Group 1: Macro Insights - The first round of China-US trade talks has made substantial progress, exceeding market expectations, which will inject more certainty and stability into the global economy, further highlighting the irreplaceability of Chinese manufacturing and enhancing the investment value of Chinese assets [3] - The latest comprehensive tariff rate imposed by the US on China has decreased to 42.5%, which is expected to reduce China's exports by 4.0-5.2 percentage points and GDP by 0.5-0.7 percentage points, indicating significant downward pressure on China's economy [3] - The report emphasizes the importance of monitoring three key areas regarding China-US negotiations: potential fluctuations in tariffs, the main topics of negotiation, and the progress of negotiations between the US and other countries that may involve China [3] Group 2: Convertible Bonds - The report indicates that balanced convertible bonds have a high risk premium and are suitable for long-term allocation, while timing strategies have not significantly improved performance [4] - Conversely, equity-linked convertible bonds have a low risk premium but high timing value, with strategies based on valuation improving risk-adjusted returns [4] Group 3: Communication Industry - The company focuses on the optical communication industry, with its main business covering optical chips and devices, benefiting from the rapid development of AI and increasing demand from data centers [5] - The projected net profits for the company are estimated at 382 million, 539 million, and 713 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 35, 25, and 19 [5] Group 4: Electronics Industry - The company is a leader in video codec technology and is expanding into new fields such as automotive electronics and edge AI, with a comprehensive product plan for AI SoC series [6] - Expected revenues for the company are projected to be 2.49 billion, 3.07 billion, and 3.63 billion yuan for 2025, 2026, and 2027, with net profits of 140 million, 230 million, and 310 million yuan, respectively [6] Group 5: Automotive Industry - The company reported a revenue of 3.6 billion yuan in 2024, a decrease of 8% year-on-year, while Q1 2025 revenue increased by 12% year-on-year, driven by growth in domestic new energy vehicle sales [8] - The company has maintained a competitive edge through continuous investment in technology and R&D, enhancing its production capabilities and expanding its product offerings [9][10]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024 and Q1 2025, driven by increased demand for optical modules and a favorable product mix [1][2]. Financial Performance - In 2024, the company achieved a revenue of 23.861 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1]. - For Q1 2025, the revenue reached 6.674 billion yuan, reflecting a year-on-year growth of 37.82%, with a net profit of 1.583 billion yuan, an increase of 56.83% [1]. Product Demand and Market Trends - The sales volume of optical modules surged from 7.45 million units to 14.59 million units in 2024, driven by strong capital expenditure in computing infrastructure [1]. - The average price of optical modules increased from 1,367 yuan in 2023 to 1,569 yuan in 2024, indicating an improved product mix with a higher proportion of high-end modules [1]. - The company anticipates continued growth in demand for 1.6T optical modules, with significant deployment expected in the second half of 2025 [2]. Inventory and Production Capacity - The company's inventory increased from 4.295 billion yuan at the end of 2023 to 7.05 billion yuan at the end of 2024, and further to 7.82 billion yuan by the end of Q1 2025, indicating preparedness for strong demand [2]. - The production capacity doubled year-on-year, aligning with the increase in inventory and anticipated demand [2]. Cost Management and Profitability - The expense ratio for Q1 was 7.07%, a decrease of 1.32 percentage points year-on-year and 2.43 percentage points quarter-on-quarter, attributed to significant revenue growth [3]. - The gross margin for Q1 2025 increased by 3.94 percentage points year-on-year, reflecting improved profitability [2]. Strategic Initiatives - The company launched a joint product with CarLink, focusing on high-bandwidth optical communication modules for smart automotive applications, enhancing its position in the automotive market [4]. - The company is evaluating the potential for exemption applications for exports to the U.S., which could mitigate procurement risks [3]. Investment Outlook - The company forecasts net profits of 7.87 billion yuan, 10.33 billion yuan, and 12.40 billion yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4].

