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长飞光纤光缆再跌超4% 较9月高点已跌三成 光纤招标量价下滑或拖累公司盈利
Zhi Tong Cai Jing· 2025-10-10 07:01
Core Viewpoint - Changfei Fiber Optics has seen a significant decline in stock price, dropping over 30% from its September peak of 65 HKD, with a current price of 45.06 HKD, reflecting market concerns about its future profitability [1] Group 1: Stock Performance - The stock of Changfei Fiber Optics (601869) and its subsidiary Changxin Bochuang (300548) has experienced a drop of over 4%, with a trading volume of 6.76 billion HKD [1] - The current stock price is reported at 45.06 HKD, down 3.92% at the time of reporting [1] Group 2: Market Expectations - Nomura's research indicates that the rise in Changfei's stock earlier this year was driven by market expectations of increased demand for high-end products like G.654E fiber and hollow fiber due to AI data centers [1] - The firm believes that the recent tender results from China Mobile show a decline in Changfei's market share and average selling price, which may pressure profitability starting from Q3 of this year [1] Group 3: Analyst Rating Changes - Nomura has downgraded its rating on Changfei from "Buy" to "Neutral," suggesting that the current stock price reflects the positive factors associated with AI business expansion [1] - The target price has been significantly adjusted from 18.6 HKD to 52 HKD, indicating a more cautious outlook despite the upward revision [1]
港股异动 | 长飞光纤光缆(06869)再跌超4% 较9月高点已跌三成 光纤招标量价下滑或拖累公司盈利
智通财经网· 2025-10-10 06:57
Core Viewpoint - Changfei Optical Fiber and Cable (06869) has seen a decline of over 30% from its September peak of 65 HKD, with a current price of 45.06 HKD, reflecting market concerns about its future profitability due to recent bidding results from China Mobile [1] Group 1: Market Performance - The stock has dropped over 4%, with a trading volume of 676 million HKD [1] - The current price is reported at 45.06 HKD, down 3.92% [1] Group 2: Analyst Insights - Nomura's report indicates that the rise in Changfei's stock earlier this year was driven by expectations of AI data centers adopting high-end products like G.654E and hollow fiber [1] - The report highlights a decline in market share and average selling prices for Changfei, as indicated by recent fiber optic bidding results from China Mobile, which may pressure profitability starting from Q3 of this year [1] - Nomura has downgraded its rating from "Buy" to "Neutral," while significantly raising the target price from 18.6 HKD to 52 HKD [1]
长飞光纤(601869):主营业务提质增效,大力拓展新型光纤研发应用
Huaxin Securities· 2025-10-08 07:47
Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company is focusing on improving its main business and expanding the application of new optical fiber technologies, driven by the growing demand from data centers and AI construction [4][6]. - Despite facing pressure in the telecom market, the company is seizing structural opportunities by expanding into new applications such as metropolitan area networks and direct connections for computing clusters [5]. - The company is making forward-looking investments in hollow-core optical fibers, which have the potential to become a core technology for next-generation optical networks [6]. Financial Performance - In the first half of 2025, the company achieved a revenue of 6.384 billion yuan, a year-on-year increase of 19.38%, while the net profit attributable to shareholders decreased by 21.71% to 296 million yuan [4]. - The company’s non-deductible net profit increased by 14.75% to 138 million yuan [4]. - The company is expected to see revenue growth from 14.193 billion yuan in 2025 to 18.008 billion yuan in 2027, with corresponding EPS increasing from 1.23 yuan to 2.04 yuan [7][11]. Market Dynamics - The demand for standard single-mode optical fibers in the telecom market is declining, leading to a decrease in average prices [5]. - The company won a significant share of a centralized procurement by China Mobile for G.654.E optical cables, amounting to 3.1386 million core kilometers, which is expected to boost business growth [5]. Future Outlook - The company is positioned to benefit from the ongoing demand for optical fiber products driven by the expansion of data centers and advancements in AI technology [4][9]. - The hollow-core optical fiber technology is anticipated to be a game-changer, with the company making substantial progress in its research and commercialization [6].
