Core Viewpoint - Shenzhen Guangfeng Technology Co., Ltd. is currently in a critical period of strategic implementation and business transformation, facing some pressure on short-term performance, but remains committed to its strategic direction and continues to invest in R&D for core components and cutting-edge fields, expressing confidence in long-term development and gratitude to shareholders through share repurchase actions [2] Summary of Share Repurchase - As of the announcement date, the company has completed five phases of share repurchase plans since 2022, acquiring a total of 9,440,792 shares for a total expenditure of RMB 158.76 million (excluding transaction fees) [2] - The company approved a share repurchase plan on April 9, 2025, allowing for the repurchase of shares at a price not exceeding RMB 18.50 per share, with a total expenditure between RMB 10 million and RMB 20 million, to be executed within six months [3] - The company completed its 2025 share repurchase plan by April 30, 2025, acquiring 1,414,034 shares, which is 0.3079% of the total share capital, at prices ranging from RMB 13.73 to RMB 14.47 per share, totaling RMB 19.99 million (excluding transaction fees) [4][5] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and if not utilized within three years, will be legally canceled [6][7]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company has experienced rapid revenue growth, particularly in its data center optical module business, which has injected new vitality into its operations [4][8] - In 2024, the company achieved revenue of 252 million yuan, a year-on-year increase of 74.63%, but reported a net profit attributable to shareholders of -6.13 million yuan, a decline of 131.49% year-on-year [4][8] - The first quarter of 2025 showed significant improvement, with revenue of 84.44 million yuan, a year-on-year increase of 40.52%, and a net profit of 14.32 million yuan, a year-on-year increase of 35.93% [4][8] Financial Performance Summary - Revenue growth is projected to continue, with estimates of 433 million yuan in 2025, 600 million yuan in 2026, and 801 million yuan in 2027, reflecting year-on-year growth rates of 71.8%, 38.6%, and 33.4% respectively [6][11] - The company’s gross margin is expected to improve from 33.3% in 2024 to 55.1% by 2027, while net profit margins are projected to rise from -2.4% in 2024 to 25.8% in 2027 [6][11] - The company is focusing on high-margin products in the data center market, with significant advancements in CW silicon optical sources and EML technology [8][9] Market and Product Development - The company has made substantial progress in its data center optical module business, with over one million units of CW 70mW laser devices shipped in 2024 [8][9] - The rapid development of AI technology is driving demand for high-speed optical modules, with the company targeting advancements from 400G/800G to 1.6T and beyond [8][9] - The company is also developing high-power CW light sources to meet the needs of the CPO/silicon photonics integration market, aligning with industry standards [9]

□ 本报记者胡春春 当前，2025年一季报进入披露高峰期。据不完全统计，截至目前，约有近百家江苏上市公司，或在一季 报、或在与投资者交流过程中，明确表示订单充足、订单增长。从整体观察看，今年以来，新兴产业订 单增量较大，传统行业努力稳住营收，海外市场拓展成绩陆续落地，呈现出大单"亮眼"、海外订单占比 增加、高端制造占据盈利点C位等特点，尤其是许多企业海外订单营收占比超过了50%。 政策利好，手握大额订单 扬杰科技董秘范锋斌介绍，目前公司处于满产满销状态，越南二期项目也已启动，预计在2025年底实现 量产。未来公司有望凭借海外渠道和品牌优势加速海外市场渗透，全球化战略将进一步提升公司在国际 市场的综合实力。 无锡的德科立是光电子器件行业比较有代表性的江苏企业。光电子器件企业的发展，离不开国际市场锤 炼与竞争。和扬杰科技一样，德科立也非常重视海外市场的布局。去年，该公司实现营业总收入8.41亿 元，同比增长2.79%；归属净利润1亿元，同比增长9.07%，其中海外市场收入占比逾30%。德科立相关 负责人表示，随着泰国制造基地的投产运营，未来3—5年内，公司海外需求有望攀升，收益弹性或将远 超国内。 光通信行业龙头 ...