Group 1 - The core viewpoint is that Sors Technology, a leading player in the global optical communication module industry, has established a strong competitive edge through its vertically integrated product line and IDM model [1] - Sors Technology's business encompasses the entire process of optical chip design and manufacturing, optical device production, and optical module assembly, showcasing robust R&D capabilities and vertical integration [1] - The company has achieved mass production of high-speed optical modules for data centers, specifically 400G and 800G applications, and has a stable order reserve [1] Group 2 - The company aims to complete the acquisition by the third quarter of this year, with all parties actively promoting the necessary approvals [1] - Financial data for the first half of the year indicates a significant improvement in operational performance, with detailed results expected post-acquisition [1] - Key profit-contributing businesses for the year include flexible circuit board, rigid circuit board, touch display, and precision manufacturing, while the LED business is currently operating at a loss [1] Group 3 - The Thai factory is primarily focused on module board production, with expected production commencement in the fourth quarter of this year [1]

《军工&通信|七一二（603712）首次覆盖：军用无线通信核心供应商， 产品全平台多领域覆盖助力军队信息化建设》 2025 年第一季度公司实现营业收入 2.16 亿元，同比降低 55.88%；实现归 母净利润-5401.97 万元，同比降低 440.23%。1、公司始终致力于军用无 线通信技术自主研发与创新，紧跟行业发展趋势，全面加强研发技术路线 规划，加强新一代通信装备技术体制攻关，力求技术的先进性，不断塑造 新的竞争优势。我们认为，随着我国国防开支的不断增加、军用装备费用 的提升，公司或将受益于军用专网无线通信行业下游市场的日益扩大。2、 我们认为在当下"十四五"与"十五五"过渡阶段，军品业务将预计有较 快增速，尤其是系统级产品未来或持续高增长；民用领域随着无线通信行 业，专网通信行业朝着数字化、宽带化趋势发展，更新换代需求强烈。根 据 Wind 一致预期，2 家可比公司 2025-2027 年参考 PE 均值为 66.59x、 43.52x、31.35x，公司当前 2025 年一致预期 PE 为 83.99x。按照 65x 值测 算 2025 年目标价为 24.05 元，给予"买入"评级。 证券研究报告 ...