公司围绕主业积极垂直整合，盈利能力不断提升从盈利能力来看，2025 年H1 公司销售毛利率为 47.43%，同比提升4.38pct；销售净利率为37.77%，同比提升6.05pct。2025Q2 公司销售毛利率达 46.64%，同比提升2.88pct，销售净利率达37.12%，同比提升3.64pct。受益于市场需求及公司产品结构 优化，促进公司毛利率不断提升，公司持续提高高速率光模块市场占有率，加速硅光、相干光模块、 800G/1.6T 光模块等行业前沿领域研究及商用，目前已与全球主流互联网厂商及通信设备商建立起了良 好的合作关系。 公司研发紧抓盈利期，积极提升综合竞争力 业绩表现亮眼，维持"买入"评级 公司发布2025 年半年报，2025 年H1 公司实现营收104.37 亿元，同比增加282.64%，实现归母净利润 39.42 亿元，同比增长355.68%，2025Q2 公司实现营收63.85 亿元，同比增长295.39%，环比增长 57.56%，实现归母净利润23.70 亿元，同比增长338.36%，环比增长50.70%。我们认为公司作为光模块 行业领军企业，有望持续受益于数据中心算力投资的发展，行业地 ...

编号：2025-005 | 投资者关系活动类别"选中 | □特定对象调研 □分析师会议 □业绩说明会 | □媒体采访 | | --- | --- | --- | | 项请打√" | □新闻发布会 □路演活动 □现场参观 √其他（电话会 | | | | 议） | | | | 中金公司，安信基金，Balance Investment，BEST INVESTMENT， | | | | ， ， ， BlackRock BRIGHTER INVESTMENT BROAD PEAK Caitong | | | | International，Cathay Site，Cathy Securities，Cephei capital，China Life | | | | Franklin，常春藤资产，冲积资产，大家资管，DANTAI CAPITAL，道仁 | | | | 资产，德劭投资，Discovering Investment，eFusion Capital，EIP Alpha， | | | | 复胜资产，富国基金，富唐资产，复星保德信，Fidelity，FOSUN HANI， | | | | 赋格投资，高毅资产，广发基金 ...

Core Viewpoint - The rapid growth of the optical module market in China, particularly for leading companies like Zhongji Xuchuang and Xinyi Sheng, is driven by increasing demand for AI data center communication equipment, with significant stock price increases observed in recent months [1][2][3]. Group 1: Market Performance - Xinyi Sheng and Zhongji Xuchuang saw stock price increases of 43.90% and 56.54% in June, followed by further increases of 41.96% and 27.22% by mid-July [1]. - The global market share of Chinese optical module companies has risen from 32% in 2018 to 55% in 2023, indicating strong competitiveness [1][6]. Group 2: Technology and Demand - Optical modules are essential for converting optical and electrical signals, with increasing demand driven by AI, cloud computing, and 5G technologies [3][4]. - The introduction of new AI models has significantly increased the demand for inference computing power, further boosting the need for optical modules [7][8]. Group 3: Financial Performance - Xinyi Sheng is projected to achieve a revenue of 8.647 billion yuan in 2024, a year-on-year increase of 179.15%, with a net profit of 2.838 billion yuan, up 312.26% [3]. - Zhongji Xuchuang expects to report a revenue of 23.8 billion yuan in 2024, reflecting a 122.64% year-on-year growth, and a net profit of 5.171 billion yuan, up 138.66% [4]. Group 4: Market Misjudgments - Initial market perceptions underestimated the growth potential of optical modules due to concerns over AI training costs and competition from new entrants like DeepSeek [5][6]. - The anticipated impact of international trade restrictions on domestic optical module manufacturers has not materialized, leading to improved market expectations [6]. Group 5: Future Outlook - The global shipment of 400G and above optical modules is expected to reach 6.4 million units in 2023, with projections of 20.4 million in 2024 and over 31.9 million in 2025, representing a year-on-year growth rate of 56.5% [8]. - The penetration rate of silicon optical modules is expected to reach 50% by 2025, driven by advancements in technology and market acceptance [10].

