【导读】赛微电子完成瑞典Silex控股权的出售交割 中国基金报记者 杨晨 7月25日晚间，赛微电子（证券代码：300456）发布公告称，公司已完成向Bure Equity AB、Creades AB（publ）等七名交易对方转让全资子公司Silex Microsystems AB（以下简称瑞典Silex）控制权的重大资产出售交割事项。 公告称，本次交易构成《上市公司重大资产重组管理办法》规定的重大资产重组，不构成关联交易。目前，交易各方已根据《股份买卖协议》的约定完 成交割，交易对方已经成为标的公司股东。 控制权卖了近18亿元 仍保留瑞典Silex 45.24%的股份 本次交易的出售方系赛微电子的全资子公司运通电子。本次交易前，瑞典Silex为赛微电子的全资子公司，赛微电子通过运通电子持有瑞典Silex87.80% 的股份，并通过全资子公司赛莱克斯国际持有瑞典Silex12.20%的股份。 本次交易完成后，赛微电子通过全资子公司合计持有瑞典Silex 45.24%的股份，瑞典Silex将成为赛微电子的参股公司。 本次交易的标的资产为运通电子持有的瑞典Silex 的441万股股份。 经各方协商，瑞典Silex初 ...

【导读】赛微电子完成瑞典 Silex 控股权的出售交割 中国基金报记者 杨晨 7 月 25 日晚间，赛微电子（证券代码： 300456 ）发布公告称，公司已完成向 Bure Equity AB 、 Creades AB （ publ ）等七名交易对方转让全资子公司 Silex Microsystems AB （以下简称瑞典 Silex ）控制权的重大资产出售交割事项。 公告称，本次交易构成《上市公司重大资产重组管理办法》规定的重大资产重组，不构成关 联交易。目前，交易各方已根据《股份买卖协议》的约定完成交割，交易对方已经成为标的 公司股东。 控制权卖了近 18 亿元 仍保留瑞典 Silex 45.24% 的股份 本次交易的出售方系赛微电子的全资子公司运通电子。本次交易前，瑞典 Silex 为赛微电子 的全资子公司，赛微电子通过运通电子持有瑞典 Silex87.80% 的股份，并通过全资子公司赛 莱克斯国际持有瑞典 Silex12.20% 的股份。 本次交易完成后，赛微电子通过全资子公司合计持有瑞典 Silex 45.24% 的股份，瑞典 Silex 将成为赛微电子的参股公司。 本次交易的标的资产为运通电子持有 ...

Summary of the Conference Call Company Overview - The company, Lingyun Optical, operates primarily in the optical communication and visual systems sectors, with optical communication accounting for 30% of its revenue. It focuses on high-end foreign products and is actively developing next-generation computing center products like OCS all-optical switches and optical chips to support domestic AI computing center construction [2][3]. Key Industry Insights Optical Communication - The optical communication business is stable, representing 30% of total revenue, with products such as 400G, 800G, and 1.6T optical modules and switches being sold domestically [3]. Consumer Electronics - The consumer electronics sector, which serves major clients like Apple and Huawei, generated approximately 700 million yuan last year, accounting for over 40% of the visual business. The demand for optical motion capture has increased significantly, rising from 10% to 30-40% due to the domestic production of components for Huawei's Mate series [4][5]. Printing and Packaging - The printing and packaging segment contributes 20% of the company's revenue, with a growth rate expected to exceed 30% this year. The business focuses on soft packaging inspection, including high-speed scanning and AI software algorithms for quality control [6]. New Energy Sector - The lithium battery business is showing signs of recovery, with increased demand for visual components and inspection equipment, while the photovoltaic sector faces challenges but is expected to recover gradually [7]. Digital Human Project - The digital human project, in collaboration with Zhipu, is progressing well, with a focus on enhancing the optical motion capture product line. The revenue from this product line is expected to increase significantly this year [8]. Scientific Imaging and Semiconductor Business - The scientific imaging and device business has made significant progress, with semiconductor revenue exceeding 100 million yuan. The acquisition of a Danish company has positively impacted the semiconductor segment, contributing over 20% to total revenue [11]. Additional Insights Market Growth Projections - The domestic motion capture market is projected to reach approximately 800 million yuan by 2025, with an annual growth rate of 20-30%, driven by smart manufacturing and unmanned systems [4][28]. Customer Base and Trends - The customer base has shifted from primarily universities to more local enterprises, indicating a growing demand for the company's solutions in various industries [25]. Competitive Advantages - The company's products are competitively priced compared to foreign brands, which are often three to four times more expensive. The company offers a complete data acquisition toolchain, integrating various data types for customer convenience [19][20]. R&D and Workforce - The company has over 100 employees, with more than half dedicated to research and development, indicating a strong focus on innovation [24]. Strategic Developments - The acquisition of AIT has led to a tighter integration of operations and a shift to a calendar year for production cycles, enhancing quality standards and market responsiveness [26]. Conclusion Lingyun Optical is well-positioned in the optical communication and visual systems markets, with strong growth prospects across various sectors, particularly in consumer electronics and motion capture technologies. The company's strategic focus on R&D and competitive pricing enhances its market position, while ongoing collaborations and acquisitions are expected to drive future growth.

