| | | | 假設超額 | | 假設超額配 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 配股權未獲行使 | | 股權獲悉數行使 | | | | | | | 佔我們已 | | 佔我們已 | | | | 發售股份 | 佔發售股份 | 發行股本概約 | 佔發售股份 | 發行股本概約 | | 基石投資者 | 投資總額(1) | 數目(2) | 概約百分比 | 旦分成(3) | 概約百分比 | 百分比(3) | | | (百萬美元) | | | | | | | 霸菱 | 20.00 | 2,259,500 | 3.37% | 0.67% | 2.93% | 0.65% | | MSIP ... | 20.00 | 2,259,500 | 3.37% | 0.67% | 2.93% | 0.65% | | HCEP Master Fund 及 | | | | | | | | HCEP Long Only | | | | | | | | Master Fund | 20.00 | 2,259,500 | 3.37% | 0.67% | 2.93% | 0 ...

Industry Insights - The Ministry of Industry and Information Technology (MIIT) has launched a special initiative called "Millisecond Computing" aimed at developing a high-capacity, low-latency metropolitan network that provides millisecond-level computing resources. The goal is to achieve interconnectivity of computing centers within 1 millisecond, resource access in key locations within 1 millisecond, and application accessibility with network latency under 10 milliseconds by 2027 [1] - Dongwu Securities highlights that the AI computing power sector is experiencing rapid iterations in hardware and software collaboration, which is expected to lower the cost of computing power significantly within 12-18 months. This shift is anticipated to enable developers to utilize more complex models and systems, thereby enhancing the parameters, context, and parallelism of AI applications [1] Company Highlights - Yuanjie Technology focuses on the research, design, production, and sales of optical chips, primarily serving the telecommunications and data center markets [2] - Cambridge Technology specializes in the development, production, and sales of terminal devices and high-speed optical modules for telecommunications, data communications, enterprise networks, and home networks [2]

Core Viewpoint - The company is closely monitoring market dynamics and customer demands, indicating readiness to adapt production capacity and offer a full range of high-speed optical module products, including 800G [1] Group 1 - The company has prepared to flexibly adjust production capacity based on customer needs and market changes [1] - The company offers a complete series of high-speed optical module products [1]

智通财经APP获悉，9月30日，中国证监会国际合作司发布《关于上海剑桥科技股份有限公司境外发行上市备案通知书》，剑桥科技(603083.SH)拟发行不超 过7706.2万股境外上市普通股并在香港联合交易所上市。 公开资料显示，剑桥科技成立于2005年，是全球ICT行业领导者之一，在中国、美国、日本、德国和马来西亚均设有研发和市场销售中心。公司的主营业务 是从事电信、数通、企业和家庭网络的终端设备以及高速光模块产品的研发、生产和销售。产品已被广泛应用到全球主流电信运营商的网络和全球主要互联 网巨头的数据中心。 根据剑桥科技发布的2025年半年度报告，公司期内营业收入为20.35亿元，同比增长15.48%。归属于上市公司股东的净利润为1.21亿元，同比增长51.12%。 归属于上市公司股东的扣除非经常性损益的净利润为1.19亿元，同比增长84.21%。 ...