Core Viewpoint - Jiangsu Hengtong Optic-Electric Co., Ltd. is focused on high-quality development and strategic investments in core industries such as communication and energy, leveraging opportunities in new infrastructure, carbon neutrality, and digital transformation to enhance its market competitiveness and operational efficiency [5][6][29]. Meeting Agenda - The company will hold its annual shareholder meeting on May 20, 2025, to discuss the reappointment of the external auditor, Lixin Certified Public Accountants [2][3]. Company Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, representing a year-on-year growth of 28.57% in net profit, amounting to 2.769 billion yuan [5][6]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 2.576 billion yuan, reflecting a growth of 26.74% [5]. Strategic Focus - The company is actively investing in the telecommunications and energy sectors, providing leading products and solutions in optical communication, smart grids, and marine energy [5][6]. - The company is enhancing its global industrial and marketing network, positioning itself as a leading provider of information and energy interconnection solutions [5][6]. Technological Advancements - The company has established a "world lighthouse factory" for intelligent manufacturing in the optical communication sector, integrating advanced technologies such as 5G and AI to optimize production processes [7][8]. - The company is focusing on the development of high-end optical fibers and special products, achieving significant advancements in low-loss optical fibers and marine optical fibers [8][9]. International Expansion - The company has expanded its presence in various regions, including Europe, South America, and Southeast Asia, through acquisitions and the establishment of production bases [9][24]. - The acquisition of j-fiber GmbH has strengthened the company's capabilities in special optical fiber production, enhancing its competitive edge in the global market [9][24]. Environmental Commitment - The company is committed to sustainable development and has implemented an ESG management system to promote green manufacturing and energy management [28][29]. - The company has received multiple awards for its efforts in environmental sustainability and corporate governance [28][29]. Future Outlook - The company aims to continue its strategic transformation towards becoming a global leader in marine energy interconnection solutions while expanding its market presence in telecommunications and energy sectors [15][24]. - The company plans to enhance its technological capabilities and maintain a strong focus on innovation to meet the growing demands of the digital economy [30][31].

证券研究报告 | 2025年05月12日 通信行业 2024 年及 2025 年 Q1 经营总结分析 优于大市 运营商稳健发展，AI 产业高景气拉动光通信增长 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 《通信行业周报 2025 年第 16 周-中国推进 6G 国际合作，华为昇 腾新一代芯片规模化商用》 ——2025-04-19 《通信行业 2025 年 4 月投资策略-AI 产业持续保持高景气度，兼 核心观点 行业研究·行业投资策略 | | | 优于大市·维持 | 证券分析师：袁文翀 | 证券分析师：徐文辉 | | --- | --- | | 021-60375411 | 021-60375426 | | yuanwenchong@guosen.com.cn | xuwenhui@guosen.com.cn | | S0980523110003 | S0980524030001 | 顾运营商高股息价值》 ——2025-04-13 《通信行业周报 2025 年第 15 周-"对等关税"扰动，信创受益； 光模块迎"关税豁免"》 ——2025-04-13 《通信行业周报 2025 年第 1 ...

