Core Viewpoint - The company,兆驰股份, has officially commenced small-scale shipments of its DFB laser chip as of November 25 [1] Group 1 - The DFB laser chip is a significant product for the company, indicating progress in its technological development and production capabilities [1]

西部证券研报指出，源杰科技2025前三季度归母净利润1.06亿元，同比扭亏为盈，Q3归母净利润 0.60亿元，环比+86.67%。25Q3CW光源产品放量增收，毛利率同、环比改善。公司持续加大对高速率 光芯片、大功率光芯片、芯片工艺等相关技术和产品的研发投入，持续提升产品竞争力。伴随产品良率 提升和高毛利产品占比提升，公司的盈利能力有望继续提升。预计公司25/26/27年归母净利润1.8亿 元/3.8亿元/5.2亿元，对应P/E为254/121/90倍，给予"增持"评级。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：贺翀 ） ...

Core Viewpoint - The company,兆驰股份, currently sources its indium phosphide substrates for optical chips from external suppliers [1] Group 1 - The company is engaged in the optical chip industry [1] - The use of external suppliers for indium phosphide substrates indicates a reliance on third-party resources [1]

Core Viewpoint - Yuanjie Technology (688498.SH), the second highest-priced stock on the Sci-Tech Innovation Board, has initiated plans for a Hong Kong listing to accelerate its international strategy and enhance its brand image and capital strength [2]. Group 1: Company Overview - Yuanjie Technology focuses on the optical chip industry, specializing in the research, design, production, and sales of optical chips, which are primarily used in telecommunications, data centers, and automotive LiDAR markets [2]. - The company was listed on the Sci-Tech Innovation Board in December 2022 [2]. Group 2: Financial Performance - In the first three quarters of 2025, Yuanjie Technology achieved operating revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit attributable to shareholders of 106 million yuan, a staggering increase of 19,348.65% [3]. - The company's net profit growth rate is the highest among Sci-Tech Innovation Board listed companies and second among all A-share listed companies [3]. - Quarterly breakdown shows operating revenues of 84.4 million yuan, 121 million yuan, and 178 million yuan, with year-on-year growth rates of 40.52%, 100.6%, and 207.31% respectively [3]. Group 3: Business Segments - The significant growth in revenue is attributed to the increasing demand for CW silicon photonic light source products in the data center market, which has a high gross margin [4]. - In the first half of 2025, the telecommunications market revenue decreased by 8.93% to 99.87 million yuan, while revenue from the data center and other businesses surged by 1,034.18% to 105 million yuan [4]. Group 4: International Business - Currently, Yuanjie Technology's overseas business is relatively small, with revenue of 237,400 yuan in 2024, a year-on-year increase of 28.52%, and 255,600 yuan in the first half of 2025 [4].

Group 1 - The core viewpoint of the news is that Yuanjie Technology plans to accelerate its internationalization strategy and enhance its brand image by issuing shares (H-shares) and listing on the Hong Kong Stock Exchange [1] - Yuanjie Technology focuses on the optical chip industry, with its main business involving the research, design, production, and sales of optical chips, which are primarily used in telecommunications, data centers, and automotive LiDAR markets [1] - The company has established a comprehensive IDM (Integrated Device Manufacturer) business system, covering chip design, wafer manufacturing, chip processing, and testing, with multiple production lines for various processes [1] Group 2 - In the third quarter of 2025, Yuanjie Technology achieved operating revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit attributable to shareholders of 106 million yuan, marking a turnaround from losses [2] - The operating revenue for the third quarter alone was 178 million yuan, representing a year-on-year increase of 207.31% and a quarter-on-quarter increase of 47.90%, driven by the growing demand for CW silicon optical source products in the data center market [2] - The company anticipates gradual capacity growth from the end of this year to next year, as it continues to strengthen equipment investment and improve delivery and commissioning schedules [2]

