亨通光电 20250926 摘要 亨通光电聚焦数据中心、高速互联和国家干线网络需求，搭建新一代超 低损耗光纤制备平台并扩能提产，同时开发 OM4/OM5 多模光纤和高密 度 MPO 光缆，并在空心光纤技术上取得突破。 亨通光电在能源网络领域持续中标国内外海洋能源项目，截至 2025 年 上半年，能源互联领域订单金额约 200 亿元，形成从产品到工程运维的 全产业链格局，具备完善的海上风电和海洋油气系统解决方案及服务能 力。 亨通光电通过并购华为海洋和 PT BOX 等举措，大力推进全球化布局， 业务覆盖 150 多个国家和地区，拥有 12 座海外产业基地及 40 多家海 外技术服务公司。 2025 年上半年，亨通光电实现营收 320.49 亿元，同比增长 20.42%；归母净利润 19.03 亿元，同比增长 0.24%。二季度营收 187.8 亿元，同比增长 26.64%，环比增长 41.55%；归母净利润 10.56 亿元，同比减少 3.63%，但环比增长 89.74%。 Q&A 亨通光电在通信网络领域有哪些重要布局和技术突破？ 亨通光电在通信网络领域的布局和技术突破主要集中在高端产品研发和新一代 光纤通信 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets expectations, with a diversified layout supporting long-term growth [4] - The company reported a revenue of 32.049 billion yuan for H1 2025, a year-on-year increase of 20.42%, and a net profit attributable to shareholders of 1.613 billion yuan, a slight increase of 0.24% year-on-year [4] - The company has a robust order backlog of approximately 20 billion yuan in the energy interconnection sector, indicating strong future revenue potential [6] - The company is actively advancing the research and development of high-end products such as hollow-core fibers and is positioning itself in the computing power industry [5] Financial Summary - For 2025, the company is projected to achieve a revenue of 65.789 billion yuan, with a year-on-year growth of 9.7% [7] - The net profit attributable to shareholders is expected to reach 3.313 billion yuan in 2025, reflecting a year-on-year increase of 19.7% [7] - The company's gross margin is projected to be 13.1% for 2025, with a net margin of 5.0% [7] - The price-to-earnings (P/E) ratio is forecasted to be 15.2 for 2025, decreasing to 12.5 by 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 26.29 [6][4]. Core Views - The company achieved a revenue of RMB 32.049 billion in H1 2025, representing a year-over-year increase of 20.42%, while the net profit attributable to shareholders was RMB 1.613 billion, up 0.24% year-over-year [1]. - The company is focusing on expanding its business in high-growth areas such as marine energy, communication, optical communication, and smart grid [1]. - The report highlights the company's ongoing development of AI new optical fibers, including the launch of hollow-core anti-resonant optical fibers with advanced loss values [3]. Financial Performance - In H1 2025, the company's gross margin was 13.59%, down 2.96 percentage points year-over-year, primarily due to changes in product mix and rising raw material costs [2]. - The company reported a net profit margin of 5.03% in H1 2025, a decrease of 1.01 percentage points year-over-year [2]. - The company has a backlog of orders amounting to approximately RMB 20 billion for submarine cables and marine engineering products, indicating strong future revenue potential [3]. Profit Forecast and Valuation - The forecasted net profit for the company is RMB 3.242 billion in 2025, RMB 3.893 billion in 2026, and RMB 4.733 billion in 2027 [4]. - The report assigns a 20x PE valuation for 2025, reflecting the company's expansion in the AI new optical fiber sector, with a target price increase from RMB 20.37 to RMB 26.29 [4].