德科立 20250427 • DCI 订单国内外各占一半，年底产能目标 3-5 亿，全年销售收入目标 2-3 亿，DCI 产品平均毛利率约 20%，预期未来提升至 30-35%，但需评估关 税影响。 Q&A 摘要 • 德科立一季度毛利率受高毛利产品发货减少及春节期间超预期 GTA 订单影 响，但 TCI 收入占比提升至 40%，主要为子系统产品，公司在分布式训练、 推理和推荐领域取得进展。 • DCI 领域，德科立 400G 产品已全球部署，600G 应用于干线网，800G 正在开发中，预计今年落地，并关注 1.6T 研发进展，以 C 波段为主。 • DCI 产线建设未达预期导致现金存款减少，但公司仍按计划推进国内外产 能投入，以应对复杂市场形势和满足技术需求，预计年底海外基站建设完 成。 • 公司订单充足，手头订单超 3 亿，但降成本方案尚未落地，春节期间供应 链问题导致成本上升，400G D3I 干线和支线产品性能测试周期较长。 • 海外大客户合作研发 OCS 领域取得进展，已有开发和样机收入，国内与合 作伙伴进行信号模型应用测试，提供 OCS 器件硬件，数据表现优异。 • 微软取消数据中心 Capex ...

Summary of the Conference Call for Shijia Photonics Industry and Company Overview - The conference call pertains to the optical communication industry, specifically focusing on Shijia Photonics, a company specializing in optical components such as AWG (Arrayed Waveguide Grating) and MPO (Multi-fiber Push On) connectors [2][3]. Key Points and Arguments - **AWG Product Performance**: The gross margin for AWG products significantly improved, with an increase of over ten percentage points from 2024 to Q1 2025, and revenue growth exceeding 200%. This growth is primarily driven by domestic module manufacturers' demand for cost reduction [2][3]. - **MPO Connector Growth**: MPO connectors experienced a growth rate close to 400%. The gross margin for indoor cables also saw a significant increase of approximately 10%-20%, with revenue growth surpassing 100%. This is attributed to a shift towards high-margin cables for data center applications, mainly supplied to overseas cabling companies [2][3]. - **Competitive Landscape**: In the domestic market, Shijia Photonics faces competition from companies like Tianfu and Guangxun, which primarily use AWG products for their own production. However, Shijia's full-process production capability (BIM) provides a competitive edge in supply chain stability, especially in light of trade wars and tariffs affecting raw material supplies [2][6]. - **Product Development**: The company is actively developing active products, including a CW light source product matrix with power ranges from 70 milliwatts to 1,000 milliwatts, suitable for silicon photonics applications. These products are currently undergoing reliability and performance validation at client sites [2][17]. - **Thailand Factory Expansion**: The commissioning of the Thailand factory has met the origin-switching requirements of cabling customers, resulting in increased orders. Plans are in place to further expand the factory's capacity through leasing and constructing additional facilities [2][19][20]. Additional Important Information - **Market Share Dynamics**: By Q1 2025, the market share between domestic and international module manufacturers for AWG products is nearly balanced at 50-50, with rapid growth observed among domestic manufacturers [2][5]. - **Order Visibility**: The typical order visibility cycle ranges from 3 to 6 months, with larger orders planned for the entire year based on previous quarter forecasts [2][12]. - **Product Customization**: AWG production lines require a certain degree of customization, leading to significant differences in gross margins, which can range from 45% to 90% depending on the product [2][10][11]. - **Emerging Product Lines**: The company is also developing AUK products for short-distance modules, which are integrated into silicon photonics units and are expected to see substantial domestic order volumes in the future [2][15]. This summary encapsulates the critical insights from the conference call, highlighting Shijia Photonics' performance, competitive positioning, and strategic initiatives within the optical communication industry.

