Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q1 2025, the company's revenue increased by 10% quarter-on-quarter, showing an acceleration compared to the previous two quarters. The growth in 2025 is primarily driven by the release of production capacity in Thailand and the ramp-up of the 1.6T optical engine [2][5]. - The gross margin slightly declined, while net profit margin was affected by exchange rate fluctuations. The company's overseas bases enhance delivery capabilities, helping to mitigate tariff impacts [2][5]. - The CPO/OIO market presents significant long-term opportunities, with the company establishing strong ties with major overseas clients, leading to a premium in valuation [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 945 million yuan, a year-on-year increase of 29% and a quarter-on-quarter increase of 10%. The net profit attributable to the parent company was 338 million yuan, a year-on-year increase of 21%, but a quarter-on-quarter decline of 8% [5]. - The gross margin for Q1 2025 was 53%, down 2.5 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The net profit margin was 35.8%, down 2.5 percentage points year-on-year and 6.9 percentage points quarter-on-quarter, primarily due to exchange rate fluctuations [2][5]. Market and Production Insights - The company is actively expanding production capacity in the optical passive device sector, with the first phase of the Thailand production line expected to start delivering soon. The second phase is also in preparation for expansion [2][5]. - The shift in focus from 800G products to 1.6T products by major clients is anticipated to accelerate delivery volumes in upcoming quarters, with the company well-prepared for this capacity increase [2][5]. Future Outlook - The company forecasts net profits of 2.081 billion yuan, 2.741 billion yuan, and 3.386 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 55%, 32%, and 24%. The projected price-to-earnings ratios are 19x, 14x, and 11x [2][5].

Group 1: A+H Listing Expansion - The Hong Kong stock market is experiencing a surge in listing applications, with 14 companies submitting applications between April 25 and 28, including industry leaders seeking A+H listings [1] - Three Squirrels aims to become the first A+H snack brand, reporting a projected revenue of 10.622 billion yuan and a net profit of 408 million yuan for 2024, with 70% of revenue coming from online channels [2] - JA Solar has submitted its application for an A+H listing, reporting a projected revenue of 70.121 billion yuan for 2024, but facing a net loss of 4.656 billion yuan due to asset impairment losses [3][4] - Seres has successfully turned a profit in 2024, with a revenue of 1.45176 billion yuan and a net profit of 5.946 billion yuan, driven by increased sales of electric vehicles [5][6] Group 2: Companies Transitioning to Hong Kong - Rebio Biotech has submitted its application to the Hong Kong Stock Exchange after previously attempting to list on the A-share market, reporting a net loss of 437.3 million yuan in 2023 [8][9] - Daji Group, which focuses on innovative radiation surgery solutions, has also shifted its listing application to Hong Kong after previously applying for the Sci-Tech Innovation Board [10][11] - Hongyeji has submitted its application to the Hong Kong Stock Exchange after previously attempting to list on the Shenzhen Stock Exchange, reporting revenues of approximately 1.228 billion yuan in 2022 [12]

Group 1: Company Overview - Huylv Ecological Technology Group Co., Ltd. was formerly known as Wuhan Huaxin High-tech Co., Ltd., which was delisted in 2005 due to continuous losses [2] - The company underwent a major asset restructuring in 2016 and officially changed its name to Huylv Ecological Technology Group Co., Ltd., focusing on landscape engineering [2] - The company successfully re-listed on the Shenzhen Stock Exchange on November 17, 2021, becoming a rare case of a company re-listing after delisting [2] Group 2: Financial Performance - In 2024, the company's operating revenue was CNY 58,702.99 million, a decrease of 14.28% compared to the previous year, primarily due to reduced landscape engineering revenue [3] - Despite the revenue decline, the net profit attributable to shareholders was CNY 6,530.14 million, an increase of 13.85%, mainly due to investment income from Wuhan Junheng [3] - In Q1 2025, operating revenue reached CNY 30,881.36 million, a significant increase of 210.40% year-on-year, largely due to the inclusion of Wuhan Junheng's business [3] - The net profit for Q1 2025 was CNY 1,983.26 million, a remarkable growth of 549.69% compared to the previous year [3] - The net cash flow from operating activities decreased by 209.65% year-on-year due to the concentration of project payment settlements at year-end [3] Group 3: Strategic Investments and Acquisitions - In 2024, the company made a strategic acquisition of Wuhan Junheng Technology Co., Ltd., marking its first step towards technological transformation [3] - The acquisition allows the company to diversify its business into the high-growth optical communication sector, reducing market risks associated with a single business area [6] - The company plans to invest approximately CNY 200 million in Ezhou to build production facilities and a research center to alleviate capacity pressure [7] Group 4: Impact of Tariffs and Market Position - As of April 2025, Wuhan Junheng's overseas revenue accounts for less than 50%, and the company has established an overseas production base in Malaysia to mitigate tariff impacts [5] - The company has developed strategies to adapt to the changing international trade environment due to the complexities introduced by U.S. tariffs [5] Group 5: Product and Capacity Overview - Wuhan Junheng's product categories include optical modules, optical engines, AOC, and customized products [8] - The production capacity at Wuhan's factory is currently saturated, prompting the transfer of some capacity to factories in Hefei and Malaysia [7]