Core Viewpoint - The company, Yuanjie Technology, plans to accelerate its international strategy and enhance its brand image by issuing H-shares and listing on the Hong Kong Stock Exchange [1][3]. Group 1: Company Overview - Yuanjie Technology focuses on the optical chip industry, specializing in the research, design, production, and sales of optical chips, which are primarily used in telecommunications, data centers, and automotive LiDAR markets [1]. - The company has established a comprehensive IDM (Integrated Device Manufacturer) business model, covering all processes from chip design to wafer manufacturing and testing, with multiple self-controlled production lines [1]. Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround from losses [2]. - In the third quarter of 2025, the company reported a revenue of 178 million yuan, a year-on-year increase of 207.31% and a quarter-on-quarter increase of 47.90%, with a net profit of approximately 59.64 million yuan [2]. - The growth in revenue is attributed to the increasing volume of CW silicon optical source products in the data center market and a significant rise in the high-margin data center segment [2]. Group 3: Future Outlook - The company is enhancing equipment investments and expects production capacity to gradually increase from the end of this year to next year [2]. - The telecommunications market is cyclical, but with the implementation of 50GPON technology, significant changes in demand are anticipated in the coming years, and the company is actively preparing to support this industry development [2]. Group 4: H-Share Listing Preparation - The board of directors has authorized the management to initiate preparations for the H-share listing, with a timeframe of 12 months from the board's approval [3]. - The company plans to discuss the specific progress of the H-share listing with relevant intermediaries and must obtain approvals from regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [3]. - The success of the H-share listing is subject to uncertainties related to the approval processes [3].

Core Viewpoint - Yuanjie Technology (688498) plans to accelerate its international strategy and enhance its brand image by issuing H-shares and listing on the Hong Kong Stock Exchange [1][3] Group 1: Company Overview - Yuanjie Technology focuses on the optical chip industry, specializing in the R&D, design, production, and sales of optical chips, which are primarily used in telecommunications, data centers, and automotive LiDAR markets [1] - The company has established a comprehensive IDM (Integrated Device Manufacturer) business model, covering chip design, wafer manufacturing, processing, and testing, with multiple self-controlled production lines [1] Group 2: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround from losses [2] - In Q3 2025, the company reported revenue of 178 million yuan, a year-on-year increase of 207.31% and a quarter-on-quarter increase of 47.90%, with a net profit of approximately 59.64 million yuan [2] - The growth in revenue is attributed to the increasing volume of CW silicon optical source products in the data center market and the significant contribution from the high-margin data center segment [2] Group 3: Strategic Developments - The board of directors has authorized the management to initiate preparations for the H-share listing, with a 12-month authorization period from the date of board approval [3] - The H-share listing is subject to approval from the board, shareholders, and relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange, indicating a level of uncertainty regarding its implementation [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [21]. Core Insights - The company has demonstrated significant revenue growth, with a 115.09% year-on-year increase in revenue for the first three quarters of 2025, amounting to 383 million yuan, and a net profit of 106 million yuan, marking a return to profitability [6][9]. - The gross margin has improved significantly, reaching 54.76%, an increase of 25.07 percentage points year-on-year, driven by product structure adjustments and increased revenue from high-margin data center products [9][10]. - The company is positioned as a leading supplier of optical chips in the telecommunications and data communication markets, with a focus on CW silicon optical source products, which are gradually ramping up in production [9][10]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 178 million yuan, a year-on-year increase of 207.31%, and a net profit of 60 million yuan, indicating a turnaround from previous losses [6][9]. - The company’s financial metrics include a net asset return of 4.88% and a debt-to-asset ratio of 9.08% as of September 30, 2025 [2]. Product and Market Position - The company has established a comprehensive IDM (Integrated Device Manufacturer) business model, covering chip design, wafer manufacturing, processing, and testing, aiming to become a top-tier provider of optoelectronic semiconductor chips and technology services [9]. - The product portfolio includes a range of optical chips and high-power silicon optical source products, with the data center segment contributing significantly to revenue growth [9][10]. Future Outlook - The company is expected to benefit from the growing demand for AI data centers and the anticipated shortage of EML and CW laser chips, with a projected compound annual growth rate (CAGR) of 17% for the optical communication chip market from 2025 to 2030 [10]. - Profit forecasts for the company indicate a net profit of 170 million yuan in 2025, increasing to 531 million yuan by 2027, with corresponding price-to-earnings ratios of 266.18X, 138.87X, and 85.33X for the respective years [11].

