Group 1 - The core viewpoint of the article highlights the significant growth of Huagong Technology's (000988) data communication optical modules in the domestic market, indicating a strong performance in the sector [1] - The company has achieved comprehensive coverage of its data communication products, ranging from 100G, 200G to 400G, and 800G, among major internet and equipment manufacturers [1] - For overseas key clients, the production and preparation of LPO series and DSP series products, including 800G and 1.6T, are proceeding as planned [1]

Core Viewpoint - The company is experiencing significant growth in its overseas export business, particularly in the 400G/800G optical module market, with plans for continued expansion in 2026 [1] Group 1: Business Development - The company reported that its overseas market expansion is progressing smoothly, with noticeable growth in export business since 2025 [1] - There has been a bulk shipment of 400G/800G optical modules to overseas equipment and channel partners [1] - The 800G LPO optical modules have begun delivery at overseas factories, with expectations for increased volume in 2026 [1] Group 2: Product Capabilities - The company has established a mass production capability for 1.6T optical modules and has already shipped small batch orders [1] - The company is preparing for further volume increases in the future [1] - Production and preparation for LPO and DSP series products, including 800G and 1.6T, are proceeding according to established plans with key overseas clients [1]

证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，公司光模块业务在国内 外市场均取得了积极的进展，国内市场方面，公司数通光模块实现了明显增长，在主要的互联网及设备 厂商中，数通产品实现100G、200G到400G、800G全系列产品的覆盖。海外市场方面，海外设备商与渠 道商已有批量的400G/800G光模块出货，800GLPO光模块已经在海外工厂开始交付，2026年将继续上 量，同时产品型号也在增加。公司具备1.6T光模块的批量生产能力，并已有小批量订单出货。 ...

Core Viewpoint - The company is expected to achieve a net profit attributable to shareholders of 9.4-9.9 billion yuan in 2025, representing a year-on-year growth of 231%-249%, with a slight overperformance compared to expectations, leading to a "buy" recommendation [1] Group 1: Financial Performance - The company anticipates a net profit of 3.1-3.6 billion yuan in Q4 2025, reflecting a year-on-year increase of 160%-202% [1] - The expected net profit for 2025 is projected to be 9.477 billion yuan, with year-on-year growth rates of 234%, 32%, and 21% for the years 2025, 2026, and 2027 respectively [3] - Earnings per share (EPS) are forecasted to be 9.54, 12.59, and 15.23 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44, 33, and 28 times [3] Group 2: Market and Product Development - The company is expected to significantly increase its market share in the overseas 800G product market, driven by rising global data center expenditures and demand for computing power [2] - The company’s Thai factory is operational, with the first phase launched in H1 2023 and the second phase expected to enhance product delivery capabilities, particularly for North American cloud vendors [2] - The company has a strong R&D investment, with expenses reaching 501 million yuan in the first three quarters of 2025, a 150% year-on-year increase, leading to a rich reserve of new technology products [3] - The company has launched 1.6T optical module products and is expanding into high-speed AEC cable modules and other areas, positioning itself to maintain its industry leadership [3]

证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，公司联接业务2025年前 三季度收入50.89亿元，同比增长52%，其中第三季度收入14.27亿元，较第二季度有所下降，主要因终 端设备、电信光模块等需求减少，数通光模块仍保持较好需求和交付。联接业务前三季度实现净利润 4.62亿元，同比增长541%，其中第三季度净利润2.15亿元，环比实现显著增长，主要因数通光模块等高 附加值产品收入占比及毛利率水平快速提升。 ...

