隔离器在光通信领域的重要性及其市场前景如何？ 隔离器在光通信领域具有重要作用，主要是为了保证光的单向传输，防止反射 光对光源造成损害。随着技术的发展，从 EML 方案推进到硅光方案，对隔离器 的需求和品质要求进一步增加。特别是在北美市场，对光模块稳定性的要求较 高，而隔离器是其中关键部件之一。 当前隔离器市场存在供需紧张的局面，主 要原因在于上游材料如法拉第旋光片和偏振片的供应不足。这些材料大部分由 海外厂商掌控，如住友、Coherent、豪雅和康宁等。由于这些上游厂商扩产 周期较长且保守，导致供货紧张并推动价格上涨。 从价值量来看，一组隔离器 的价值量已经超过 CW 光源，并且未来可能还有涨价空间。因此，我们认为隔 离器赛道在无源器件中具备中长期投资价值，有望成为市场热点。龙头企业如 顺浩股份、东田微等有望受益并走出强劲走势。 英伟达 H200 相比 H20 具有显著性价比优势，吸引阿里巴巴、腾讯等领 先组织。H200 的推出推动了国内外 AI 技术的发展，当前先进的 GPT-5 模型就是基于 H200 进行训练的。 光通信产业链因紧缺程度高、商业格局优越和轻资产模式而表现强劲。 中际旭创和新易盛等龙头公司 ...

（编辑 楚丽君） 证券日报网讯 12月12日，中润光学在互动平台回答投资者提问时表示，戴斯光电核心产品涵盖了精密 光学元件、光电器件等，已广泛应用于工业激光、光通讯、生物医疗、人工智能、半导体、国防军工等 诸多领域。下游激光应用市场主要包括激光加工设备、光通讯器件与设备、激光测量设备、激光医疗设 备等，公司目前主要有声光调制器、隔离器、法拉第旋转器、QCS光纤准直器、QBH等应用于激光器 的光学器件及平面镜、柱面镜、棱镜、激光晶体等光学元件。 ...

Q&A 隔离器和法拉第旋片市场的供需关系如何？ 前瞻提示的隔离器法拉第旋片大涨如何看？20251208 摘要 东田微是国内上市公司中唯一专注于隔离器的企业，通过与日本住友合 作获得法拉第旋片资源，并与国内头部光模块公司建立合作。2025 年 前三季度隔离器收入约为 9,000 万元，预计全年超过 1 亿元。若不考虑 日本厂商扩产，2026 年收入有望达 3 亿元。 法拉第旋片是光模块上游的关键环节，目前供应相对紧缺，隔离器和法 拉第旋片产业链因此受到广泛关注，相关企业发展潜力巨大。 福晶科技在法拉第旋片国产化方面取得进展，产品已在国内终端客户中 应用，并积极与星宇、无线光和昂纳等隔离器厂商进行认证。良品率预 计在两个月内提升，具备产能扩张潜力。 福晶科技自控上游 SEE 芯片，使得扩产更具优势，在未来供需缺口扩大 的情况下，福晶科技具有较大的潜力。 福晶科技在 OCS（反算一晶体）方面有所发展，持续扩充干锅材料储备， 并利用疫情期间材料价格上涨后的成本优势进行生产投资。 福晶科技 OCS 业务与法拉第旋片业务存在协同效应，可利用选片优势导 入更多光学元件，预计未来几年相关业务将持续增长。 隔离器和法拉第旋片市 ...

