2025.11. 16 本文字数：2155，阅读时长大约4分钟 作者 | 第一财经 魏中原 光通信板块龙头天孚通信（300394.SZ）股价经历年内大幅上涨并于9月初创下历史新高后，公司控 股股东苏州天孚仁和投资管理有限公司（下称"天孚仁和"）近日抛出大规模减持计划。 天孚仁和拟 以询价转让方式减持850万股，若以公告当日收盘价估算，这部分股份市值接近13.2亿元。 值得关注的是，天孚仁和本次转让价格下限设定为公告前20个交易日交易均价的70%，即"七折"出 让，显示出较强的变现意愿，转让原因为"自身资金需求"。 今年以来，伴随CPO（光模块）概念热度攀升，天孚通信作为细分领域龙头股价一路走高，但自高 点以来已回调逾20%，反映市场对其后续走势分歧加剧。尽管公司2025年三季度财报显示业绩依然 亮眼——前三季度营收与净利润分别同比增长63.63%和50.07%，但第三季度业绩环比增速显著放 缓，在此节点上，控股股东大额折价减持是否意味着公司股价已触及阶段性顶部，这也引发投资者对 公司估值压力与未来成长持续性的担忧。 天孚仁和此次减持方案，值得注意的有两点： 一是转让方式为非公开的询价转让 ，受让方限定为符 合 ...

今年以来，伴随CPO（光模块）概念热度攀升，天孚通信作为细分领域龙头股价一路走高，但自高点以 来已回调逾20%，反映市场对其后续走势分歧加剧。尽管公司2025年三季度财报显示业绩依然亮眼—— 前三季度营收与净利润分别同比增长63.63%和50.07%，但第三季度业绩环比增速显著放缓，在此节点 上，控股股东大额折价减持是否意味着公司股价已触及阶段性顶部，这也引发投资者对公司估值压力与 未来成长持续性的担忧。 控股股东折价减持，规模与时机引关注 根据天孚通信11月15日发布的《股东询价转让计划书》，本次减持方天孚仁和为公司控股股东，截至 2025年11月14日持股比例为37.95%，即2.95亿股。天孚仁和此次拟转让股份数量为850万股，占公司总 股本的1.09%，占其自身持股的2.88%。以公告前一日（11月14日）收盘价计算，该笔股份市值约13.2亿 元。 股东朱国栋年内套现逾12亿。 光通信板块龙头天孚通信（300394.SZ）股价经历年内大幅上涨并于9月初创下历史新高后，公司控股股 东苏州天孚仁和投资管理有限公司（下称"天孚仁和"）近日抛出大规模减持计划。天孚仁和拟以询价转 让方式减持850万股，若以公告 ...

Core Viewpoint - The article highlights the significant growth and potential of the optical communication sector in China, particularly focusing on Tianfu Communication, which has emerged as a key player in the AI-driven data center infrastructure market. The company's success is attributed to its technological advancements, strategic positioning, and the booming demand for optical modules driven by AI applications [4][22][26]. Group 1: Market Dynamics - The optical communication market is experiencing explosive growth, with the global optical module market size expected to increase from $11.2 billion in 2020 to $17.8 billion in 2024, and projected to reach $23.5 billion by 2025, more than doubling in five years [26]. - Major cloud giants are investing heavily in AI infrastructure, with Microsoft expected to spend $100 billion in fiscal 2025, Meta between $66 billion and $72 billion, and Google $85 billion, all focusing on AI data centers and GPU clusters [26]. - The "East Data West Computing" policy is accelerating the construction of domestic data centers, further driving demand for optical modules [26]. Group 2: Company Overview - Tianfu Communication, founded by Zhou Zhinong in 2005, initially focused on manufacturing ceramic sleeves for optical fibers, a market previously dominated by Japanese companies [10][12]. - The company has evolved from a single product manufacturer to a comprehensive optical device service provider, holding over 200 patents and achieving a global market share of over 40% in ceramic sleeves and 70% in optical module components within NVIDIA's supply chain [14][15][27]. - Tianfu's revenue for 2024 is projected to reach 3.252 billion yuan, a year-on-year increase of 67.74%, with net profit expected to be 1.344 billion yuan, reflecting an 84.07% growth [22]. Group 3: Technological Advancements - Tianfu Communication has adopted a vertical integration model, controlling the entire supply chain from raw materials to precision processing, which allows it to maintain a cost advantage of 15-20% over competitors [17]. - The company has successfully transitioned from passive to active optical components, with active device revenue accounting for 34.4% of total revenue by mid-2023, creating a dual-driven growth model [18]. - Tianfu is also focusing on next-generation optical communication technologies, such as Co-Packaged Optics (CPO), which are critical for overcoming bandwidth limitations in AI applications [19][20]. Group 4: Competitive Positioning - Tianfu Communication is positioned as a "stabilizer" within the "Yizhongtian" trio (including Xinyi and Zhongji), providing essential optical components for high-speed data transmission [23][24]. - The company has secured significant contracts, including a $200 million order from NVIDIA, making it one of the few global suppliers of 800G optical modules [24]. - Tianfu's operational efficiency is highlighted by its low expense ratio of 12.5% and strong cash flow, enabling it to expand its international presence and mitigate geopolitical risks [22].

