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长飞光纤(601869):主营业务提质增效,大力拓展新型光纤研发应用
Huaxin Securities· 2025-10-08 07:47
Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company is focusing on improving its main business and expanding the application of new optical fiber technologies, driven by the growing demand from data centers and AI construction [4][6]. - Despite facing pressure in the telecom market, the company is seizing structural opportunities by expanding into new applications such as metropolitan area networks and direct connections for computing clusters [5]. - The company is making forward-looking investments in hollow-core optical fibers, which have the potential to become a core technology for next-generation optical networks [6]. Financial Performance - In the first half of 2025, the company achieved a revenue of 6.384 billion yuan, a year-on-year increase of 19.38%, while the net profit attributable to shareholders decreased by 21.71% to 296 million yuan [4]. - The company’s non-deductible net profit increased by 14.75% to 138 million yuan [4]. - The company is expected to see revenue growth from 14.193 billion yuan in 2025 to 18.008 billion yuan in 2027, with corresponding EPS increasing from 1.23 yuan to 2.04 yuan [7][11]. Market Dynamics - The demand for standard single-mode optical fibers in the telecom market is declining, leading to a decrease in average prices [5]. - The company won a significant share of a centralized procurement by China Mobile for G.654.E optical cables, amounting to 3.1386 million core kilometers, which is expected to boost business growth [5]. Future Outlook - The company is positioned to benefit from the ongoing demand for optical fiber products driven by the expansion of data centers and advancements in AI technology [4][9]. - The hollow-core optical fiber technology is anticipated to be a game-changer, with the company making substantial progress in its research and commercialization [6].
亨通光电:创新驱动构建全价值链竞争力迎接光通信新一轮高速增长
Xin Lang Cai Jing· 2025-09-29 12:05
Core Insights - The light counting predicts that the market size for 800G Ethernet optical modules will exceed that of 400G by 2025, and the overall market for 800G and 1.6T optical modules will surpass $16 billion by 2029 [1] - The global optical communication industry is undergoing a structural transformation driven by AI, with unprecedented growth rates expected [1] - Hengtong Optic-Electric is positioned as a leading enterprise in China's optical communication industry, showcasing comprehensive technology layout and innovative vision at the 2025 PT Exhibition [1] Industry Trends - The demand for transmission bandwidth is increasing exponentially due to the rapid growth of AI-driven data centers and large-scale GPU clusters [1] - The "East Data West Computing" project is driving the upgrade of backbone networks, creating significant demand for the renovation of outdated networks [1] - The industry is transitioning from "quantitative change" to "qualitative change," with AI infrastructure and internationalization presenting unique opportunities [1] Company Developments - Hengtong Optic-Electric showcased its achievements in various fields, including high-speed optical modules and cross-data center interconnection solutions at the PT Exhibition [2] - The company has made significant progress in the marine communication sector, with over 108,000 kilometers of new submarine cables constructed [2] - Hengtong aims to become a global leader in information and energy interconnection solutions, focusing on AI computing infrastructure and integrated communication across air, land, and sea [2] Future Outlook - The company plans to enhance its supply capacity for high-end specialty optical fibers and modules to meet the explosive growth in AI computing demand [2] - Hengtong will continue to increase R&D investment and leverage synergies across its business segments to innovate in communication technologies [2] - The optical communication industry is poised for unprecedented development opportunities driven by the AI wave, with Hengtong playing a crucial role in this transformation [2]
长飞光纤(601869):光纤全球龙头,AI驱动新成长周期
HTSC· 2025-09-29 11:21
Investment Rating - The report initiates coverage on the company with a rating of "Buy" and sets a target price of RMB 115.52 / HKD 64.12, corresponding to a 2026 PE of 54x / 27x [1][5][7]. Core Views - The company is a global leader in the optical fiber preform, fiber, and cable industry, maintaining the largest market share since 2016. The report anticipates a new growth cycle driven by the rapid development of AI computing infrastructure, with high demand for hollow-core fibers, multimode fibers, and ultra-low loss single-mode fibers [1][3][20]. - The optical fiber and cable industry is characterized by high barriers to entry, heavy manufacturing, and broad applications, with domestic manufacturers leading globally. The report expects a new growth cycle in the optical fiber industry, particularly in data communication driven by AI applications [2][16][18]. Company Analysis - The company occupies a dominant position in the global optical fiber preform, fiber, and cable industry. It is transitioning from a manufacturing-focused entity to a platform-based company, expanding both vertically and horizontally within the optical communication industry [3][20]. - The company has established eight overseas production bases, with overseas revenue accounting for 33.7% in 2024, indicating a strong international presence [3][18][20]. Industry Analysis - The report highlights a high demand for optical fibers in data centers, with a projected CAGR of 76.0% for AI application-related fiber demand from 2020 to 2029. The hollow-core fiber technology is expected to have significant development potential in various applications [2][17]. - The telecommunications sector in China is experiencing a slowdown in demand, while overseas 5G fixed network construction is expected to boost optical fiber exports [2][17]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 8.65 billion, RMB 16.21 billion, and RMB 23.92 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 27.96%, 87.48%, and 47.51% [5][10]. - The report uses a 2026 valuation framework, assigning a PE of 54x for A-shares and 27x for H-shares, reflecting the company's leading position in the optical fiber industry and its deep engagement in new fiber technologies [5][10].
