Core Viewpoint - Tianfu Communication is expected to achieve a net profit attributable to shareholders of 1.88-2.15 billion yuan in 2025, representing a year-on-year growth of 40.0%-60.0% [1] Financial Performance - The company's net profit for Q4 2025 is projected to be 550 million yuan, reflecting a year-on-year increase of 49.9% but a quarter-on-quarter decrease of 2.8% [1] - Earnings per share (EPS) estimates for 2026, 2027, and 2028 are 2.58, 4.87, and 7.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 115.4, 61.2, and 41.5 based on the closing price on February 9 [1] Market Dynamics - The growth in performance is attributed to stable global demand for high-speed optical devices and the company's ongoing efforts in smart manufacturing to reduce costs and improve efficiency [1] - Material bottlenecks are gradually easing, and the 1.6T optical engine is expected to see increased production [1] Competitive Position - The company has become a significant player in the supply chain for NVIDIA's CPO through core passive component customization and high-efficiency coupling processes [1] - The company possesses manufacturing capabilities in FAU for CPO switches, optical engine packaging, and ELS modules, which may lead to an increase in unit value [1] Future Outlook - Strong demand for 1.6T optical modules driven by capital expenditures in North America is anticipated to benefit major clients in 2026, with related revenues from Scaleout and Scaleup CPO/NPO expected to ramp up after 2027 [1]

Core Viewpoint - Tianfu Communication is expected to achieve a net profit attributable to shareholders of 1.88-2.15 billion yuan in 2025, representing a year-on-year growth of 40.0%-60.0% [1] Financial Performance - The company's net profit for Q4 2025 is projected to be 550 million yuan, reflecting a year-on-year increase of 49.9% but a quarter-on-quarter decrease of 2.8% [1] - Earnings per share (EPS) estimates for 2026, 2027, and 2028 are 2.58, 4.87, and 7.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 115.4, 61.2, and 41.5 based on the closing price on February 9 [1] Market Dynamics - The growth in performance is attributed to the stable increase in global demand for high-speed optical devices, alongside the company's ongoing efforts in smart manufacturing to reduce costs and improve efficiency [1] - Material bottlenecks are gradually easing, and the 1.6T optical engine is expected to see increased production [1] Competitive Position - The company has become an important player in the supply chain for NVIDIA's CPO through core passive component customization and high-efficiency coupling processes [1] - Tianfu Communication possesses manufacturing capabilities in FAU, optical engine packaging, and ELS modules, which are expected to enhance unit value [1] Future Outlook - Strong demand for 1.6T optical modules driven by capital expenditures in North America is anticipated to benefit major clients in 2026, with potential revenue growth from Scaleout and Scaleup CPO/NPO expected to materialize after 2027 [1]

Group 1 - The company is actively advancing the research and development of niobium lithium high-speed modulator chips and devices [1] - The company is working on product validation with leading domestic and international customers across multiple application fields [1] - Some new products are currently in small batch production and shipping stages [1]

Summary of Conference Call on CPO by Huatai Communication Industry Focus - The discussion centers around the **CPO (Co-Packaged Optics)** technology and its rising market interest, indicating a significant shift in investment focus towards this area [1][2]. Core Insights and Arguments 1. **Rising Market Attention**: - The market's attention on CPO has rapidly increased due to potential catalysts expected in the next 1-2 months, including GTC, OFC, and related US earnings reports. Additionally, the surge in Taiwanese stocks related to CPO has contributed to this heightened interest, alongside a shift in A-share market focus from quarterly performance to long-term growth potential [2][3]. 2. **Application Scenarios**: - CPO technology is expected to reduce power consumption and lower trial-and-error costs. Companies like NVIDIA and Broadcom are anticipated to lead the push for CPO in the "scale out" side, while the "scale up" side will leverage CPO's advantages in transmission distance and integration, potentially allowing for optical integration within cabinets, indicating a broad future growth space [4]. 3. **Mass Production Timeline and Clients**: - NVIDIA is projected to achieve mass production of CPO by Q4 2026, with bulk production starting in 2027. Clients likely to adopt these solutions first include those purchasing complete NV solutions, such as CoreWeave and Lambda in NeoCloud, as well as major CSPs like Microsoft and Oracle [5]. 4. **Investment Opportunities**: - CPO is expected to drive incremental demand for both active and passive components. The report highlights optimism for passive components like FAU/MPC, shuffle, and polarization-maintaining MPO, with companies such as Tianfu, Zhishang, Taichengguang, and Juguang being key players. For active components, leading optical module manufacturers like Xuchuang and Xinyi are expected to engage in optical engine design, while optical chip manufacturers like Yuanjie may enter the ultra-high power CW light source market [6]. Other Important Insights - The report emphasizes the importance of understanding the evolving landscape of CPO technology and its implications for various stakeholders in the optical communication industry. It also notes that the insights regarding companies not covered in the report are based on publicly available information [6].

