Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the next 12 months [7]. Core Insights - The company has experienced significant growth in net profit, with a remarkable increase in revenue driven by demand in the data communication market, particularly benefiting from AI computing needs [3][6]. - The company's active products have made breakthroughs, adapting to various application scenarios, including stable supply of DFB laser chips for access networks and successful small-scale shipments of silicon photonic modules [4]. - The company leads in passive products, with enhanced supply capabilities for AWG components, and has successfully introduced DWDM AWG products into mainstream equipment supply chains [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 999.3 million yuan, a year-on-year increase of 121.12%, and a net profit attributable to shareholders of 217 million yuan, a year-on-year increase of 1712.00% [3]. - The company forecasts revenues of 2.002 billion yuan, 2.835 billion yuan, and 3.743 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.02 yuan, 1.47 yuan, and 1.94 yuan [6][9]. Product Development - The company has a comprehensive product lineup, including 2.5G and 10G DFB laser chips, which are crucial for access networks, and has made advancements in CW DFB laser chips for silicon photonic modules [4]. - The company is also expanding its product offerings in high-speed optical modules, with successful developments in 100G EML and 50G PON products [4][5]. Market Position - The company is recognized as a leading manufacturer of a full range of PLC optical splitters, AWG chips, and components, with a strong presence in the supply chain for high-speed optical modules ranging from 100G to 800G [5]. - The demand for optical communication products is rapidly increasing, positioning the company for new growth opportunities in the market [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [24]. Core Insights - The company has experienced rapid growth in net profit, driven by increased demand for optical communication products due to AI advancements. In H1 2025, the company achieved a revenue of 993 million yuan, a year-on-year increase of 121.12%, and a net profit of 217 million yuan, a staggering increase of 1712.00% [5][8]. - The company's main business segments include optical chips and devices, indoor optical cables, and polymer materials, contributing 70.52%, 15.11%, and 12.66% to revenue respectively in H1 2025 [8]. - The company has established a complete IDM (Integrated Device Manufacturer) business system, enhancing its core competitiveness in the optical communication field [8]. Financial Performance - In H1 2025, the gross profit margin was 37.38%, an increase of 13.57 percentage points year-on-year. The company has focused on improving the supply chain efficiency of core products, leading to a decrease in unit costs [8]. - The company’s R&D investment in H1 2025 was 61 million yuan, reflecting a year-on-year increase of 14.01% [8]. Market Trends - The demand for optical communication products is rapidly increasing due to the scaling growth of AI models and computing power. The optical chip market is expected to grow at a CAGR of 17% from 2025 to 2030 [12]. - The company’s products, such as AWG components and high-density optical fiber connectors, have been widely adopted by major global optical module companies, indicating a strong market position [11]. Profit Forecast - The company is projected to achieve net profits of 493 million yuan, 721 million yuan, and 956 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 70.25X, 48.08X, and 36.25X [11].

Core Insights - The capital market is witnessing a significant performance disclosure season, with over 1,300 listed companies reporting their mid-year results, showing a positive trend in revenue and net profit growth [1][2][3] Group 1: Overall Market Performance - More than 800 companies reported revenue growth, with 88 companies achieving over 50% growth and 23 companies exceeding 100% growth [2] - The top three companies in revenue growth are Haichuang Pharmaceutical, Xianfeng Holdings, and Beijing Culture, with growth rates of 11,899.08%, 2,048.03%, and 1,944.24% respectively [2][3] Group 2: Profitability - Over 700 companies reported an increase in net profit, with 16 companies experiencing growth rates exceeding 1,000% [3] - Leading companies in net profit growth include Xianda Co., Zhimingda, and Rongzhi Rixin, with growth rates above 2,000% [3] Group 3: Communication Equipment Industry - The communication equipment sector stands out with over 70% of companies reporting revenue and net profit increases, significantly outperforming the market average [4][6] - Among 34 listed companies in this sector, 25 reported revenue growth, with 6 companies achieving over 50% growth [4] - Shijia Guangzi leads in both revenue and net profit growth, with revenue of 993 million and net profit of 217 million, reflecting growth rates of 121.12% and 1,712% respectively [4][5] Group 4: Stock Performance - Nearly 80% of communication equipment companies saw their stock prices rise, with the highest increase being over 270% for Shijia Guangzi [7][8] - Companies like Ding Tong Technology and Guangku Technology also reported significant stock price increases of over 120% and approximately 80% respectively [7] - Conversely, companies with declining stock prices often reported poor performance, such as Hainengda and Dongruan Zhaibo, with revenue declines of 17.50% and 9.46% respectively [7] Group 5: Market Drivers - The growth in the communication equipment sector is driven by the ongoing 5G network construction, rapid development of cloud computing and data centers, and trends towards technological upgrades and domestic substitution [6][8]

