]. - The competitive landscape indicates that leading companies will continue to strengthen their positions, benefiting from early market entry and technological advancements [3][24]. Summary by Sections Investment Strategy - The report suggests focusing on companies in the computing and optical communication sectors, including Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, among others [14][27]. Market Review - The communication sector has seen a decline, with the optical communication index performing relatively well compared to other segments [18][21]. Competitive Landscape - Leading firms in the optical module market are expected to maintain their advantages, with a clear trend of "the strong getting stronger" as they continue to innovate and capture market share [3][24][25]. Technology Evolution - The integration of silicon photonics and other advanced technologies is transforming optical communication from a simple transmission medium to a powerful computational resource [1][22]. - Multiple optical communication solutions, such as LPO, CPO, and OIO, are likely to coexist, allowing companies to tailor their offerings to specific application scenarios [2][23]. Key Companies - The report highlights key companies to watch, including Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, as well as upstream component manufacturers like Taicheng Technology and Shijia Photonics [7][8][27].

Core Viewpoint - The company, as a national high-tech enterprise, is actively transforming its development model by focusing on high-quality projects in the information technology sector, aligning with national strategies for manufacturing and digital development [1][2]. Group 1: Corporate Reform and Strategy - The company emphasizes the integration of party leadership and corporate governance, implementing a governance model that enhances strategic decision-making and operational management [2]. - The strategic layout includes a focus on new generation information technology, with a dual approach of "products + services" and a diversified ecosystem comprising four major sectors: cables, smart services, integrated industries, and property leasing [2][4]. Group 2: Technological Innovation - The company has established a comprehensive innovation system, with numerous technology centers and nearly 600 valid patents, showcasing its technological strength [3]. - Significant breakthroughs have been achieved in key technology areas such as hollow-core optical fibers and special optical cables, contributing to advancements in the optical communication industry [3]. Group 3: Industry Layout and Growth - The cable sector is positioned as a backbone in the optical fiber and cable industry, capitalizing on opportunities from national network construction and new power systems [4][5]. - The smart services sector aims to create a new ecosystem for smart cities, providing integrated solutions from planning to operation [5]. - The integration sector focuses on high-performance computing and embedded systems, driving deep technological convergence [5][6]. - The property leasing sector leverages prime assets in Shenzhen to develop high-quality industrial parks, enhancing the business environment for tech companies [5][6]. Group 4: Collaborative Development - The company promotes a collaborative development model across its various sectors, ensuring mutual benefits and resilience against market fluctuations [6]. - The ongoing commitment to reform and innovation positions the company to seize strategic opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area [6].

7月1日，Wind最新发布的2025年上半年"中国上市企业市值500强"榜单揭晓。在全国上市企业数量整体 调整的背景下，山东省共有21家A股上市公司登上榜单，其中中际旭创以明显的市值增幅成为一大亮 点。 资本市场稳中有进，结构性亮点频现 2025年上半年，中国上市企业市值500强榜单展现出市场整体的韧性与活力。头部企业保持稳定，腾讯 控股、工商银行、农业银行继续占据市值榜前三名。市值突破万亿元大关的企业数量维持在14家，与一 季度持平，显示出超大型企业的市场主导地位依然稳固。 值得一提的是，农业银行、建设银行、招商银行等金融巨头的排名均有所提升，金融板块表现良好。 根据榜单显示，2025年上半年中国上市企业市值500强中，山东省共有21家A股上市公司上榜。这些上 榜的山东企业涵盖了家电、化工、光通信、装备制造、能源、消费等多个关键领域。 从整体市值水平来看，500强企业的平均市值、中位数市值和最低市值均较一季度有所增长，分别达到 1601亿元、692亿元和355亿元。这表明市场整体价值稳步提升，企业规模效应进一步显现。 上半年共有31家新企业跻身500强榜单，其中不乏影石创新、中策橡胶等新上市公司，以及三生制 ...

Group 1 - The A-share market experienced fluctuations on July 2, with a notable decline in the AI computing power industry chain, particularly in optical modules and optical communication stocks such as Tai Chen Guang, Zhong Ji Xu Chuang, Tian Fu Communication, and Dongtu Technology [1] - The 5G Communication ETF (515050), which focuses on the Nvidia and Apple supply chain, fell by 2.37%, while the AI computing-focused ChiNext ETF (159381) dropped by 2.1% [1] - Short-term analysis indicates that the computing power sector has accumulated significant gains in June, leading to a need for profit-taking, while the long-term outlook suggests global expansion in computing power infrastructure [1] Group 2 - The AI computing power and Nvidia supply chain can be accessed through the 5G Communication ETF (515050), which tracks the CSI 5G Communication Theme Index and includes major players in AI computing, 6G, consumer electronics, semiconductors, PCB, communication equipment, servers, optical modules, and IoT [2] - The ChiNext AI ETF (159381) offers higher volatility potential, tracking the ChiNext AI Index and selecting AI-focused companies listed on the ChiNext board, with a daily price fluctuation limit of ±20% [2] - The index for the ChiNext AI ETF has over 30% weight in optical modules, with top five constituents including Xin Yi Sheng, Zhong Ji Xu Chuang, and Tian Fu Communication, while the top ten also feature companies in chip design and cloud computing sectors [2]