Group 1 - The China Securities Artificial Intelligence Theme Index (930713) increased by 0.97% as of February 10, 2026, with notable gains from companies such as Chipone Technology (6.78%), Guanghui New Network (6.07%), and Cambricon Technologies (4.32%) [1] - The AI Artificial Intelligence ETF (512930) rose by 0.88%, with the latest price at 2.29 yuan [1] - CPO (Chip-on-Photonic) concept continues to show strength, with Yuanjie Technology planning to invest approximately 1.251 billion yuan in the second phase of its optoelectronic communication semiconductor chip and device R&D production base [1] Group 2 - CITIC Securities pointed out that CPO is accelerating, with Lumentum reporting several hundred million dollars in CPO-related orders, expecting CPO revenue of about 50 million dollars in Q4 2026 and a significant surge in H1 2027 [2] - The fiber optics industry is transitioning to a phase of "tight supply and rising prices," suggesting a focus on companies with optical fiber rod capacity and those with significant or specialty fiber production [2] - North American CSPs (Cloud Service Providers) are expected to maintain strong capital expenditure growth into Q4 2025, indicating optimism for future capital expenditure guidance in the overseas AI computing power supply chain [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the China Securities Artificial Intelligence Theme Index accounted for 57.27% of the index, including companies like Zhongji Xuchuang, New Yisheng, and Hikvision [3] - The AI Artificial Intelligence ETF closely tracks the China Securities Artificial Intelligence Theme Index, which selects 50 listed companies involved in providing foundational resources, technology, and application support for artificial intelligence [2][3]

Core Viewpoint - The company maintains good business relationships with clients in North America and other regions, with specific operational details to be disclosed in regular reports [1] Group 1 - The company has received validation from some industry clients for its silicon photonic module CWDFB laser, achieving small batch shipments [1] - Further updates on product progress and revenue will be available through announcements on the Shanghai Stock Exchange and designated information disclosure media [1]

硬氪了解到，随着AI大模型持续发展，算力集群对Scale-up（纵向扩展）与Scale-out（横向扩展）能力的需求日益迫切。传统铜缆 受限于传输距离，而可插拔光模块则面临功耗高、信号完整性受限等瓶颈。在此背景下，共封装光学（CPO）与光输入输出 （OIO）技术正成为下一代高密度光互连的关键方向。 作者丨欧雪 编辑丨袁斯来 硬氪获悉，CPO、OIO光引擎企业北京灵熹光子科技有限公司（下称"灵熹光子"）近日完成数千万元天使轮融资。本轮融资由顺禧 基金、普华资本、水木创投、鹏晨资本、中科创星、励石创投等六家机构联合投资，投资机构涵盖知名的国资及市场化机构，所募 资金将主要用于3.2T/6.4T光引擎原型开发及早期团队搭建。 灵熹光子成立于2025年9月，脱胎于中国科学院西安光学精密机械研究所（以下简称"中科院西光所"），公司创始人王斌浩本硕毕 业于浙江大学、博⼠毕业于美国德州农工大学，担任中国科学院西安光学精密机械研究所研究员、中国科学院大学博士生导师，曾 任美国惠普实验室研究科学家。公司的核心团队来自于中科院西光所、其他国内一流的科研院所以及全球科技巨头的主任科学家。 公司专注于基于微环调制器的硅光芯片与CMO ...

"十五五"规划建议将光电信息产业纳入战略性新兴产业集群的重要组成部分。围绕服务现代化产业体系 建设，兴业银行将光电信息产业作为产业金融服务的重点领域，发挥"商行+投行"优势，提供综合化、 一站式金融服务。截至目前，兴业银行服务光电信息企业超6500家，覆盖光通信、光电显示、激光、光 电子材料、光学检测等产业细分领域。 2月6日晚21:25，由兴业银行联合出品的大型科创节目《创投新势力》第三期在东南卫视播出，收获了 观众的热烈反响。节目中，兴业银行为光学元器件国家级高新技术企业福州欧龙光学送上"兴火科技助 力包"，量身定制综合化金融服务方案，为企业科技创新插上腾飞"翅膀"。 追光而行，金融护航！兴业银行深耕产业，接连落子，支持福州光电信息产业技术攻关、聚势成群，加 快抢占光电产业新高地：在福州成立5家光电行业特色支行，构建"零距离"金融服务网络；创新推出"光 电贷""科技成果转化贷(闽都创新实验室专属)""高科技人才贷"等创新产品及解决方案；提供超120亿元 授信支持，累计服务产业链企业近180家，精准滴灌产业发展…… 从日常生活随处可见的激光笔，到芯片加工使用的精密设备，激光随处可见。工业激光是未来智能制造 ...