明年（2026 年）全球光模块行业将迎来显著的产能扩张，尤其是在上半年。 一季度开始，头部厂商如旭创、新易盛和天孚等将在泰国进行大规模的扩产。 旭创和新易盛目前在泰国的员工数量已达到几千人，预计到明年这一数字还会 显著增加，从而提升其从泰国发货的比例。天孚虽然扩产节奏稍慢，但也在逐 步增加人员，到今年年底预计员工数量将成倍增长。这些扩展动作表明头部厂 商正在积极应对市场需求，并且这些新增产能将主要满足 800G、1.6T 等大类 产品需求。 光模块——新一轮产能释放的前夜 20251130 摘要 头部光模块厂商如新易盛、旭创等积极扩产，主要满足 800G/1.6T 需 求，天孚等也在增加人员，表明行业对高速率光模块需求强劲，但需关 注产能释放节奏。 光模块行业面临供给侧挑战，新进入者难以快速转化为有效供给，芯片、 隔离器等配套产品需求紧张，预计到 2026 年甚至更远未来，这种供给 紧张状况将持续。 太空算力作为新兴赛道受关注，海外巨头和国内政府均重视，可回收火 箭技术成熟将降低成本，但仍面临技术难点，作为从 0 到 1 的新兴主题 投资，其潜力不可忽视。 AI 领域投资者关注现金流和 ROI，企业面临资金压 ...

Core Viewpoint - DiAo Micro (688381) reported a revenue of 457 million yuan for the first three quarters of 2025, marking an 11.41% year-on-year increase, despite a decline in profits due to strategic investments for long-term development [1] Group 1: Company Overview - DiAo Micro specializes in the research, design, and sales of high-performance analog chips, initially focusing on signal chain analog chips and gradually expanding into power management analog chips [1] - The company is planning to acquire 100% of Rongpai Semiconductor, which will become a wholly-owned subsidiary, enhancing DiAo Micro's layout in the analog chip sector and broadening downstream application areas [1] Group 2: Target Company Attributes - Rongpai Semiconductor, established in 2017, is a high-performance analog chip design and R&D company with a strong focus on isolation technology, recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company's products are widely used in electric vehicles, industrial control, digital power, and smart appliances, with proprietary iDivider technology leading to breakthroughs in domestic isolation chips [2] - Rongpai has established a rich customer base, supplying automotive-grade chips to major manufacturers like BYD and CATL, and has gained recognition in the industrial sector from companies such as Siemens and Gree [2] Group 3: Synergy Effects - The acquisition is expected to create strong synergies in product categories, technology and R&D, market and customer resources, and sales and supply chain integration [3] - DiAo Micro will quickly expand its product matrix to include isolation products, leveraging Rongpai's mature patent technology and R&D resources to enhance its offerings [3] - The integration will improve customer coverage and market competitiveness, particularly in the automotive sector, where both companies can combine their resources to provide comprehensive solutions [3] Group 4: Market Insights - Recent commentary from Industrial Securities suggests that DiAo Micro's acquisition move marks a milestone in its M&A journey, positioning the company to effectively utilize its cash reserves to accelerate the integration of quality assets in the industry [4]

Core Viewpoint - The company plans to acquire 100% equity of Rongpai Semiconductor from 16 shareholders through a combination of share issuance and cash payment, aiming to enhance its product offerings in the analog chip design industry [1][2] Group 1: Acquisition Details - The acquisition involves the purchase of Rongpai Semiconductor, which specializes in high-performance and high-quality analog chip design, research, and sales [1] - The transaction will be completed by October 21, 2025, when the company's stock will resume trading [1] Group 2: Strategic Implications - This acquisition is a strategic move for the company to quickly expand its product categories in isolation products and leverage Rongpai's patented technologies and R&D resources [2] - The integration of Rongpai's extensive customer resources in automotive electronics and industrial control will enhance the company's customer structure and market competitiveness [2] - The company aims to provide a more comprehensive solution to downstream customers by utilizing the shared customer resources from Rongpai, thereby increasing its market coverage and depth [2]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Insights - The company has experienced significant growth in its active business segment, with a revenue increase of 57.8% year-on-year, reaching 2.46 billion yuan in the first half of 2025 [1] - The company's net profit attributable to shareholders rose by 37.5% year-on-year to 900 million yuan in the same period [1] - The active business is expected to continue its growth trajectory, driven by strong demand for high-speed optical modules and the ongoing expansion of production capacity in Thailand [2][3] Financial Performance - In the first half of 2025, the company's revenue from passive business reached 860 million yuan, a year-on-year increase of 23.8% [2] - The company's revenue for Q2 2025 was 1.51 billion yuan, with a quarter-on-quarter growth of 83.3% and a year-on-year growth of 60.0% [1] - The net profit for Q2 2025 was 560 million yuan, reflecting a quarter-on-quarter increase of 49.6% and a year-on-year increase of 66.3% [1] Business Development - The company is positioned as a core supplier for NVIDIA's CPO (Coherent Photonic Optics) project, which is expected to enhance its competitive edge in the active business segment [3] - The company has established a vertically integrated business model that is anticipated to further increase the proportion of active business in its overall revenue [5] - The domestic revenue for the company in the first half of 2025 was 530 million yuan, showing a year-on-year growth of 71.7% [5] Profit Forecast and Investment Recommendations - The profit forecast for the company has been adjusted upwards, with expected net profits of 2.04 billion yuan, 3.48 billion yuan, and 4.52 billion yuan for 2025, 2026, and 2027 respectively [6] - The report indicates that the closing price on September 18, 2025, corresponds to a price-to-earnings ratio (P/E) of 68.5 for 2025, 40.2 for 2026, and 31.0 for 2027 [6]

