在技术澄清背后，剑桥科技的实际业绩呈现稳健增长态势。公司半年报显示，2025年上半年公司实现营 收20.35亿元，同比增长15.48%；净利润1.21亿元，同比增长51.12%。 8月26日晚间，上海剑桥科技股份有限公司（603083.SH，下称"剑桥科技"）发布股票交易异常波动公 告，针对近期市场热炒的CPO（共封装光学）和LPO（线性驱动光引擎）技术作出明确澄清。 公告指出，公司目前不生产含CPO技术的芯片，相关核心部件尚处研发设计阶段，尚未产生收入；LPO 业务虽已向北美客户送样测试，但上半年订单占比仅0.03%，对业绩贡献"极小"。 这一声明发布于公司股价连续大涨之际。 截至8月26日收盘，剑桥科技股价报80.17元，当日涨停，总市值达214.9亿元。该股在最近7个交易日内 斩获4个涨停板，8月22日至26日期间累计涨幅达27.92%。 记者：李昕 业绩增长主要来源于高速光模块和电信宽带接入两大核心业务。在高速光模块领域，公司已完成第二代 1.6T OSFP DR8光模块样机开发，多款800G OSFP光模块已进入海外核心客户测试环节。 但公司当前的估值水平引发担忧。截至8月25日，剑桥科技静态市盈率 ...

Core Viewpoint - Lixun Precision's strong performance in 2024 is driven by its deep engagement in precision manufacturing and diversified business development, with significant growth in automotive and communication sectors [1][2][4]. Group 1: Financial Performance - In 2024, Lixun Precision achieved a revenue of 268.795 billion yuan, representing a year-on-year growth of 15.91% [1]. - The net profit attributable to shareholders was 13.366 billion yuan, an increase of 22.03% year-on-year [1]. - For the first half of 2025, the company expects a net profit of 6.475 billion to 6.745 billion yuan, indicating a growth of 20% to 25% year-on-year [1]. Group 2: Automotive Sector Growth - The automotive-related business generated revenue of 13.758 billion yuan in 2024, marking a growth of 48.69% [2]. - Automotive wiring harnesses accounted for 60% of the automotive business, contributing 2.7 billion yuan to the new sales of 4.5 billion yuan in 2024 [2]. - The acquisition of Leoni Group, a leading automotive wiring harness manufacturer, is expected to accelerate Lixun's overseas expansion [2]. Group 3: Communication Sector Developments - The communication business reported revenue of 18.36 billion yuan, a year-on-year increase of 26.29% [4]. - Lixun has developed innovative core components for AI data centers, addressing the growing demand for data transmission and management [4]. - The company has launched several advanced products, including 224G and 800G optical modules, which are currently in mass production [4]. Group 4: Product Line Expansion - Lixun's automotive product line includes wiring harnesses, connectors, smart cockpits, and power systems, successfully covering major domestic and international automakers [3]. - The company aims to enhance its capabilities in smart vehicle integration and has seen a sales increase of 1.5 billion yuan in smart control products in 2024 [3]. - In thermal management, Lixun expects revenue and profit growth of over 100% in 2025, with plans to penetrate North American cloud service providers [5].

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is expected to achieve steady growth in its performance for 2024 and the first half of 2025, with a solid layout in three core business segments: consumer electronics, automotive, and communication & data centers. The growth is supported by both organic and external development strategies, enhancing competitive strength for sustainable growth [3][8]. Financial Summary - The company’s projected revenue for 2024 is RMB 268.8 billion, representing a year-on-year growth of 15.9%. The net profit attributable to the parent company is expected to reach RMB 13.4 billion, up 22.0% year-on-year [7][8]. - For the first quarter of 2025, the company anticipates a revenue of RMB 61.79 billion, a 17.9% increase year-on-year, and a net profit of RMB 3.04 billion, reflecting a 23.2% growth [8]. - The earnings per share (EPS) for 2025 is projected at RMB 2.34, with corresponding price-to-earnings ratios of 13.2x for 2025, 11.1x for 2026, and 9.2x for 2027 [5][7]. Business Segments Performance - In the consumer electronics segment, revenue is expected to reach RMB 224.09 billion, growing by 13.65% year-on-year, accounting for 83.4% of total revenue [8]. - The automotive segment shows significant growth, with a revenue increase of 48.7% year-on-year, reaching RMB 13.76 billion, representing 5.1% of total revenue [8]. - The communication and precision components segment is projected to grow by 26.3% year-on-year, with revenue of RMB 18.36 billion, accounting for 6.8% of total revenue [8]. Valuation Metrics - The company’s estimated EBITDA for 2025 is RMB 28.41 billion, with a growth rate of 33.5% [7][8]. - The projected net profit for 2025 is RMB 16.99 billion, with a growth rate of 27.1% [7][8]. - The company maintains a strong financial position with a projected return on equity (ROE) of 20.1% for 2025 [14].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 47.98 CNY per share [6][9]. Core Views - The company reported a revenue of 268.8 billion CNY for 2024, a year-on-year increase of 15.91%, and a net profit of 13.37 billion CNY, up 22.03% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 61.79 billion CNY, representing a 17.9% year-on-year growth, and a net profit of 3.04 billion CNY, which is a 23.17% increase year-on-year [1]. - The global consumer electronics market is experiencing a recovery, driven by the deep application of AI technology and breakthroughs in product innovation such as foldable screens [2]. - The company is expanding its ODM business, leveraging a cross-disciplinary technology platform to offer a variety of popular product categories, including AR/VR glasses and smart home devices [2]. - The company has successfully overcome technical bottlenecks in 224G interconnect technology and has achieved mass production of 800G optical modules, receiving high market recognition [3]. - The acquisition of Leoni Group aims to enhance the company's automotive business ecosystem, which includes a complete product matrix in automotive wiring harnesses and connectors [4]. Financial Summary - The company expects revenues of 320.82 billion CNY, 372.53 billion CNY, and 427.96 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 17.39 billion CNY, 21.24 billion CNY, and 25.74 billion CNY for the same years [9][11]. - The company’s revenue growth rate is projected to be 19.4% in 2025, 16.1% in 2026, and 14.9% in 2027 [12]. - The net profit margin is expected to improve from 5.0% in 2024 to 6.0% in 2027 [11][12].