新华网北京8月18日电（韩永先 实习生唐赫繁）7月30日，仕佳光子（688313.SH）公布2025年半年 度报告，公司上半年实现营业收入9.93亿元，同比增长121.12%；扣非净利润实现2.14亿元，同比增幅 高达12667.42%。2024年，仕佳光子全年营收仅为10.75亿元，公司2025年上半年业绩已接近去年全年水 平。 分业务板块来看，今年上半年，仕佳光子光芯片和器件产品收入6.99亿元，同比增长190.92%，成 为核心增长引擎；公司室内光缆产品收入1.50亿元，同比增长52.93%；线缆高分子材料产品收入1.26亿 元，同比增长23.39%。 财报显示，仕佳光子今年上半年在境外市场也取得不错成绩，公司上半年境外收入4.52亿元，同比 增长323.59%，占总收入比例达45.50%。公司在半年报中指出，通过技术研发与全球化布局，实现了各 业务板块的协同增长，核心产品竞争力显著提升，为全年业绩目标的达成奠定了坚实基础。 技术层面，公司管理层指出，当前光通信技术迭代加速，若公司不能持续保持研发投入或技术突破 不及预期，可能面临核心竞争力下降的风险。此外，公司研发失败风险显著，新产品需经过客户严格认 ...

Core Viewpoint - The company has demonstrated significant growth driven by the development of artificial intelligence and the rapid expansion of the data communication market, showcasing its competitive advantages and increased customer recognition [3][6]. Group 1: Financial Performance - The company reported a revenue of 990 million, representing a year-on-year growth of 121.1% [3]. - The non-GAAP net profit reached 210 million, with an astonishing year-on-year growth of 12667.4% [3]. Group 2: Business Segments - Orders for products related to optical chips and devices, indoor optical cables, and polymer materials for cables have all seen varying degrees of growth compared to the same period last year [4]. Group 3: Operational Efficiency - The company has enhanced its operational management capabilities, focusing on cost reduction and efficiency improvement, which has led to increased product yield and competitiveness [5].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's performance exceeded expectations, driven significantly by AI demand for optical device products, with a revenue of 993 million yuan in the first half of 2025, representing a year-on-year growth of 121.1% [1] - The net profit attributable to the parent company reached 217 million yuan, a staggering increase of 1712.0% year-on-year, with a non-recurring net profit of 214 million yuan, up 12667.4% [1] - The company is increasing its R&D investment to strengthen its positioning in advanced fields, with notable progress in high-end products [3] - The acquisition of a majority stake in Fokexima, a leading MT connector supplier, is expected to enhance the company's control over core raw materials and reduce overall product costs [4] - The company forecasts significant profit growth for 2025 to 2027, with net profits projected at 452 million, 661 million, and 855 million yuan respectively, corresponding to PE ratios of 56, 39, and 30 [4] Revenue Structure Summary - In the first half of 2025, the revenue breakdown includes: - Optical chips and devices: 700 million yuan, up 190.9% - Indoor optical cables: 150 million yuan, up 52.9% - Cable polymer materials: 126 million yuan, up 23.4% [2] - The overall gross margin for the first half of 2025 was 37.38%, a significant increase from 26.33% in 2024 [2] R&D Investment Summary - R&D expenses for 2023, 2024, and the first half of 2025 were 96 million, 103 million, and 61 million yuan respectively, indicating a commitment to innovation [3] - The company has developed new products suitable for high-capacity optical modules and is making progress in client validation [3] Financial Forecast Summary - The projected financial metrics for 2024 to 2027 include: - Revenue: 1,075 million (2024), 2,070 million (2025), 2,832 million (2026), 3,544 million (2027) - Net profit: 65 million (2024), 452 million (2025), 661 million (2026), 855 million (2027) [5][10]