Group 1 - The A-share CPO concept stocks experienced a decline, with Taicheng Guang falling over 5% [1] - Cambridge Technology and Tianfu Communication both dropped more than 4% [1]

Group 1 - The core viewpoint is that Sors Technology, a leading player in the global optical communication module industry, has established a strong competitive edge through its vertically integrated product line and IDM model [1] - Sors Technology's business encompasses the entire process of optical chip design and manufacturing, optical device production, and optical module assembly, showcasing robust R&D capabilities and vertical integration [1] - The company has achieved mass production of high-speed optical modules for data centers, specifically 400G and 800G applications, and has a stable order reserve [1] Group 2 - The company aims to complete the acquisition by the third quarter of this year, with all parties actively promoting the necessary approvals [1] - Financial data for the first half of the year indicates a significant improvement in operational performance, with detailed results expected post-acquisition [1] - Key profit-contributing businesses for the year include flexible circuit board, rigid circuit board, touch display, and precision manufacturing, while the LED business is currently operating at a loss [1] Group 3 - The Thai factory is primarily focused on module board production, with expected production commencement in the fourth quarter of this year [1]

证券研究报告 | 行业点评 gszqdatemark 2025 07 01 年 月 日 通信 国产光模块迎来业绩收获期 事件：5 月 21 日工信部印发《算力互联互通行动计划》，要求到 2028 年，基本实现全国公共算力标准化互联，逐步形成具备智能感知、实时发 现、随需获取的算力互联网，为国内算力产业注入强劲动力。 华工科技：产能持续扩张，AI 驱动光模块需求激增。 光模块持续放量，全产业链有望受益。除华工科技以外，其他光通信企业 同样有望受益于光通信高景气度，龙头及稀缺企业有望率先受益。如中际 旭创、新易盛等有望凭借其技术与客户优势进一步巩固市场地位；光模块 上游光器件厂商由于其稀缺性特点也将迎来较大成长空间，如 EML、CW 光源等面临供给短缺问题，国内少数具有技术先发优势的供应商如仕佳光 子、光迅科技、源杰科技等有望通过其技术壁垒具备显著竞争优势。 风险提示：下游需求不及预期，市场竞争风险，地缘政治风险。 增持（维持） 行业走势 -20% -8% 4% 16% 28% 40% 2024-07 2024-10 2025-02 2025-06 通信 沪深300 作者 分析师 宋嘉吉 执业证书编号：S0680 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, assigning a target price of 132.30 RMB based on a 70x PE for 2025 [3]. Core Insights - The company is a leading domestic optical fiber connector manufacturer, heavily reliant on Corning, which accounts for 70% of its revenue. The partnership allows the company to indirectly supply major North American clients like NVIDIA and Microsoft [2][17]. - The main product, MPO (Multi-fiber Push On) connectors, is entering an upward cycle, supported by strong demand from data centers and advancements in technology such as CPO (Co-Packaged Optics) and OIO (Optical I/O) [2][49]. - The company has a competitive edge due to its close collaboration with Corning and its strategic positioning in the supply chain, which enhances profitability [2][36]. Summary by Sections 1. Company Overview - The company is a leader in the optical device industry, with a product portfolio that includes passive optical components, active optical products, and optical sensing products. Optical connectors contribute significantly to its revenue [13][14]. - Corning is the largest customer, contributing 70% of revenue, with a strong focus on exports, which account for nearly 80% of total sales [17][26]. 2. Main Products and Market Dynamics - MPO connectors are crucial for short-distance interconnections in data centers, with the market expected to grow significantly due to the increasing demand for high-speed data transmission [49][50]. - The report highlights that the value of MPO per GPU is expected to increase as data center architectures evolve and transmission speeds rise, with estimates showing values reaching up to $381 per GPU in advanced configurations [58][59]. 3. Financial Projections - Revenue projections for 2025-2027 are estimated at 2.01 billion RMB (+46%), 2.81 billion RMB (+40%), and 3.85 billion RMB (+37%), respectively. Net profit is projected to grow significantly, with estimates of 430 million RMB (+65%) for 2025 [3][6]. - The company's gross margin is expected to remain strong, with a forecasted gross margin of 42% in 1Q25, reflecting its competitive position in the industry [36][30]. 4. Competitive Landscape - The MPO market is characterized by a fragmented competitive landscape, with the top three players holding a combined market share of 36%. The company benefits from its established relationships and cost advantages in the supply chain [61][62]. - The report emphasizes the importance of technological advancements in the MPO industry, which are expected to enhance the overall market valuation and competitive dynamics [2][49].