湖北东田微科技股份有限公司（以下简称"东田微"）于2026年1月28日下午14:00-14:40以电话会议形式 接待了机构调研。本次投资者关系活动类别为"其他"，参与机构包括云溪基金、诺德基金、国盛证券、 上海珺容投资、国盛证券研究所、泰信基金、蜂巢基金等7家机构。公司董事兼总经理谢云、董秘兼财 务总监李广华出席会议，就公司经营情况及市场关注问题与投资者进行交流。 公司经营概况与战略方向 会上，公司高管介绍，2025年东田微在"成像光学业务稳步升级"与"通信光学业务快速放量"的双轮驱动 下实现了经营业绩增长。展望未来，公司将继续聚焦光学主赛道，深化技术研发，优化产品结构，把握 市场机遇，致力于以更好的业绩回报投资者。 核心调研要点解析 光隔离器扩产：产能搭建完成，原材料供应成关键挑战 针对投资者关注的光隔离器扩产进展，公司表示已完成隔离器产品线搭建，目前正通过优化产能、增加 人员等方式积极扩充产能，以提升市场交付能力。不过，扩产过程中面临核心原材料供应的显著挑战。 调研基本情况 对于法拉第旋转片的国产替代进展，公司表示正密切关注国内上游材料产业发展，对国内供应商的技术 突破持欢迎态度。公司策略为"立足当前、着 ...

Group 1: Company Overview and Strategy - The company achieved growth in operating performance driven by the dual engines of "steady upgrade of imaging optical business" and "rapid expansion of communication optical business" in 2025 [2] - The company will continue to focus on the optical main track, deepen technological research and development, optimize product structure, and seize market opportunities to deliver better performance to investors [2] Group 2: Production and Supply Chain - The company has completed the construction of the optical isolator product line and is actively expanding capacity through optimization and personnel increases to seize market opportunities and enhance delivery capabilities [3] - The price of optical isolator products is affected by China's rare earth export controls, and the company will closely monitor policies and market dynamics to optimize operational strategies [3] - The supply of Faraday rotators is currently tight due to global supply chain issues and China's rare earth export control policies, which have directly impacted upstream raw material supply [3] - The company recognizes the importance of ensuring stable supply of core raw materials for the successful release of communication optical business capacity [3] Group 3: Market and Product Outlook - The company is optimistic about the development of communication optical products in 2026, driven by the booming demand for AI computing power [4] - The company has completed the expansion of consumer electronics products, and the supply of core products, such as spin-coated optical filters, is stable and gaining market recognition [4] - The company believes that the dual-engine strategy of a stable consumer electronics base and a strong new engine in communication optics will further solidify and elevate overall performance in 2026 [4]

Core Viewpoint - The company highlights that the Faraday rotator is a core component of optical isolators, with the global supply chain predominantly reliant on foreign manufacturers, leading to a tight supply-demand relationship due to increased downstream demand for high-speed optical modules [1] Group 1: Company Insights - The company currently relies on external procurement for the Faraday rotators used in its optical isolator production [1] - The company has implemented supply chain management strategies to adapt to market changes based on production needs [1] Group 2: Industry Context - The overall market for optical isolators is experiencing tension in supply and demand, primarily driven by rising demand for high-speed optical modules [1] - There are few domestic manufacturers capable of producing the Faraday rotator, indicating a potential area for growth and investment in the industry [1]

Core Viewpoint - Dongtian Micro (301183) does not currently produce Faraday rotation chips, which are key raw materials for optical isolators [1] Group 1: Company Operations - The company is involved in the procurement of materials necessary for the production of optical isolators [1] - Research and development of advanced materials is characterized by long cycles, high investment, and significant technical uncertainty [1] - The company maintains a cautious approach to R&D investments and continuously evaluates the technical feasibility and commercial prospects of such projects [1] Group 2: Information Disclosure - The company commits to fulfilling its information disclosure obligations for any significant progress that meets disclosure standards [1] - It strictly adheres to laws, regulations, and exchange rules to ensure all investors receive equal and timely information [1] - There is no occurrence of selective disclosure or insider information leakage [1]

Group 1: Institutional Trading Insights - On the day, 41 stocks were listed on the institutional trading leaderboard, with 23 stocks seeing net purchases and 18 stocks experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were: Xue Ren Co., Ltd. (¥182 million), International Composite Materials (¥145 million), and Ruikang Pharmaceutical (¥140 million) [1] Group 2: Stock Performance - Xue Ren Group (002639.SZ) saw a price increase of 0.85% with 4 buyers and no sellers [2] - International Composite Materials (301526.SZ) experienced a price increase of 6.48% with 3 buyers and 1 seller [2] - Ruikang Pharmaceutical (002589) had a significant price increase of 10.09% with 4 buyers and no sellers [2][3] Group 3: Industry Developments - Ruikang Pharmaceutical is identified as a comprehensive service provider in the traditional Chinese medicine industry, involved in planting and processing traditional Chinese medicine pieces [3] - The company has a subsidiary, Ma'anshan Jingquan Traditional Chinese Medicine, primarily engaged in the production and sales of traditional Chinese medicine pieces [3] - The report mentions the development of a free port-like economic zone in Xiamen as part of the city's 15th Five-Year Plan [3] Group 4: Optical Communication Sector - The optical communication sector is experiencing growth, with LightCounting projecting a compound annual growth rate (CAGR) of 17% for optical communication chipsets from 2025 to 2030, with total sales expected to rise from approximately $3.5 billion in 2024 to over $11 billion by 2030 [5] - Lumentum and Coherent have reached historical highs, indicating strong demand in the optical communication market [5] - A supply-demand gap for optical chips has increased to 25%-30%, with prices expected to rise by 2026 [5]

