盘古智库高级研究员吴琦告诉记者，"毫秒用算"是"东数西算"国家战略的关键网络配套工程，它打通了 西部算力中心与东部需求侧的物理通道。该行动将传统跨区域数据传输时延从数十毫秒压缩至1毫秒以 内，有效解决了"东数西算"战略中西部算力资源东输的时延瓶颈，提升了资源利用效率。 推动"算力应用毫秒可达"，提升应用交互体验中，《通知》提出，优化算力应用终端到服务器的网络时 延，促进算力中心内网络组网方案、网络协议等技术创新，优化人工智能训练推理的通信效能，推动算 力中心全光交换(OCS)、光电融合组网等技术应用部署，提升算力中心网络性能，到2027年推动算力应 用终端到算力中心服务器的单向网络时延小于10毫秒。丰富算网融合业务，聚焦制造、金融、交通、医 疗、教育、文娱等重点行业，鼓励基础电信企业结合差异化用算需求，推出定制化算网融合业务套餐， 提供弹性、普惠的算网服务能力，支撑工业质检、辅助诊断等典型算力应用交互体验提升，促进人工智 能高水平赋能新型工业化。 袁帅分析认为，从应用场景来看，1毫秒时延圈的构建正加速高价值场景的商业化突破。例如，在自动 驾驶领域，通过部署路侧边缘算力节点与中心云的毫秒级联动，能够实现车辆感知 ...

Core Viewpoint - The stock of Dekoli experienced a decline of 2.02% on October 14, 2023, with a current price of 102.53 CNY per share, reflecting a significant fluctuation in trading activity and investor sentiment [1]. Company Overview - Dekoli, established on January 31, 2000, and listed on August 9, 2022, is located in Wuxi, Jiangsu Province. The company specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems, primarily serving key national development areas such as communication trunk transmission, 5G front-haul, and data center interconnection [2]. - The revenue composition of Dekoli is as follows: transmission-related products account for 75.33%, access and data-related products for 23.54%, and other products for 1.13% [2]. Financial Performance - For the first half of 2025, Dekoli reported a revenue of 433 million CNY, representing a year-on-year growth of 5.93%. However, the net profit attributable to shareholders decreased by 48.17% to 28.09 million CNY [2]. - Since its A-share listing, Dekoli has distributed a total of 142 million CNY in dividends [3]. Shareholder Structure - As of June 30, 2025, Dekoli had 9,508 shareholders, a decrease of 10.52% from the previous period. The average number of circulating shares per shareholder increased by 47.14% to 9,395 shares [2]. - The top ten circulating shareholders include several new entrants, with notable holdings such as 3.01 million shares by Invesco Great Wall Quality Evergreen Mixed A and 2.05 million shares by Caitong Value Momentum Mixed A [3].

Core Viewpoint - The company, Dekoli, has shown mixed financial performance with a slight increase in revenue but a significant decrease in net profit, indicating potential challenges ahead in maintaining profitability [2]. Financing and Trading Activity - On October 13, Dekoli's stock price increased by 0.25%, with a trading volume of 1.009 billion yuan. The financing buy-in amount was 59.1267 million yuan, while the financing repayment was 99.6930 million yuan, resulting in a net financing outflow of 40.5662 million yuan [1]. - As of October 13, the total financing and securities lending balance for Dekoli was 803 million yuan, which represents 4.85% of its market capitalization and is above the 90th percentile of the past year [1]. - There were no securities lent or sold on October 13, with the securities lending balance also at zero, indicating a high level of inactivity in this area [1]. Business Overview - Dekoli, established on January 31, 2000, and listed on August 9, 2022, specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems. Its products are primarily used in key national development areas such as communication trunk transmission and 5G networks [1]. - The revenue composition of Dekoli is as follows: transmission-related products account for 75.33%, access and data-related products for 23.54%, and other products for 1.13% [1]. Shareholder and Institutional Holdings - As of June 30, 2025, Dekoli had 9,508 shareholders, a decrease of 10.52% from the previous period. The average number of circulating shares per shareholder increased by 47.14% to 9,395 shares [2]. - For the first half of 2025, Dekoli reported a revenue of 433 million yuan, a year-on-year increase of 5.93%, while the net profit attributable to shareholders was 28.0937 million yuan, reflecting a year-on-year decrease of 48.17% [2]. - The total cash dividends distributed by Dekoli since its A-share listing amount to 142 million yuan [3]. - Among the top ten circulating shareholders as of June 30, 2025, several new institutional investors have entered, including Invesco Great Wall Quality Evergreen Mixed Fund and others, indicating a shift in shareholder composition [3].

