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 ...

Core Viewpoint - Guangku Technology plans to acquire 100% equity of Jabil Technology (Wuhan) Co., Ltd. for a consideration of $17 million plus adjustments based on the target company's net cash and transaction costs, aiming to enhance its competitive strength in the optical module sector [1][2]. Group 1: Acquisition Details - The acquisition agreement was signed on June 3, and it does not require shareholder approval but needs regulatory approvals [1]. - The acquisition price of $17 million is approximately 122 million RMB based on the exchange rate on June 4 [2]. - Guangku Technology intends to finance the acquisition using its own funds [2]. Group 2: Strategic Rationale - The target company, Wuhan Jabil, has comprehensive manufacturing capabilities in optical devices and strong customer resources, which complement Guangku Technology's product offerings [2]. - The acquisition is expected to optimize the customer structure, enrich the product line, and expand production scale, thereby achieving strategic synergy [2]. Group 3: Financial Performance - In 2024, Wuhan Jabil is projected to achieve revenue of 241 million RMB and a net profit of approximately 6.52 million RMB [3]. - For the first quarter of this year, Wuhan Jabil reported revenue of 64.17 million RMB and a net profit of 878,400 RMB [3]. - Guangku Technology is expected to achieve nearly 1 billion RMB in revenue and a net profit of 66.98 million RMB in 2024 [4].

Core Viewpoint - The company reported significant growth in revenue and net profit for the fiscal year 2024, indicating strong operational performance and market demand [1]. Financial Performance - The company achieved a revenue of 3.252 billion yuan, representing a year-on-year increase of 68% [1]. - The net profit attributable to shareholders reached 1.344 billion yuan, up 84% year-on-year [1]. - The net profit excluding non-recurring items was 1.314 billion yuan, reflecting an 83% increase year-on-year [1]. Business Segment Analysis - In 2024, the company's passive optical components business generated revenue of 1.576 billion yuan, a 33% increase year-on-year, while the active optical components business saw revenue of 1.655 billion yuan, up 122% year-on-year [2]. - Domestic revenue reached 778 million yuan, growing by 125% year-on-year, while overseas revenue was 2.473 billion yuan, marking a 55% increase year-on-year [2]. - The gross margin for passive components was 68.4%, an increase of 8.2 percentage points year-on-year, while active components had a gross margin of 46.7%, up 1.9 percentage points year-on-year [2]. Operational Insights - In the second half of 2024, the company reported passive revenue of 879 million yuan, a 26% increase from the first half, attributed to workforce expansion and increased customer demand [2]. - Active revenue was 835 million yuan, reflecting a 2% increase from the first half, indicating stable demand for 800G optical engine products [2]. - The company’s inventory increased by 13.2% quarter-on-quarter in Q4 2024, suggesting a positive demand outlook [3]. Strategic Developments - The establishment of overseas production capabilities, particularly in Thailand, is expected to enhance delivery capacity and mitigate tariff impacts [3]. - The company is well-positioned to capitalize on the emerging markets of CPO (Chip-on-Board) and Optical I/O, driven by AI advancements and increasing bandwidth requirements [4]. Future Outlook - The company anticipates continued growth in net profit, projecting 2.081 billion yuan in 2025, 2.741 billion yuan in 2026, and 3.386 billion yuan in 2027, with corresponding year-on-year growth rates of 55%, 32%, and 24% [4]. - The company maintains a "buy" rating based on its strong growth trajectory and market positioning [4].

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].

Group 1 - The company reported a revenue of 3.25 billion in 2024, representing a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion, up 84.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of 860 million, a year-on-year increase of 17.0%, and a net profit of 370 million, up 26.2% year-on-year [1] - The company benefited from high demand for downstream optical modules, with optical active and passive components achieving revenues of 1.66 billion and 1.58 billion respectively, reflecting increases of 121.9% and 33.2% year-on-year [1] Group 2 - The company has established its overseas headquarters in Singapore and a production base in Thailand, increasing optical communication component capacity by 4.0% to 5.92 billion units [2] - R&D investment increased by 62.1% to 230 million in 2024, focusing on cutting-edge technologies such as silicon photonics and CPO [2] - The company is expected to benefit from the demand expansion and technological development in both passive and active products in 2025 [2] Group 3 - The company is a key supplier of core components for optical modules, deeply integrated with major downstream manufacturers, and is expected to benefit from the ramp-up of 800G and 1.6T products in 2025 [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 2.04 billion and 2.60 billion respectively, with a projected net profit of 3.12 billion for 2027 [3] - The company maintains a "buy" rating, supported by dual-line development in passive and active businesses to meet mainstream customer demand for computing power [3]

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]