港股异动 | 长飞光纤光缆(06869)跌近5% 昨日尾盘曾拉升超10% 野村料其第三季盈利或承压
智通财经网· 2025-10-03 06:29
智通财经APP获悉,长飞光纤光缆(06869)跌近5%,昨日尾盘曾拉升超10%,截至发稿,跌4.86%,报 49.76港元,成交额1.73亿港元。 另值得注意的是,9月19日,Draka Comteq B.V.通过大宗交易出售长飞光纤光缆3759.53万股H股,占总 股本5%,减持后H股数量为零。截至今年3月底,DrakaComteqB.V.和中国华信邮电科技有限公司并列长 飞光纤第一大股东,持股比例都是23.73%。4月17日至9月19日,Draka Comteq B.V.累计减持长飞光纤H 股近1.8亿股,占公司总股本的23.73%。 消息面上,野村发布研报称,公司的股价自2025年1月以来已上涨295%(同期恒生指数上涨36.9%),主 要因为市场对人工智能资料中心(AIDC)、G.654E和空芯光纤(HCF)等高端产品的需求强劲。该行表示, 电信市场持续疲软,或会抵消该公司在AI基础设施市场的扩张。中国移动6月的光纤招标表明,市占率 下降和平均售价下降,可能会对长飞光纤光缆2025年第三季盈利造成压力。因此,该行将2025财年收入 及盈利预测下调1%及23%,但将2026-27财年收入和盈利预测分别上 ...
野村:上调长飞光纤光缆(06869)目标价至52港元 评级降至“中性”
智通财经网· 2025-10-03 02:34
该行表示,电信市场持续疲软,或会抵消该公司在AI基础设施市场的扩张。中国移动(00941)6月的光纤 招标表明,市占率下降和平均售价下降,可能会对长飞光纤光缆2025年第三季盈利造成压力。因此,该 行将2025财年收入及盈利预测下调1%及23%,但将2026-27财年收入和盈利预测分别上调5-11%及1- 24%,以反映2026年AI基础设施需求增强。 智通财经APP获悉,野村发布研报称,将长飞光纤光缆(06869)目标价从18.6港元上调180%至52港元, 反映有9.9%的上涨空间,评级由"买入"下调至"中性"。公司的股价自2025年1月以来已上涨295%(同期 恒生指数上涨36.9%),主要因为市场对人工智能资料中心(AIDC)、G.654E和空芯光纤(HCF)等高端产品 的需求强劲。 ...
长飞光纤光缆尾盘涨超10% 机构看好AI算力基础设施建设驱动公司成长
Zhi Tong Cai Jing· 2025-10-02 07:43
消息面上,华泰证券表示,公司是全球领先的光纤预制棒、光纤、光缆及综合解决方案供应商,自2016 年以来集团市场份额稳居全球第一。研报指出,市场认为公司成长天花板有限,而该行认为AI算力基 础设施建设有望驱动公司迎来新一轮成长:1)在光传输领域,数据中心多模光纤、骨干网G.654.E光纤 产品快速增长,空芯光纤产业应用前景广阔,公司作为行业龙头正在快速推进运营商长距传输网和数通 领域应用,具备先发优势;2)多元化打开成长空间,子公司长芯博创(300548)、长芯盛在MPO、 AOC、高速铜缆领域具备较强竞争优势,有望加速导入海外客户实现业务放量。 值得注意的是,9月19日,Draka Comteq B.V.通过大宗交易出售长飞光纤光缆3759.53万股H股,占总股 本5%,减持后H股数量为零。截至今年3月底,DrakaComteqB.V.和中国华信邮电科技有限公司并列长飞 光纤第一大股东,持股比例都是23.73%。4月17日至9月19日,Draka Comteq B.V.累计减持长飞光纤H股 近1.8亿股,占公司总股本的23.73%。 长飞光纤(601869)光缆(06869)尾盘涨超10%,截至发稿,涨10. ...
光通信子行业快速增长,坚定看好AI产业链投资机会
Tianfeng Securities· 2025-09-30 09:42
Investment Rating - The report maintains an investment rating of "Outperform the Market" for the communication industry [10] Core Insights - The communication equipment sector experienced a revenue growth of 12.7% year-on-year in Q2 2025, indicating a recovery since Q4 2023, with AI computing power driving this growth [2] - The overall net profit for communication equipment in Q2 2025 increased by 19.0% year-on-year, reflecting strong profitability amid the transition to new growth drivers [2] - The report emphasizes the sustained high growth potential in the optical communication sub-sector, driven by global AI demand [3] Financial Summary and Outlook - The optical device sub-sector saw a remarkable revenue increase of 72.81% year-on-year in Q2 2025, with net profit growth of 133.5%, indicating a robust demand for optical modules fueled by AI [3] - The Internet of Things (IoT) sector continues to show good revenue growth, validating the ongoing recovery trend, with companies benefiting from the long-term trend of interconnected devices [3] - The optical fiber and cable sub-sector reported a revenue growth of 16.5% year-on-year in Q2 2025, although net profit declined by 9.6% [3] - The IDC & CDN sector faced a revenue decline of 9.2% year-on-year in Q2 2025, marking four consecutive quarters of revenue decline [4] - The main equipment sector showed a revenue turnaround with a growth of 9.1% and 16.5% in Q1 and Q2 2025 respectively, driven by strong demand for computing power [4] - The satellite industry reported a revenue of 1.12 billion yuan in Q2 2025, down 17.0% year-on-year, but is expected to enter a growth phase as satellite internet