将投中网设为"星标⭐"，第一时间收获最新推送 在本次举办的"长飞天使基金"发布会上，长飞基金管理合伙人、总经理刘斌首次系统披露了这家产业资本五年来的 CVC 进阶路径，从"产业协 同"向"生态赋能"的价值跃迁。作为全球光纤龙头长飞集团旗下 CVC 平台，长飞基金凭借独特的"战略定力 + 创新魄力"模式，已跻身投中 2024 年度 中国最具成长潜力私募股权投资机构十强。 长飞基金的CVC进阶之路，是战略定力与创新魄力的结合，更是对中国硬科技崛起的坚定回应。 来源丨 投中网 4 月 24 日，由全球光通信龙头企业长飞光纤光缆股份有限公司（ 简称："长飞光纤"或"长飞集团"，股票代码： 601869.SH ， 06869.HK ）旗下长 飞基金主导设立的湖北省长飞天使创业投资基金合伙企业（有限合伙）（简称"长飞天使基金"），正式对外发布并启动投资运营。 （长飞天使基金合伙人代表共同点亮发布仪式） 该基金总规模达 6 亿元人民币，由长飞基金联合楚天凤鸣、长三角（嘉兴）母基金、武汉产业基金、武鄂协同基金、光谷合伙人基金，及产业方长飞光 纤、博创科技共同出资设立。基金将瞄准多元化硬科技领域，重点关注具备技术壁垒的早期项目 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 通信 光的三个边际变化——关税、需求与持仓结构 关税扰动引发市场过度避险，但全球 AI 产业基建的产业浪潮仍在加速兑 现。我们认为，从政策需求看，关税压力正在逐步释放，市场对此逐步形 成预期，光通信行业有望得到估值修复；从需求维度看，本周国内如新易 盛、仕佳光子等光模块厂商业绩仍保持极高增速，海外下游厂商如谷歌等 仍保持高 Capex 指引，AI 叙事逻辑并未发生改变；从持仓结构看，在关 税政策导致光通信板块的下跌过程中，大量资金离开光通信板块，筹码结 构明显改善，市场情绪回暖后光通信板块将成为新增资金弹性最大板块， 建议重视回调机会。 【关税政策态度缓和，估值有望修复】 特朗普态度转变，关税政策有望缓和。据央视网报道，当地时间 4 月 22 日，美国总统特朗普在白宫谈及对华关税问题时表示，当前对华关税 确实很高，协议达成后美对华关税将大幅下降。同一天，美财长贝森 特也表示，当前僵局"难以为继"，高关税不可持续。结合之前 CBP 于 4 月 11 日发布的《特定产品对等关税豁免指南》，虽然后续特朗普 政府根据《贸易扩张法》 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 通信 市场部分担心关税可能导致 AI 算力需求可能停滞不前甚至衰退，但从需 求侧看下游厂商的收入仍受益于 AI 而保持较高增速，同时 Capex 依旧 保持超预期状态。本周周四谷歌公布 25Q1 财报，财报显示公司 2025Q1 营收达 902 亿美元，同比增长 12%；净利润 345.4 亿美元，同比大增 46%，超出市场预期。其中云计算业务和广告业务均保持高增速，且 公司明确表示，受益于 AI 对营销的驱动广告转化率显著提升。且公司 表示仍维持此前年报给出的 2025 全年 750 亿美元的 Capex 指引，且 25Q1 公司 Capex 为 172 亿美元，同比增长 43%，Capex 主要用于服 务器、数据中心等领域。 我们认为，尽管市场对算力需求仍持观望态度，但从本次财报季已经发布 的财报来看，AI 需求并未放缓。无论是上周台积电给出的业绩增速指引， 还是本周新易盛等国内光模块厂商给出的优异业绩以及谷歌等下游厂商 的业绩以及 Capex 指引，均证明 AI 叙事逻辑本身并未发生改变，在应 用创新进入爆发期的现状 ...

Core Viewpoint - On April 25, Shijia Photon (688313) closed at 25.98 yuan, marking an increase of 18.36% with a trading volume of 2.249 billion yuan and a turnover rate of 19.89% [2] Trading Activity - The stock was listed on the daily trading list due to a closing price increase of 15% [2] - The top five trading departments accounted for a total transaction of 591 million yuan, with a net buying amount of 41.81 million yuan [2] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 148.08 million yuan, while the largest selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 111.31 million yuan [3] Fund Flow - The stock experienced a net outflow of 23.24 million yuan from main funds on the same day [3] - Over the past six months, the stock has appeared on the trading list five times, with an average price increase of 0.67% the day after being listed and an average increase of 14.79% over the following five days [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 599.84 billion yuan, a year-on-year increase of 25.96%, and net profit attributable to shareholders of 27.69 billion yuan, up 28.57% [1][2] - The company is experiencing rapid growth in its marine segment, with substantial orders in hand, including approximately 180 billion yuan in energy interconnection projects and 80 billion yuan in marine communication business [6] - The company is focusing on global expansion, achieving 113.21 billion yuan in overseas revenue, a 36.75% increase year-on-year, and enhancing its production capacity in various international locations [6] Financial Data and Valuation - For 2024, the company expects total revenue of 66.81 billion yuan, with a year-on-year growth of 11%, and net profit of 33.30 billion yuan, reflecting a growth rate of 20% [2][6] - The company's earnings per share (EPS) is projected to increase from 1.12 yuan in 2024 to 1.35 yuan in 2025, with a corresponding price-to-earnings (PE) ratio decreasing from 13.6 to 11.3 [2][13] - The company maintains a healthy financial position with a debt-to-asset ratio of 53.0% and a return on equity (ROE) of 9.6% [3][13]