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].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company has experienced significant revenue growth driven by the demand for AI computing, particularly in the high-speed optical communication components market, with a revenue increase of 24.29% year-on-year in H1 2025 [5][6]. - The company is increasing its R&D investment to enhance its foundational optical technology capabilities, with a 30.71% year-on-year increase in R&D spending in H1 2025 [7]. - The company is actively expanding its domestic and international business, focusing on vertical integration and enhancing production capabilities, including the establishment of a production base in Thailand [8][9]. Financial Performance - In H1 2025, the company achieved a revenue of 263 million yuan, with a net profit attributable to shareholders of 36.59 million yuan, reflecting a year-on-year increase of 11.47% [5][6]. - The company forecasts revenues of 602 million yuan, 786 million yuan, and 1.012 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 98 million yuan, 137 million yuan, and 186 million yuan in the same years [10][12]. Growth Projections - The company anticipates a revenue growth rate of 35.34% in 2025, followed by 30.45% in 2026 and 28.72% in 2027 [12]. - The projected earnings per share (EPS) are expected to increase from 0.76 yuan in 2025 to 1.44 yuan in 2027 [12].

Market Activity - 39 stocks had a closing order amount exceeding 1 billion yuan on September 11, with the top five being Haiguang Information (7.23 billion yuan), Luxshare Precision (7.09 billion yuan), Zhongke Shuguang (6.26 billion yuan), Dongzhu Ecology (5.4 billion yuan), and Industrial Fulian (5.38 billion yuan) [2][2][2] - Haiguang Information achieved a "20cm" limit-up with a transaction volume of 159.97 billion yuan and a turnover rate of 3.34%. The company reported a revenue of 5.464 billion yuan for the first half of the year, a year-on-year increase of 45.21%, and a net profit of 1.202 billion yuan, up 40.78% year-on-year [2][2][2] CPO Sector - The CPO sector saw a surge in limit-up stocks, including Tengjing Technology, Jinxin Nuo, and Juguang Technology. Tengjing Technology's subsidiary has completed the production of several high-speed optical engine samples and is advancing customer validation [4][4] - Juguang Technology acquired a Swiss company with extensive experience in optical communication, focusing on micro-nano optical devices for data communication [4][4] Pork Industry - In the pork sector, Jin Xin Nong reported a sales volume of 108,000 pigs with a sales revenue of 12.1065 million yuan, while Tiankang Biological sold 263,800 pigs in August, a month-on-month increase of 18.03% and a year-on-year increase of 10.15% [6][6] - Tiankang Biological's cumulative sales for the first eight months of 2025 reached 2.0155 million pigs, an increase of 8.24% compared to the same period last year [6][6] Liquid Cooling Servers - The liquid cooling server segment includes companies like Cambridge Technology and Zhongke Shuguang, with Cambridge Technology investing in the development of 800G liquid cooling optical modules [7][8] - Zhongke Shuguang launched a silicon cube liquid cooling server that utilizes immersion liquid phase change cooling technology, achieving a global leading PUE of 1.04 [8][8] Institutional Investment - Eleven stocks on the龙虎榜 had net purchases exceeding 1 billion yuan, with Luxshare Precision, Wolong Nuclear Materials, and others seeing amounts over 200 million yuan [9][9] - Among stocks with institutional participation, Dongshan Precision and Beifang Changlong led in net purchases [9][9]

