Core Insights - The report highlights significant revenue growth for the companies analyzed, with New Yisong achieving a revenue of 10.44 billion yuan in the first half of 2025, a year-on-year increase of 282.6% [6] - The report indicates a strong performance in the optical module market, driven by high demand for advanced products such as 1.6T modules and silicon photonics [6][12] - The North American ASIC custom chip market is expected to continue growing, benefiting major suppliers like New Yisong, with projected shipments reaching 5 million units in 2025 [6] Company Summaries New Yisong (300502.SZ) - In the first half of 2025, New Yisong reported a revenue of 10.44 billion yuan, up 282.6% year-on-year, and a net profit of 3.94 billion yuan, an increase of 355.7% [6] - The company’s optical module production capacity reached 15.2 million units, with a production volume of 7.1 million units, reflecting growth of 66.7% and 86.4% respectively [6] - The gross margin improved to 47.4%, up 2.7 percentage points from the previous year, indicating effective cost control and strong demand from key customers [6] Tianfu Communication (300394.SZ) - Tianfu Communication achieved a revenue of 2.46 billion yuan in the first half of 2025, a year-on-year increase of 57.8%, with a net profit of 900 million yuan, up 37.5% [10] - The company’s active business segment saw substantial growth, driven by high-speed active products and ongoing expansion of its Thai factory [10][11] - The demand for 1.6T optical modules is expected to rise significantly, supported by Nvidia's upcoming product launches [10][11] Dekeli (688205.SH) - Dekeli reported a revenue of 430 million yuan in the first half of 2025, a 5.9% increase, but net profit fell by 48.2% to 30 million yuan [14] - The decline in performance is attributed to reduced demand in the telecommunications transmission market and insufficient capacity release in the DCI segment [14][15] - The company is focusing on the development of silicon-based OCS technology, with sample orders already received, indicating potential future growth [17]

Core Viewpoint - OCS (Optical Circuit Switch) technology is still in its early stages in the data center sector, with Google being the only company to achieve large-scale procurement so far. The technology is being explored by other major companies, indicating a growing interest and potential market expansion [5][7][10]. Summary by Sections OCS Development and Adoption - Google began exploring OCS technology in 2017-2018 and has now entered a phase of large-scale application, utilizing a 3D Torus network architecture to connect thousands of TPU units [6][7]. - Other major companies like Microsoft and NVIDIA are also testing OCS applications, although they have not yet reached the scale of Google [7][9]. Market Potential - The current OCS market is estimated to be around 6 billion USD with approximately 15,000 units in use. Projections suggest that by 2030, the market could exceed 20 billion USD with at least 50,000 units deployed [11][12]. - The demand for OCS technology is expected to grow significantly, particularly in AI supernode networks, which currently account for over 50% of OCS applications [18][19]. Technical Routes and Challenges - There are three main technical routes for OCS: MEMS, silicon-based liquid crystal, and piezoelectric ceramic, each with its own advantages and disadvantages [12][13][14]. - The MEMS solution is currently used by Google but has reliability concerns due to moving parts. The silicon-based liquid crystal solution is favored by NVIDIA and Microsoft for its high reliability and low cost [12][13]. Competitive Advantages - OCS offers high bandwidth, low latency, and low power consumption, making it suitable for specific applications like emergency network connections and DCI (Data Center Interconnect) [8][9][10]. - The technology's ability to create stable optical switching channels aligns well with the predictable traffic patterns in data centers, allowing it to replace traditional electrical switches in certain scenarios [10][11]. Future Outlook - The growth of OCS technology will depend on overcoming current limitations, such as increasing port numbers and reducing switching latency from milliseconds to microseconds or nanoseconds [18][19]. - The maturity of OCS vendors and their ability to provide reliable solutions will also play a crucial role in the technology's adoption and market growth [19].

