第1章：中国光通信器件行业发展综述 1 光通信器件行业概述 1 光通信器件行业概念界定 2 光通信器件行业产品分类 3 光通信器件在光通信产业链中的地位分析 4 光通信器件行业属性 第2章中国光通信器件行业发展环境分析 2.1 行业经济环境分析 （1）宏观经济发展分析 1）国际宏观经济 2）国内宏观经济 （2）未来发展趋势展望 1）国际宏观经济展望 2）国内宏观经济展望 （3）经济环境对行业的影响分析 2.2 行业政策环境分析 （1）行业管理体制 （2）行业相关标准 （3）行业相关政策 光通信器件是光通信系统的核心基础，是光传输系统的重要器件，其技术是光通信领域中具有预测性、先导性和探索性的战略必争高技术，该技术代表一个 国家在光通信领域的水平能力。 产业研究报告网发布的《2025-2031年中国光通信器件市场研究与产业竞争格局报告》共三十六章。首先介绍了中国光通信器件行业市场发展环境、光通信 器件整体运行态势等，接着分析了中国光通信器件行业市场运行的现状，然后介绍了光通信器件市场竞争格局。随后，报告对光通信器件做了重点企业经营 状况分析，最后分析了中国光通信器件行业发展趋势与投资预测。您若想对光通信器件产业 ...

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24H2 无源产品线交付加速，有源静待新产品放量：24 年，拆分业务来看，公司光无源器件业务实现营 收15.76 亿元，同比增长33%，光有源器件业务实现16.55 亿元，同比增长122%；拆分地区来看，国内 业务实现营收7.78 亿元，同比增长125%，海外业务实现营收24.73 亿元，同比增长55%。毛利率拆分来 看，24 年光无源器件业务为68.4%，同比提升8.2pct，有源器件业务为46.7%，同比提升1.9pct；国内业 务为61%，同比提升8.6pct，海外业务为56%，同比提升1.3pct。单看24H2 公司实现无源收入8.79 亿 元，环比H1 增长26%，或主要得益于人力扩张以及客户需求放量；有源收入8.35 亿元，环比H1 增长 2%，反映大客户侧800G 光引擎产品需求平稳，伴随英伟达GB200/GB300rack 方案及CX-8 网卡的交付 加速，后续1.6T 光引擎产品起量节奏或迎来加速。 24Q4 费用端环比有所改善，备料加速，海外工厂产能逐步落地：从费用端来看，公司24Q4销售管理研 发财务费用率为0.3%/3.7%/6.9%/-6.3%，分别同比+0.3pct/+0.2pct ...

丨证券研究报告丨 公司研究丨点评报告丨天孚通信（300394.SZ） [Table_Title] H2 无源产品线交付加速，有源静待新产品放 量 报告要点 [Table_Summary] 24H2 无源产品线交付加速，有源静待后续 1.6T 新产品放量。24Q4 费用端环比有所改善，备 料有所加速，海外工厂产能逐步落地，强化交付能力，且有利于规避关税影响。展望远期， CPO/OIO 的蓝海市场可期，成长曲线多元化。 分析师及联系人 [Table_Author] 于海宁 黄天佑 SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天孚通信（300394.SZ） cjzqdt11111 [Table_Title2] H2 无源产品线交付加速，有源静待新产品放量 [Table_Summary2] 事件描述 4 月 20 日，公司发布 2024 年年报，实现营收 32.52 亿元，同比增长 68%，实现归母净利润 13.44 亿元，同比增长 84%，实现扣非净利润 13.14 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 天孚通信（300394.SZ） 技术储备丰富，有望受益于光通信产品迭代。公司始终聚焦高速率、高集 成度、高精度、高可靠性等关键方向，通过持续加大研发投入，推动光器 件解决方案的创新升级。同时，公司积极布局硅光、CPO 等前沿领域核心 技术，目前公司已形成波分复用耦合技术、FA 光纤阵列设计制造技术、 TO-CAN/BOX 封装技术、并行光学设计制造技术等多种技术和创新平台； 并通过产品线垂直整合为客户提供一站式产品解决方案。24 年公司研发 投入 2.3 亿元，较上年同期相比增长 62%。我们预计公司将在本轮 AI 驱 动光器件迅速迭代的产业机遇下，基于其在光通信多年的积累优势，持续 受益于光通信产业的巨大空间。 坚持全球化布局，补充新产品落地。公司积极推进国际化战略，形成双总 部、双生产基地、多地研发中心的产业布局：在苏州和新加坡分别设立海 内外总部；在日本、深圳、苏州设立研发中心；在江西和泰国建立量产基 地。截至 24 年末，公司海外总部和泰国生产基地已进入正常运营。我们 认为，2025 年公司有望进一步扩大产能， ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company is expected to achieve a revenue of 3.252 billion yuan in 2024, representing a year-on-year growth of 67.74%, and a net profit of 1.344 billion yuan, with a year-on-year increase of 84.07% [9][24]. - The growth in the company's active optical devices is significantly driven by the development of AI, with both active and passive optical products experiencing rapid growth [16][21]. - The company has a strong focus on R&D and innovation, particularly in the field of optical devices, benefiting from a new round of optical communication technology iterations [3][21]. Revenue and Profit Forecast - The company forecasts revenues of 4.806 billion yuan in 2025, with a growth rate of 47.8%, and a net profit of 1.951 billion yuan, reflecting a growth of 45.2% [4][29]. - The revenue from passive optical devices is expected to grow at a rate of 33.1% in 2024, while active optical devices are projected to grow by 135.6% [27][29]. Financial Metrics - The overall gross margin for the company is projected to increase by 3.02 percentage points to 57.29% in 2024, with passive optical devices contributing a gross margin of 68.41% and active devices at 46.69% [2][21]. - The company's net asset return (ROE) is expected to reach 33.8% in 2024 and 39.4% in 2025 [4][29]. Market Position and Strategy - The company is actively expanding its global business layout, with a new factory in Thailand expected to be completed by the end of April 2024, which will support ongoing capacity expansion [3][21]. - The company has accumulated several globally leading core process technologies in basic materials through self-research and acquisitions, positioning itself well in the market [3][21].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q1 2025, the company's revenue increased by 10% quarter-on-quarter, showing an acceleration compared to the previous two quarters. The growth in 2025 is primarily driven by the release of production capacity in Thailand and the ramp-up of the 1.6T optical engine [2][5]. - The gross margin slightly declined, while net profit margin was affected by exchange rate fluctuations. The company's overseas bases enhance delivery capabilities, helping to mitigate tariff impacts [2][5]. - The CPO/OIO market presents significant long-term opportunities, with the company establishing strong ties with major overseas clients, leading to a premium in valuation [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 945 million yuan, a year-on-year increase of 29% and a quarter-on-quarter increase of 10%. The net profit attributable to the parent company was 338 million yuan, a year-on-year increase of 21%, but a quarter-on-quarter decline of 8% [5]. - The gross margin for Q1 2025 was 53%, down 2.5 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The net profit margin was 35.8%, down 2.5 percentage points year-on-year and 6.9 percentage points quarter-on-quarter, primarily due to exchange rate fluctuations [2][5]. Market and Production Insights - The company is actively expanding production capacity in the optical passive device sector, with the first phase of the Thailand production line expected to start delivering soon. The second phase is also in preparation for expansion [2][5]. - The shift in focus from 800G products to 1.6T products by major clients is anticipated to accelerate delivery volumes in upcoming quarters, with the company well-prepared for this capacity increase [2][5]. Future Outlook - The company forecasts net profits of 2.081 billion yuan, 2.741 billion yuan, and 3.386 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 55%, 32%, and 24%. The projected price-to-earnings ratios are 19x, 14x, and 11x [2][5].