Group 1: Technology and Product Development - The company has made significant breakthroughs in optical modules and optical chips, with traditional 100G and below products achieving mass shipments to leading equipment manufacturers, steadily increasing market share [1] - The company has successfully completed the R&D project for 400G/800G high-speed modules, which are now in the customer sample verification phase [1] - The 25G DFB laser chip has reached mass production capability, and the 2.5G optical chip is advancing towards mass production to achieve core material independence [2] - The company plans to launch 50G and above DFB chips and CW light sources by 2026, focusing on Micro LED technology to meet AI deployment needs for low latency, high bandwidth, and low power consumption [2] Group 2: International Operations and Market Strategy - The company's overseas factory capacity utilization has significantly improved, with the Vietnam base's annual production capacity reaching 11 million units, effectively meeting order demands from North America and Europe [3] - The establishment of stable overseas factories and local market strategies has ensured a steady supply of overseas orders, reducing trade risks and enhancing delivery flexibility [3] Group 3: Market Position and Competitive Advantage - The company is focusing on upgrading its LED industry chain amid structural pressures from traditional markets and high-end application demands, with Mini/Micro LED technologies showing strong growth [4] - The company’s Mini RGB chip is the smallest commercially available chip in the industry, and its Mini/Micro LED display module capacity has reached 25,000 square meters per month, maintaining a leading position in the high-end direct display market [4][5] - The Mini/Micro LED product market share exceeds 85% in the P1.5 and above category, positioning the company as a leader in the LED chip segment [5] Group 4: Transition to High-End Manufacturing - The company is transitioning from traditional manufacturing to high-end manufacturing, focusing on compound semiconductors and optical communication chips to build future core competitiveness [5] - The company is pursuing multiple technology routes, including enhancing Mini/Micro LED technology, advancing the R&D of 25G DFB laser chips, and exploring Micro optical interconnect technology for computing scenarios [5] - The company aims to strengthen its differentiated competitive edge through the "Orange Star Dream Factory" platform, enhancing collaboration across the industry chain [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Insights - The company has achieved significant revenue growth, with a year-on-year increase of 115% in revenue to 383 million yuan and a return to profitability with a net profit of 106 million yuan [1] - The gross margin improved to 54.76%, reflecting a 25.07 percentage point increase year-on-year, while the net margin reached 27.63% [1] - The company is transitioning to a dual-driven model of "telecom + data communication," capitalizing on opportunities in the AI-driven data communication market [1][2] - The demand for CW laser chips is expected to rise due to increasing penetration of silicon photonics, with sales projected to grow from 800 million USD in 2023 to over 3 billion USD by 2029 [2] - The company has successfully delivered 25G/50G PON optical chip products, optimizing its product structure in the telecom market [3] Financial Summary - Revenue is projected to grow significantly, with estimates of 252 million yuan in 2024, 579 million yuan in 2025, 801 million yuan in 2026, and 1.099 billion yuan in 2027, reflecting growth rates of 75%, 130%, 38%, and 37% respectively [5] - The forecasted net profit for 2025-2027 is 167 million yuan, 264 million yuan, and 418 million yuan, respectively, with a corresponding PE ratio of 271X for 2025 [4][5] - The company is expected to maintain a strong cash flow, with operating cash flow projected to increase significantly by 2027 [10]