| 第二期项目已经完成装修交付，预计近期将完成设备调试和样 | | --- | | 品制作，并交付客户验证，未来将努力争取更多客户订单，逐 | | 步提升产能利用率，为公司贡献收入和利润，谢谢关注！ | | 7.公司研发投入的新产品中，哪些有望在短期内实现大规模量 | | 产并为公司带来显著收益？ | | 答:尊敬的投资者你好，根据公司 2024 年年度报告，2024 年公 | | 司研发投入 2.32 亿元，较去年同期相比增长 62.11%，公司持 | | 续加大研发投入，积极探索新技术应用，努力保持在细分领域 | | 的领先性，公司很多研发项目并行，未来将陆续量产，为公司 | | 贡献收益，谢谢关注。 | | 8.泰国生产基地的投产情况怎么样，产能利用率如何？ | | 答:尊敬的投资者你好，泰国生产基地分两期投产，第一期项目 | | 已于 2024 年年中投入使用，第二期项目也已经完成装修交付， | | 预计近期将完成设备调试和样品制作，并交付客户验证，未来 | | 将努力争取更多客户订单，逐步提升产能利用率，为公司贡献 | | 收入和利润，谢谢关注！ | | 9.公司认为 CPO 技术对于公司的积极影响 ...

在光通信行业复苏背景下，长飞光纤（601869）(601869.SH)交出了一份亮眼的成绩单。 日前，长飞光纤发布公告显示，2025年一季度，公司营业收入实现稳步增长，净利润呈现井喷式上涨， 达到1.52亿元，同比增长161.91%。如此强劲的增长，主要得益于市场需求的回暖以及公司在技术创 新、产品结构优化等方面的持续投入和突破。 强化核心竞争优势，长飞光纤近年来研发投入持续增长。今年一季度，公司研发费用为1.76亿元，同比 增长12.8%。 海外业务收入占比超三成 财报数据显示，2025年一季度，长飞光纤实现营业总收入28.94亿元，同比增长21.23%；归母净利润 1.52亿元，同比增长161.91%；扣非净利润4324.86万元，同比增长77.07%；经营活动产生的现金流量净 额为4.36亿元，同比增长318.57%。 除了收入规模大幅增长外，公司海外业务布局也不断完善。随着墨西哥工厂在2024年8月的正式投产， 公司已在印度尼西亚、南非、巴西、波兰、德国、墨西哥等地部署8个海外基地、20余家海外平台公 司、50余家海外办事处。 加码研发毛利率提升至27.84% 长飞光纤在成本管控和运营效率提升上也取得 ...

本报记者 李万晨曦 在AI技术不断渗透的背景下，A股光通信板块2024年业绩呈现出整体向好的态势，特别是光模块细分赛道，相关公司去年 业绩更为亮眼。 东方财富Choice金融终端数据统计，A股光通信板块59家企业中，超半数企业2024年业绩向好。其中，24家企业实现净利 润增长，7家企业实现扭亏，3家企业实现减亏。光模块企业中，成都新易盛通信技术股份有限公司（以下简称"新易盛"）、武 汉联特科技股份有限公司（以下简称"联特科技"）、中际旭创股份有限公司（以下简称"中际旭创"）去年净利润同比增幅均超 100%。 "在市场占有率方面，中国光模块厂商已占据多数席位，与国际企业并驾齐驱，可以说，光模块细分领域已成为中国在全 球通信领域极具竞争力的优势赛道。伴随AI算力需求的井喷式增长，中国光模块企业将加速技术迭代与产能扩张，为整个产业 链上下游企业带来广阔的市场空间。"上海杉达学院数字商法研究中心研究助理武于蒙对《证券日报》记者表示。 高端光模块成布局重点 "为满足海量数据实时处理与传输需求，国内众多数据中心正加速网络架构升级，从传统的低速率传输向高速互联转型， 这显著提升了市场对高端光模块的需求。"中国数实融合50 ...

