行 业 研 究 康宁 Q2 业绩表现亮眼，Scale-up 打开光通信成长空 2025 年 07 月 30 日 投资评级：看好（维持） ——行业点评报告 -17% 0% 17% 34% 50% 67% 2024-07 2024-11 2025-03 通信 沪深300 数据来源：聚源 相关研究报告 《Celestica 上调业绩指引，看好光通 信、液冷等板块估值提升—行业点评 报告》-2025.7.29 《谷歌上调资本开支，Qwen3 模型迎 更新，看好全球 AI 共振—行业周报》 -2025.7.27 "Scale-up"有望进一步打开光通信成长空间，重视光通信产业机遇 据康宁公告，2025Q2 企业网络销售额同比增长 81%，主要受"Scale-up"的推动， 超大规模客户正在打造更强的 AI 节点，新"Scale-up"机会（提升节点能力和 GPU 密度）预计是现有 20 亿美元业务的 2-3 倍规模；此外，在数据中心互联业 务方面，高带宽、低延迟连接需求上升，三家行业客户已采用新技术，预计到 2030 年成为 10 亿美元市场机会。整体来看，我们认为随着 AI 的不断迭代推进， 算力需求持续增加，算力通 ...

Core Viewpoint - The company, Hongrida (301285.SZ), is expanding its business scope to include the manufacturing and sales of optical cables, optical fibers, optical communication equipment, and optoelectronic devices, aiming to enhance its presence in the optical communication sector [1] Group 1: Business Expansion - The company announced an increase in its business scope as of June 28, 2025, to include various optical communication-related products [1] - The focus on optical communication products is part of the company's strategy to leverage its existing automation research and development capabilities [1] Group 2: Production Efficiency - The company has implemented self-developed automated equipment in the manufacturing process of fiber array (FA), achieving the design goals for an automated production line [1] - This automation is expected to enhance production efficiency and yield rates for the company's products [1] Group 3: Current Status - Currently, the optical communication-related products are still in the promotion phase and have not yet generated substantial revenue [1] - Investors are advised to be aware of the investment risks associated with the company's current stage of product development [1]

Core Viewpoint - The company, Shijia Photonics, reported significant growth in its H1 2025 performance, with revenue and net profit showing remarkable increases compared to the previous year, driven by the rapid growth in the data communication market and enhanced product competitiveness [2][5]. Financial Performance - Revenue for H1 2025 reached 992,625,258.44 yuan, a year-on-year increase of 121.12% [3]. - Net profit attributable to shareholders was 216,647,485.66 yuan, reflecting a 1712% increase from the same period last year [2][3]. - The net profit after deducting non-recurring gains and losses was 213,769,856.23 yuan, up 12,667.42% year-on-year [2][3]. - Total assets as of June 30, 2025, amounted to 2,315,786,441.1 yuan, a 29.94% increase compared to the previous year [2][3]. - Shareholders' equity reached 1,391,061,957.68 yuan, marking a 16.06% increase year-on-year [2][3]. Earnings Per Share - Basic earnings per share (EPS) for H1 2025 was 0.4793 yuan, up 1715.53% from 0.0264 yuan in the same period last year [4]. - Diluted EPS also stood at 0.4793 yuan, reflecting the same percentage increase [4]. - The weighted average return on equity increased to 16.56%, up 15.51 percentage points from the previous year [4]. Cash Flow - The net cash flow from operating activities increased by 158.09% year-on-year, totaling 11,158,905.71 yuan, with a significant improvement in the second quarter [5]. - The first quarter reported a negative cash flow of -56,360,635.99 yuan, while the second quarter showed a positive cash flow of 67,519,541.7 yuan, indicating a turnaround [5]. Research and Development - R&D expenditure accounted for 6.19% of revenue, a decrease of 5.81 percentage points compared to the previous year, attributed to higher revenue growth outpacing R&D investment growth [6]. - Total R&D investment for the period was 61,417,830.81 yuan, representing a 14.01% increase year-on-year [6]. Market and Product Insights - The company’s main business includes PLC optical splitter chips, AWG chips and components, VOA chips, and various optical devices, with applications in data communication, telecommunications, and sensing markets [5]. - The significant increase in performance is attributed to the rapid growth in the data communication market driven by artificial intelligence, improved product competitiveness, and increased customer recognition [5].

