Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The optical module market is rapidly expanding, driven by the demand for CW silicon photonic light sources and EML chips due to the growth of AI technologies and data centers [4][5] - The company is expected to see significant revenue growth, with projected revenues of 4.54 billion, 6.47 billion, and 8.88 billion yuan for the years 2025, 2026, and 2027 respectively [6][10] - The company has successfully delivered CW 70mW laser products and is advancing in the development of high-speed EML chips, positioning itself well in the market [5][6] Company Overview - The latest closing price of the company's stock is 166.50 yuan, with a total market capitalization of 143 billion yuan [3] - The company has a total share capital of 0.86 billion shares, with 0.60 billion shares in circulation [3] - The company has a low debt-to-asset ratio of 3.5% and a very high price-to-earnings ratio of -2,378.57 [3] Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 0.92 billion, 1.58 billion, and 2.66 billion yuan for the years 2025, 2026, and 2027 respectively [6][10] - The expected growth rates for revenue are 74.63%, 80.05%, 42.47%, and 37.27% for the years 2024, 2025, 2026, and 2027 respectively [10][11] - The company's gross margin is expected to improve significantly, reaching 57.7% by 2027 [11]

Core Insights - The report analyzes the operational status and future trends of the global optical fiber collimator industry from 2025 to 2031 [1] Industry Overview - The report defines the product and categorizes the optical fiber collimators by type and application, including single-mode and multi-mode [3][4] - It provides a comprehensive analysis of the current development status of the optical fiber collimator industry, highlighting key characteristics and influencing factors [4][10] Market Share and Rankings - The report details the market share and rankings of major companies in the optical fiber collimator market over the past three years, both by sales volume and revenue [4][10] - It includes projections for the market share of leading companies in 2024 [10] Supply and Demand Analysis - The report forecasts the supply and demand situation for optical fiber collimators globally from 2020 to 2031, including production capacity, output, and utilization rates [5][6] - It also analyzes the production and market demand trends specifically for the Chinese market [5][6] Regional Market Analysis - The report examines the market size and growth rates of optical fiber collimators across different regions, including North America, Europe, China, Japan, Southeast Asia, and India [5][6][9] - It provides insights into the sales revenue and market share for these regions from 2020 to 2025, along with forecasts for 2026 to 2031 [5][6][9] Competitive Landscape - The report identifies major manufacturers in the optical fiber collimator industry, detailing their production bases, sales regions, and market positions [5][6] - It includes a competitive analysis of the industry, focusing on market concentration and competition levels among top manufacturers [5][6][10] Product and Application Analysis - The report analyzes the sales and revenue of different types of optical fiber collimators and their applications, providing market share data and forecasts [6][9] - It highlights the trends in pricing for various product types and applications from 2020 to 2031 [6][9] Industry Development Environment - The report discusses the development trends and key driving factors of the optical fiber collimator industry, including a SWOT analysis of Chinese enterprises [8][9] - It also reviews the policy environment affecting the industry in China [8][9]

证券代码：000988 证券简称：华工科技 华工科技产业股份有限公司 投资者关系活动记录表 编号：2025-06 日期：6 月 22 日 | 投资者关系活动 |  特定对象调研 |  | 分析师会议 |  | 媒体采访 | | --- | --- | --- | --- | --- | --- | | 类别 |  业绩说明会 |  | 新闻发布会 |  | 路演活动 | | |  现场参观 |  | 其他 | | | | 参与单位名称及 | 1、 嘉实基金 | | 胡永青、孟丽婷、陈俊杰 | | | | 人员姓名 | 2、 华夏基金 | 郭琨研 | | | | | | 3、 博时基金 | 谢泽林 | | | | | | 4、 建信基金 | 周紫光 | | | | | | 5、 德邦基金 | 董纯 | | | | | | 6、 财通资管 | 李晶 | | | | | | 7、 国金基金 | 范亮 | | | | | | 8、 太平洋资管 | 张晓辉 | | | | | | 9、 申万菱信基金 | 范张翔 | | | | | | 10、富安达基金 | 朱凯 | | | | | | 11、长盛基金 ...

在浪潮翻涌的资本竞技场中，袁永刚是一位鲜少流露情绪的玩家。 "资本猎手"袁永刚再度豪掷千金，引起市场关注。 日前， 东山精密 （002384.SZ）发布公告称，公司拟收购SourcePhotonics Holdings （Cayman）Limited（下称"索 尔思光电"）100%股权，同时，拟认购目标公司不超过10亿元可转债，交易金额合计59.35亿元。据悉，索尔思光 电是一家在 光通信 领域具有领先地位的企业。 主营PCB业务的"果链"企业东山精密为何突然跨界收购？东山精密表示，可借此快速切入光通信市场，拓展新的 业务增长点。 东山精密由袁永刚家族实控。袁永刚极为擅长资本运作，他的每一次出手都精准如手术刀，将一次次并购熔铸成 锋利的武器，在瞬息万变的市场中开疆拓土。目前他已手握三家A股上市公司，市值合计726.81亿元。 借助并购，袁永刚的资产版图不断扩大，但连环并购形成的债务和商誉需要警惕。 长袖善舞驰骋资本市场 事实上，袁永刚是一个不折不扣的"富二代"。他的父亲袁富根出生于1951年，为人十分神秘。目前所知的是，袁 富根转业后在苏州市东山镇上湾村办厂先后任技术员和厂长，随后承包村办企业，他花了二十多年 ...