Core Viewpoint - The trend of overseas mergers and acquisitions (M&A) by A-share listed companies is on the rise, driven by the need to expand global markets and restructure value amidst global economic adjustments and industry chain reconstruction [1] Group 1: Acquisition of Core Technologies - Acquiring core technologies is a primary goal for many listed companies engaging in overseas M&A, allowing them to enhance technical capabilities, product value, and industry influence [2] - Companies can quickly gain new technologies and enter new markets, exemplified by Lingyun Optical Technology's investment in PhotonicX AI to access next-generation optical communication technologies [2] Group 2: Expanding Overseas Markets - Overseas M&A serves as a crucial strategy for companies to overcome geographical limitations and reshape market presence, with 2,405 A-share companies reporting foreign revenues exceeding 10 million yuan in 2024 [3] - For instance, Jinko Power Technology's acquisition of a 50% stake in UAE's Sweihan Holding aims to enhance its brand influence in the Middle East and tap into renewable energy projects [3] Group 3: Resource Integration and Industry Ecosystem Reconstruction - Many companies view overseas M&A as a means to integrate key resources globally, forming complementary advantages and building a more efficient and competitive industry ecosystem [4] - This ecosystem reconstruction can lower production costs, improve operational efficiency, and enhance innovation capabilities, positioning companies favorably within global supply chains [4] - Supportive policies from the government, such as the recent financial measures to facilitate cross-border M&A, further stimulate the overseas M&A market for listed companies [4] - The shift from "scale chasing" to "value leading" in overseas M&A activities indicates a focus on high-quality acquisitions, with expectations for continued growth in this area [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The domestic computing power market is experiencing high demand, leading to accelerated profit release for the company. The net profit attributable to shareholders in Q4 2024 is expected to reach a five-year high. The main business quality is anticipated to continue improving, with the subsidiary Yangtze Computing potentially becoming a new growth driver for the company. Projected net profits for 2025-2027 are estimated at 1.03 billion, 1.34 billion, and 1.62 billion yuan, representing year-on-year growth of 47%, 30%, and 21%, respectively, with corresponding PE ratios of 24x, 19x, and 16x [2][6][11]. Financial Performance - In 2024, the company achieved total revenue of 28.549 billion yuan, a year-on-year decrease of 8.29%. However, the net profit attributable to shareholders was 703 million yuan, an increase of 39.05%. In Q4 2024, total revenue was 7.395 billion yuan, down 13.71% year-on-year, while net profit grew by 74.06% to 309 million yuan [6][11]. Business Development - The company has made significant progress in market expansion and technology development, enhancing its overall strength. It has secured multiple procurement projects from domestic telecom operators and expanded its international market presence, including large multinational clients in Latin America and Europe. The company has also achieved breakthroughs in key technologies in the optical network and chip sectors [11][12]. Strategic Outlook - The company is well-positioned to capitalize on industry recovery opportunities due to its forward-looking technology layout and clear strategic planning. It has incubated five national-level specialized "little giant" subsidiaries and is recognized as a high-tech enterprise with comprehensive capabilities in marine communication technology [11][12].

暗盘资金一眼洞悉庄家意图>> CPO概念股盘初走高，永鼎股份（600105）涨停，仕佳光子涨超8%，太辰光（300570）、生益电子、 新易盛（300502）纷纷上涨。 ...

Core Viewpoint - The company reported a significant increase in profits for Q1 2025, driven by substantial investment income, despite a decline in overall revenue for 2024 [1][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.111 billion yuan, a year-on-year decrease of 5%, while net profit attributable to shareholders was 61.41 million yuan, a year-on-year increase of 42% [1]. - For Q1 2025, the company reported operating revenue of 877 million yuan, a year-on-year increase of 7.5%, and net profit attributable to shareholders of 290 million yuan, a remarkable year-on-year increase of 961% [1]. Group 2: Business Segment Analysis - The optical communication segment generated revenue of 1.115 billion yuan, a year-on-year increase of 36%, with a gross margin increase of 3.26 percentage points to 16.6%, benefiting from previously awarded operator orders [2]. - The automotive wiring harness segment saw revenue decline to 1.206 billion yuan, a year-on-year decrease of 14%, with a gross margin decrease of 1.03 percentage points to 13.18%, primarily due to a downturn in the fuel vehicle market [2]. - The power engineering segment's revenue fell to 1.04 billion yuan, a year-on-year decrease of 30%, with a gross margin decrease of 1.02 percentage points to 19.08%, as project execution did not match the previous year's scale [2]. - Revenue from big data applications decreased to 59.31 million yuan, a year-on-year decline of 38% [2]. - Revenue from superconducting and copper conductors increased to 5.86 billion yuan, a year-on-year increase of 33%, although the gross margin decreased by 4.66 percentage points to 10.6% [2]. Group 3: Future Growth Drivers - The company is focusing on high-temperature superconducting materials and their applications, with plans to expand production capacity to 5,000 kilometers by December 2024 [3]. - In the optical chip sector, the company has established a rare IDM laser chip factory in China, achieving full-process autonomy and developing products that meet industry-leading performance standards [3]. Group 4: Profit Forecast and Investment Recommendations - Due to the significant investment income recognized in Q1 2025 and the anticipated growth in superconducting and optical chip businesses, profit forecasts for 2025-2027 have been revised upward, with expected net profits of 365 million yuan, 139 million yuan, and 166 million yuan respectively [4].

