证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，联接业务国内市场方 面，公司数通光模块实现了明显增长，在主要的互联网及设备厂商中，数通产品实现100G、200G到 400G、800G全系列产品的覆盖。海外头部客户方面，包括800G和1.6T在内的LPO系列、DSP系列产品 按既定规划进行生产及准备。 ...

证券日报网讯 2月2日，华工科技在互动平台回答投资者提问时表示，公司2025年前三季度实现营业收 入110.38亿元，归属母公司净利润13.21亿元；联接业务前三季度收入50.89亿元，同比增长52%，其中 数通光模块保持较好需求和交付，前三季度实现净利润4.62亿元，同比增长541%，第三季度净利润2.15 亿元，环比显著增长，主要因数通光模块等高附加值产品收入占比及毛利率水平快速提升。目前国内产 能方面，光电子信息产业研创园"下一代超高速光模块研发中心暨高速光模块生产基地建设项目"一期已 于2025年8月正式投产，数通光模块国内产能峰值为每月100万只；海外工厂产能为每月15万只-20万 只。 （文章来源：证券日报） ...

证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，公司联接业务2025年前 三季度收入50.89亿元，同比增长52%，其中第三季度收入14.27亿元，较第二季度有所下降，主要因终 端设备、电信光模块等需求减少，数通光模块仍保持较好需求和交付。联接业务前三季度实现净利润 4.62亿元，同比增长541%，其中第三季度净利润2.15亿元，环比实现显著增长，主要因数通光模块等高 附加值产品收入占比及毛利率水平快速提升。 ...

市场研究机构CignalAI最新报告显示，受人工智能驱动的数据中心和传输网络建设推动，2025年数通光 模块市场营收预计将超过180亿美元，相干光模块营收达近60亿美元。CignalAI估计，到2029年，400G 及以上数通光模块的市场规模将接近300亿美元。中信证券在最新的研报中指出，近期，海外推理和训 练算力需求旺盛，亚马逊云和谷歌云双双涨价。推理侧，MoltBot（原ClawdBot）、ClaudeCode等Agent 产品加速落地，对于云计算资源的需求显著增加，2026年年初以来Token调用量已经连续2周—3周高速 增长；训练侧，Grok-5、Veo4等模型仍然在持续迭代，工业界持续探索Scaling上限，从而支撑训练算力 需求。（券商中国） ...

1月27日，A股市场探底回升，三大指数集体翻红，创业板指一度涨超1%。从板块来看，CPO概念表现 活跃，中瓷电子、可川科技、世嘉科技、汇绿生态、华天科技等多股涨停，源杰科技涨超10%创历史新 高，天孚通信涨超7%、中际旭创、新易盛、亨通光电等个股跟涨。 消息面上，市场研究机构CignalAI最新报告显示，受人工智能驱动的数据中心和传输网络建设推动， 2025年数通光模块市场营收预计将超过180亿美元，相干光模块营收达近60亿美元。 （文章来源：21世纪经济报道） ...

1月27日，A股主要股指探底回升，截至午盘，创业板指、上证指数相继翻红，此前创业板指一度跌超1%，深证成指跌幅缩窄。全市场半日成 交额1.89万亿元，较前一交易日缩量3252亿元，超4400股下跌。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4134.03 | 14262.96 | 1865.49 | | +1.43 +0.03% -53.67 -0.37% +7.99 +0.43% | | | | 万得全A | 创业板指 | 北证50 | | 6815.06 | 3333.91 | 1545.94 | | -31.46 -0.46% +14.76 +0.44% -19.76 -1.26% | | | | 沪深300 | 中证500 | 中证A500 | | 4720.86 | 8449.83 | 5925.87 | | +13.90 +0.30% -56.87 -0.67% +0.33 +0.01% | | | | 中证1000 | 深证100 | 中证红利 | | 8273.26 | 5873.55 | 5607. ...