Core Viewpoint - Tengjing Technology reported a strong performance in the first half of 2025, driven by the demand for AI computing power and growth in the optical communication components market, with total revenue reaching 263 million yuan, a year-on-year increase of 24.29% [3][4] Financial Performance - The company achieved a net profit attributable to shareholders of 36.59 million yuan, up 11.47% year-on-year [3] - The net profit excluding non-recurring gains and losses was 34.62 million yuan, reflecting an increase of 11.68% compared to the previous year [3] Business Growth Drivers - The growth in revenue was primarily due to the expansion in the optical communication sector and high growth in high-end optical modules for emerging applications like semiconductor equipment [3][4] - The company increased its R&D investment by 30.71% year-on-year, totaling 29.11 million yuan, which accounted for 11.07% of total revenue [4] Strategic Initiatives - The company is focusing on technological research and development in optical and optoelectronic industries, enhancing its core technology capabilities and product offerings [4][5] - Efforts include expanding production capacity for crystal materials in the optical communication field and advancing AR smart glasses technology [5] Market Engagement - The company actively participated in several international industry exhibitions to enhance brand visibility and customer engagement, including events in the US and Germany [4][5] Capacity Expansion - The company is progressing with the construction of a production base in Thailand to improve overseas order fulfillment capabilities in optical communication and biomedical sectors [5][6]

Market Overview - A total of 66 stocks hit the daily limit up in the A-share market, with 58 stocks after excluding 8 ST stocks, resulting in a sealing rate of 72.53% [1] Top Performers - Tianpu Co., Ltd. had the highest sealing order amount exceeding 1 billion CNY, with a sealing order volume of 247,400 hands [2][4] - The top three stocks by sealing order volume were Zhaoxin Co., Ltd. (716,800 hands), Dechuang Environmental Protection (394,100 hands), and Yanshan Technology (392,900 hands) [2] Continuous Limit Up Stocks - Tianpu Co., Ltd. achieved 5 consecutive limit ups, while Dechuang Environmental Protection, Qiming Information, and Guoguang Chain achieved 3 consecutive limit ups [3] Fund Inflows - The optical communication concept index surged by 7.7% with over 10 billion CNY of net inflow from main funds [5] - Key stocks in the optical communication sector included Tianfu Communication, Dongshan Precision, Changfei Optical Fiber, and TeFa Information [6] Company Highlights - Tianfu Communication focuses on the R&D, production, and sales of various high-speed optical devices, providing integrated solutions [6] - Dongshan Precision's acquisition of Solstice Optoelectronics enhances its capabilities in optical communication modules and components [7] - Changfei Optical Fiber is advancing the R&D and industrialization of hollow-core optical fibers, maintaining a leading position in the field [8] PCB Sector - Key stocks in the PCB sector included Jin'an Guoji, Shennan Circuit, and Chongda Technology, with Jin'an Guoji primarily serving PCB factories [9] Satellite Communication - The Ministry of Industry and Information Technology issued guidelines to optimize business access and promote the development of the satellite communication industry [11] - Notable stocks included Xingwang Yuda and Sanwei Communication, with the former developing high-throughput satellite antennas and the latter enhancing global satellite network resources [12] Institutional and Retail Activity - Deep Stock Connect saw net purchases of Tianfu Communication exceeding 1.2 billion CNY, with the top three net purchases being Tianfu Communication, China Rare Earth, and Yingwei Keji [13][14] - Institutional net purchases were led by Yingwei Keji, International Composite Materials, and Yanshan Technology [15] ETF Insights - The 500 Quality Growth ETF, tracking the CSI 500 Quality Growth Index, experienced a 2.73% change over the past five days, with a current PE ratio of 17.56 times [19]

Core Viewpoint - The company, Tianfu Communication, is focused on the optical communication sector, emphasizing its commitment to the research, production, sales, and service of various mid-to-high-speed optical devices, providing integrated solutions for downstream customers [1] Group 1 - The company is dedicated to the development of high-speed optical engine products, which are gradually increasing in volume [1]

Core Viewpoint - The company, Tianfu Communication, provides detailed information about its 1.6T optical engine product, highlighting its applications, performance, and competitive advantages [1]. Group 1: Product Overview - The 1.6T optical engine is a core component of high-speed optical transceiver modules, integrating precision micro-optical components, mechanical components, isolators, and optical waveguide devices [1]. - It enables single or multiple parallel optical signal transmission and reception functions [1]. Group 2: Applications - The primary applications of the 1.6T optical engine are in telecommunications and data centers [1].