Group 1 - The communication index has shown a strong increase of 1.23%, with notable stocks such as Qiyu Technology reaching the daily limit increase and Cambridge Technology rising by 7.18% [1] - The communication ETF has seen a weekly increase of 5.11%, ranking first among comparable funds [1] - The trading volume of the communication ETF was 4.34%, with a transaction value of 4.74 million yuan [3] Group 2 - The communication ETF has experienced a significant growth in scale, increasing by 2.26 million yuan over the past two weeks, leading among comparable funds [3] - The ETF's share count has grown by 22 million shares in the last three months, also ranking first among comparable funds [3] - Zhongji Xuchuang, a leading company in optical communication, reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [3] Group 3 - The first quarter of 2025 saw Zhongji Xuchuang achieve a revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [3] - Predictions indicate that global AI spending will reach 500 billion dollars in 2025, suggesting sustained high growth in revenue and profit for related companies [3] - Companies in the server and connector sectors are expected to perform well due to increased AI demand and capital expenditure growth from domestic and international internet firms [3] Group 4 - The top ten weighted stocks in the communication index account for 58.92% of the total, including major players like China Telecom, ZTE, and China Mobile [4] - Investors can access optical communication investment opportunities through the communication ETF linked fund [4]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the trends and outlook in the AI infrastructure and cloud computing sectors, particularly focusing on major North American cloud providers such as Meta, Microsoft, Google, and Amazon, as well as semiconductor companies like AMD and MediaTek. Key Insights and Arguments AI Infrastructure Investment - Major North American cloud providers are significantly increasing their investments in AI infrastructure, indicating strong demand for AI computing power. Meta raised its 2025 capital expenditure forecast to $64-72 billion, reflecting a year-on-year growth rate of 72%-93% [1][3]. Cloud Providers' Performance - Cloud providers exceeded market expectations, with AI services becoming a key growth driver. Azure's cloud revenue grew by 33% year-on-year, with AI services contributing approximately 16 percentage points. Google Cloud's revenue increased by 28%, with generative AI annual revenue surpassing $1 billion [1][4][5]. AI Hardware Market Outlook - Companies in the AI hardware segment are optimistic about future demand, particularly for 800G optical modules. Companies like Xuchuang and New Yisheng reported revenue growth of 38% and 264% year-on-year, respectively, with Xuchuang's gross margin improving to 36.7% [1][6]. Telecommunications Sector Performance - The overseas telecommunications sector generally met or exceeded expectations, although companies provided conservative full-year guidance due to macroeconomic uncertainties. Arista Networks maintained its full-year revenue and gross margin guidance unchanged [1][9][10]. Smartphone Market Trends - The smartphone market showed weak growth in Q1 2025, but Apple performed notably well with a growth rate of approximately 13%. Other manufacturers like Vivo and Honor achieved double-digit growth by actively expanding into overseas markets [1][15][17]. Impact of Tariff Policies - Tariff policies have affected the consumer electronics industry, with Apple estimating a short-term financial impact of about $900 million and planning to shift more production lines to India. Qualcomm and MediaTek believe the tariffs have limited direct impact on their operations [1][21][22]. AMD's GPU Market Outlook - AMD anticipates double-digit growth in data center GPUs for 2025, despite facing a $1.5 billion revenue loss due to export license restrictions. The company plans to launch the MI355 series in the second half of the year and remains optimistic about the MI400 series market prospects [2][23][31]. Arista Networks' Competitive Position - Arista Networks emphasized its hardware product leadership and maintained its revenue guidance for AI backend and frontend networks at $750 million each for 2025. The company is also progressing well with several AI switch customers [10][11]. Future Development Perspectives - Companies in the overseas telecommunications sector are optimistic about strong demand for cloud, AI, and campus networks but remain cautious about full-year guidance due to macroeconomic uncertainties. They are focusing on supply chain optimization and strategic adjustments to adapt to changing market conditions [1][14]. Semiconductor Companies' Performance - MediaTek reported double-digit revenue growth in Q1 2025, driven by high demand for Wi-Fi 7 and high-end tablets. Qualcomm's performance was mixed, with a 9% decline in mobile business but strong growth in industrial IoT [26][27]. ARM's Market Position - ARM's latest quarterly performance met expectations, with significant growth in royalty revenue from mobile and automotive sectors. However, the company did not provide a full-year guidance for 2026 due to tariff uncertainties [28]. Other Important but Overlooked Content - The overall sentiment among companies in the AI and semiconductor sectors is one of cautious optimism, with a focus on innovation and strategic adjustments to navigate macroeconomic challenges. The emphasis on AI integration into traditional business models is seen as a key driver for long-term growth [1][5][14].

证券研究报告 | 行业周报 gszqdatemark 2025 05 10 年 月 日 祛魅后的真成长—本轮光模块行情的思考 本轮光模块板块自 5 月初以来强势反弹。5 月 6 日至 9 日，通信设备 ETF （159583）上涨 6.3%，新易盛（300502）涨超 20%，中际旭创（300308） 和天孚通信（300394）分别涨超 13%与 8%，仕佳光子（688313）亦 有 12.7%的优异表现，重新出现了主流资金的回归。在光模块经历了 两轮牛市后，有哪些框架需要修正、祛魅？本报告围绕四大思考维度 深入复盘：一是产品迭代节奏回归常识；二是 CPO 技术的定位与可插 拔方案共存；三是下游无源器件的价值被低估；四是行业格局与卡位 逻辑。通过论证，我们认为，当前估值与基本面双修复，正值布局良机。 1、400G、800G、1.6T 一年一代？——快进的升级迭代回归常识 ➢ 光模块 800G 仍是主流，1.6T 趋势确定 800G 光模块仍将保持主流地位，1.6T 产业进展 25 年起步，放量需 26 年及以后，但趋势确定。近年资本市场对 400G→800G→1.6T 光模块的 升级预期一度过于激进，但 80 ...