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $425.2 million and non-GAAP EPS of $0.57, both exceeding the high end of guidance [20] - Non-GAAP gross margin was 35.2%, up 290 basis points sequentially and 650 basis points year on year, attributed to better manufacturing utilization and a favorable product mix [20][21] - Non-GAAP operating margin improved to 10.8%, up 290 basis points sequentially and 1,100 basis points year on year [20][21] Business Line Data and Key Metrics Changes - Cloud and Networking segment revenue reached $365.2 million, increasing 8% sequentially and 16% year on year, driven by strong demand from hyperscale cloud customers [9][22] - Industrial Tech segment revenue was $60 million, down 5% sequentially but up 14% year on year, with ultrafast laser shipments remaining steady [14][15][22] Market Data and Key Metrics Changes - The company anticipates strong sequential growth in the Cloud and Networking segment in Q4, driven by new capacity and increasing demand from network equipment manufacturers [14] - The Industrial Tech segment is expected to see a sequential decline in revenue due to ongoing macroeconomic headwinds and typical seasonal trends [16] Company Strategy and Development Direction - The company aims to achieve quarterly revenue of $750 million, gross margins above 40%, and operating margins greater than 20% [6][18] - Focus on high-growth areas such as cloud and AI, with investments directed towards expanding manufacturing capacity and product offerings [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving medium and long-term financial targets despite macroeconomic uncertainties and tariff impacts [18] - The company is building resilience through a diversified manufacturing footprint and flexible supply chain [18] Other Important Information - The company is ramping production of CW lasers and EMLs, with expectations to double EML shipments by the end of calendar 2025 [10][11] - The company is also focusing on co-packaged optics (CPO) as a future growth area, although significant adoption is expected to take several years [118] Q&A Session Summary Question: How is the company tracking towards the $500 million revenue target? - Management confirmed they are still on track for the $500 million target by the end of the year, emphasizing confidence in current performance [30] Question: Update on datacom chip business performance? - The company is outperforming initial expectations in terms of volume and ASP, with a focus on increasing capacity for EMLs and CW lasers [32][34] Question: Clarification on tariff headwinds? - The company quantified a 100 basis point headwind to gross margins due to increased component costs and tariffs, with plans to move more production to Thailand to mitigate this [41][42] Question: Contributions from co-packaged optics? - Management indicated that while CPO is a long-term prospect, they are looking to add components to the CPO ecosystem over the coming years [48][118] Question: Insights on telecom performance and supply issues? - Telecom performance met expectations, with improvements anticipated in supply for pumps and tunables moving into Q4 [97][99] Question: Guidance caution related to macro or tariffs? - Management acknowledged macro uncertainty but expressed confidence in the guidance provided, highlighting strong demand across product lines [100][102]

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 硬科技赛道，汽车智能化部件受追捧。 上周，国内 EMB 企业华申瑞利宣布于2025年初完成近亿元 人民币A轮融资。本轮融资由合创资本、君科丹木以及老股东顺为资本联合领投，老股东小米战投、 蓝湖资本和辰韬资本跟投。此外，国内车载SerDes芯片企业仁芯科技成功斩获A轮融资，此次融资 吸引陕汽集团、长江汽车电子、移为通信、杭州临空产业基金、杭金投基金、浙江大华投资等产业资 本积极入局。 大健康赛道，心脏医疗成热门。 上周，上海合源医疗®完成超亿元的新一轮融资。本轮融资由龙磐 投资和道彤投资联合领投，楹联健康基金和天瑞丰年跟投，现有股东礼来亚洲基金持续加持。人工心 脏领域企业核心医疗已完成超1亿美元D轮融资。本轮融资由正心谷资本、社保基金中关村自主创新 专项基金（君联资本担任管理人）、阿美风险投资旗下Prosperity7 Ventures(P7)、基石资本及知 名产业投资方联合领投，德联资本及联新资本跟投。 硬科技 华申瑞利完成 ...