Summary of Conference Call on the Wafer Foundry Industry Industry Overview - The conference call focused on the wafer foundry industry, specifically Tower Semiconductor and its operations in various global markets including Israel, Japan, the United States, and Italy [1][3][4]. Key Points and Arguments Production Capacity and Utilization - Tower Semiconductor has multiple production bases globally but lacks a physical factory in China, relying instead on a cooperative testing facility [1][3]. - Utilization rates vary significantly across locations: - Israel: 60%-70% - Japan: 85% for the 12-inch joint venture factory, lower for the 8-inch traditional factory - Texas, USA: below 50% [4][6]. - The 8-inch CMOS sector is experiencing price reductions due to weak downstream demand, while the 12-inch product line faces intense competition [1][3][4]. Market Competition - The Chinese wafer foundry market is highly competitive, with local firms like SMIC and Hua Hong actively enhancing their capacity and technology, primarily starting from 55/65 nm CMOS processes [1][7]. - Price wars are ongoing, particularly in the analog product sector, with expectations of more mergers and acquisitions in the near future [1][8]. Geopolitical Influences - Geopolitical factors are driving domestic substitution, with major end customers requiring a certain percentage of their supply chain to be located domestically [1][9][10]. - This has led to larger domestic companies becoming secondary or tertiary suppliers [10][28]. Demand Trends - Demand for mobile RF components is currently stagnant, with no significant changes in purchasing intentions despite government incentives [11]. - Emerging markets such as automotive electronics and AI-driven optical modules have not yet fully replaced traditional mobile RF demand [11][18]. Technology and Product Development - Tower Semiconductor excels in RF and analog products, including BCD processes and specialized MEMS applications [2][5]. - The silicon photonics market is rapidly growing, with expected output increasing fivefold in 2024, contributing 15%-20% to overall revenue [3][20]. Future Outlook - The silicon photonics technology is anticipated to continue its high growth trajectory, with a significant expansion in the customer base [20]. - Domestic wafer foundries face challenges such as overcapacity and intense technological competition, particularly in the 12-inch market [26][28]. Additional Important Insights - The competition between design companies and wafer foundries is distinct, with wafer foundries adjusting capacity based on downstream demand rather than internal design competition [12][15]. - The domestic wafer foundry industry is currently in a phase of rapid development, but many companies are still in the early stages of technology accumulation, particularly in silicon photonics [24][25]. - Geopolitical factors are pushing domestic companies to seek partnerships with Asian firms to mitigate risks associated with reliance on U.S. technology and resources [28].

Summary of the Conference Call for NewEase (新易盛) Company Overview - NewEase is benefiting from the growth in AI computing power investments and product structure optimization, leading to a significant increase in stock price and alleviating investor concerns [2][4] Key Points Industry and Market Dynamics - The demand for high-speed products is increasing, with a notable rise in the shipment and sales proportion of 800G products in the first half of 2024 [2][6] - Anticipation of increased demand for 1.6T products in the second half of the year [2][7] - The overall industry outlook remains optimistic, with high demand expected to continue into next year [2][18] Financial Performance - In the first half of 2025, NewEase achieved revenue between 37 to 42 billion CNY, representing a year-on-year growth of over 300% [4] - The net profit for the second quarter reached 23.8 billion CNY, more than tripling year-on-year and increasing over 50% quarter-on-quarter [4] - Profit margins are stable with minor fluctuations, and no significant changes are expected [5] Production and Capacity Expansion - NewEase is rapidly expanding its second factory in Thailand, expected to be completed by the end of 2024, which will support increased capacity and customer demand [2][8] - The company is customizing the 1.6T production line based on different customer requirements, with expansion progressing smoothly [3][24] Product Development - Significant investments in silicon photonic modules through the acquisition of IPI and internal team development, with expectations for increased market share in this area [2][9] - The demand for silicon photonic products is rising, and certification processes are progressing well [9][16] Supply Chain Management - NewEase has effectively managed its supply chain, ensuring stable performance without significant disruptions due to material shortages [10][11] - The company is monitoring currency fluctuations, with no major impact on financial performance noted in the first half of the year [12] Customer and Market Strategy - The company is focusing on expanding its customer base, particularly in non-North American regions, while maintaining existing customer relationships [19] - There is an ongoing effort to meet customer demands for supply chain expansion and new supplier integration [24] Future Outlook - The overall industry demand is expected to remain high in the second half of the year and into next year, with NewEase optimistic about its capacity expansion plans [2][18] - The company is preparing for future product launches, including the anticipated ramp-up of 1.6T products [23] Additional Considerations - The impact of tariffs on optical modules is currently minimal, as products are temporarily exempt in the U.S. [17] - The company is continuously optimizing its pricing strategy and cost management to maintain profit margins [21][22]