networks develop [4] - The Beidou and military communication sector experienced a revenue decline of 7.1% year-on-year in Q2 2025, but long-term growth is anticipated with new equipment entering service [5] Investment Recommendations - The report suggests focusing on investment opportunities in "AI + Overseas Expansion + Satellite" core targets, particularly in optical modules and devices, as well as domestic computing power lines [6] - Key recommended stocks include Zhongji Xuchuang, Tianfu Communication, and Zhongtian Technology, among others, with a focus on AI-related sectors [7][14]
长飞光纤光缆再跌超7% 原并列第一大股东清仓 大摩曾指股价已充分反映行业利好
Zhi Tong Cai Jing· 2025-09-30 06:11
消息面上,9月19日,Draka Comteq B.V.通过大宗交易出售长飞光纤光缆3759.53万股H股,占总股本 5%,减持后H股数量为零。值得注意的是,截至今年3月底,DrakaComteqB.V.和中国华信邮电科技有限 公司并列长飞光纤第一大股东,持股比例都是23.73%。4月17日至9月19日,Draka Comteq B.V.累计减持 长飞光纤H股近1.8亿股,占公司总股本的23.73%。 长飞光纤(601869)光缆(06869)再跌超7%,较月内高点跌近三成。截至发稿,跌6.47%,报47港元, 成交额13.03亿港元。 摩根士丹利本月中旬曾发布研报称,光模块行业的基本面利好已被广泛知晓并充分反映在股价中,建议 投资者在市场情绪高涨时适度获利了结。大摩认为,尽管AI基础设施需求增长前景依然积极,但当前 市场热情水平难以持续。报告指出,长飞光纤高端光纤业务有亮点,但业绩反转仍需验证。 ...
武汉4家上市公司冲刺“千亿俱乐部”
Chang Jiang Ri Bao· 2025-09-29 00:37
Group 1 - The core viewpoint is that the AI market is driving explosive growth in the optical communication industry in Wuhan, with multiple companies reaching significant market capitalizations [2][4]. - Wuhan's four AI concept stocks, including Huagong Technology, Changfei Fiber, Guangxun Technology, and Gaode Infrared, are collectively striving to join the "billion-dollar club" [1][2]. - Huagong Technology's market value surged from 687 billion to over 1 trillion in just one month, indicating a rapid upward trend [2][4]. Group 2 - Changfei Fiber, as the first "A+H" listed company in China's fiber optic cable industry, has launched the "AI-2030" strategy to pave the way for the AI era [2]. - Guangxun Technology reached a peak market value of 609 billion, focusing on optical module production, while its parent company, China Information Communication Technology Group, has multiple subsidiaries contributing to the AI sector [2][3]. - The total market capitalization of 47 A-share listed companies in the Wuhan Optical Valley reached 703.23 billion, reflecting an 85.4% year-on-year growth [3][4]. Group 3 - The rise of AI enterprises in Wuhan signifies the region's industrial strength and suggests that more companies will soon achieve billion-dollar valuations [4][5]. - The current market capitalization of the technology sector in A-shares exceeds 25% of the total market, significantly higher than that of banking, non-bank financials, and real estate [4]. - The city of Wuhan is entering a new phase of competition among billion-dollar market cap companies, with plans to enhance its technology financial center by 2027 [5].
亨通光电20250926
2025-09-28 14:57
亨通光电 20250926 摘要 亨通光电聚焦数据中心、高速互联和国家干线网络需求,搭建新一代超 低损耗光纤制备平台并扩能提产,同时开发 OM4/OM5 多模光纤和高密 度 MPO 光缆,并在空心光纤技术上取得突破。 亨通光电在能源网络领域持续中标国内外海洋能源项目,截至 2025 年 上半年,能源互联领域订单金额约 200 亿元,形成从产品到工程运维的 全产业链格局,具备完善的海上风电和海洋油气系统解决方案及服务能 力。 亨通光电通过并购华为海洋和 PT BOX 等举措,大力推进全球化布局, 业务覆盖 150 多个国家和地区,拥有 12 座海外产业基地及 40 多家海 外技术服务公司。 2025 年上半年,亨通光电实现营收 320.49 亿元,同比增长 20.42%;归母净利润 19.03 亿元,同比增长 0.24%。二季度营收 187.8 亿元,同比增长 26.64%,环比增长 41.55%;归母净利润 10.56 亿元,同比减少 3.63%,但环比增长 89.74%。 Q&A 亨通光电在通信网络领域有哪些重要布局和技术突破? 亨通光电在通信网络领域的布局和技术突破主要集中在高端产品研发和新一代 光纤通信 ...