中信建投:阿里巴巴、OpenAI加码投资,持续推荐算力产业链
Xin Lang Cai Jing· 2025-09-29 00:13
中信建投研报表示,阿里巴巴在其云栖大会上表示正在积极推进三年3800亿元的AI基础设施建设计 划,并将会持续追加更大的投入,2032年阿里云全球数据中心的能耗规模相较于2022年将提升10倍。英 伟达与OpenAI宣布双方达成战略合作伙伴关系:OpenAI将部署至少10GW的英伟达系统,而英伟达也 将向OpenAI持续投资,投资总额最高达1000亿美元。近期算力板块呈现震荡走势,但从产业趋势来 看,无论是海外,还是国内,均在加码算力相关投资。算力的资本开支具有持续性,调整是机会,同时 建议积极关注OCS、CPO、CPC、空芯光纤等各种新技术、新产品商业化进展。 ...
中国银河证券:空芯光纤规模化落地加速 景气度快速提升
智通财经网· 2025-09-25 06:44
Core Viewpoint - Microsoft collaborates with Corning and Heraeus to scale up the production of hollow-core fiber (HCF), aiming to enhance the performance and reliability of AI networks and meet the growing demand for network infrastructure [1][2] Group 1: Industry Trends - The trend towards industrialization of hollow-core fiber is clear, with significant potential for demand growth in long-distance data transmission and applications requiring high reliability and low latency [3][4] - Hollow-core fiber can significantly increase transmission speed and reduce latency, achieving approximately one-third lower latency compared to traditional glass-core fibers [3] Group 2: Company Developments - Microsoft acquired Lumenisity in 2022 and launched the world's first hollow-core fiber factory in the UK, with plans to deploy 15,000 kilometers of hollow-core fiber over the next two years [2] - Corning's manufacturing facility in North Carolina will produce HCF for Microsoft, expanding global fiber production and supporting Azure's network deployment [1][2] Group 3: Competitive Landscape - Domestic and international enthusiasm for the industrialization of hollow-core fiber is high, with companies like China Mobile launching commercial lines and Microsoft and Amazon actively promoting its use [4] - The current market for hollow-core fiber is relatively small, but companies with technological and patent advantages are expected to lead, with domestic firms like Hengtong Optic-Electric and Zhongtian Technology positioning themselves well for market share [4][5]
长飞光纤光缆股价连续下跌,原并列第一大股东清仓,半年内抛售公司23.73%股份
Zhi Tong Cai Jing· 2025-09-25 04:35
消息面上,长飞光纤近期发布公告称,9月19日,原第一大股东Draka Comteq B.V.已于2025年通过香港联交所出售公司3759.53万股H股股份,占公司总股本 的5%。此次交易完成后,Draka Comteq B.V.正式完成了对公司H股股票的清仓。值得注意的是,截至今年3月底,DrakaComteqB.V.和中国华信邮电科技有限 公司并列长飞光纤第一大股东,持股比例都是23.73%。 今日, 一度跌超5%,近4个交易日累计跌超10%,截至发稿,跌3.83%,报55.2港元,成交额34.64亿港元。 此外,长飞光纤表示,公司注意到近期市场对算力数据中心相关光纤光缆产品,尤其是空芯光纤关注度较高。目前与数据中心相关的光纤光缆产品占全球光 纤光缆需求总量的比例较小,其中,空芯光纤作为行业前沿产品,其应用仍处于早期阶段,尚未形成规模销售、尚未形成稳定的价格及利润水平,后续业务 发展也有待于产业链的进一步成熟。目前,空芯光纤相关业务尚未对公司财务数据产生明显影响。 编辑/KOKO ...
长飞光纤光缆再跌超6% 原并列第一大股东清仓 半年内抛售公司23.73%股份
Zhi Tong Cai Jing· 2025-09-25 01:59
此外,长飞光纤表示,公司注意到近期市场对算力数据中心相关光纤光缆产品,尤其是空芯光纤关注度 较高。目前与数据中心相关的光纤光缆产品占全球光纤光缆需求总量的比例较小,其中,空芯光纤作为 行业前沿产品,其应用仍处于早期阶段,尚未形成规模销售、尚未形成稳定的价格及利润水平,后续业 务发展也有待于产业链的进一步成熟。目前,空芯光纤相关业务尚未对公司财务数据产生明显影响。 消息面上,长飞光纤近期发布公告称,9月19日,原第一大股东Draka Comteq B.V.已于2025年通过香港 联交所出售公司3759.53万股H股股份,占公司总股本的5%。此次交易完成后,Draka Comteq B.V.正式 完成了对公司H股股票的清仓。值得注意的是,截至今年3月底,DrakaComteqB.V.和中国华信邮电科技 有限公司并列长飞光纤第一大股东,持股比例都是23.73%。 长飞光纤(601869)光缆(06869)再跌超6%,截至发稿,跌5.14%,报54.45港元,成交额3.55亿港元。 ...