Core Viewpoint - The company focuses on developing and manufacturing optical modules and comprehensive optical interconnection solutions, aiming to support customers in building high-bandwidth, low-power intelligent optical interconnection networks [1] Group 1: Product Offerings - The company provides a full range of 10G/25G/50G CWDM colored optical modules and BIDI module product solutions for wireless front-haul applications [1] - For government and enterprise network applications, the company offers a complete series of 1.25G/3.125G/10G/25G/50G CWDM module product solutions based on colored optical architecture, as well as GPON/XGSPON OLT optical modules and GPON/XGSPON ONU Stick and Micro ONU access optical module product solutions based on PON architecture [1] - In the broadband PON access application area, the company provides GPON/XGPON/XGSPON and COMBO PON OLT module product solutions, and has launched the 50G COMBO PON OLT asymmetric optical module for the next generation of 50G PON "10G optical network" applications, which meets SFP-DD standard packaging requirements [1] - For computing center application scenarios, the company offers a full range of AOC products from 10G to 400G and high-speed optical module products [1] Group 2: Strategic Focus - The company is actively laying out advanced packaging capabilities for CPO to meet the demands of the next generation of high-speed optical interconnection products [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company has robust technical reserves and is experiencing significant growth in profitability, driven by the increasing demand for computing hardware and a higher proportion of high-speed products in its revenue structure [2][3]. - The company is positioned as a leading supplier of optical modules, with a diverse product matrix that includes capabilities for 100G, 200G, 400G, and 800G optical modules, catering to various applications such as telecommunications and data centers [3][4]. Financial Performance Summary - In 2024, the company achieved a revenue of 86.47 billion yuan, representing a year-on-year growth of 179.15%, and a net profit of 28.38 billion yuan, up 312.26% year-on-year [1]. - For Q1 2025, the company reported a revenue of 40.52 billion yuan, a year-on-year increase of 264.13%, and a net profit of 15.73 billion yuan, reflecting a year-on-year growth of 384.54% [1][2]. - The gross margin improved significantly, with a 13.73 percentage points increase in 2024 to reach 44.72%, and further increased to 48.66% in Q1 2025 [2][4]. Growth Projections - The company is expected to benefit from the expansion of computing power demand, with projected revenues of 170.58 billion yuan, 225.83 billion yuan, and 273.51 billion yuan for 2025, 2026, and 2027 respectively [4]. - Corresponding net profits are forecasted to be 54.43 billion yuan, 72.12 billion yuan, and 88.74 billion yuan for the same years, with PE ratios of 21, 16, and 13 times respectively [4].

Core Viewpoint - Cambridge Technology has submitted its prospectus for a Hong Kong IPO, attracting significant industry attention, with its A-share price reaching 33.79 yuan and a market capitalization of 9.06 billion yuan as of April 30 [1] Company Overview - Cambridge Technology is an international enterprise serving the global ICT industry, with R&D and sales centers in the US, Japan, and Europe, focusing on terminal devices for telecommunications, data communication, enterprise, and home networks, as well as high-speed optical module products [1] - The company plans to distribute a cash dividend of 2.20 yuan per share (including tax) to all shareholders in the 2024 fiscal year, without plans for a stock bonus [1] Financial Performance - Revenue for Cambridge Technology from 2022 to 2024 is reported as 3.784 billion yuan, 3.09 billion yuan, and 3.65 billion yuan, respectively, with gross profits of 689 million yuan, 664 million yuan, and 762 million yuan, and gross margins of 18.2%, 21.5%, and 20.9% [1] - Net profits for the same period are 171 million yuan, 94.97 million yuan, and 167 million yuan, with net profit margins of 4.5%, 3.1%, and 4.6% [2] - In Q1 2025, the company achieved revenue of 894 million yuan, a year-on-year increase of 5.18%, and a net profit of 31.43 million yuan, up 21.11% year-on-year, with a significant increase in net profit after deducting non-recurring items by 96.15% [2] Asset and Liability Structure - As of December 31, 2024, Cambridge Technology's total assets amounted to 5.188 billion yuan, total liabilities were 2.728 billion yuan, and net assets were 2.461 billion yuan, with cash and cash equivalents reaching 507 million yuan, indicating a strong cash flow position [3] Shareholding Structure - The executive directors of Cambridge Technology include Gerald G Wong, Zhao Haibo, Zhao Hongwei, and Zhang Jie, while independent non-executive directors include Qin Guisen, Liu Guisong, Yao Minglong, and Yuan Shuyi [4] - Prior to the IPO, Gerald G Wong held 13.64% of the shares, and Zhao Haibo held 2.78%, collectively controlling 16.42% of the company's equity [4]