Investment Rating - The report maintains a "Buy" rating for key companies in the optical circuit switching (OCS) technology sector, including Zhongji Xuchuang and Xinyi Sheng [13]. Core Insights - Optical Circuit Switching (OCS) technology represents a strategic evolution from traditional "connection" functions to intelligent "switching" capabilities, addressing bandwidth bottlenecks and power consumption issues in traditional electrical switching [28]. - OCS technology is becoming a competitive battleground for optical manufacturers, with various companies actively positioning themselves based on their technological advantages [30]. - The relationship between OCS and optical modules is complementary rather than competitive, with leading companies still holding core opportunities in the OCS market [31]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [10][18]. - It emphasizes the importance of the supply chain forming around OCS technology, with many companies eager to enter this emerging field [34]. Market Overview - The optical communication sector is experiencing growth, with significant investments from major players like Google, which has invested between $500 million to $1 billion in OCS technology over the past five years [32]. - The report highlights the performance of the communication sector, noting that quantum communication has shown the best performance among sub-sectors [25]. Technology Overview - OCS technology allows for direct optical switching without the need for optical-electrical conversion, significantly reducing hardware costs and power consumption [29]. - Various implementation technologies for OCS include MEMS, Digital Liquid Crystal (DLC), and Direct Beam Steering (DBS), each with unique advantages and applications [32]. Key Companies and Recommendations - The report recommends monitoring leading companies in the optical communication space, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, as well as related sectors such as liquid cooling and satellite communication [10][18]. - It also suggests attention to domestic computing power supply chains, particularly in the liquid cooling segment [33].

Core Viewpoint - The company emphasizes the growing importance and adoption of LPO technology due to its unique advantages such as low power consumption, low latency, and low cost, despite its current market presence being limited compared to DSP-equipped optical modules [1] Group 1: LPO Technology - LPO technology is currently not comparable to DSP-equipped optical modules in terms of application breadth and shipment scale [1] - The unique advantages of LPO, including low power consumption, low latency, and low cost, are increasingly recognized by customers [1] - LPO can complement DSP-equipped optical modules in various scenarios [1] Group 2: Company Initiatives - The company places significant importance on LPO technology and is one of the early developers and providers of LPO products in the industry [1] - In 2023, the company has already sent LPO samples to key customers for testing and certification [1] - Multiple series of LPO products have been introduced to customers and have generated sales revenue [1]

Core Viewpoint - The company acknowledges the growing importance of LPO technology, highlighting its unique advantages and the increasing customer adoption, while also noting that LPO is not yet comparable to DSP-based optical modules in terms of application breadth and shipment scale [1]. Group 1: LPO Technology Strategy - The company is focusing on LPO technology, recognizing its low power consumption, low latency, and low cost as key advantages that are gaining attention from customers [1]. - The company has been one of the early developers and providers of LPO products in the industry, having sent samples for testing and certification to key customers as early as 2023 [1]. - Multiple series of LPO products have already been introduced to customers and have started generating sales revenue [1].

Group 1 - The core viewpoint of the article is that Hengtong Optical Communication Technology (Shenzhen) Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, scheduled for September 25 [1] - Hengtong Optical focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field, with three main business segments: passive optical fiber cabling, passive internal connection devices, and related supporting businesses [1] - The company plans to raise approximately 494 million yuan through the IPO, which will be invested in the expansion of its Guilin manufacturing base, the expansion of its Vietnam production base, the construction of its optical research and development center, and to supplement working capital [1] Group 2 - The main products of Hengtong Optical include optical fiber connectors, flexible optical fiber line products, and cabling management products, as well as multi-fiber parallel passive internal connection devices and PON optical module passive internal connection devices [1] - The IPO process for Hengtong Optical was accepted on December 30, 2024, and entered the inquiry stage on January 22, 2025 [1]