Group 1: Company Overview - Dongtian Micro specializes in the R&D, production, and sales of precision optical components, excelling in optical design, coating, molding, and precision processing [2] - The company's products are widely used in optical imaging and optical communication applications [2] Group 2: Product Development and Market Position - The company's aspheric products are key offerings, leveraging advanced optical design and manufacturing capabilities, with ongoing R&D in glass molding technology [3] - The spin-coated optical filters have seen stable growth since mass production began in 2023, becoming a significant contributor to the imaging business, particularly in the mid to high-end smartphone market [3] - The company holds a major share in the domestic Android smartphone market for spin-coated filters, with substantial future market potential due to ongoing upgrades in smartphone imaging technology [3] Group 3: Production Capacity and Supply Chain - The optical isolator, essential for preventing reverse interference in optical signals, has completed its product line setup and is now in mass production, effectively meeting customer demand [4] - The supply chain for Faraday rotators, a core component of optical isolators, is currently tight due to increased demand for high-speed optical modules, with the company monitoring raw material market changes closely [5] - The company is actively expanding production capacity, with ongoing construction of the Nanchang production base and procurement of new equipment to support business growth [7] Group 4: Future Outlook - The company aims to focus on its core business of precision optical thin-film components, capitalizing on opportunities in smartphone optical innovation and expanding market share [7] - The optical communication business is entering a performance release phase, with a product matrix that includes optical isolators and WDM filters, driven by the growing demand for high-speed optical modules due to AI and data center developments [7]

Financial Performance - The company achieved operating revenue of 37,628.99 thousand yuan, a year-on-year increase of 42.29% [2] - Net profit attributable to shareholders reached 5,068.40 thousand yuan, up 107.35% year-on-year [2] - Revenue from imaging optical components was 25,146.40 thousand yuan, reflecting a 22.54% increase, driven by higher shipment volumes of infrared cutoff filters [2] - Revenue from communication optical components was 10,803.25 thousand yuan, a significant increase of 113.72%, attributed to the growing demand for high-speed optical modules [2] Gross Margin Insights - Imaging optical components' gross margin improved by 4.72 percentage points, mainly due to the increased revenue share of high-margin spin-coated filters and slight reductions in unit costs [3] - Communication optical components' gross margin rose by 10.24 percentage points, driven by optimized customer structure and higher revenue share of high-margin products [3] - Future gross margin improvements are anticipated as product structure optimization and scale effects continue [3] Product Development and Market Position - The company has completed the product line setup for optical isolators, with current capacity meeting order and customer demand [3] - The global supply of Faraday rotators is primarily dominated by foreign manufacturers, with domestic suppliers having limited output; market demand is increasing, leading to potential price adjustments [3] - The company is expanding its product range in optical communications, moving from low-speed to high-speed modules, with products like WDM filters and prisms already in sample or small batch production [4] Customer Engagement and Future Plans - The company is actively engaging with various customers across the spectrum of low-speed to high-speed optical communication products, particularly in the data communication market [4] - Decisions regarding overseas factory establishment will be driven by customer demand, with a commitment to respond proactively [4]

Group 1 - The core viewpoint is that Dongtian Micro (301183.SZ) does not currently produce Faraday rotation plates, which are essential raw materials for manufacturing optical isolators [1] - The company procures Faraday rotation plates for the production of optical isolators [1]

Core Viewpoint - The company does not currently produce Faraday rotation plates, which are essential raw materials for manufacturing optical isolators, and relies on procurement to meet production needs [2]. Group 1 - Investors inquired about the market coverage of the company's Faraday rotation plates among domestic optical module enterprises [2]. - The company confirmed that it sources Faraday rotation plates for the production of optical isolators, indicating a reliance on external suppliers [2]. - The company addressed concerns regarding ensuring stable supply in light of growing market demand [2].

现已获得下游客户数千万元的订单，多款产品实现批量出货。 微信公众号｜ipozaozhidao 据IPO早知道消息，成都飞锐特科技有限公司（以下简称"飞锐特"）日前完成数千万元人民币的A轮 融资，本轮融资由川流投资领投，道翼资本参投。 本轮资金将主要用于法拉第旋转片产品的扩产、毫米波铁氧体单晶等多种晶体材料及元器件产品的研 发。其中，法拉第旋转片是光模块的核心材料，毫米波铁氧体单晶是毫米波通信的核心材料。 在此之前，飞锐特于2023年9月获得北极光创投的天使轮投资；后于2024年10月完成由毅达资本领 投，苏高新创投、道翼资本、北极光创投参投的Pre-A轮融资。 成立于2023年6月的飞锐特由电子科技大学电子薄膜与集成器件国家重点实验室孵化。作为一家光 电、半导体领域的晶体材料及元器件核心产品厂商，现有主要产品包括法拉第旋转片、毫米波环行 器、磁光检测晶圆等。目前，飞锐特已获得下游客户数千万元的订单，多款产品实现批量出货。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 本文为IPO早知道原创 作者｜Stone Jin 穹彻智能获红杉中国领投数亿元 Pre-A+轮融 ...