请阅读最后评级说明和重要声明 l 证券研究报告 l 联合研究丨行业深度 从海外科技大厂供需超预期看国内 AI 投资机会 丨证券研究报告丨 报告要点 [Table_Summary] 在关税冲击宏观经济和且硬件成本上升背景下，北美云商 25Q1 Capex 力度依旧强劲，建议关 注相关环节投资机会。 核心环节：云及 IDC、AI Agent、AI+算力等； 配套环节：柴发机组、燃气轮机、服务器电源、AIDC 电气设备等。 分析师及联系人 [Table_Author] 邬博华 赵智勇 杨洋 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490517070012 SFC：BQK482 SFC：BRP550 SFC：BUW100 宗建树 于海宁 高超 SAC：S0490520030004 SAC：S0490517110002 SAC：S0490516080001 SFC：BUX668 SFC：BUX641 SFC：BUX177 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2025-05-04 [Table_Titl ...

Group 1: Cloud Computing and AI Infrastructure - The outlook for capital expenditure from cloud giants is positive, with significant growth observed in core companies such as optical modules and copper connections in Q1 [1][2] - Google's Q1 2025 report indicated a 28% year-on-year increase in cloud revenue, with capital expenditure reaching $17.2 billion (up 43% year-on-year) and an expected annual capital expenditure of $75 billion [1] - Amazon clarified that its recent adjustments in data center leasing are part of routine capacity management and do not indicate a reduction in overall data center construction plans [1] Group 2: Domestic Computing Power and AIDC Sector - The AIDC sector is driven by expectations as new capacity investments take time to convert into revenue, with significant growth in fixed assets and construction projects reported by companies like Runze Technology and Aofei Data [3] - Changes in H20 sales regulations are expected to accelerate the adoption of domestic computing power in the second half of the year, with companies like Ascend, Haiguang, and Cambricon being highlighted as key players [3] Group 3: Optical Communication and Copper Connection - Strong capital expenditure is leading to high certainty in performance for sectors such as optical modules, PCB, copper connections, and power supplies, with companies like Zhongji Xuchuang and Xinyi Sheng reporting substantial profit increases [2] - In the copper connection sector, companies like Wolong Nuclear Materials and Dingtong Technology reported year-on-year profit increases of 39% and 212%, respectively [2] Group 4: Military Information Technology - The recovery of orders in military information technology is notable, with satellite internet projects expected to drive demand for new satellite payloads and ground terminal equipment [4] Group 5: Recommended Stocks - Key stocks to watch in the optical communication sector include Zhongji Xuchuang, Xinyi Sheng, and Shijia Photon [5] - In the copper connection sector, recommended stocks include Wolong Nuclear Materials and Dingtong Technology [6] - For domestic computing power, companies like Cambricon and Haiguang are highlighted, while in military information technology, stocks such as Chengchang Technology and Zhenlei Technology are recommended [6]

中际旭创（300308）4月30日在业绩说明会上表示，公司在围绕自动驾驶所需要的高速率大带宽乘用车 光互连解决方案已有产品开发出来，目前正在积极进行市场推广。(人民财讯) ...