Summary of Zhongji Xuchuang Conference Call Company Overview - **Company**: Zhongji Xuchuang - **Industry**: Optical Module Supply for AI Infrastructure Key Points and Arguments Financial Performance - In Q2 2025, Zhongji Xuchuang's net profit increased by approximately 75% year-on-year and 53% quarter-on-quarter, driven by revenue growth and improved gross and net profit margins [2][3][9] - The company reported a significant increase in revenue due to the rising demand for 800G and 400G optical modules, with a notable improvement in gross margin attributed to the higher proportion of high-speed products [3][10] Market Demand and Trends - The demand for 800G optical modules is expected to continue growing, particularly for inference applications, while the 1.6T product demand is anticipated to gradually increase [4][19] - Major clients in the industry are increasing capital expenditures on AI data centers, leading to sustained high demand for optical modules [4][9] Product Development and Capacity Expansion - Zhongji Xuchuang is actively expanding production capacity, especially overseas, to meet the growing demand for 800G and 1.6T products [7][9] - The company expects a significant increase in the revenue share of silicon photonic modules in 2025 and 2026, as more clients recognize and adopt silicon photonic solutions [2][11] Supply Chain and Pricing Strategy - The company maintains strong relationships with existing optical chip suppliers and is actively exploring new supply chain partners to ensure stability and meet demand [4][12][13] - Pricing strategies are competitive, adapting to customer needs while maintaining effective pricing based on market demand [14][15] Future Outlook - For the second half of 2025, Zhongji Xuchuang anticipates continued growth in customer demand, with an upward trend in profitability expected [6][9] - The company is preparing for increased shipments of 1.6T products in the latter half of the year, with expectations of more clients adopting this solution in 2026 [16][28] Market Dynamics - The North American market is expanding, with new clients emerging, particularly in the AI sector, which presents significant growth opportunities [21][29] - The overall market demand for optical modules is expected to remain robust, driven by advancements in AI and the need for enhanced computational infrastructure [22][28] Customer Engagement - In Q2 2025, some customers proactively increased their order sizes for the second half of the year, indicating strong demand signals [24] Additional Important Insights - The impact of tariff policies on net profit was minimal due to exemptions received, despite some costs incurred [17] - The contribution of minority shareholders to overall net profit is relatively small, around a few percentage points [18] This summary encapsulates the key insights from Zhongji Xuchuang's conference call, highlighting the company's strong financial performance, market demand trends, product development strategies, and future outlook in the optical module industry.

Core Viewpoint - The article highlights the advancements and innovations of Huagong Technology in the field of intelligent manufacturing and laser technology, emphasizing its commitment to sustainable agriculture and global competitiveness through technological self-reliance and deep industry engagement [1][3][12]. Group 1: Technological Innovations - Huagong Technology has developed the first all-weather intelligent laser weeding robot in China, which can effectively remove weeds without chemical agents, contributing to sustainable agricultural practices [1]. - The company has implemented the "Falcon Plan" since 2006, significantly increasing R&D investment and achieving breakthroughs in high-performance fiber lasers, ultraviolet lasers, and ultrafast lasers, establishing a competitive advantage in the industry [3][12]. - The introduction of the "Laser Intelligence AI" platform integrates AI technology into laser and intelligent manufacturing, enhancing decision-making capabilities in industrial processes [7]. Group 2: Industry Leadership and Market Position - Huagong Technology has transformed from a school-run enterprise to an industry leader, achieving continuous profit growth for 15 years since 2009 [3]. - The company has established partnerships with major firms like Zoomlion and Taiyuan Heavy Industry to create advanced manufacturing lines, showcasing its leadership in intelligent manufacturing [5]. - The market for optical chips is projected to exceed $5 billion by 2030, with silicon photonics expected to grow sixfold, positioning Huagong Technology as a key player in this emerging market [12]. Group 3: Strategic Vision and Future Goals - The company's product strategy for 2023 focuses on "global first, industry-leading, specialized, and innovative," aiming to lead rather than merely replace existing technologies [3]. - Huagong Technology aims to build a world-class enterprise by excelling in technology, management, and customer satisfaction, marking its 25th anniversary with a commitment to continuous improvement [12].

