天孚通信 20250827 摘要 天孚通信从无源器件向高速光引擎等高价值组件转型，尤其与 M 公司合 作开发高速光引擎，显著提升了公司营收，目前光引擎已占公司收入的 三分之二，成为主要利润来源。 公司聚焦高毛利、高价值的无源器件，如 FAU 和 MPO，剥离低毛利品 类，并通过优化产线和制造工艺，提高整体毛利率和利润贡献，提升市 场竞争力。 天孚通信坚持研发与制造双轮驱动，尽管研发费用率较高，但凭借制造 优势，整体毛利率保持较高水平，确保公司持续推出具有竞争力的新产 品。 未来光学技术趋势集中在 CPO 和 OIO 技术，这些技术将光模块转变为 光引擎模组，需要高精度耦合设备如 FAU，天孚科技在相关领域具有技 术优势。 天孚科技作为平台型公司，提供全方位无源器件解决方案，通过天孚大 学提升工人技能，保证较高良率，并具备强大的研发能力和全面布局， 快速响应市场需求。 Q&A 天孚通信在光通信领域的业务发展历程及其主要产品有哪些？ 天孚通信成立于 2005 年，最初仅有三款核心产品，主要集中在光模块内部的 光学精密元器件。公司上市后，通过融资逐步扩展产品线，在五年内形成了涵 盖近 20 个产品的矩阵。2020 ...

8月26日，苏州天孚光通信股份有限公司(以下简称"天孚通信（300394）")发布2025年半年度报告。报 告期内，公司实现营业收入24.56亿元，同比增长57.84%；归属于上市公司股东的净利润8.99亿元，同 比增长37.46%。此外，公司拟以当前总股本7.77亿股为基数，向全体股东每10股派发现金红利5元(含 税)，合计派发现金红利3.89亿元(含税)。 "这一分红方案既体现公司充足的现金储备与稳定的盈利预期，也向资本市场传递长期发展信心。"众和 昆仑(北京)资产管理有限公司董事长柏文喜对《证券日报》记者表示，在当前市场环境下，高比例现金 分红有助于吸引长期价值投资者，对股价形成支撑，同时也反映公司管理层对业务持续盈利的底气。 行业需求旺盛 天孚通信作为业界领先的光器件整体解决方案提供商和光电先进封装制造服务商，总部位于江苏苏州， 主要产品包括光组件、光器件等，广泛应用于人工智能、数据中心、光纤通信、光学传感等领域。 报告期内，全球人工智能行业加速发展，全球数据中心建设持续推进，带动高速光器件产品需求稳定增 长，进而推动天孚通信有源、无源产品线营收同步提升。 从核心业务数据看，报告期内，天孚通信光通信元 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 945 million, representing a year-on-year growth of 29.11% [6] - The net profit attributable to shareholders was CNY 338 million, with a year-on-year increase of 21.07% [6] Group 2: Research and Development - The company invested CNY 232 million in R&D in 2024, a 62.11% increase compared to the previous year [4] - The company is focusing on new technology applications and aims to maintain its leading position in niche markets [4] Group 3: Production Capacity and Utilization - The first phase of the Thailand production base was put into operation in mid-2024, with ongoing efforts to increase capacity based on customer demand [4] - The second phase has completed renovations and is expected to finish equipment debugging and sample production soon [4] Group 4: Market Strategy and Customer Engagement - The company is positioning itself as a provider of comprehensive optical device solutions and advanced optoelectronic packaging services [4] - Plans to expand customer base are centered around leveraging opportunities in AI, cloud computing, and the new energy vehicle sectors [4] Group 5: Currency and Supply Chain Management - In 2024, the company recorded a foreign exchange gain of CNY 25.9471 million due to currency fluctuations, positively impacting profits [3] - The company plans to engage in foreign exchange hedging to mitigate risks associated with currency volatility [3] Group 6: Product Development and Technology - The company is actively developing next-generation products alongside its high-speed optical engine project, which is progressing smoothly [4] - CPO technology is viewed positively, with the company providing diverse solutions for various market applications [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company is expected to achieve a revenue of 3.252 billion yuan in 2024, representing a year-on-year growth of 67.74%, and a net profit of 1.344 billion yuan, with a year-on-year increase of 84.07% [9][24]. - The growth in the company's active optical devices is significantly driven by the development of AI, with both active and passive optical products experiencing rapid growth [16][21]. - The company has a strong focus on R&D and innovation, particularly in the field of optical devices, benefiting from a new round of optical communication technology iterations [3][21]. Revenue and Profit Forecast - The company forecasts revenues of 4.806 billion yuan in 2025, with a growth rate of 47.8%, and a net profit of 1.951 billion yuan, reflecting a growth of 45.2% [4][29]. - The revenue from passive optical devices is expected to grow at a rate of 33.1% in 2024, while active optical devices are projected to grow by 135.6% [27][29]. Financial Metrics - The overall gross margin for the company is projected to increase by 3.02 percentage points to 57.29% in 2024, with passive optical devices contributing a gross margin of 68.41% and active devices at 46.69% [2][21]. - The company's net asset return (ROE) is expected to reach 33.8% in 2024 and 39.4% in 2025 [4][29]. Market Position and Strategy - The company is actively expanding its global business layout, with a new factory in Thailand expected to be completed by the end of April 2024, which will support ongoing capacity expansion [3][21]. - The company has accumulated several globally leading core process technologies in basic materials through self-research and acquisitions, positioning itself well in the market [3][21].