Core Viewpoint - Mingpu Optoelectronics is currently in a small-batch delivery phase for its optical module business, which is affecting overall gross margin due to high fixed cost allocation [2] Group 1: Business Performance - The company is implementing a temporary pricing strategy with discounts to quickly pass customer validation and seize market opportunities, which has impacted short-term profitability [2] - The company aims to continue capacity release and market expansion efforts to improve business profitability in the future [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is a leading provider of "laser + intelligent manufacturing" system solutions, with a significant competitive advantage in the optical communication sector, ranking among the top ten globally in optical module business [5] - The optical module market is experiencing robust growth, with a projected compound annual growth rate (CAGR) of approximately 27% from 2023 to 2029, expanding from a market size of USD 6.25 billion to USD 25.8 billion [13] - The company is expected to achieve substantial revenue growth, with projected revenues of RMB 16.33 billion, RMB 22.14 billion, and RMB 27.56 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 39.4%, 35.6%, and 24.5% [5][30] - The company’s net profit is forecasted to reach RMB 1.86 billion, RMB 2.30 billion, and RMB 2.82 billion for the same years, with growth rates of 52.5%, 23.3%, and 23.0% [5][30] Financial Data and Profit Forecast - Total revenue for 2023 is reported at RMB 10.21 billion, with a projected increase to RMB 11.71 billion in 2024, and further growth to RMB 16.33 billion in 2025, reflecting a year-on-year growth of -15.0%, 14.7%, and 39.4% respectively [4][30] - The company’s gross margin is expected to improve from 21.5% in 2024 to 22.9% in 2025, driven by the increasing sales of high-speed optical modules [5][30] - The return on equity (ROE) is projected to rise from 12.0% in 2024 to 15.5% in 2025, indicating enhanced profitability [4][30] Market Position and Competitive Landscape - The company’s optical module business has seen a significant increase in revenue, with a 124% year-on-year growth in the first half of 2025, driven by the successful delivery of 400G and 800G modules [5] - The company is strategically positioned to capitalize on the growing demand for optical modules in AI computing and supercomputing scenarios, with expectations of a demand for 40 to 50 million units in overseas markets by 2025 [5][30] - The competitive landscape is characterized by a shift towards higher-speed products, with the company’s 800G modules expected to gain market share as they transition from 400G [5][30]

Group 1: Business Integration and Strategy - The company has completed the acquisition of 60% equity in Shenzhen ABB and plans to integrate operations focusing on cost efficiency, technology development, and market channel collaboration [2][3] - Cost efficiency will be achieved by supplying magnetic components directly to the acquired company, reducing procurement and logistics costs [2] - The company aims to leverage Shenzhen ABB's global channel network, covering over 70 countries, to accelerate international market entry and reduce certification time [2][3] Group 2: Product Development and Market Position - The company's chip network transformers have been recognized as a national "manufacturing single champion" product, showcasing its expertise in this niche [4] - The transformers are essential for data transmission and are used in various network communication devices, with a focus on high integration, low loss, and automated production [4] - The company has developed a complete power magnetic solution for AI servers and data centers, enhancing energy efficiency for major global clients [5] Group 3: Competitive Advantages and Market Expansion - The company adopts a global cost-leading strategy for its optical modules and has expanded its business model to include ODM/JDM partnerships, avoiding direct competition with downstream manufacturers [6] - Multiple production bases have been established in Dongguan, Henan, Jiangxi, Wuhan, and Vietnam, enhancing production flexibility and supply chain resilience [8] - Sales branches have been set up in the USA, Singapore, and Malaysia to effectively cover core markets in North America and Southeast Asia [8]

Core Viewpoint - The company reported significant growth in its connection business, with a notable increase in revenue and net profit for the first three quarters of the year [1] Group 1: Financial Performance - The connection business generated revenue of 5.089 billion yuan in the first three quarters, representing a year-on-year increase of 52% [1] - In the third quarter, revenue was 1.427 billion yuan, showing a decline compared to the second quarter due to reduced demand for terminal equipment and telecom optical modules [1] - The net profit for the connection business in the first three quarters reached 462 million yuan, marking a year-on-year increase of 541% [1] - The third quarter net profit was 215 million yuan, reflecting significant growth compared to the previous quarter, driven by the increased revenue share and gross margin of high-value-added products like data communication optical modules [1]