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长光华芯20250709
2025-07-11 01:13
长光华芯在 2025 年上半年的经营情况如何? Q&A 长光华芯 20250709 摘要 长光华芯 2025 年上半年 100G EML 产品实现量产,Q3 接到 CW 订单, 预计下半年量产突破,光通信板块全年营收预计数千万元,明年有望翻 倍。威斯科进展稍慢,预计年底量产。 激光雷达行业受益于降价趋势,更多车型应用,数量增加但整体营收变 化不明显。未来元器件成本将降低,显著改善营收。主要客户为下游光 模块厂商,数据中心终端订单来自国内,海外公司陆续对接。 100G EML 产品已验证一年左右,目前批量供货,良率爬坡中。与海外 相比,良率优势暂不明显,但随着规模扩大和技术成熟,将逐步提升良 率并优化成本结构。产品价格低于海外市场。 长光华芯产能充足,但利用率不足。100G EML 用于 400G/800G 光模 块,4W EML 用于 800G/1.6T 光模块,终端客户主要是国内数据中心, 下游客户为国内厂商。 2025 年三款 100G EML 产品预计营收数千万元,2026 年订单量预计 成倍增长,达 1-2 亿元。拓展海外市场策略包括绑定下游光模块厂商和 直接对接海外客户。 2025 年上半年,长光华 ...
聚焦光芯片产业国产化进程中的关键问题 上交所举办科创板新质生产力行业沙龙
Core Insights - The recent salon hosted by the Shanghai Stock Exchange focused on the development of the domestic optical chip industry, addressing key issues such as technological breakthroughs, industry chain collaboration, and global layout [1] Group 1: Technological Advancements - Optical chips are referred to as the "heart of optical communication," with increasing demand for data transmission bandwidth and computing power driving rapid growth in the optical communication industry [2] - Dekoli has made significant breakthroughs in core technologies through independent research and development, particularly in thin-film lithium niobate chips and O-Band semiconductor optical amplifier chips, providing technical support for the domestic optical communication industry [2] - Changguanghua has successfully achieved domestic production of key optical communication chips, including 100G EML, which has entered mass production, and 200G EML, which is in the sampling phase [2] - Shijia Photon has made technological breakthroughs in passive optical chips and laser chips, successfully breaking foreign technology monopolies in areas such as AWG wavelength division multiplexing chips and CW DFB series laser chips [2] Group 2: Market Dynamics and Strategies - The optical chip industry is characterized by strong cyclicality, with product lifecycles for AI training cluster optical modules being only 1-1.5 years, necessitating a focus on continuous R&D investment and flexible product strategies to navigate market fluctuations [4] - Companies are emphasizing the importance of a "three-dimensional moat" consisting of technology, ecosystem, and cash flow to withstand industry cycles [4] - Differentiated innovation is seen as a key path to overcoming cyclical challenges, with companies like Shijia Photon leveraging open innovation platforms and optimizing manufacturing processes to enhance yield and cost advantages [5] Group 3: Global Expansion and Competition - As global competition