1 、 《 光通信模块核心标的 》摘要 ■ 随着AI大模型爆发性增长（如GPT、Sora），数据中心对 高速光模块 （800G/1.6T）和相关光器件 需求激增。 ■ 中际旭创 800G产品已批量出货， 1.6T模块研发进度全球领先 ，预计2025年量产。 ■ 新易盛 400G及以下已规模化交付，800G小批量，1.6T样品发布。 3、 《 华为5G通信设备出海 》摘要 5、《 2024年全国发电设备行业十大科技创新 》摘要 ■ 作为中国首个 完全自主知识产权 的三代非能动压水堆技术，"国和一号"标志着中国在高端核电装备 领域打破技术封锁，反应堆压力容器、主泵、堆芯仪表等关键设备全面国产化，未来有望 批量化复 制 。 ■ 德国新政府取消"可信国家"限制 ，转而采用"可信技术标准"，核心逻辑从"政治标签"转向"技术标 准"，为华为扫清合规障碍。 ■ 华为在5G设备领域 技术先进+成本优势明显 ，替代厂商有限（如诺基亚、爱立信产能与性价比不 足）。 4 、 《 跨国巨头的数亿美元订单，被这家中国企业拿下了 》摘要 ■ 在净利率本就不高（3~5%）的背景下，供应链成本动辄占运营成本的四分之一以上，任何微小效 率的提 ...

Investment Rating - The report maintains a "Buy" rating for Zhongji InnoLight with a target price reduced to CNY 125, implying a 54% upside from the closing price of CNY 81.19 on April 21, 2025 [5][26]. Core Insights - The company experienced significant revenue and earnings growth in FY24, with year-on-year revenue growth of 122.6% and earnings growth of 142.6%. However, 1Q25 revenue growth was subdued at 37.8% year-on-year due to a shortage of EML chips, while earnings rose 56.8% year-on-year, driven by better gross profit margins [1][2][19]. - Demand for 800G transceivers is expected to remain strong, while demand for 1.6T transceivers may slow down this year but is anticipated to ramp up next year. The easing of the EML chip shortage is expected to improve shipment volumes in the coming quarters [2][19]. - The report highlights that a temporary tariff exemption is currently easing margin pressure and may boost near-term shipments, although the risk of a tariff hike remains a concern [3][19]. Financial Summary - FY24 revenue was reported at CNY 23,862 million, with a projected revenue of CNY 37,228 million for FY25 and CNY 41,462 million for FY26. The normalized net profit for FY24 was CNY 5,171 million, with projections of CNY 8,202 million for FY25 and CNY 9,373 million for FY26 [4][10]. - The gross profit margin (GPM) is expected to improve slightly, with FY25-26F GPM raised by 0.1 percentage points due to a better product mix [16][19]. - The company is currently trading at a normalized P/E of 9.7x for FY26F, which is below the median P/E range of the China electronic/communication component companies [1][4][19].

Core Insights - POET Technologies Inc. has partnered with Lessengers to develop an 800G DR8 transceiver aimed at AI and hyperscale data center applications [1][2] - The transceiver will utilize POET's optical engines and Lessengers' Direct Optical Wiring technology, providing a cost-effective solution [1][4] - Samples of the transceiver are expected to be available for customer review in the second half of 2025 [2] Company Overview - POET Technologies specializes in high-speed optical modules and light source products for AI systems and hyperscale data centers [5] - The company’s Optical Interposer technology allows for the integration of electronic and photonic devices into a single chip, resulting in lower costs and reduced power consumption [5] - POET's products are scalable for high production volumes and address challenges in various applications, including 5G networks and autonomous vehicle sensing [5] Partnership Details - The collaboration with Lessengers is described as a perfect partnership that leverages both companies' innovative capabilities in optical technology [3] - Lessengers' DOW technology complements POET's optical engines, enhancing efficiency and cost-effectiveness for transceiver customers [4][6] - Both companies are showcasing their technologies at the Optical Fiber Communications Conference in San Francisco [4]

星标 ★ IPO日报 精彩文章第一时间推送 又一家上市公司发布重大资产重组计划。 股权结构方面，启真投资、郑波持有迅特通信的比例分别为39.5680%、5.1745%，启真投资为标的公司第一大股东。此外，公司股东 还包括鹏晨投资、国投创业、中信证券等。 需要指出的是，启真投资的实控人为郑波，后者持股比例达90%。标的公司的现有实控人为郑波。 这意味着，本次交易完成后，郑波及其控股的启真投资，或将入股腾景科技。 公开资料显示，郑波生于1978年，2000年毕业于浙江大学，之后在华为工作了12年，成为当时华为最年轻的省级公司总经理之一。 2012年，郑波从华为辞职后参与创立迅特通信。 近日，腾景科技发布公告称，公司正筹划以发行股份及支付现金的方式购买深圳市迅特通信技术股份有限公司（下称"迅特通信"）控 制权事项。 腾景科技表示，预计本次交易后部分交易对方将持有上市公司5%以上股份，根据《上海证券交易所科创板股票上市规则》相关法规， 本次交易预计构成关联交易。本次交易预计重大资产重组，但不会导致公司实际控制人发生变更，不构成重组上市。 制图：佘诗婕 01 实控人出身华为 据了解，迅特通信成立于2008年，是一家专注 ...