证券代码：002902 证券简称：铭普光磁 东莞铭普光磁股份有限公司 上述协同整合，公司旨在实现产业链互补，增强整体竞争力，共同把握 新能源充电基础设施行业的发展机遇。 2.公司片式网络变压器发展情况如何？ 【回复】公司片式网络变压器作为数据传输的关键基础元件，近期凭借 核心技术与市场优势成功入选国家级"制造业单项冠军"产品，体现了 在该细分领域的专业实力与领先地位。该产品广泛应用于交换机、路由 器、服务器等网络通信设备，具备高集成度、低损耗及全自动化生产等 技术特点。伴随 5G 建设、云计算等现代信息网络的快速发展，市场对网 络变压器的小型化、高频化与可靠性要求持续提升。公司通过持续自主 创新，在磁性材料应用、结构工艺设计及自动化制造等方面已实现重要 突破。未来，公司将继续深化该领域的技术积累与市场拓展。 3.公司是否有应用于 AI 领域的磁性元器件？ 【回复】在 AI 服务器与数据中心领域，公司已成功开发出适配 400V 至 800V 高压平台的完整电源磁性解决方案，包括高性能驱动变压器、低损 耗共模电感、高饱和 PFC 电感、主功率变压器及输出滤波电感等关键部 件。同时，公司通过自主研发的专属磁材配方与 ...

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]

证券日报网讯12月9日，华工科技（000988）在互动平台回答投资者提问时表示，公司数通光模块在国 内市场方面，今年实现了明显增长，在主要的互联网及设备厂商中，公司数通产品实现100G、200G到 400G、800G全系列产品的覆盖。前三季度数通光模块仍保持较好需求和交付，实现收入和净利润的显 著增长。 ...

格隆汇12月9日丨华工科技(000988.SZ)在互动平台表示，公司数通光模块在国内市场方面，今年实现了 明显增长，在主要的互联网及设备厂商中，公司数通产品实现100G、200G到400G、800G全系列产品的 覆盖。前三季度数通光模块仍保持较好需求和交付，实现收入和净利润的显著增长。 ...

格隆汇12月9日丨华工科技(000988.SZ)在互动平台表示，公司数通光模块在国内市场方面，今年实现了 明显增长，在主要的互联网及设备厂商中，公司数通产品实现100G、200G到400G、800G全系列产品的 覆盖。前三季度数通光模块仍保持较好需求和交付，实现收入和净利润的显著增长。 ...

华工科技（000988.SZ）12月9日在投资者互动平台表示，国内产能方面，公司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；海外产能方面，公司持续提升，海外工厂产能为每月15万~20万只，实 际产能会根据客户订单需求情况及时进行增加和调整。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问目前泰国工厂和武汉产业园光模光的产能达到了 多少？符合规划的产能了吗？ ...

Investment Rating - Maintain Outperform rating with a target price of 83.59 RMB, representing a potential upside of 67% [4][10][11] Core Insights - The company experienced revenue pressure in Q3 due to industry factors affecting mid-to-low power laser and sensor businesses, but the data communication optical modules showed strong demand and significant gross margin improvement [4][10][11] - Projected net profit attributable to shareholders for 2025-2027 is 1.88 billion, 2.25 billion, and 2.78 billion RMB respectively, with corresponding EPS of 1.87, 2.24, and 2.77 RMB [4][10][11] Financial Summary - Total revenue for the first three quarters of 2025 was 11.04 billion RMB, up 22.62% YoY, with net profit attributable to shareholders at 1.32 billion RMB, up 40.92% YoY [4][11] - Q3 revenue was 3.41 billion RMB, down 10.33% YoY and 20.23% QoQ, with net profit at 410 million RMB, up 31.15% YoY but down 18.17% QoQ [4][11] - By business segment, sensing revenue was 3.17 billion RMB (up 13% YoY), connectivity revenue was 5.09 billion RMB (up 52% YoY), and laser + intelligent manufacturing revenue was 2.65 billion RMB [4][11] Business Performance - The data communication optical modules business maintained good demand and delivery, contributing to improved gross margins [4][10] - The company has sufficient inventory to meet strong industry demand, with inventory at 3.41 billion RMB, up 30.26% from the start of the year [4][12]

Core Viewpoint - The optical communication module market is entering a new high prosperity period driven by the growth of cloud computing traffic and the AI wave initiated by ChatGPT, which catalyzes the construction of computing power infrastructure [1] Industry Summary - The traditional optical communication module market is experiencing significant growth due to increased demand from cloud computing and AI technologies [1] - The rapid iteration of products is a notable characteristic in the optical communication field, with the time taken for product upgrades decreasing significantly: 5 years from 10G to 40G, 4 years from 40G to 100G, and only 3 years from 100G to 400G [1] - New product prices are declining year by year, making cost leadership a critical success factor in the industry [1] Company Summary - Mingpu Optoelectronics (铭普光磁) is positioned to take advantage of a "window period" for a potential leapfrog in the market due to the rapid technological advancements and market dynamics [1]

Company Overview - Mingpu Optoelectronics is a high-tech enterprise established in 2008, focusing on R&D, production, sales, and service of magnetic components, optical communication products, and various power supply products [2][3] - The company has established a leading position in the communication field and is expanding into new energy sectors, enhancing its growth potential [3] Product Categories - Optical communication products include optical modules, which consist of optical transmitter devices (TOSA), optical receiver devices (ROSA), and other components for optical-electrical conversion [3] - Magnetic components are primarily electronic transformers and inductors, essential for energy conversion and storage in electronic circuits [3][4] Development Strategies - Focus on technological innovation and market understanding to identify growth opportunities in high-demand sectors [4] - Custom product development to meet specific client needs, enhancing collaboration and success rates [4] - Domestic alternatives to imported products, aiming to break foreign monopolies through technological advancements [4] Power Supply Division - The Energy Division was established in 2011, featuring advanced automated production lines for power supply modules, covering a range from 1 to 75 kW [4] - The Power Supply Division, formed in 2015, provides green power products including communication power modules and smart chargers [4] Market Trends - The demand for data communication optical modules is driven by cloud computing and AI advancements, leading to a new growth phase in the industry [4] - Rapid product iteration is a characteristic of the data communication sector, with significant price reductions and cost leadership becoming critical success factors [4]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of the year, driven by strong demand for high-value products such as data communication optical modules [1] Financial Performance - Revenue for the first three quarters reached 5.089 billion yuan, representing a year-on-year increase of 52% [1] - Revenue for the third quarter was 1.427 billion yuan, indicating continued strong demand and delivery for data communication optical modules [1] - Net profit for the first three quarters was 462 million yuan, showing a remarkable year-on-year growth of 541% [1] - The net profit for the third quarter was 215 million yuan, reflecting significant quarter-on-quarter growth [1] Product Performance - The revenue growth is attributed to the increasing proportion of high-value products and the rapid improvement in gross margin levels, particularly for data communication optical modules [1]