in the optical chip market intensifies, Chinese companies are focusing on enhancing their global competitiveness and transitioning from "domestic substitution" to "global competition" [6] - Dekoli has established a global integrated strategy through its presence in Singapore, Canada, and Thailand, aiming for a unified approach in R&D, production, and sales [7] - Changguanghua plans to deepen its collaboration with downstream optical module manufacturers while expanding into overseas markets through international mergers and capital cooperation [7] - Shijia Photon is advancing its global strategy by establishing production lines in Thailand and collaborating with international clients to accelerate the global deployment of its technology products [7] - Source Technology aims to enhance its global competitiveness through high-end technological breakthroughs and global capacity expansion, particularly in data centers and ultra-high-speed optical communication [7]
【善融】宝藏新店!地道品质好货抢先囤
中国建设银行· 2025-07-03 06:35
高藏第1 优 品 推 荐 善融与你新·鲜 好生活 广告 + 粮 油 调 味 + (0,0 申十一 大豆油 5L 东旭大别山 花生油 5L ·浓香一级花生油· 油品清澈 煎炒少油烟 粒粒精选 气味芬芳 活动价 活动价 抢 > 119元 抢 > 69元 129元 广告 广告 龙供大米 稻花香2号 璞采 稻米油 5L 4kg/箱 龙线大学 色泽温润 味甜软绵 滴滴清透 口感清香 活动价 活动价 189元 抢 > 抢 > 109元 139元 广告 广告 鹤生元 山茶油 梁家河 黄小米 500g 500ml*2 黑家网 小 米 山茶油 高油点 低油烟 旁香粘稠 唇齿留香 活动价 活动价 抢 > 抢 > 158元 188元 16.5元 16.8元 广告 广告 谷为纤 亚麻籽油 金辣娇 辣椒面 330ml*1瓶 250g*2袋 物理冷榨 六道提纯 色泽红润 辣香四溢 活动价 活动价 抢 > 抢 > 35元 39元 12.5元 广告 广告 万纯 山茶油 今粮道 长粒香5kg 500ml*2/盒 今粮道 Camellia Oil 山茶油 剑 @ 颜色透亮 香味浓郁 颗粒饱满 莹白剔透 活动价 活动价 268元 抢 > 抢 > ...
建议你买便宜的衣服
洞见· 2025-06-23 09:56
只要找对渠道,买到的衣服、化妆品、日用品等 商品 价格能低上好几倍,品质却一点不打 折! 洞见 (DJ00123987) ——不一样的观点,不一样的故事,3000万人订阅的微信大号。点击标题 下蓝字"洞见"关注,我们将为您提供有价值、有意思的延伸阅读。 9.15亿,这是中国网购人群的新数据。 他们一年的网购金额超过了15万亿。 但很多网购人不知道的是,除了大型网购平台, 这不是天方夜谭,而是我认识的一个靠谱商家正在做的事: 帮大家从源头工厂花市场价的零 头就能买到远超价值的好货! 长按识别二维码 添加希妈了解详情 这个商家朋友叫希妈,她 因为 最早在电商公司供应链部门上班,所以会跟大量的供应商工厂 对接 ,慢慢的就积累了大量的厂家资源,也清楚了网购价格的构成。 她说, 网购的现状是:你在购物网站 花钱买的东西,80%是广告费,10%的运营、仓储、物 流费用,10%才是商品的价值。 ▲希妈日常跑厂溯源 品牌方为了在购物网站有流量卖货,支付给了各大购物网站大额广告费,这部分成本又会加 到售价中,由消费者来承担。 再加上仓储、运输等成本,到我们手上就翻了好几倍! 实际上很多品牌 售价高昂的产品,工厂出厂价几十块就能 ...
可选消费W23周度趋势解析:本周零食板块景气度增强,部分新消费公司解禁在即板-20250608
研究报告 Research Report 8 Jun 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W23 周度趋势解析:本周零食板块景气度增强,部分新消费公司解禁在即板 块分化,股价波动增强 Analysis of weekly Discretionary Trends: Snacks Sector Prosperity Increases; Sector Diversification and Stock Price Volatility Rise as Some New Consumption Companies Approach Share Release Dates [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 股票名称 | 评级 | | --- | --- | --- | | 耐克 | Outperform 永辉超市 | Outperform | | 美的集团 | Outperform 苏泊尔 | Outperform | | 京东集团 | Ou ...