Core Insights - On October 10, Dekoli's stock fell by 10.31%, with a trading volume of 1.381 billion yuan [1] - The company recorded a net financing purchase of 5.597 million yuan on the same day, with a total financing balance of 844 million yuan, accounting for 5.11% of its market capitalization [1] - As of June 30, 2025, Dekoli's revenue was 433 million yuan, a year-on-year increase of 5.93%, while net profit decreased by 48.17% to 28.0937 million yuan [2] Financing and Trading Activity - On October 10, Dekoli had a financing buy of 161 million yuan and a financing repayment of 156 million yuan, resulting in a net financing purchase of 5.597 million yuan [1] - The total financing and securities lending balance reached 844 million yuan, which is above the 90th percentile of the past year [1] - No shares were sold or repaid in the securities lending segment on October 10, indicating a lack of short-selling activity [1] Company Overview - Dekoli, established on January 31, 2000, and listed on August 9, 2022, specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems [1] - The company's main business revenue composition includes 75.33% from transmission, 23.54% from access and data, and 1.13% from other sources [1] Shareholder and Institutional Holdings - As of June 30, 2025, Dekoli had 9,508 shareholders, a decrease of 10.52% from the previous period, with an average of 9,395 circulating shares per shareholder, an increase of 47.14% [2] - The top circulating shareholder is Invesco Great Wall Quality Evergreen Mixed A, holding 3.0115 million shares, marking a new entry [3] - Other notable institutional shareholders include CICC Value Momentum Mixed A and E Fund Vision Growth Mixed A, with significant increases in their holdings [3]

Group 1 - The core viewpoint of the news is that Dekoli's stock has experienced a significant decline, with a 5.12% drop on September 26, leading to a cumulative decline of 17.85% over four consecutive days [1] - Dekoli, established on January 31, 2000, and listed on August 9, 2022, specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems, primarily used in key national development areas such as communication trunk transmission and 5G networks [1] - The company's main business revenue composition is as follows: transmission-related products account for 75.33%, access and data-related products for 23.54%, and other products for 1.13% [1] Group 2 - From the perspective of major fund holdings, Hengyue Fund has a significant position in Dekoli, with its Hengyue Growth Selected Mixed A fund holding 292,600 shares, representing 3.44% of the fund's net value [2] - The fund has incurred a floating loss of approximately 1.8958 million due to the recent stock price decline, with total floating losses of 8.0423 million over the four-day drop [2] - Hengyue Growth Selected Mixed A fund, established on February 9, 2021, has a current scale of 348 million, with a year-to-date return of 75.69% and a one-year return of 89.94% [2]

Core Viewpoint - The stock of Dekoli has experienced significant fluctuations, with a year-to-date increase of 77.57% but a recent decline of 19.55% over the past five trading days, indicating volatility in investor sentiment and market conditions [2]. Stock Performance - As of September 26, Dekoli's stock price was 123.89 CNY per share, with a market capitalization of 19.61 billion CNY [1]. - The stock has seen a 108.92% increase over the past 60 days, highlighting strong performance in the medium term [2]. - The stock has appeared on the "Dragon and Tiger List" five times this year, with the latest instance on September 18, where it recorded a net purchase of 34.76 million CNY [2]. Financial Performance - For the first half of 2025, Dekoli reported a revenue of 433 million CNY, representing a year-on-year growth of 5.93%, while the net profit attributable to shareholders decreased by 48.17% to 28.09 million CNY [3]. - The company has distributed a total of 142 million CNY in dividends since its A-share listing [4]. Shareholder Structure - As of June 30, 2025, Dekoli had 9,508 shareholders, a decrease of 10.52% from the previous period, with an average of 9,395 shares held per shareholder, an increase of 47.14% [3]. - The top circulating shareholders include several new entrants, with notable holdings from Invesco Great Wall and other funds [4].