Summary of Conference Call Records Industry Overview - The optical module market is experiencing significant demand growth, with the forecast for 800G optical module demand revised from over 30 million units to nearly 40 million units in 2025, driven by increased demand from North American internet and cloud service providers, as well as companies like Oracle and XAAR [1][4] - The demand for 800G optical modules is expected to further increase to nearly 40 million units in 2026, while the demand for 1.6T optical modules is projected to reach 6-7 million units [1][4] Key Companies and Financial Performance - New Yisheng has shown outstanding performance in the optical module sector, rising to the third position in shipment rankings, with net profits comparable to leading manufacturer Xuchuang, although with a gross margin gap of about 15 percentage points [1][5] - Xuchuang is gradually improving its gross margin and net profit through economies of scale and cost reduction measures, while ZTE, as a leading company, is expected to see significant improvements in profitability [1][5] Market Trends and Future Outlook - The communication industry is performing well, ranking third in the Wande index from June to now, primarily driven by the optical module and optical device sectors [2][3] - The upcoming Marvell AI Day and continuous investments from cloud computing companies are expected to catalyze the development of the communication industry [1][6] - The market is increasingly focused on MPO manufacturers such as Taineng Optics, Bochuang Technology, and Shijia Photonics, which are expected to benefit from the ongoing demand for 800G modules [1][7] Upcoming Events - Two significant upcoming events include Marvell's AI Day on June 17, showcasing new technologies in AI infrastructure, and the MWC Shanghai conference from June 28 to 30, focusing on 5G and 6G wireless communication and AI applications [8][9] Notable Technologies and Segments - Passive devices like FPGA and MPU are expected to benefit from CPU advancements, with profit growth projected to reach 2-2.5 billion [1][7] - The penetration rate of silicon optical modules is expected to exceed 50%, benefiting companies like Yuanjing and Shijichangguang Huaxin [1][7][10] - In the transition from 5G to 6G, leading device manufacturers such as Taijing Technology are likely to continue benefiting from the global 5G development wave [10]

Core Viewpoint - The article highlights the strong institutional interest in certain stocks, particularly focusing on New Yi Sheng, which has shown significant net buying and positive growth projections from analysts [1] Group 1: Institutional Investment - Among the 30 stocks favored by institutions, four stocks including Runze Technology, New Yi Sheng, Chifeng Gold, and Tianfu Communication have seen substantial net buying, each exceeding 30 million yuan [1] - New Yi Sheng has been consistently favored by institutions for two consecutive years, with a net buying amount of 999.53 million yuan in 2024 and 1.56 billion yuan since 2025 [1] Group 2: Growth Projections - Analysts predict a remarkable net profit growth rate of 114.28% for New Yi Sheng in 2025, supported by its advancements in various optical module projects [1] - Zhongyuan Securities notes that New Yi Sheng's breakthroughs in silicon optical modules and related technologies are benefiting from the high demand for optical modules driven by global AI infrastructure development [1] Group 3: Market Performance - New Yi Sheng's stock has performed well in the secondary market, achieving a three-year consecutive annual increase, with a year-to-date rise of 17.85% [1]

Core Viewpoint - Company reported a revenue increase of 8.21% for the fiscal year 2024, driven by demand growth in the consumer electronics and new energy sectors [2] Financial Performance - In 2024, the company achieved an operating revenue of 782.65 million yuan, an increase of 59.37 million yuan compared to the previous year [2] - Operating costs rose to 636.98 million yuan, up 12.55% year-on-year, leading to a decline in gross margin by 3.14 percentage points [2] - The net profit attributable to shareholders was 66.41 million yuan [2] - For Q1 2025, the company reported a main revenue of 202 million yuan, a year-on-year increase of 27.66%, but a net profit decline of 48.82% to 10.77 million yuan [8] Market Demand and Growth Drivers - The growth in revenue is attributed to increased demand in the downstream consumer electronics and new energy industries, with functional device product sales recovering [2] - Future growth drivers include deepening relationships with existing high-quality clients, expanding product lines, and developing new clients in the semiconductor and battery sectors [5] Strategic Initiatives - The company plans to enhance cost control, optimize production capacity, and invest in new production bases to meet evolving customer needs [5] - It aims to extend its business into emerging sectors and increase R&D investment for high-speed optical modules and laser sensor products [5] Client Base and Industry Position - The company has established stable relationships with notable clients such as TL, LG Chem, Samsung Vision, and CATL, among others in the consumer electronics and new energy supply chains [4] - The company is focused on maintaining a competitive edge through technological innovation and comprehensive service offerings in the functional device market [5] Project Developments - The lithium battery new composite materials project is progressing steadily, with the main plant construction completed and equipment installation underway [7] - The subsidiary, Kewan Photonics, has launched its first 400G/800G high-speed optical module production line, achieving full production capabilities [7]