全球AI行业景气度持续,数字经济ETF涨0.94%
Zheng Quan Zhi Xing· 2025-06-05 06:02
消息面上,近期英伟达发布了2026财年第一财季财报:期内实现营收440.62亿美元,同比上涨69%,高于市场预期的432.8亿美元;净利润187.75 亿美元,同比上涨26%;Non-GAAP下每股摊薄收益为0.81美元,同比上涨33%。作为观察全球AI产业热度的风向标,英伟达财报的优秀表现体现 了全球AI行业景气度仍在持续。 国信证券指出,全球互联网云厂商持续加大AI投入,资本开支同比大幅增长,AI军备竞赛仍在持续。其中光模块需求呈现高景气度,Oracle在5月 计划斥资约400亿美元,用于购买英伟达GB200GPU;马斯克近期宣布xAI计划将扩展GPU卡达100万张。Oracle、xAI成为AI基建新投入方,光模 块头部厂商持续受益。 做多数字中国,分享数字经济长期成长红利。中证数字经济主题指数(931582)囊括了数字经济产业的核心标的,既顺应了高质量发展的目标,也 体现了自主可控主要产业链的发展潜力,鹏扬数字经济ETF(560800)为市场首只、流动性佳跟踪该指数的场内基金;场外投资者可关注鹏扬中证数 字经济ETF联接基金(015787.OF/015788.OF)。 6月5日,三大股指午后翻红,其中数 ...
通信行业研究周报:Oracle将采购40万枚英伟达GB200芯片,博通发布单通道200G CPO方案
Tianfeng Securities· 2025-05-25 10:25
行业报告 | 行业研究周报 通信 证券研究报告 Oracle 将采购 40 万枚英伟达 GB200 芯片,博通发布单通道 200G CPO 方案 本周行业动态: Oracle 将采购 40 万枚英伟达 GB200 芯片 Oracle 计划投资约 400 亿美元购买 Nvidia 最新的高性能芯片,用于支持 OpenAI 在 美国的新数据中心建设。Oracle 将采购约 40 万枚 Nvidia 最新的 GB200 芯片,该数 据中心预计将于明年年中全面投入运营,Oracle 已同意签署 15 年的租赁协议。 OpenAI、Oracle 和 Nvidia 还参与了中东地区的 Stargate 项目,计划在阿联酋建设 一个新的大型 AI 数据中心。 博通发布单通道 200G 能力的第三代 CPO 方案 博通宣布在光电合封 CPO 领域的重大进展,推出第三代 200G/lane 的 CPO 方案, 并表示第二代 100G/lane 产品和生态系统已经成熟,重点强调了 OSAT 工艺、散热 设计、操作流程、光纤布线和整体良率的关键改进。 本周投资观点: 由于外部政治环境动荡扰动,市场整体情绪较为低落,但我们仍然看好 ...
天孚通信(300394):经营节奏保持稳健 大客户1.6T和CPO产品有望带来新动能
Xin Lang Cai Jing· 2025-05-22 10:42
Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, and a stable start to 2025, indicating robust operational momentum [1][5]. Financial Performance - In 2024, the company achieved revenue of 3.25 billion yuan, a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion yuan, up 84.1% [1]. - For Q4 2024, the company recorded revenue of 860 million yuan, with quarter-on-quarter growth of 17.0% and year-on-year growth of 2.2%, and a net profit of 370 million yuan, reflecting quarter-on-quarter growth of 26.2% and year-on-year growth of 13.9% [1]. - In Q1 2025, the company generated revenue of 950 million yuan, with quarter-on-quarter growth of 29.1% and year-on-year growth of 10.2%, while net profit was 340 million yuan, showing quarter-on-quarter growth of 21.1% but a year-on-year decline of 8.0% [1]. Product Line Performance - In 2024, the company’s active and passive product lines generated revenues of 1.66 billion yuan (up 121.9% year-on-year) and 1.58 billion yuan (up 33.2% year-on-year), respectively [2]. - The demand for passive components surged due to the AI data communication market, although certain telecom markets faced pressure [2]. - The company is focusing on high-speed data communication and silicon photonics products, with improvements in cost optimization and yield, leading to an 8.2 percentage point increase in passive gross margin compared to 2023 [2]. Strategic Developments - The company has commenced production at its Thailand factory, which is strategically positioned in the upstream of the optical module supply chain, minimizing the impact of tariff fluctuations [3]. - The Thailand factory has successfully passed customer certification for certain passive component product lines, with plans for expansion underway [3]. - The company is developing customized passive components and enhancing its capabilities in silicon photonics, which is expected to open up larger market opportunities [3]. Market Position and Future Outlook - The company is a key participant in the supply chain for NVIDIA's CPO, which is anticipated to drive new growth as the market expands [4]. - NVIDIA's CPO switches are projected to significantly reduce energy consumption and improve network reliability, with the CPO market potentially reaching $5 billion by 2030 [4]. - The company has begun small-scale deliveries of high-power lasers suitable for CPO applications, indicating readiness to capitalize on market opportunities [4]. Profit Forecast - The company expects a significant rebound in active business growth in the second half of the year, with projected net profits of 2.08 billion yuan, 2.88 billion yuan, and 3.24 billion yuan for 2025-2027, respectively [5]. - Corresponding EPS estimates are 3.75, 5.19, and 5.84 for the same periods, with the current valuation at a historical low [5].