Group 1 - The core point of the news is the decline in the stock price of Dekoli, which fell by 5.26% to 126.01 CNY per share, with a trading volume of 192 million CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 19.946 billion CNY [1] - Dekoli specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems, primarily used in key national development areas such as communication trunk transmission, 5G front-haul, 5G mid-haul, data link acquisition, data center interconnection, and ultra-high voltage communication protection [1] - The company's main business revenue composition is as follows: transmission-related products account for 75.33%, access and data-related products for 23.54%, and other products for 1.13% [1] Group 2 - From the perspective of major fund holdings, Hengyue Fund has one fund heavily invested in Dekoli, specifically the Hengyue Growth Selected Mixed A (010622), which held 292,600 shares in the second quarter, accounting for 3.44% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss for the fund on the current day is approximately 2.045 million CNY [2] - Hengyue Growth Selected Mixed A (010622) has a total asset scale of 348 million CNY, with a year-to-date return of 73.97%, ranking 282 out of 8173 in its category, and a one-year return of 98%, ranking 695 out of 7996 [2]

Group 1 - The core viewpoint of the news is that Dekoli's stock price has increased significantly, with a 5.1% rise on September 19, reaching 147.56 CNY per share, and a cumulative increase of 47.17% over three days [1] - Dekoli is a company based in Wuxi, Jiangsu Province, established on January 31, 2000, and listed on August 9, 2022. Its main business involves the research, development, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems [1] - The company's revenue composition is primarily from transmission-related products (75.33%), followed by access and data-related products (23.54%), and other sources (1.13%) [1] Group 2 - Among Dekoli's top ten circulating shareholders, Huashang Fund's Huashang Advantage Industry Mixed A fund entered the list in the second quarter, holding 1.19% of the circulating shares [2] - The Huashang Advantage Industry Mixed A fund has achieved a year-to-date return of 89.34% and a one-year return of 123.83%, ranking 131 out of 8172 and 261 out of 7980 in its category, respectively [2] - The fund manager, Zhang Mingxin, has a total fund asset scale of 42.4 billion CNY, with the best fund return during his tenure being 84.42% [2]

Group 1 - The core viewpoint of the news is that Dekoli's stock price has declined by 5.3% to 95.50 CNY per share, with a trading volume of 183 million CNY and a turnover rate of 1.20%, resulting in a total market capitalization of 15.116 billion CNY [1] - Dekoli, established on January 31, 2000, and listed on August 9, 2022, specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems, primarily used in key national development areas such as communication trunk transmission and 5G networks [1] - The company's main business revenue composition is as follows: transmission-related products account for 75.33%, access and data-related products for 23.54%, and other products for 1.13% [1] Group 2 - From the perspective of major fund holdings, Guolian Fund has one fund heavily invested in Dekoli, specifically the Guolian Xinrui Select Mixed A Fund, which held 46,200 shares, representing 3.98% of the fund's net value, making it the fifth-largest holding [2] - The Guolian Xinrui Select Mixed A Fund, established on April 29, 2021, has a latest scale of 51.5217 million CNY, with a year-to-date return of 42.57% and a one-year return of 70.5%, ranking 1242 out of 8174 and 1450 out of 7981 in its category, respectively [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2] Core Views - The company has benefited from the rapid growth in domestic computing power construction, leading to a significant increase in data and access business revenue, which reached 3.71 billion yuan in the first half of 2025, a year-on-year increase of 149.27% [1] - The company is positioned as a pioneer in the domestic optoelectronic industry, with a vertical layout in optoelectronic chips enhancing its competitive strength, and is expected to achieve rapid growth in performance due to domestic AI infrastructure construction [2] Financial Summary - In the first half of 2025, the company achieved revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit attributable to the parent company of 372 million yuan, a year-on-year increase of 78.98% [1] - The company forecasts revenues of 10.779 billion yuan, 13.788 billion yuan, and 16.949 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.049 billion yuan, 1.342 billion yuan, and 1.625 billion yuan for the same years [3][12] - The company's earnings per share (EPS) is projected to be 1.30 yuan, 1.66 yuan, and 2.01 yuan for 2025, 2026, and 2027 respectively [3][12] Market Position and Product Development - The company’s data communication products are primarily used in cloud computing data centers, AI intelligent computing centers, enterprise networks, and storage networks, providing various optical modules and active optical cables [1] - The transmission business has seen a slight decline in revenue, with a year-on-year decrease of 3.71% in the first half of 2025, attributed to product structure adjustments affecting gross margins [2] - The company is actively developing cutting-edge technologies, including MEMS-based OCS products, and has established comprehensive capabilities in optical engine, external light source, connector wiring, and system optical path design [2]