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss advancements in the optical communication sector, satellite communication, military technology, and AI infrastructure. Key Companies and Developments Optical Communication - **Core Companies**: - **Tianfu Communication**: Successfully mass-produced FAU (Fiber Array Unit) technology with a yield rate exceeding 90%, supporting high transmission rates of 400G, 800G, and 1.6T, catering to AI and data center demands [3] - **Shijia Photon**: Reported a non-net profit of 214 million yuan for H1 2025, a 127-fold increase year-on-year, with Q2 2025 non-net profit at 122 million yuan, marking a 48-fold increase year-on-year and a 33% increase quarter-on-quarter [3] - **Market Demand**: The demand for 400G-1.6T optical modules is projected to reach 30 million units in 2025 and 60 million units in 2026, with market sizes estimated at 6-7 billion yuan and over 10 billion yuan respectively [2] Satellite Communication - **Core Companies**: - **Huali Chuantong**: Engaged in satellite application systems, with 45.12% of its business in this area, contributing to the development of the BeiDou navigation and TianTong satellite mobile communication systems [8] - **Shuobeide**: Focused on antenna products, holding a 55.16% market share in this segment, previously supplying antennas for Huawei's Mate 20 Pro and 5G devices [8] - **Market Potential**: The global market for satellite direct-to-mobile services is expected to reach 124.6 billion USD by 2030, with an estimated 20% penetration rate for high-end smartphones by 2025 [6] Military Technology - **Core Companies**: - **Beifang Changlong**: Participated in military parades with various products, including armored vehicles and tanks [11] - **Jianshe Industrial**: Engaged in the export of military products, with expectations for new orders in the Middle East by the end of 2025 [12] - **Market Dynamics**: The upcoming 80th anniversary of the victory in the Anti-Japanese War is expected to boost military-related activities and visibility [10] AI Infrastructure - **Core Companies**: - **Guotou Intelligent**: Launched AI series products aimed at enhancing public safety and data analysis capabilities [22] - **Hengwei Technology**: Partnered with H to develop AI integrated machines, addressing deployment challenges for government and enterprise sectors [21] - **Market Size**: The private deployment of AI models in government sectors is estimated to require around 100 billion yuan in server expenditures, with significant growth potential as applications expand [21] Additional Insights - **Emerging Technologies**: The FAU technology is highlighted as a critical component in the optical communication field, with strategic value potentially 3-5 times that of traditional optical modules [2] - **Investment Opportunities**: Companies involved in satellite communication and AI infrastructure are positioned for growth, driven by technological advancements and increasing market demand [6][21] - **Risks and Considerations**: The accuracy and completeness of the information provided are not guaranteed, and investors are advised to conduct their own research and consider risks [5][9][31]

公司摊薄每股收益为0.48元，较去年同报告期摊薄每股收益增加0.45元，实现2年连续上涨，同比较去年 同期上涨1715.53%。 公司最新总资产周转率为0.48次，较去年同期总资产周转率增加0.19次，实现2年连续上涨，同比较去年 同期上涨62.58%。最新存货周转率为1.45次。 公司股东户数为2.48万户，前十大股东持股数量为2.03亿股，占总股本比例为44.29%，前十大股东持股 情况如下： 2025年7月30日，仕佳光子(688313.SH)发布2025年中报。 公司营业总收入为9.93亿元，较去年同报告期营业总收入增加5.44亿元，实现2年连续上涨，同比较去年 同期上涨121.12%。归母净利润为2.17亿元，较去年同报告期归母净利润增加2.05亿元，实现2年连续上 涨，同比较去年同期上涨1712.00%。经营活动现金净流入为1115.89万元，较去年同报告期经营活动现 金净流入增加3036.94万元。 公司最新资产负债率为39.93%。 公司最新毛利率为37.38%，较去年同期毛利率增加13.56个百分点，实现2年连续上涨。最新ROE为 15.57%，较去年同期ROE增加14.53个百分点。 | ...

Group 1 - The sixth National Excellent Builders of Socialism with Chinese Characteristics for Non-Public Economic Personnel Award Ceremony was held in Beijing, recognizing 100 individuals for their contributions to the non-public economy [1] - The role of non-public economic entities is crucial for stabilizing growth, promoting innovation, increasing employment, and improving people's livelihoods, as evidenced by the achievements of the awardees [3] - Awardees include leaders from various companies who have made significant contributions to their industries, such as Qin Yinglin from Muyuan Foods, who has focused on independent breeding for over 20 years, and Yang Yongfeng from Hebei Shenghao Optoelectronics, who developed specialized testing equipment for optical communication chips [3][4] Group 2 - The awardees are seen as witnesses and participants in the development of China's non-public economy, integrating personal and corporate growth into the national development framework [3] - The event aims to inspire non-public economic personnel to maintain their ideals, stay committed to development, and take on the responsibilities of the times, thereby uniting efforts for progress [4][5] - The representatives of the awardees issued a call to action for private economic individuals and new social strata to contribute to the modernization of China, emphasizing the importance of responsibility and innovation in their endeavors [5]