华工科技 20250622 摘要 科技股估值修复：经历十年消化，科技公司估值已显著降低，市盈率普 遍较低，与 2015 年前后高估值情况形成鲜明对比，具备投资吸引力。 AI 产业迎来 20 年来一遇的机遇：海外算力需求预计今年增长 50%以上， 北美科技巨头 800G 和 1.6G 需求大幅增长，国内端侧 AI 应用如折叠屏 手机和自动驾驶等亦将推动行情发展。 华工科技在 AI 产业集群中表现突出：公司业务涵盖激光设备、光模块及 消费电子光学产品，在算力领域领先，积极开拓海内外市场，并受益于 改制后的制度优势。 光模块业务高速增长：400G 以上光模块月订单达 90 万支，销售收入约 6 亿元，海外大客户突破顺利，800G D28 LPO 及 1.6T 型号性能领先， 预计三季度获得首发订单。 传感器业务市场份额提升：国内比亚迪市场份额显著增加，赛力斯全面 采用公司热管理系统，预计热管理系统增量保持 40%增速，并积极拓展 欧洲市场。 从 2022 年下半年开始，A 股市场进入了一个以科技风格为主导的三年周期。 过去十年间，虽然科技股有一定表现，但并未形成整体板块式的主导行情。 2013 至 2015 年的科 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for seven companies, including Cambridge Technology, which is preparing for an overseas listing on the Hong Kong Stock Exchange [1][2] - Cambridge Technology is a global leader in providing critical infrastructure components to support artificial intelligence development, with sales primarily from optical connection solutions, broadband solutions, and wireless technology solutions [2] - The company is recognized as one of the first in the global OWCD industry to develop 800G and 1.6T optical module products, with its 800G optical module being the most advanced mass-produced product globally as of April 18, 2025 [2] Group 2 - The CSRC has requested Cambridge Technology to clarify its compliance with foreign investment access policies and to provide details on its websites, apps, and user data management practices [1] - The company must also disclose detailed information regarding its overseas fundraising projects and the status of foreign investment approvals or filings [1]

分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 通信 AI 算力升级，价值成长主导 ——通信行业中期策略 发布日期：2025 年 06 月 20 日 投资建议：当前通信行业估值中枢处于历史平均偏下水平，考虑行业 证券研究报告-行业中期策略 强于大市(维持) 通信相对沪深 300 指数表现 -12% -6% 1% 8% 14% 21% 28% 34% 2024.06 2024.10 2025.02 2025.06 通信 沪深300 资料来源：中原证券研究所，聚源 相关报告 《通信行业月报：电信运营商收入增速回升， 海外算力复苏》 2025-06-10 通信 《通信行业月报：北美云厂商加大 AI 资本开 支，AI 算力中心带动光模块市场增长》 2025-05-15 《通信行业月报：AI 带动数据中心发展，OFC 2025 指明光通信行业技术走向》2025-04-10 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共60页 投资要点： ⚫ 回顾 2025 年上半年，1-2 月，Dee ...

公司研究 证 券 研 究 报 告 拟全资收购索尔思光电，有望打开第三成长 曲线 事项： ❖ 公司董事会 2025 年 6 月 13 日同意公司全资子香港超毅拟收购索尔思光电 100%股份，以及公司认购其可转债，其中索尔思光电 100%股份收购对价不超 过 6.29 亿美元；索尔思光电 ESOP 权益收购对价不超过 0.58 亿美元；为支持 索尔思光电经营发展需要以及偿还万通发展认购的可转债，公司拟认购目标公 司不超过 10 亿元的可转债。本次交易完成后，香港超毅将持有索尔思光电 100%股份，索尔思光电将成为公司全资子公司。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 36,770 | 44,058 | 55,343 | 60,418 | | 同比增速(%) | 9.3% | 19.8% | 25.6% | 9.2% | | 归母净利润(百万) | 1,086 | 3,018 | 5,014 | 6,032 | | 同比增速 ...

Group 1 - The reduction plan by shareholders Tongchuang Light Communication, Nanhai Growth Win, and their concerted action party Suzhou Tongchuang has been completed [1] - Tongchuang Light Communication reduced its holdings by 1.7035 million shares, accounting for 1.3130% of the total share capital [1] - Nanhai Growth Win and Suzhou Tongchuang reduced their holdings by 1.1328 million shares and 570,700 shares, representing 0.8731% and 0.4399% of the total share capital, respectively [1] Group 2 - After the reduction, Tongchuang Light Communication's shareholding decreased to 4.99998%, Nanhai Growth Win's to 2.9847%, and Suzhou Tongchuang's to 1.5041% [1] - The reduction will not lead to a change in the company's control [1]

行业周报 · 通信行业 算力筑基,光网跃迁 2025年06月16日 一周通信板块指数下跌,智能卡、光器件等子板块相关标的表现较好。本 周上证指数跌幅为0.25%;深证成指跌幅为0.60%;创业板指数涨幅为0.22%; 一级行业指数中,通信板块跌幅为 0.78%。根据我们对于通信行业公司划分子 板块数据,智能卡、光器件等子板块相关标的表现较好,板块涨幅分别为 3.88%、3.51%。通信板块个股中,上涨、维持和下跌的个股占比分别为 24.62%、1.54%和 73.84%。本周通信行业重点事件中,全球数据中心加速规 模化与高密度化发展,光通信因 AI 算力需求推动 800G/1.6T 光模块爆发,同 时空芯光纤技术突破加速但产业化仍面临挑战。 5G 与 AI 业务相关度高,盈利能力企稳回升,典型 ETF 基金介绍。中证 ● 5G 通信主题指数成分股中有约 70%的标的业务与 5G 相关、约 76%的标的业 务与 AI 相关,5G 相关度主要分布于[80%,100%]的区间,AI 相关度主要分布 于[0%,20%]的区间。中证 5G 通信主题指数成分股 2024 年合计实现营业收入 17,885.12 亿/+16 ...