Core Insights - The future of optical interconnection is driven by diverse network connection scenarios such as Scale-out, Scale-up, and Scale-across, indicating a high-speed expansion of the overall market space [1] - Various technical solutions have independent market expansion foundations, presenting long-term and sustainable development opportunities [1] - The report suggests focusing on three core lines: large optics, small optics, and new optics, based on market cycles and industry evolution stages [1] Group 1: Demand for Optical Modules - Confidence in future demand for optical modules is increasing, with major cloud service providers (CSPs) like Amazon, Google, Microsoft, and Meta disclosing a combined capital expenditure of $660 billion by 2026, a significant 60% year-on-year increase, primarily directed towards AI computing power [1] - The sustained increase in capital investment by major CSPs in AI-related infrastructure will prioritize network connectivity, crucial for computing clusters [1] - The demand for optical modules will remain strong due to the ongoing release of GPU/TPU/ASIC chips and the rapid iteration of next-generation chips, establishing a solid demand foundation for 2027 [1] Group 2: CPO Industry Progress - Lumentum has announced additional orders worth hundreds of millions of dollars for ultra-high power lasers in the CPO field, with substantial deliveries expected in the second half of 2026 and Scale-up CPO products anticipated by the end of 2027 [2] - NVIDIA has revealed that partners CoreWeave, Lambda, and TACC will deploy IBCPO systems in the first half of 2026, with Ethernet CPO products set to ship in the second half of 2026 [2] - The CPO industry is progressing faster than previously expected, with significant advancements anticipated throughout the year, suggesting a growing market space [2] Group 3: NPO's Unique Advantages - Tencent has released specifications for its NPO technology, which centralizes the optical engine deployment near device chips, enabling single-layer Scale-up networking and supporting DSP-free designs [3] - NPO offers greater flexibility and cost-effectiveness, making it a favored choice among CSP customers and potentially a long-term technical option [3] - The NPO technology can reduce costs and power consumption through high-density interconnections while maintaining higher decoupling in the supply chain, enhancing the growth potential and performance of related industry players [3]

Investment Rating - The report assigns a positive investment rating to Coherent, indicating an expectation of outperforming the market in the next 12-18 months [19]. Core Insights - Coherent delivered an outstanding performance in FY2Q26, achieving revenue of $1.69 billion, surpassing the consensus estimate of $1.64 billion, and setting a new record high. Non-GAAP EPS reached $1.29, exceeding the market expectation of $1.20. The non-GAAP gross margin climbed to 39%, reflecting strong profitability driven by lower raw material costs and improved operational efficiency [1][8]. Summary by Relevant Sections Financial Performance - In FY2Q26, Coherent's revenue was $1.69 billion, exceeding expectations and marking a historical high. Non-GAAP EPS was $1.29, above the anticipated $1.20. The gross margin increased to 39%, benefiting from reduced raw material costs and enhanced production efficiency [1][8]. Business Segments - The data center and communications business segment accounted for over 70% of total revenue, with a revenue increase of 14% quarter-over-quarter and 36% year-over-year, driven by strong demand for 800G and 1.6T optical modules [2][9]. Order Demand - The order-to-shipment ratio for the data center business exceeded 4:1, with demand visibility at an all-time high. Orders are scheduled through the end of 2026, with significant long-term demand forecasts from major customers extending into 2028 [3][10]. Capacity Expansion - Coherent aims to double its internal InP production capacity by Q4 2026, currently achieving 80% of this target ahead of schedule. The 6-inch InP production line shows significant advantages, including a fourfold increase in chip output compared to 3-inch wafers [4][11]. Future Outlook - For FY3Q26, Coherent expects revenue between $1.7 billion and $1.84 billion, in line with market consensus. The non-GAAP gross margin is projected to be between 38.5% and 40.5%, maintaining profitability advantages. Non-GAAP EPS is anticipated to reach $1.28 to $1.48, exceeding the consensus of $1.40 [5][12].