Group 1 - The company reported a revenue of 3.25 billion in 2024, representing a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion, up 84.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of 860 million, a year-on-year increase of 17.0%, and a net profit of 370 million, up 26.2% year-on-year [1] - The company benefited from high demand for downstream optical modules, with optical active and passive components achieving revenues of 1.66 billion and 1.58 billion respectively, reflecting increases of 121.9% and 33.2% year-on-year [1] Group 2 - The company has established its overseas headquarters in Singapore and a production base in Thailand, increasing optical communication component capacity by 4.0% to 5.92 billion units [2] - R&D investment increased by 62.1% to 230 million in 2024, focusing on cutting-edge technologies such as silicon photonics and CPO [2] - The company is expected to benefit from the demand expansion and technological development in both passive and active products in 2025 [2] Group 3 - The company is a key supplier of core components for optical modules, deeply integrated with major downstream manufacturers, and is expected to benefit from the ramp-up of 800G and 1.6T products in 2025 [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 2.04 billion and 2.60 billion respectively, with a projected net profit of 3.12 billion for 2027 [3] - The company maintains a "buy" rating, supported by dual-line development in passive and active businesses to meet mainstream customer demand for computing power [3]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating robust business development across various sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.6% [1]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.6%, but a quarter-on-quarter decline of 24.5%. The net profit attributable to shareholders was 557 million yuan, up 8.5% year-on-year and 22.6% quarter-on-quarter [1]. Business Segment Performance - The company's business segments showed varied performance in 2024: - Optical Communication: Revenue of 6.562 billion yuan, down 11.0%, with a gross margin of 25.59%, down 3.77 percentage points [2]. - Smart Grid: Revenue of 22.184 billion yuan, up 14.7%, with a gross margin of 12.58%, down 0.99 percentage points [2]. - Marine Energy and Communication: Revenue of 5.738 billion yuan, up 69.6%, with a gross margin of 33.53%, up 1.91 percentage points [2]. - Industrial and New Energy Intelligence: Revenue of 6.766 billion yuan, up 18.1%, with a gross margin of 13.27%, down 1.86 percentage points [2]. - Copper Conductor: Revenue of 15.007 billion yuan, up 50.9%, with a gross margin of 1.15%, down 1.16 percentage points [2]. - In Q1 2025, the company maintained steady growth in its ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to a significant increase in net profit [2]. Order Backlog and Market Outlook - As of the end of Q1 2025, the company had a substantial order backlog, including approximately 18 billion yuan in orders for subsea cables, marine engineering, and land cable products, and around 8 billion yuan for marine communication projects [3]. - The offshore wind sector is expected to see a recovery in demand, with several projects ready to commence construction in 2025, which may lead to further growth for the company [3]. - The company has recently won multiple contracts in the offshore wind and marine oil and gas sectors, totaling 1.133 billion yuan [3]. Investment Outlook - The company is expected to benefit from the recovery in the offshore wind sector and the steady development of its various business lines. Projected net profits for 2025-2027 are 3.467 billion yuan, 4.246 billion yuan, and 4.772 billion yuan, respectively, with corresponding PE multiples of 11x, 9x, and 8x [4].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the domestic computing power industry and the optical communication sector, highlighting the performance of various companies within these industries [1][4][8]. Key Points and Arguments Domestic Computing Power Industry - The Ascend 910C chip has shown performance improvements, narrowing the gap with NVIDIA's H100, primarily used in Huawei's cloud infrastructure. Strong demand from downstream internet companies is expected to lead to large-scale shipments by May 2025, utilizing a dual 910B chip packaging solution [1][2]. - The overall performance of domestic graphics cards has improved, with increased customer acceptance and a positive outlook for the upstream supply chain, including connectors, liquid cooling, and servers [2]. Optical Communication Sector - The optical communication segment has exceeded expectations, with companies like NewEase and Shijia Photon showing strong performance. Source Technology's CW light source shipments have significantly improved revenue and profitability, with new product gross margins exceeding 80% [1][4]. - Domestic optical module companies, such as Guangxun Technology, experienced a slight decline in Q1 but showed significant improvement in profitability. Demand for domestic optical modules remains high, with production capacity expected to ramp up to 700,000 to 800,000 units per month this year [1][4]. Company Performance Highlights - NewEase and Shijia Photon have reported strong revenue and profit growth, driven by overseas demand for passive devices and corresponding chip products. Their revenue and gross margins for AWG, MPO connectors, and indoor optical cable products have significantly improved [5]. - In contrast, Invec's performance in the liquid cooling segment fell short of expectations, leading to a stock price decline. However, revenue met expectations, and the company faces increased margin pressure due to intensified competition in domestic temperature control orders [8]. Market Trends and Future Outlook - The communication sector's overall performance has been mixed, with some companies meeting expectations while others, like Invec, have struggled. The industry remains optimistic due to high investment from major players like ByteDance, Alibaba, and Tencent, which is expected to drive growth [8][9]. - The AI large model continues to evolve, with significant increases in computing power demand. For instance, Baidu's new model has reduced costs to about one-fourth per million tokens, indicating a growing need for computing resources [12]. - Investment recommendations focus on three areas: self-controlled supply chains (including high-speed connectors and liquid cooling), domestic computing power and AI data center industry trends, and advancements in AI applications, particularly in IoT smart modules and controllers [13]. Additional Important Insights - The optical communication sector's performance is expected to see rapid growth in domestic and international capacity releases over the next few years, particularly in overseas DCI business, which will contribute to significant revenue growth [5]. - The overall sentiment in the communication sector is optimistic, with expectations of continued improvement in profitability and growth trajectories for companies involved in new product releases and increased shipments [6][7].

