Core Viewpoint - The company, Hengtong Optic-Electric, has made significant advancements in the field of hollow optical fibers, achieving international standards in loss performance and demonstrating the capability for large-scale delivery by 2025 [2] Group 1: Research Achievements - Hengtong Optic-Electric's hollow core anti-resonant optical fiber has achieved a loss of ≤0.2 dB/km in specific wavelength bands, reaching internationally advanced levels [2] - The company has independently innovated and established a comprehensive core preparation technology system for hollow optical fibers [2] Group 2: Future Plans - The company plans to invest in an AI advanced optical fiber materials R&D and manufacturing center, with construction set to begin in September 2025 and completion expected by February 2026 [2] - The first phase of investment will add multiple production lines and advanced equipment for the manufacturing of ultra-low loss hollow fibers, ultra-low loss multi-core fibers, and high-performance multi-band multimode fibers [2] - These developments aim to continuously enhance the company's capacity for large-scale delivery [2]

Core Viewpoint - The demand for high-performance information transmission carriers is urgent in the era of AI, with companies like Hengtong Optic-Electric investing in advanced optical fiber materials to meet the needs of AI, cloud computing, and 5G-A applications [1][2][3] Group 1: Company Developments - Hengtong Optic-Electric has officially commenced the construction of its advanced optical fiber materials expansion project, which is expected to be completed by February 2026 [1] - The expansion project covers over 200 acres and will introduce more than 100 advanced equipment for processes, testing, and auxiliary functions [2] - The core products of this expansion include ultra-low loss hollow-core fibers, ultra-low loss multi-core fibers, and high-performance multi-band multimode fibers, which are designed to enhance data transmission efficiency [1][2] Group 2: Industry Trends - The traditional single-mode optical fibers are no longer sufficient to meet the real-time data interaction demands of AI training clusters, necessitating the development of more advanced optical fibers [1][2] - The advancements in optical fiber technology are seen as crucial for building a robust digital infrastructure that can support the increasing computational demands of emerging technologies [3] - Companies that develop superior information transmission "pipelines" will have a competitive edge in managing the data flow, highlighting the importance of both chip technology and the strength and speed of the connections [2][3]

Group 1 - The core viewpoint of the articles emphasizes the urgent demand for high-performance information transmission carriers in the context of the AI wave and the global AI arms race, highlighting the significance of special optical fibers in facilitating efficient data flow [1][2][3] - Hengtong Optic-Electric has officially commenced the construction of its advanced optical fiber materials R&D and manufacturing center, with plans for completion by February 2026, marking a significant expansion aimed at creating a more powerful and intelligent "neural network" for AI, cloud computing, and 5G-A [1][2] - The expansion project will cover over 200 acres and will introduce more than 100 advanced equipment sets for processes, testing, and public utilities, showcasing Hengtong's commitment to innovation in the special optical fiber sector [2] Group 2 - The core products of the expansion include ultra-low loss hollow-core fibers, ultra-low loss multi-core fibers, and high-performance multi-band multimode fibers, which are designed to meet the stringent requirements of real-time data interaction in AI training clusters [1][2] - Hengtong's strategic investments in high-end optical materials, precision tubing, and hollow-core fiber R&D reflect a forward-thinking "ecological mindset," positioning the company to meet engineering performance requirements and demonstrating its industrialization capabilities [2] - The article suggests that in the era defined by AI and computing power, the strength and speed of the information transmission "pipes" are crucial, indicating that Hengtong's investment in advanced optical fiber materials is aligned with the irreversible trend of future computing advantages [2][3]

证券研究报告 | 公司点评报告 2025 年 08 月 08 日 强烈推荐（维持） 目标估值：NA 当前股价：16.06 元 基础数据 AI 先进光纤材料研发制造中心扩产项目启动建设 TMT 及中小盘/通信 事件：根据公司公众号，亨通光电 AI 先进光纤材料研发制造中心扩产项目已于 近期正式投入建设，计划 2026 年 2 月竣工。该项目占地 200 多亩，一期投资 将新增工艺、检测及公辅等先进设备 100 多套，主要用于超低损空芯光纤、超 低损多芯光纤和高性能多波段多模光纤等特种光纤的生产。为了在 AI、云计算、 万物互联、5G-A 通信产业等相关技术成熟及应用场景下，满足对多模、多芯、 空芯等特种光纤持续增长的市场需求。 ❑ 风险提示：费用成本加大风险、业务拓展不利风险、市场竞争加剧风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 47622 | 59984 | 66808 | 73559 | 80827 | | 同比增长 | 2% ...