港股异动 | 长飞光纤光缆(06869)再跌超6% 原并列第一大股东清仓 半年内抛售公司23.73%股份
智通财经网· 2025-09-25 01:58
智通财经APP获悉,长飞光纤光缆(06869)再跌超6%,截至发稿,跌5.14%,报54.45港元,成交额3.55亿 港元。 消息面上,长飞光纤近期发布公告称,9月19日,原第一大股东Draka Comteq B.V.已于2025年通过香港 联交所出售公司3759.53万股H股股份,占公司总股本的5%。此次交易完成后,Draka Comteq B.V.正式 完成了对公司H股股票的清仓。值得注意的是,截至今年3月底,DrakaComteqB.V.和中国华信邮电科技 有限公司并列长飞光纤第一大股东,持股比例都是23.73%。 此外,长飞光纤表示,公司注意到近期市场对算力数据中心相关光纤光缆产品,尤其是空芯光纤关注度 较高。目前与数据中心相关的光纤光缆产品占全球光纤光缆需求总量的比例较小,其中,空芯光纤作为 行业前沿产品,其应用仍处于早期阶段,尚未形成规模销售、尚未形成稳定的价格及利润水平,后续业 务发展也有待于产业链的进一步成熟。目前,空芯光纤相关业务尚未对公司财务数据产生明显影响。 ...
通信行业行业点评报告:空芯光纤规模化落地加速景气度快速提升
Investment Rating - The report maintains a "Recommended" rating for the communication industry [3]. Core Insights - The enthusiasm for the industrialization of hollow-core fiber optics is high both domestically and internationally, with domestic manufacturers expected to leverage cost and technological advantages to capture a significant market share [2]. - Major companies like Microsoft are actively pursuing the industrialization of hollow-core fiber optics, with plans to increase global production to meet the growing demand for network infrastructure [5]. - The hollow-core fiber optics technology promises to significantly enhance transmission speed and reduce latency, making it a competitive medium for global optical communication [5]. Summary by Sections Industry Overview - The hollow-core fiber optics market is currently small, but manufacturers with technological and patent advantages are in a leading position. Companies like Lumensity and Changfei Fiber Optics are at the forefront, while domestic players such as Hengtong Optic-Electric and Zhongtian Technology are also making strategic moves [2]. Market Dynamics - The report highlights that the demand for multi-mode fiber optics is increasing, and as the industrialization of hollow-core fiber optics accelerates, domestic manufacturers are expected to achieve large-scale shipments and capture a larger market share [2]. Technological Advancements - Hollow-core fiber optics utilize air or inert gas instead of solid fiber cores, which allows for faster signal transmission and reduced latency compared to traditional glass fiber optics. This technology is particularly beneficial for data centers, which are expanding in scale and energy consumption [5]. Investment Recommendations - The report suggests focusing on companies such as Changfei Fiber Optics, Hengtong Optic-Electric, and Zhongtian Technology for potential investment opportunities in the hollow-core fiber optics sector [6].
通信行业点评报告:空芯光纤规模化落地加速景气度快速提升
Yin He Zheng Quan· 2025-09-24 11:20
Investment Rating - The report maintains a "Recommended" rating for the communication industry [3] Core Viewpoints - The enthusiasm for the industrialization of hollow-core fiber optics is high both domestically and internationally, with domestic manufacturers expected to leverage cost and technological advantages to capture a significant market share [2] - Major companies like Microsoft, Corning, and Heraeus are actively collaborating to advance the production of hollow-core fiber optics, with Microsoft planning to lay 15,000 kilometers of this fiber in the next two years [5] - Hollow-core fiber optics can significantly enhance transmission speed and reduce latency, making it a promising medium for future global optical communication [5] Summary by Sections Industry Overview - The hollow-core fiber optics market is currently small, but manufacturers with technological and patent advantages are in a leading position [2] - Companies such as Lumensity and Yangtze Optical Fibre are key players in the hollow-core fiber production, with other domestic firms like Hengtong Optic-Electric and Zhongtian Technology also making strategic moves [2] Market Dynamics - The demand for multi-mode fiber is expected to rise, and as the industrialization of hollow-core fiber accelerates, domestic manufacturers are likely to achieve large-scale shipments [2] - The collaboration between Microsoft and Corning aims to enhance the performance and reliability of AI networks through the production of hollow-core fiber [5] Future Outlook - The report suggests that while there are still technical challenges to overcome for mass production, the trend towards industrialization of hollow-core fiber optics is clear, with significant growth expected in demand for long-distance data transmission applications [5]