Summary of Key Points from Conference Call Records Industry Overview - **Power Semiconductor Industry**: Expected revenue growth of approximately 10% in 2024, but net profit is projected to decline by 22%. Excluding Wentai Technology, actual profit growth is 0%, indicating a phenomenon of revenue growth without profit increase. However, third-generation semiconductor company Tianyue Advanced shows significant revenue and profit growth of 40% and 500% respectively [1][3][4]. Key Companies and Their Performance - **Hengxuan Technology**: Benefited from the growing demand in the smart watch and wristband market, with Q1 revenue increasing by 116% year-on-year and gross margin rising to 38.47% [1][5]. - **Rockchip**: In the automotive electronics sector, has mass-produced over ten models and has more than 20 targeted projects [1][5]. - **Stewei**: Achieved a revenue increase of 100% year-on-year in Q1, with smartphone chip business revenue growing by 269%, ranking fifth in the global mobile CIS market with an 11.2% share [1][6]. - **Optical Companies**: Companies like Qiu Tai, Gao Wei, and Rui Sheng have shown profit growth exceeding 100% due to industry recovery and improved profitability after the end of price wars [22][23]. Market Dynamics - **Consumer Electronics**: The sector is recovering well, with a 24% year-on-year revenue increase and an 18.6% increase in net profit in 2024. This is driven by smartphone inventory replenishment and global smartphone shipment growth of 6.4% [22][23]. - **Telecom Equipment**: Facing growth pressure with a 9.7% decline in capital expenditure from major operators in 2024, expected to further decline by 9.1% in 2025. Companies like ZTE are actively seeking new opportunities to offset traditional business pressures [16]. Emerging Trends - **AI and Autonomous Driving**: The AI-driven demand in the optical communication market is maintaining high growth rates. Companies like Xuchuang and Xinyi have seen improved gross margins due to the increased proportion of high-speed products [12][13]. - **IoT Modules**: The global cellular IoT module shipments increased by 10% year-on-year, with China showing a faster growth rate of 21% [18]. Investment Insights - **Valuation Recovery**: Companies like Yangjie Technology and Times Electric have seen their PE ratios drop below 20, indicating potential for valuation recovery as inventory and competition dynamics improve [7]. - **Long-term Outlook**: The consumer electronics sector is expected to face challenges from tariff changes, but companies with strong fundamentals and supply chain resilience are recommended for long-term investment [30][32]. Risks and Considerations - **Tariff Impact**: The consumer electronics sector is significantly affected by tariff changes, particularly for companies heavily reliant on Apple. However, the immediate impact on earnings has been minimal, with no requests for price reductions from Apple suppliers [28][30]. - **Market Competition**: The telecom equipment sector is experiencing intense competition, which may affect profit margins and growth prospects [16]. Conclusion The conference call highlights a mixed outlook for various sectors within the technology and semiconductor industries, with significant growth opportunities in AI, automotive electronics, and consumer electronics, while also addressing the challenges posed by market competition and tariff changes. Investors are advised to focus on companies with strong fundamentals and resilience in their supply chains for long-term gains.