Core Viewpoint - The article highlights the potential risks and challenges faced by Hengtong Optical, a company seeking to go public on the Beijing Stock Exchange, including issues related to overseas subsidiaries, high customer concentration, declining R&D investment, and pressure from performance agreements [1][3]. Group 1: Overseas Subsidiary Issues - Hengtong Optical has a complex situation with its overseas subsidiaries, including instances of shareholding proxies in Singapore and Thailand [4]. - Regulatory authorities are concerned about the shareholding proxy arrangements and have requested detailed explanations regarding the unbundling process and compliance with overseas investment regulations [5][7]. Group 2: Performance Agreement Pressures - The company's IPO is significantly influenced by a performance agreement that mandates share buyback obligations, which are suspended only upon the acceptance of the IPO application [8]. - If the IPO fails or is withdrawn, the buyback obligations will be reinstated, placing immense pressure on the actual controller, Chen Jianwei, to ensure a successful IPO [9]. Group 3: Customer Concentration Risks - Hengtong Optical exhibits a high dependency on major customers, with nearly 80% of sales in the first half of 2025 coming from the top five clients, and the largest client, AFL, accounting for 58.22% [10][11]. - This dependency has increased over the year, raising concerns about the company's operational independence, as AFL is also the primary supplier [12]. Group 4: Revenue Authenticity Concerns - The Beijing Stock Exchange has raised questions regarding the authenticity of Hengtong Optical's revenue growth, noting that sales to AFL have surged disproportionately compared to AFL's own revenue growth [14][15][16]. Group 5: Declining R&D Investment - Hengtong Optical's R&D expenditure has decreased from 7.26% in 2022 to 4% in 2024, significantly below industry averages [17][19]. - The company has a low percentage of employees with higher education, which may hinder its innovation capabilities [20]. Group 6: Financial Control Issues - The company has faced multiple financial control issues, including instances of related parties making payments on its behalf and using personal accounts for company transactions [21][22]. Group 7: Deteriorating Debt Servicing Ability - Hengtong Optical's liquidity ratios have worsened, with the current ratio dropping from 1.98 in 2022 to 1.17 in 2024, and the quick ratio falling to 0.85 [24]. - The company's debt-to-asset ratio has increased significantly, indicating a higher financial risk compared to industry averages [26]. Group 8: Supplier Concerns - One of Hengtong Optical's main suppliers, Shenzhen Huatianda Information Technology Co., Ltd., reported zero employees insured, raising questions about the legitimacy of transactions with this supplier [28][30]. Group 9: Fundraising Challenges - The company has reduced its fundraising target from 651 million yuan to 494 million yuan, a decrease of 24%, indicating a lack of market confidence [31]. - Despite the reduced fundraising, the company has distributed cash dividends totaling 37.13 million yuan during the reporting period, contrasting with its need for liquidity [33].

Group 1 - The core viewpoint of the news highlights the significant interest from institutional investors in various companies, particularly in the context of high-growth sectors such as new energy vehicles and semiconductor materials [1][4][5] - In the past week, over 620 stocks were investigated by institutions, with Huichuan Technology receiving the most attention from 394 institutions, including 64 fund companies and 164 overseas institutions [1] - Huichuan Technology's general automation business achieved approximately 8.8 billion yuan in revenue in the first half of 2025, reflecting a year-on-year growth of 17%, significantly outpacing industry growth [1][2] Group 2 - Huichuan Technology attributes its success to capturing opportunities in high-demand sectors such as new energy vehicle components, lithium batteries, logistics equipment, and electric engineering machinery [2] - The company is actively developing components related to humanoid robots, including motors, drives, and actuator modules, while providing scenario-based products and solutions tailored to customer needs [3] - The latest market capitalization of Huichuan Technology reached 220 billion yuan, ranking second in the robotics sector, with its stock price recently hitting historical highs [3] Group 3 - Other companies like Polymeric Materials, Jing Sheng Machinery, and Xiamen Tungsten New Energy also attracted significant institutional interest, with over a hundred institutions conducting research on them [4] - Polymeric Materials is seeking opportunities to cultivate a second growth curve and has established a deep cooperation relationship with SK Enpulse, focusing on core raw materials in the semiconductor field [4] - Jing Sheng Machinery reported leading positions in the production of silicon carbide and sapphire substrate materials, with advancements in 8-inch and 12-inch silicon carbide crystal growth technology [4] Group 4 - Xiamen Tungsten New Energy is focusing on solid-state battery materials, achieving supply capabilities for oxide-based cathode materials and maintaining close collaboration with leading domestic and international enterprises [5] - The average stock performance of investigated companies saw a decline of 0.46% in the past week, while stocks like Changfei Fiber and Sudavige experienced significant gains, with Changfei Fiber's stock price increasing over 35% [5][6] - Sudavige's stock surged over 34% following a preliminary acquisition agreement to gain a 51% stake in Changzhou Weipu Semiconductor Equipment Co., which specializes in core semiconductor detection equipment [6]