智通财经APP获悉，国盛证券发布研报称，光模块行业进入技术迭代与需求重构的关键期，800G仍是 主流产品，1.6T量产周期长于激进预期，CPO技术短期难替代可插拔方案，而无源器件市场正迎来价值 重估。国盛证券认为，当前产业链升级节奏回归2-3年迭代规律，二级市场需理性看待技术演进与业绩 兑现的匹配性，同时关注无源器件细分领域的高弹性机会。 国盛证券主要观点如下： 本轮光模块板块自5月初以来强势反弹 5月6日至9日，通信设备ETF(159583)上涨6.3%，新易盛(300502)涨超20%，中际旭创(300308)和天孚通 信(300394)分别涨超13%与8%，仕佳光子(688313)亦有12.7%的优异表现，重新出现了主流资金的回 归。在光模块经历了两轮牛市后，有哪些框架需要修正、祛魅?本报告围绕四大思考维度深入复盘：一 是产品迭代节奏回归常识;二是CPO技术的定位与可插拔方案共存;三是下游无源器件的价值被低估;四是 行业格局与卡位逻辑。通过论证，该行认为，当前估值与基本面双修复，正值布局良机。 1、400G、800G、1.6T一年一代?——快进的升级迭代回归常识 光模块800G仍是主流，1.6T趋势确定 ...

Core Viewpoint - Huagong Technology is facing new challenges amid ongoing globalization strategies, particularly due to the recent introduction of "reciprocal tariffs" by the United States, which has raised concerns among shareholders [1][2]. Financial Performance - In 2024, Huagong Technology achieved a revenue of 11.709 billion yuan, representing a year-on-year growth of 13.57%, and a net profit attributable to the parent company of 1.221 billion yuan, up 21.17% [2]. - The domestic market contributed approximately 88.2% of the total revenue, amounting to 10.328 billion yuan, while the international market accounted for about 11.8%, with revenue of 1.381 billion yuan [2]. - The revenue growth rate for the international market was 25.57%, significantly higher than the overall revenue growth rate of 13.57% [2]. Globalization Strategy - Huagong Technology has established four overseas R&D centers and over 40 sales service centers in North America, Australia, Germany, and Canada, which have led to a noticeable increase in export orders from Europe, North America, and the Middle East [2][3]. - The company aims to increase the proportion of overseas sales to over 30% in the future, despite short-term policy fluctuations [3]. Impact of Tariffs - The recent tariff fluctuations have had some impact on the company, but the management believes they have the capability to manage these challenges [2][3]. - The company's business in the U.S. will primarily focus on optical modules, which may either be exempt from tariffs or have the tariff burden passed on to customers, thus minimizing the impact on profits [2]. Future Projections - For 2025, Huagong Technology projects a revenue of 14 billion yuan, reflecting a year-on-year growth of approximately 19.56% [6]. - In the first quarter of the current year, the company reported a revenue of 3.355 billion yuan, a year-on-year increase of 52.28%, and a net profit of 410 million yuan, up 40.88% [6]. - The company anticipates steady growth across its three main business segments, with the optical module segment expected to see significant growth driven by domestic computing power infrastructure development [6][7].

Core Viewpoint - Chengdu Xinyi Communication Technology Co., Ltd. (hereinafter referred to as "Xinyi") has demonstrated significant growth in net profit for the fiscal year 2024 and the first quarter of 2025, with year-on-year growth rates of 312.26% and 384.54% respectively, raising questions about the sustainability of this growth [1][2]. Group 1: Financial Performance - In 2024, Xinyi's domestic and international revenue reached 1.842 billion yuan and 6.805 billion yuan, with year-on-year growth rates of 265.95% and 162.31% respectively [2]. - The company's foreign revenue accounted for 78.7% of total revenue in 2024, indicating a strong international market presence despite geopolitical and trade policy challenges [2]. Group 2: Business Strategy - Xinyi plans to enhance its market promotion and customer expansion efforts both domestically and internationally, focusing on collaboration with leading global communication equipment manufacturers and internet companies [2]. - The company aims to continuously optimize its product and customer structure to improve market share [2]. Group 3: Product Development - Xinyi has made significant advancements in R&D, successfully launching the latest 800G/1.6T optical module products based on single-wave 200G optical devices, and expanding its product range to include various high-speed optical module solutions [2]. - The production capacity, output, and sales of Xinyi's point-to-point optical modules in 2024 were 10.6 million units, 9.79 million units, and 8.73 million units respectively, all showing year-on-year growth [2]. Group 4: Operational Efficiency - The establishment of the second phase of Xinyi's factory in Thailand, which began operations in early 2025, is expected to positively impact the company's production capacity [2].