"多元本地化"战略打造全球竞争力 4月28日，上海剑桥科技（603083）股份有限公司(简称"公司"或"剑桥科技"，证券代码：603083.SH)宣 布，已正式向香港联合交易所有限公司(简称"联交所")提交H股发行上市申请，并在联交所网站披露申 请材料。本次上市由国泰君安国际担任独家保荐人。若成功登陆港股主板，剑桥科技将成为A股+H 股"AI通信第一股"，标志着其在全球化资本布局与技术创新的双轮驱动下迈入全新阶段。 作为全球为数不多同时提供光通信、宽带及无线技术相关高效即时连接解决方案的提供商，剑桥科技凭 借技术创新位居行业第一梯队。弗若斯特沙利文数据显示，以2024年销售收入计算，剑桥科技在全球综 合光学与无线连接设备(OWCD)行业中位列第5。作为全球OWCD行业率先建立智能工厂的先锋企业之 一，剑桥科技为全球AI算力基建、数据中心及电信网络提供核心硬件支撑，奠定了其作为领先的支持 人工智能发展的端到端基础设施解决方案提供商的行业地位。 创新驱动技术领先 剑桥科技的核心竞争力源于强大的研发实力。其全球研发团队规模达630人，占员工总数超50%，核心 团队及研发人员来自全球最负盛名的机构。在AI通信领域，剑 ...

技集团有限公司所属烽火通信在泰国投资建设的锐森光纤光缆产业基地一期项目投产仪式现场。（主办 方供图） 泰国劳工部部长顾问塔纳在投产仪式上表示，该基地的建成不仅推动泰国高端制造产业升级，更通过技 术转移和人才培养，为当地创造上千个优质就业岗位，助力泰国技术型劳动力发展，是"数字泰国"战略 的重要里程碑。 中国信息通信科技集团副总经理罗昆初在发言中强调，锐森光纤光缆产业基地不仅是产能布局的延伸， 更是中国标准、中国模式与可持续发展理念的输出。集团将与泰国伙伴深化合作，共同构建"中泰信息 通信产业命运共同体"，为泰国数字化转型贡献更大力量。 烽火通信董事长曾军介绍，锐森光纤光缆产业基地以"本地研发、本地生产、本地服务"为运营核心，依 托中国信科集团全产业链优势，打造覆盖研发、制造、交付的光通信样板工程。该项目立足泰国、辐射 全球，未来将与中东、欧洲市场形成协同效应，助力全球通信网络升级，以中国智慧赋能世界数字经 济。 此次在泰国东部经济走廊建成的锐森光纤光缆产业基地，全面采用中国自主知识产权的全光网络技术， 配备全球领先的工艺设备与数字化运营系统，将大幅提升泰国高端光通信制造能力，为东南亚数字化发 展提供坚实支撑。 ...

Core Insights - Tongding Interconnection reported a satisfactory performance for the fiscal year 2024, achieving operating revenue of 2.915 billion yuan and a net profit of 77 million yuan, demonstrating strong resilience and innovation in a complex economic environment [1] Business Performance - The core business of Tongding Interconnection maintained stable growth, with the power cable segment generating sales revenue of 1.118 billion yuan, a year-on-year increase of 5.72%, while the communication cable segment achieved sales revenue of 1.143 billion yuan [2] - In Q4 2024, the company recorded a single-quarter operating revenue of 745 million yuan and a net profit attributable to shareholders of 69.21 million yuan, marking a significant year-on-year increase of 126.22% [2] Emerging Business Growth - The network security segment, under the wholly-owned subsidiary Baizhuo Network, achieved a breakthrough with operating revenue of 120 million yuan, a year-on-year growth of 30.05%, successfully turning profitable [3] Innovation and R&D - Tongding Interconnection is recognized as a key high-tech enterprise under the National Torch Program, with a strong commitment to innovation. The company has established 4 national-level and 9 provincial-level R&D platforms, resulting in a total of 575 authorized patents, including 311 invention patents [4] Industry Position and Future Outlook - The company has developed a comprehensive industrial chain from preform, fiber, and cable to communication and power cables, enhancing its competitive advantage and cost control capabilities [5] - Looking ahead, Tongding Interconnection plans to focus on digital transformation of its traditional businesses, expand into the national grid and railway markets, and strengthen its network security segment to achieve dual growth in revenue and profit [5]