Core Insights - The CPO (Co-Packaged Optics) sector has seen significant activity, with the CPO index rising nearly 20% in July, driven by strong demand in the Chinese market and the approval of H20 chips for export to China [1][2] - Companies like Shijia Photon have reported impressive earnings growth, with a 121.12% increase in revenue and a 1712.00% rise in net profit for the first half of 2025, attributed to the rapid growth of the data communication market driven by AI [2][3] Company Performance - Shijia Photon achieved a revenue of 993 million yuan and a net profit of 217 million yuan in the first half of 2025, marking the first time its net profit exceeded 100 million yuan since its listing [2][3] - The company’s revenue from optical chips and devices grew by 190.92%, indoor cable business increased by 52.93%, and polymer materials for cables rose by 23.39% [2][3] Market Expansion - Shijia Photon is accelerating its overseas market expansion, with foreign revenue reaching 452 million yuan, a 323.59% increase, accounting for 45.50% of total revenue [3] - The company has established a subsidiary in Singapore and is expanding production capacity in Thailand [3] Financial Management - R&D expenses for Shijia Photon reached 61.42 million yuan, while management expenses grew by 54.66% to 50 million yuan, reflecting the company's expansion and operational improvements [3] - Short-term borrowings increased by 1905.29% to 206 million yuan, indicating a significant rise in funding needs for production expansion [3] Strategic Acquisitions - Shijia Photon plans to acquire an 82.38% stake in Dongguan Fokexima Communications Technology to enhance its MPO supply chain, with the share price set at 28.24 yuan per share [4][5] - Fokexima has shown substantial growth, with a revenue of 270 million yuan in 2024, up 225.04%, and a net profit of 79.94 million yuan, up 338.64% [4][5] Future Outlook - Goldman Sachs has raised its sales forecasts for 800G optical transceiver modules for 2025 and 2026, predicting a market value of 12.73 billion USD and 19.37 billion USD respectively, indicating strong growth potential in the optical module market [5][6] - Shijia Photon’s stock price surged from 16.98 yuan at the beginning of the year to a high of 66.95 yuan, reflecting a 263.84% increase, although it experienced a decline of over 7% following major announcements [6]

据证券之星公开数据整理，近期仕佳光子（688313）发布2025年中报。截至本报告期末，公司营业总收 入9.93亿元，同比上升121.12%，归母净利润2.17亿元，同比上升1712.0%。按单季度数据看，第二季度 营业总收入5.56亿元，同比上升121.55%，第二季度归母净利润1.23亿元，同比上升3414.06%。本报告 期仕佳光子应收账款上升，应收账款同比增幅达70.86%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率37.38%，同比增56.96%，净利率21.83%，同比 增719.47%，销售费用、管理费用、财务费用总计6587.46万元，三费占营收比6.64%，同比减25.51%， 每股净资产3.03元，同比增21.93%，每股经营性现金流0.02元，同比增158.09%，每股收益0.48元，同比 增1715.53% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.49亿 | 2766'6 | 121.12% | | 归母净利润(元) | 1195.63万 | 2.17亿 | 1712. ...