以下文章来源于More Than Semi ，作者猫叔 More Than Semi . More Than SEMI 半导体行业研究 最近空芯光纤的热度不低，主要是两个催化剂。一个是博通发布的以太网白皮书，提到空芯AOC和 scale up场景的测试。另一个是英伟达的Spectrum-XGS以太网技术，提出了scale across方案，强调多 数据中心互联，核心瓶颈就是带宽和延迟。而空芯光纤正好是大带宽、低延迟的神器，完美契合需 求。 这篇文章，我们来深挖一下空心光纤。 光缆市场 空芯光纤的研发始于2016年英国南安普顿大学，到2019年进入试点。2022年，微软收购Lumenisity公 司，将其技术用于数据安全场景，如医疗中心和密钥防护。国内的长飞光纤光缆公司在这方面走在 了全球前列。2024年6月，长飞与中国电信合作建成620公里的传输线路，还与中国移动在深圳到东 莞建设了800G实验网，验证了空芯光纤在速率、损耗和衰减上的优异性能。目前，国内空芯光纤使 用量约1000芯公里，市场仍在快速扩展。 空芯光纤尤其适合AI数据中心、金融交易专线等对延迟和带宽要求极高的场景。比如，在AI训练的 超算中心，空 ...

Group 1: Business Collaboration and Financial Outlook - The company cannot disclose specific business collaborations with Huawei due to confidentiality agreements, which raises concerns for investors about the company's financial health given its continuous losses [2][3] - The company is optimistic about gradually overcoming its financial difficulties through internal adjustments and market responsiveness [2] - Financial information regarding the company's performance will be disclosed through official announcements [3] Group 2: Product Development and Market Position - The company is developing the 800G optical module and has initiated ODM custom development for LPO (Linear Pluggable Optical Module), receiving initial orders, but profitability remains limited due to the small scale of operations [3][4] - The 800G NPO (Near-Package Optical) project is still in the R&D phase and has not yet achieved mass production, indicating potential uncertainties in future progress [3][4] - The company continues to supply 200G and below optical module products normally [4][5] Group 3: Strategic Focus and Growth - The company is focusing on "technological independence, green transformation, and domestic demand-driven growth" to enhance its core competitiveness [6][7] - The core business segment of magnetic components achieved a 11.9% sales growth compared to the same period last year, demonstrating resilience against market fluctuations [7] - New products have been launched in both magnetic components and optical modules to meet diverse customer needs [7][8] Group 4: Acquisition and Market Expansion - The acquisition of ABB's electric transportation division is aimed at leveraging ABB's brand influence and complete charging pile industry chain to enhance the company's market position [8][9] - The partnership is expected to facilitate rapid penetration into the domestic market and reduce barriers for overseas market expansion [9] Group 5: Future Plans and Risks - The company has no current plans for restructuring or acquisitions unless required by regulatory obligations [10] - Investors are advised to be cautious regarding the uncertainties surrounding the development and production timelines of the 800G optical modules and the 1.6T modules, which are only being developed in collaboration with JDM [11][12]