A股三大指数早盘集体上涨，截至午盘，沪指涨0.15%，深证成指涨0.87%，创业板指涨1.07%，北证50 指数涨1.11%。全市场半日成交额7331亿元，较上日同期缩量469亿元。全市场超3800只个股上涨。 盘面上，房地产板块早盘走高， 大龙地产3分钟内直线涨停 。电力板块延续活跃，华银电力封板。 光模块、铜缆高速连接等AI硬件方向亦表现强势，仕佳光子、致尚科技涨超10%。创新药板块早盘 局部调整，江苏吴中跌停。 港股方面，恒生指数和恒生科技指数均高开高走，截至午间收盘，恒指涨1.36%，恒生科技指数涨 1.87%，国企指数涨1.29%。地产股集体走高，金辉控股盘中最高涨超80%。 地产板块再度走强 大龙地产直线涨停 地产板块25日盘中再度走强。截至午间收盘，A股南国置业、世联行、渝开发、大龙地产纷纷涨停。 大 龙地产自9时56分起直线拉升，3分钟内封住涨停。 港股市场，金辉控股盘中一度涨超80%，截至发稿涨超43%。融信中国涨超17%，远洋集团涨超11%， 中梁控股、龙湖集团等跟涨。 | | 09993 金辉控股 | | | 3.230 | +0.980 | | --- | --- | --- | -- ...

Group 1 - The well-known private equity firm Zhengyuan Investment recently conducted research on three listed companies [1] - The companies researched include Chip Motion Technology, Meirui New Materials, and Tianfu Communication [1] - Chip Motion Technology focuses on chip design and has its own packaging and testing capabilities, with external foundries for wafer fabrication [1] - Meirui New Materials has implemented an industry-leading intelligent manufacturing plan that significantly enhances production efficiency [1] - Tianfu Communication positions itself as a provider of overall solutions for optical communication devices and advanced optoelectronic packaging services [1] Group 2 - Chip Motion Technology's high-performance MEMS inertial sensors are primarily used in attitude stabilization and positioning navigation, with applications in industrial robotics [1] - Meirui New Materials' intelligent manufacturing plan spans all production stages, greatly improving manufacturing efficiency [1] - Tianfu Communication's products are widely used in telecommunications, data centers, fiber optic connections, and automotive auxiliary driving laser radar [1] - Zhengyuan Investment was established in 2015 in Shenzhen Qianhai Free Trade Zone and has a professional investment research team [1] - The firm aims to serve the development of China's real economy by connecting social capital with quality industries [1]

Core Viewpoint - The article emphasizes the importance of "going global" for businesses, highlighting Wuhan's proactive approach in organizing collective overseas trade missions to enhance international market presence and secure orders [1][8]. Group 1: Overview of "Going Global" Initiatives - Wuhan has initiated a "group going global" model, organizing trade missions for local companies to various countries including Germany, Spain, and the USA, resulting in over 600 overseas client connections and a cooperation intention amount exceeding 93 million USD [1][5]. - The Wuhan government has demonstrated organized and innovative strategies to navigate the complex international trade landscape, aiming to boost local businesses' confidence in foreign trade [1][8]. Group 2: Specific Company Experiences - Yutuo Laser Equipment Co., led by Chairman Xiang Guangwu, participated in the Hannover Messe in Germany, marking their first time exhibiting as a participant, which facilitated significant face-to-face negotiations and a partnership with an Italian agent [2][3]. - The company has focused on overseas markets since its inception in 2016, capitalizing on the growing domestic demand for laser cutting and welding technologies [2]. Group 3: Trade Mission Outcomes - The trade missions included four professional exhibitions and multiple supply-demand matching meetings, resulting in 480 overseas clients being received and cooperation intentions amounting to approximately 30 million USD [5]. - Notable agreements included a 16 million USD timber import deal with a Russian company and a 500,000 USD order for vending machines in Dubai [5]. Group 4: Government Support and Services - The Wuhan government has established a comprehensive service system to support businesses during the entire process of going global, focusing on pre-exhibition, during the exhibition, and post-exhibition phases [8][10]. - The government has also set up overseas economic and trade cooperation offices to provide a network of services for companies looking to expand internationally [11][13]. Group 5: Future Plans and Goals - By 2026, Wuhan plans to establish 30 overseas economic and trade cooperation offices to create a global service network for international trade [13]. - The city aims to continue expanding its overseas initiatives, targeting key regions such as the "Belt and Road" and the EU, while focusing on industries like optoelectronics, automotive, and biomedicine [16][17].