Group 1 - Standard Chartered Group and Alibaba Group signed a strategic cooperation memorandum to accelerate the integration of financial services and artificial intelligence technology using Alibaba Cloud's AI capabilities [2][5] - The Ministry of Agriculture and Rural Affairs plans to enhance regional cooperation in agricultural product consumption, focusing on collaborative assistance and mobilizing social forces for consumption activities [4] - Jiangsu Province's Medical Security Bureau announced pricing for brain-computer interface medical services, with non-invasive adaptation fees set at 966 yuan per session and invasive implantation fees at 6,600 yuan [4] Group 2 - The demand for 800G optical modules is surging, with Goldman Sachs predicting sales to reach 19.9 million and 33.5 million units in 2025 and 2026, respectively, representing increases of 10% and 58% from previous forecasts [7] - The optical module market is expected to grow significantly, with total market values projected at $12.73 billion and $19.37 billion for 2025 and 2026, reflecting year-on-year growth rates of 60% and 52% [7] - The human-shaped robot industry is set to accelerate production, with Tesla's CEO announcing plans for mass production of the Optimus robot starting in 2026, targeting an annual output of 1 million units within five years [9][10] Group 3 - Over 100 fund companies have made more than 5,400 purchases of their products this year, with net subscription amounts for equity funds exceeding 2.5 billion yuan [21] - Nearly 60 funds have achieved returns exceeding 60% this year, with the average return for active equity funds at 13.74% [22] - The issuance of equity funds is experiencing a resurgence, with 48 equity funds currently in issuance and 39 more set to launch soon [22]

Core Insights - The report highlights the strong performance of Celestica, which raised its annual revenue guidance to $11.55 billion, up from the previous $10.85 billion, driven by robust demand from major clients [12][13] - The AI PCB industry is experiencing a significant expansion due to high demand for advanced AI servers, leading to increased capital expenditures and a tight supply chain for PCB equipment [16][17] - The antibiotic sector, particularly for the company Federated Pharmaceuticals, is stable with a growing market for diabetes and animal health products, projecting net profits of 2.839 billion, 2.452 billion, and 2.705 billion for 2025-2027 [29][30] Total Research - As of July 29, 2025, the 10-year government bond yield is at 1.75%, up 11 basis points from the June low of 1.64% [3] - Historical patterns indicate that bond yields can reverse in either a V-shape or W-shape, with the latter often leading to a more significant upward movement [4][5] - The report anticipates that the 10-year government bond yield could rise to a target range of 1.9% to 2.2% in the second half of 2025, driven by economic recovery and inflation normalization [10] Industry Analysis - The communication sector is seeing increased demand for light modules and liquid cooling solutions, as indicated by Celestica's performance [12] - The PCB industry is entering a phase of intensive expansion, with several manufacturers announcing new projects to meet the rising demand for high-end products [17][18] - AI's impact on PCB performance is pushing for upgrades in materials and manufacturing processes, with a focus on higher layer counts and advanced techniques [19][20] Company-Specific Insights - Celestica's second-quarter revenue reached $2.89 billion, a 21% year-over-year increase, with a notable 82% growth in its hardware platform solutions segment [12] - The company is benefiting from strong demand from its top clients, which account for a significant portion of its revenue [12] - The report emphasizes the potential for significant growth in the PCB equipment market due to ongoing expansions and technological upgrades [16][18]

分组1 - Shijia Photon reported a revenue of 993 million yuan for the first half of the year, a year-on-year increase of 121.12% [1] - The net profit attributable to shareholders reached 217 million yuan, reflecting a significant year-on-year growth of 1712% [1] - The company has successfully developed new products for data centers and AI computing, including high-power CWDFB lasers and high-temperature FAU devices [1] 分组2 - Hunan Tianyan announced that China Changan Automobile has become its indirect controlling shareholder after a division of the Weaponry Equipment Group [2] - Following the division, China Changan Automobile holds 37.25% of Hunan Tianyan through Chen Zhi Group, maintaining the actual controller as the State-owned Assets Supervision and Administration Commission [2] 分组3 - Dong'an Power stated that its indirect controlling shareholder has changed to China Changan Automobile after the division of the Weaponry Equipment Group [2] - China Changan Automobile now holds 50.93% of Dong'an Power's total shares through Chen Zhi Group [2] 分组4 - Wantong Intelligent signed an exclusive authorization agreement with Shanghai Shenming Aosi Semiconductor Technology, allowing it to produce and sell boards based on the Fellow 1 model chip for five years [3] - This collaboration is expected to positively impact the company's future operations and aligns with its long-term development strategy [3] 分组5 - WuXi AppTec plans to adjust the upper limit for its share repurchase price from 90.72 yuan to 114.15 yuan per share [4] 分组6 - Xinya Electronics reported that the revenue from high-frequency and high-speed copper cable connectors accounted for only 3.31% of its total revenue as of the 2024 annual report [5] - The company experienced abnormal stock trading fluctuations with a cumulative price deviation exceeding 20% over three consecutive trading days [5] 分组7 - Huajin Technology plans to acquire 6% of Crystal Integrated's shares for a total price of 2.393 billion yuan, with a transfer price of 19.88 yuan per share [6] - This transaction does not constitute a related party transaction or a major asset restructuring [6] 分组8 - Fangbang Co. reported that the sales revenue from its peelable copper products accounted for less than 0.3% of its main business revenue in the first half of the year [8] - The company is monitoring potential market demand increases due to the adoption of CoWoP technology by leading overseas companies [8]

（文章来源：证券日报） 证券日报网讯 7月29日晚间，仕佳光子发布公告称，2025年半年度公司实现归属于上市公司股东的净利 润216，647，485.66元，同比增长1，712.00%。 ...