2024年9月24日以来，中国资本市场风起云涌。而要谈论这一轮牛市的主线，科技想必是当仁不让。而 在这其中，光模块CPO或许算得上是"皇冠上的明珠"，A股市场里尤以"易中天"光模块三巨头表现格外 突出。 辨识度最高的标的股价早已飙升，不过似乎也并非所有概念股都能持续受到资金垂青。就拿前不久向港 交所递交了上市申请的罗博特科（300757.SZ）来说，这家业务涉及硅光与CPO的公司今年以来股价表 现呈现出大起大落的特点，与2024年录得数倍涨幅的成绩相比显然相去甚远。罗博特科今年来股价升势 陷入停滞，或与公司财务表现未能兑现增长预期有关。2022-2024年，罗博特科的收入分别为9.01亿 元、15.7亿元、11.04亿元，净利润2560.4万元、7946.9万元、6317.6万元。根据公司最新披露的三季 报，今年前三季度罗博特科的营收为4.16亿元，归母净利润为-7474.89万元，核心财务数据均同比出现 负增长。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | ...

2024年9月24日以来，中国资本市场风起云涌。而要谈论这一轮牛市的主线，科技想必是当仁不让。而 在这其中，光模块CPO或许算得上是"皇冠上的明珠"，A股市场里尤以"易中天"光模块三巨头表现格外 突出。 辨识度最高的标的股价早已飙升，不过似乎也并非所有概念股都能持续受到资金垂青。就拿前不久向港 交所递交了上市申请的罗博特科（300757）(300757.SZ)来说，这家业务涉及硅光与CPO的公司今年以 来股价表现呈现出大起大落的特点，与2024年录得数倍涨幅的成绩相比显然相去甚远。罗博特科今年来 股价升势陷入停滞，或与公司财务表现未能兑现增长预期有关。2022-2024年，罗博特科的收入分别为 9.01亿元、15.7亿元、11.04亿元，净利润2560.4万元、7946.9万元、6317.6万元。根据公司最新披露的三 季报，今年前三季度罗博特科的营收为4.16亿元，归母净利润为-7474.89万元，核心财务数据均同比出 现负增长。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | ...

Core Viewpoint - Robotech has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing, with Huatai International, Citigroup, and Orient Securities International as joint sponsors [1] Company Overview - Robotech is a supplier of intelligent manufacturing equipment and systems, focusing on providing critical devices to enhance computing power and empower AI [1] - The company specializes in high-precision assembly and testing equipment for silicon photonic devices, as well as manufacturing solutions for photovoltaic cells [1] Industry Insights - The global market for silicon photonic intelligent manufacturing equipment is rapidly growing, with an expected market size of 23.3 billion RMB by 2029 and 115 billion RMB by 2035 [1] - In the photovoltaic manufacturing sector, Robotech offers high-speed, high-throughput manufacturing equipment and a smart Manufacturing Execution System (MES), ranking fourth globally in automated manufacturing equipment for smart photovoltaic cells [1] - By 2024 revenue estimates, eight out of the top ten global photovoltaic manufacturers are clients of Robotech [1]

Core Viewpoint - Robotech Intelligent Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International, Citigroup, and Orient Securities International as joint sponsors [1]. Company Overview - Robotech is a high-precision intelligent manufacturing equipment and systems supplier, focusing on automation equipment and smart factory solutions for manufacturing optical interconnects, optical sensors, optical computing products, and photovoltaic (PV) cells [3][4]. - The company specializes in providing high-precision assembly and testing equipment for silicon photonic devices and PV cell manufacturing solutions [4]. Market Opportunity - The silicon photonics intelligent manufacturing equipment market is experiencing rapid growth, with the global market size projected to increase from RMB 400 million in 2020 to RMB 2 billion in 2024, representing a compound annual growth rate (CAGR) of 46.9%. By 2029, the market is expected to reach RMB 23.3 billion, with a CAGR of 63.8%, and further grow to RMB 115 billion by 2035, with a CAGR of 30.5% [4]. - The company has fully acquired ficonTEC, gaining proprietary and hard-to-replicate core technologies for assembling and testing silicon photonic devices, covering the entire high-precision manufacturing process [4]. Financial Performance - For the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, the company reported revenues of approximately RMB 901 million, RMB 1.57 billion, RMB 1.1 billion, and RMB 248 million, respectively. The corresponding net profits were approximately RMB 25.6 million, RMB 79.5 million, RMB 63.2 million, and a loss of RMB 12.2 million [6][7]. - In the PV manufacturing sector, the company ranks fourth globally in the smart PV cell automation manufacturing equipment market by revenue in 2024, with eight of the top ten global PV manufacturers as clients [6].