烽火通信（600498）(600498.SH)在营收承压背景下交出了一份"增利稳质"的半年成绩单。8月23日，烽 火通信发布2025年半年度报告，公司实现营业收入111.17亿元；净利润达2.87亿元，同比增长32.02%。 作为全球光通信领域的创新标杆，烽火通信近年来持续以高强度研发投入构筑技术护城河。2019年至 2024年期间，公司累计研发投入达196.62亿元，2025年上半年，公司研发费用为14.39亿元，占营业收入 比例为12.95%，为关键技术的突破和产品的升级换代提供了坚实的资金保障。 国际市场表现亮眼。公司光网络、光宽带等产品在东南亚、美洲、非洲市场实现多点突破，获得较大市 场份额。截至期末，公司境外资产规模达10.46亿元，占总资产比例2.43%。 研发费14.39亿保持高强度投入 烽火通信面临全球运营商资本开支收缩的挑战。受此影响，国内光网络设备及光纤光缆订单减少。2025 年上半年，公司营业总收入111.17亿元；归母净利润2.87亿元，同比增长32.02%；扣非净利润2.82亿 元，同比增长31.59%。 分业务看，公司传统光通信业务仍占主导，但高毛利的算力与存储业务增长显著。服务器 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company, as a "national team" in the optical communication field, has outstanding technological innovation achievements and stable market operations. It is actively expanding into growth sectors such as computing and storage, with a positive outlook on its long-term development potential amidst the digital economy wave [2][4]. - In the first half of 2025, the company achieved operating revenue of 11.117 billion yuan, a year-on-year decrease of 19.73%, while the net profit attributable to shareholders increased by 32.02% to 287 million yuan [4]. Summary by Relevant Sections Business Performance - The company has consolidated its market share in the domestic operator market while accelerating the layout of new products. It has successfully won bids for various projects, including optical network procurement for major telecom operators and server projects for China Tower and Unicom [9]. - Internationally, the company has seen continuous improvement, achieving breakthroughs in Southeast Asia, the Americas, and Africa, capturing significant market shares [9]. Technological Innovation - The company ranked first in the "Top 100 High-tech Enterprises in Hubei Province for 2024," showcasing its strong innovation capabilities. It has completed the world's first 400G/800G hybrid rate ROADM network pilot and launched the industry's first 50G PON technology solution [9]. - The company has successfully incubated five national-level specialized and innovative "little giant" subsidiaries, demonstrating its industry-leading technological advantages [9]. Financial Forecast and Investment Recommendations - The company is expected to see accelerated profit release due to high demand for domestic computing power. The marine communication technology accumulation is expected to facilitate continuous overseas expansion, improving the quality of main business operations. The subsidiary, Changjiang Computing, is anticipated to become a significant growth driver in the coming years [9]. - The projected net profit attributable to shareholders for 2025-2027 is 1.0 billion, 1.3 billion, and 1.57 billion yuan, representing year-on-year growth rates of 42%, 30%, and 20%, respectively [9].