海外总部和泰国产能投运，加大研发投入推进新品落地。2024 年公司新加坡海外总部平台及泰国生产 基地已投运，光通信元器件产能同比+4.0%至59200 万个，全球资源配置能力和人才团队国际化能力显 著提升。公司加大研发投入积极布局硅光、CPO 等前沿领域核心技术，2024年研发投入同比+62.1%至 2.3 亿元。2025 年公司有望继续扩大海外产能，提升泰国基地交付能力，扩充更多新产品线落地。 公司无源、有源产品将受益于后续需求扩张与技术发展。我们认为25年产业需求有以下趋势：1）云厂 在推理需求凸显+算力卡供应扩张+自建以太网结构迭代三重趋势下，25 年对800G 的需求将充分释放； 2）英伟达继续保持软硬件系统在训练、训推一体上的优势，同时自身客户结构持续优化，将进一步引 领1.6T 等前沿产品的迭代与应用；3）硅光模块具备缓解光芯片等物料短缺、承接硅基共封装趋势、降 低成本三层产业逻辑，有望加速渗透。同时CPO 应用前景渐显，有望在后续逐步技术落地、开启产业 化应用。 事件：公司发布2024 年业绩，2024 年公司实现营收32.5 亿元，同比+67.7%；归母净利润13.4 亿元，同 比+84.1% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from the expansion of demand and technological development for both passive and active products. The demand trends for 2025 include the significant release of 800G demand driven by cloud providers, the continued advantage of Nvidia in hardware and software systems, and the penetration of silicon photonic modules [3] - The company is well-positioned as a quality supplier of core components in the optical module upstream, deeply bound with major downstream manufacturers, and is expected to benefit from the volume growth of 800G and 1.6T products, as well as the long-term penetration trend of CPO [3] Financial Performance Summary - In 2024, the company achieved a total revenue of 3.25 billion yuan, a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion yuan, up 84.1% year-on-year [8] - The company’s revenue and net profit for Q4 2024 were 860 million yuan and 370 million yuan, respectively, showing a year-on-year increase of 17.0% and 26.2% [8] - The company’s revenue for Q1 2025 was 940 million yuan, a year-on-year increase of 29.1%, with a net profit of 340 million yuan, up 21.1% year-on-year [8] Revenue and Profit Forecast - The company’s total revenue is projected to reach 5.03 billion yuan in 2025, with a year-on-year growth of 54.7%, and a net profit of 2.04 billion yuan, reflecting a growth of 51.6% [1][9] - The earnings per share (EPS) are expected to be 3.68 yuan in 2025, with a price-to-earnings (P/E) ratio of 19.1 based on the closing price on April 25, 2025 [1][9] Market Data - The closing price of the company is 70.24 yuan, with a market capitalization of approximately 38.91 billion yuan [6] - The company has a price-to-book (P/B) ratio of 8.97 and a net asset value per share of 7.83 yuan [6][7] Research and Development - The company has increased its R&D investment by 62.1% to 230 million yuan in 2024, focusing on core technologies in silicon photonics and CPO [8]