证券研究报告 亨通光电 (600487 CH) 业绩稳健增长，开拓 AI 新型光纤 2025 年 8 月 26 日│中国内地 通信设备制造 公司 2025 年 H1 实现营收 320.49 亿元（yoy+20.42%），归母净利 16.13 亿元（yoy+0.24%），扣非净利 15.71 亿元（yoy+3.69%）；其中 Q2 实现 营收 187.81 亿元（yoy+26.64%，qoq+41.55%），归母净利 10.56 亿元 （yoy-3.63%，qoq+89.74%），低于我们此前预测（13.15 亿元），主因公 司毛利率因产品结构变化导致同比有所下滑。报告期内，公司持续加强能源 与通信业务布局，加快海底电缆、海底观测网、AI 新型光纤、新能源汽车 高压线缆等高景气赛道的开拓。我们看好公司海洋能源与通信、光通信、智 能电网等业务发展前景。维持"买入"评级。 2Q25 毛利率同比下滑，期间费用率同比收窄 公司 1H25 综合毛利率为 13.59%（同比-2.96pct），或主因产品结构变化， 以及铜、铝等原材料成本提升，未来海洋业务增长有望推动利润率结构性改 善；归母净利率 5.03%（同比-1.01 ...

Core Insights - The 20th Optics Expo showcased significant advancements in the optoelectronics industry, with nearly 100 core technologies making their debut [1][5] - High-tech products such as high-resolution infrared detectors and advanced laser manufacturing equipment were highlighted, indicating China's strong position in these sectors [2][3] Group 1: Company Innovations - Gaode Infrared introduced a 5-megapixel high-temperature mid-wave cooled infrared detector, marking it as the first of its kind in China and breaking technological barriers in this field [3] - Huagong Technology presented a complex curved six-axis laser micro-hole processing equipment capable of completing micro-hole processing with a diameter of less than 0.3 mm in just 2 seconds, targeting aerospace and shipbuilding industries [2] - Yifei Laser showcased its cylindrical full-tab lithium battery laser welding equipment, recognized as a national manufacturing single champion, emphasizing its leading position in this niche market [2] Group 2: Industry Collaboration and Development - The event facilitated collaboration among leading optoelectronic companies, with a complete industry chain established in the Wuhan Optics Valley, enhancing cooperation between component manufacturers and optical chip producers [5] - The National Digital Design and Manufacturing Innovation Center presented a self-developed adsorption-type mobile processing robot, emphasizing the importance of practical industry validation for technological advancements [3][5] - Zhang Yan, General Manager of Gaode Infrared, encouraged entrepreneurs to engage in global competition, asserting that Chinese optoelectronic companies possess the strength and confidence to expand internationally [5]

Core Viewpoint - The 20th "China Optics Valley" International Optoelectronics Expo marks a significant event in the global optoelectronics industry, showcasing China's advancements and leadership in this field [1][10]. Industry Overview - Wuhan is recognized as the birthplace of China's first optical fiber and has played a pivotal role in advancing the optoelectronics industry over the past fifty years [1]. - The city has established itself as a global leader in optical communication technologies, with companies like Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC) showcasing cutting-edge innovations such as hollow core fibers [7][10]. Technological Advancements - YOFC is the only company globally that has independently mastered three mainstream optical fiber preform preparation technologies and has successfully industrialized them [7]. - The industry has seen significant breakthroughs, including the creation of world records in optical transmission capacity by companies like FiberHome Technologies Group [9]. Innovation and Growth - Wuhan's optical electronics industry has achieved a remarkable growth trajectory, with the sector's scale surpassing 765.5 billion yuan, 820.9 billion yuan, and 977.4 billion yuan in recent years, making it the largest industry in Hubei province [14]. - The city ranks 13th globally in the 2024 Global Innovation Index, reflecting a 30-position increase since 2018, indicating a strong focus on technological innovation [10]. Industry Collaboration and Future Plans - The expo features nearly a hundred core technologies debuting in the optoelectronics field, with leading enterprises and "little giant" companies participating [10]. - Plans such as the "World Optics Valley Construction Action Plan" and the "Three-Year Action Plan for Breakthrough Development of Optoelectronic Information Industry" have been initiated to further enhance the industry [21][22].

Group 1 - The core point of the news is that Changying Tong (688143.SH) is undergoing a share transfer and buyback process, with a shareholder planning to sell 1% of the company's shares due to funding needs, while the company has already repurchased approximately 113,000 shares [1] - The shareholder, Aerospace National Adjustment Fund, intends to transfer 1% of the company's shares, which amounts to 1.2237 million shares, and the buyer must be an institutional investor with appropriate pricing and risk-bearing capabilities [1] - As of the end of April, Changying Tong has repurchased shares worth approximately 22.85 million yuan, accounting for 0.9224% of the total share capital, with plans to use 20 million to 40 million yuan for future buybacks [1] Group 2 - In terms of performance, Changying Tong reported a revenue of 65.4635 million yuan in Q1 2025, representing a year-on-year growth of 14.75%, and a net profit of 8.276 million yuan, up 26.76% year-on-year [2] - The company has increased its R&D investment, which reached 7.22 million yuan in Q1 2025, accounting for 11.03% of its revenue, compared to 10.24% in 2024 [2] - Changying Tong plans to launch several key products at the upcoming 20th Optical Expo, including a femtosecond laser fiber grating writing system and a laser beam quality analyzer [2]