Core Viewpoint - The recent surge in the A-share optical communication sector, driven by Oracle's significant contract and performance guidance, has led to a collective market capitalization exceeding 1 trillion yuan for key players like Tianfu Communication, New Yisheng, and Zhongji Xuchuang [2][23]. Company Overview - Tianfu Communication, founded by Zou Zhinong in 2005, has evolved from a small workshop to a key supplier in the global AI computing network, focusing on optical communication components [26][24]. - The company has achieved a market capitalization of approximately 141.5 billion yuan as of September 17, 2023, with Zou Zhinong's personal wealth reaching around 53.7 billion yuan [3][14]. Industry Context - The global optical module market is projected to grow from $11.2 billion in 2020 to $23.5 billion by 2025, driven by massive investments from cloud giants in AI infrastructure [23][25]. - The demand for optical modules is increasing as traditional copper cables reach their physical limits, leading to a shift towards optical solutions [13][23]. Technological Advancements - Tianfu Communication has developed a unique ceramic sleeve for optical fiber connections, breaking the monopoly of Japanese companies and reducing costs by 30% [5][6]. - The company has expanded its product offerings through acquisitions, becoming a comprehensive optical device service provider with over 200 patents [7][8]. Financial Performance - In 2024, Tianfu's revenue reached 3.252 billion yuan, a year-on-year increase of 67.74%, with a net profit of 1.344 billion yuan, reflecting an 84.07% growth [14][15]. - The company's net profit margin for 2024 was 41.3%, indicating strong profitability [10]. Market Position - Tianfu holds over 40% of the global market share for ceramic sleeves and 70% for optical module components within NVIDIA's supply chain [8][24]. - The company is recognized as a key player in the AI computing infrastructure, supplying critical components to major tech firms like Huawei and NVIDIA [20][21]. Strategic Direction - Tianfu is focusing on the next-generation optical communication technology, CPO, which is essential for overcoming computing bottlenecks in AI applications [11][12]. - The company maintains a flexible positioning in the supply chain, allowing it to adapt to various technological routes chosen by major clients [12]. Future Outlook - The optical communication industry is expected to experience significant growth, with emerging technologies like 6G and satellite internet creating new demand [25][26]. - Tianfu's commitment to high-quality manufacturing and technological innovation positions it well for future opportunities in the evolving market landscape [27][28].

Group 1 - The core viewpoint of the article is that Guangku Technology (300620) has clarified its product offerings and applications in response to investor inquiries [1] - The company's fiber laser device products include isolators, combiners, fiber gratings, and laser output heads [1] - These products are primarily used in the field of fiber lasers [1]

Group 1 - The company, Guangku Technology, confirmed that its fiber laser products include isolators, combiners, fiber gratings, and laser output heads, primarily used in fiber laser applications [2] - An investor inquired about the potential application of the company's laser technology in photovoltaic and PCB circuit board sectors [2] Group 2 - The company operates in the fiber laser industry, which is experiencing growth due to increasing applications in various fields [2] - The interaction indicates investor interest in the diversification of laser applications beyond traditional uses [2]