博通第二季度预测:超大规模数据中心运营商持续增加资本支出
美股研究社· 2025-05-21 11:59
鉴于超大规模数据中心运营商已公布业绩,且数据 中心的整体资本支出保持稳健,这可能支撑 博通公司 ( NASDAQ: AVGO )在数据中心市场短期增长,因此分析师重申"强力买入"评级, 其公允价值为每股247美元。 作 者 | Lighting Rock Research 编译 | 华尔街大事件 博通的半导体解决方案业务与整体数据中心的资本支出密切相关。因此,这些超大规模数据中心 运营商的资本支出预算可能会对整体市场和博通的半导体业务增长产生重大影响。 因此,分析师对博通半导体解决方案的短期增长充满信心。该公司的定制硅片技术支撑着这些定 制的GPU产品,随着这些超大规模数据中心运营商生产更多定制硅片并将其部署到其云基础设施 中,博通将在未来几年受益于其定制硅片的投资。 预测博通在2025财年至2027财年期间的收入将增长25%,这得益于人工智能业务同比增长超过 40%,基础设施软件增长8%,以及其他半导体解决方案贡献9%的增长。从2028财年起,预计收 入增长将放缓至20%,而随着人工智能技术逐渐成熟,从2032财年起,收入增长将进一步放缓 至15%。此外,预测该公司将把8%的收入用于并购,这将为营收贡献额外 ...
【太平洋科技-每日观点&资讯】(2025-05-19)
远峰电子· 2025-05-18 11:30
行情速递 ① 主 板 领 涨 , 遥 望 科 技 (+10.03%)/ 麦 迪 科 技 (+10.02%)/ 永 鼎 股 份 (+8.08%)/ 锐 明 技 术 (+6.90%)/鸿合科技(+6.36%)/ ②创业板领涨, 万集科技(+8.59%)/东土科技(+7.58%)/精研科技(+6.55%)/ ③科创板领涨, 纬德信息(+8.39%)/经纬恒润-W (+6.42%)/敏芯股份(+6.30%)/ ④活跃子行业, SW其他通信设备(+2.46%)/SW通信网络设备及器件(+1.44%)/ ④ CINNO,本次SID展会上/沃格光电发布了全球首款旗舰级32"玻璃基Mini LED新品/是继沃格与海信合作推出全球首款3A原画显示器大圣G9后/玻璃基 规模量产的更进一步/再次宣告2025年作为玻璃基产业化元年的到来/ 公司公告 ① 万马科技,发布关于大股东拟协议转让公司股份的进展暨签署补充协议的 公告/补充协议主要内容包括/受让方承诺在股份过户登记后12个月内不减 持/未尽事宜仍以原《股份转让协议》为准/补充协议生效后构成原协议不可 分割的一部分/如有冲突以补充协议为准/ ② 国星光电,发布关于转让参股子公司皓 ...