Revenue and Profit Growth - The company reported a total operating revenue of 993 million yuan, an increase of 121.12% year-on-year. The net profit attributable to shareholders reached 217 million yuan, up 1712.0% year-on-year, while the net profit excluding non-recurring items was 214 million yuan, a staggering increase of 12667.42% year-on-year in the first half of 2025 [1] - In the second quarter alone, the operating revenue was 556 million yuan, reflecting a year-on-year increase of 121.55%. The net profit attributable to shareholders for this quarter was 123 million yuan, up 3414.06% year-on-year, and the net profit excluding non-recurring items was 122 million yuan, an increase of 4790.61% year-on-year [1] Enhanced Profitability - The company's gross margin stood at 37.38%, an increase of 56.96% year-on-year, while the net profit margin was 21.83%, reflecting a significant increase of 719.47% year-on-year, indicating improved cost control and profitability [2] Effective Cost Control - Total selling, administrative, and financial expenses amounted to 65.87 million yuan, accounting for 6.64% of revenue, which is a decrease of 25.51% year-on-year, showcasing effective cost management [3] Accounts Receivable and Cash Flow Concerns - The accounts receivable reached 503 million yuan, a year-on-year increase of 70.86%, with accounts receivable to profit ratio at 775.28%. Additionally, cash and cash equivalents were 318 million yuan, down 2.65% year-on-year, with a cash to current liabilities ratio of only 56.09%. The net cash flow from operating activities was approximately 11.16 million yuan, up 158.09% year-on-year, but the average operating cash flow to current liabilities ratio over the past three years was only 14.09%, indicating a need for attention to accounts receivable recovery and cash flow status [4] Main Business Revenue Composition - Revenue from optical chips and devices amounted to 700 million yuan, accounting for 70.52% of total revenue. Among these, revenue from AWG-related products was 311 million yuan, making up 31.32% of total revenue, while revenue from fiber optic connectors and jumpers was 298 million yuan, representing 30.04% of total revenue. Indoor cable revenue was 150 million yuan, accounting for 15.11%, and revenue from cable polymer materials was 126 million yuan, making up 12.66% of total revenue [5] Domestic and International Revenue Distribution - Domestic revenue was 524 million yuan, accounting for 52.79% of total revenue, while international revenue was 452 million yuan, representing 45.50% of total revenue, with a year-on-year growth of 323.59% [6] Core Competitiveness - The company has continuously invested in R&D, mastering key chip core technologies and forming a complete IDM business system, which provides full-chain autonomy. Through collaborations with mainstream module companies and equipment manufacturers, the company is expanding its customer base and increasing market share. Additionally, the company boasts a professional R&D team composed of PhDs and Masters, capable of supporting comprehensive R&D and production needs in optics, electronics, and thermal areas [7]

Core Viewpoint - The stock price of Shijia Photon has surged by 10%, reaching a historical high of 66.95 yuan per share, with a total market capitalization of 30.68 billion yuan [1]. Financial Performance - In the first half of the year, Shijia Photon achieved a revenue of 993 million yuan, representing a year-on-year increase of 121.12%. The net profit was 217 million yuan, up 1712%, and the non-recurring net profit was 214 million yuan, soaring by 12667.42% [4][6]. - For the second quarter, revenue was 556 million yuan, a year-on-year growth of 121.55%, with a net profit of 123 million yuan, reflecting a year-on-year increase of 3414.06% and a quarter-on-quarter growth of 32.47% [4][5]. Business Segments - The main business segments, including optical chips and devices, indoor optical cables, and polymer materials, all saw significant growth in orders. Revenue from optical chips and devices reached 700 million yuan, up 190.92%, while indoor optical cables generated 150 million yuan, a 52.93% increase, and polymer materials brought in 126 million yuan, growing by 23.39% [6][7]. - International revenue amounted to 452 million yuan, marking a 323.59% increase and accounting for 45.5% of total revenue [6][7]. Market Dynamics - The rapid growth in the data communication market is driven by advancements in AI, with Shijia Photon adapting to market demands and enhancing its product competitiveness [4][6]. - The company has completed the R&D of 1.6T optical module AWG chips and components, which are now in customer validation stages, and has successfully developed new products for data centers and AI computing [7]. Stock Performance - Since April 9, Shijia Photon’s stock has increased by over 373%, rising from 12.74 yuan per share to 66.95 yuan per share, translating to more than a fivefold increase. From a low of 6.74 yuan per share last February, the stock has nearly increased tenfold in just over a year [8][9]. Strategic Moves - In addition to its impressive financial performance, Shijia Photon plans to acquire approximately 82% of Fokexima's shares to deepen its footprint in the optical communication sector [10].