Core Viewpoint - The company has successfully completed small-scale sampling of its glass-based 1.6T optical module/CPO products and is currently collaborating with customers for testing and validation, with overall progress reported as smooth [2] Production Capacity - The company has established its first production line with an annual capacity of 100,000 square meters for TGV and has achieved small-scale supply, indicating it can meet current validation and initial order production needs [2] - In terms of aerospace CPI products, the company has the production scale to meet current order demands [2] - If there is a significant increase in future order volumes, the company plans to quickly expand capacity by adding equipment within existing facilities or constructing new production lines, eliminating the need for new land acquisition or building, which will significantly shorten the capacity ramp-up period [2]

| | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 23,862 | 38,337 | 90,981 | 145,304 | | 同比增速(%) | 122.6% | 60.7% | 137.3% | 59.7% | | 归母净利润(百万) | 5,171 | 10,889 | 28,081 | 47,186 | | 同比增速(%) | 137.9% | 110.6% | 157.9% | 68.0% | | 每股盈利(元) | 4.65 | 9.80 | 25.27 | 42.47 | | 市盈率(倍) | 139 | 66 | 26 | 15 | | 市净率(倍) | 37.7 | 24.6 | 12.8 | 7.2 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 30 日收盘价 证 券 研 究 报 告 中际旭创（300308）2025 年业绩预告点评 强推（维持） 业绩符合预期，1.6T 有望快速放量 当前价：649.00 元 [ReportFinancialIndex ...

每经AI快讯，有投资者在投资者互动平台提问：元旦期间，华工科技微视界传片中说800G满产，1.6G 接到订单，请问是否真实有效？ （文章来源：每日经济新闻） 华工科技（000988.SZ）2月2日在投资者互动平台表示，公司光模块业务在国内外市场均取得了积极的 进展，国内市场方面，公司数通光模块实现了明显增长，在主要的互联网及设备厂商中，数通产品实现 100G、200G到400G、800G全系列产品的覆盖。海外市场方面，海外设备商与渠道商已有批量的 400G/800G光模块出货，800G LPO光模块已经在海外工厂开始交付，2026年将继续上量，同时产品型 号也在增加。公司具备1.6T光模块的批量生产能力，并已有小批量订单出货。 ...

Core Viewpoint - The report from China Galaxy Securities indicates that leading optical module companies, such as Zhongji Xuchuang and Xinyi Sheng, have released performance forecasts for 2025, with most companies expecting a growth of over 50% in their earnings, although foreign exchange losses may impact the timing of earnings release [1][2]. Group 1: Performance Forecasts - Companies like Xinyi Sheng are expected to achieve a net profit of 9.4-9.9 billion yuan for 2025, representing a year-on-year increase of 231.24%-248.86%, while Zhongji Xuchuang anticipates a net profit of 9.8-11.8 billion yuan, reflecting a growth of 89.5%-128.17% [2]. - In the latest quarter, Zhongji Xuchuang and Xinyi Sheng reported record high profits, while Cambridge Technology faced a foreign exchange loss of approximately 96.05 million yuan due to funds retained in Hong Kong dollars after its IPO [2]. Group 2: Market Trends and Demand - The domestic demand for optical modules is expected to increase significantly in the first year of the 14th Five-Year Plan, driven by the upgrade from 400G to 800G/1.6T modules and the rising computational power needs from AI applications [3]. - The overseas market remains robust, with major cloud companies expected to exceed capital expenditure forecasts for 2026, leading to an accelerated demand for high-speed optical modules [3]. Group 3: Investment Recommendations - The optical communication sector is currently undervalued, with supply constraints anticipated to be a major bottleneck in 2026, despite the increasing global market share of Chinese optical module manufacturers [4]. - Companies such as Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), and others in the optical module and device sectors are recommended for investment due to their strong positioning and growth potential [4].

华工科技（000988.SZ）2月2日在投资者互动平台表示，目前国内产能方面，公司光电子信息产业研创 园"下一代超高速光模块研发中心暨高速光模块生产基地建设项目"一期已于2025年8月正式投产，数通 光模块国内产能峰值为每月100万只。未来的产能分配和生产计划，公司会根据市场需求和业务发展进 行合理规划和调整。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问华工正源的武汉研创园出口基地已投产，2027年 全面达产后年产能将达4000万只，那么2026年能达到多少只产能？ ...