天孚通信（300394.SZ）11月21日在投资者互动平台表示，公司定位为光器件整体解决方案提供商和光 电先进封装制造服务商，光模块厂商是公司的主要客户，公司并不直接销售给终端用户。公司主要收入 来源地请查阅公司定期报告中第三节相关信息。公司不同产品线为客户不同速率的产品提供配套，目前 主要以给400G、800G、1.6T速率产品配套为主。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：1.请问，未来公司产品在中东地区、欧洲国家是否有销 售渠道或计划？ 2. 公司目前主要产品是400G还是800G光模块及相关配件？1.6T、3.2T进展怎样？ ...

Summary of Zhongji Innolight Co Ltd Conference Call Company Overview - **Company**: Zhongji Innolight Co Ltd - **Ticker**: 300308.SZ - **Industry**: Greater China Technology Hardware - **Current Stock Price (as of October 31, 2025)**: Rmb473.01 - **Price Target**: Rmb500.00 Key Points and Arguments Financial Performance - **Earnings Estimates**: Earnings estimates for 2025-2027 have been revised upwards by 2.1%, 2.7%, and 1.1% respectively, following positive 3Q25 results [2][4][12] - **EPS Projections**: EPS for 2025 is projected at Rmb19.5, up from a prior estimate of Rmb18.9 [4][21] - **Revenue Growth**: Expected robust earnings growth driven by demand for 800G and 1.6T transceivers in 2025-2026 [12][13][14] Market Position and Strategy - **Product Innovation**: The company is a pioneer in new 1.6T products, which are expected to significantly boost revenue [8][14] - **Market Share Gains**: Anticipated faster-than-expected growth and market share gains due to strong demand for 800G and 1.6T products [12][14] - **Cost Management**: Potential for cost control through internal operational management, which could enhance profitability [22][23] Risks and Challenges - **Competition**: Intense competition in the market could lead to lower market share, margins, and average selling prices (ASPs) [17] - **Demand Fluctuations**: Risks associated with weaker-than-expected orders for 800G and 1.6T products could negatively impact financial performance [17] - **Geopolitical Issues**: Potential supply chain disruptions due to geopolitical tensions could affect operations [23] Investment Thesis - **Overweight Rating**: The stock is rated as Overweight, indicating expected performance to exceed the average total return of the industry [4][16] - **Positive Momentum**: Continued positive momentum is anticipated in the coming quarters following solid earnings growth in 1H25 [14] Additional Insights - **Revenue Exposure**: The company has significant revenue exposure to North America (60-70%) and Mainland China (10-20%) [22] - **Long-term Growth Rate**: A long-term growth rate of 3.5% is applied in valuation models, with a net profit CAGR of 19% from 2025-2035 [8] Conclusion Zhongji Innolight Co Ltd is positioned for strong growth driven by innovative products and increasing demand in the technology hardware sector. However, the company faces risks from competition and potential market fluctuations. The revised price target reflects confidence in the company's ability to capitalize on emerging opportunities while managing operational challenges.

Core Viewpoint - The company is focusing on the development of ultra-high-speed connection products, including 800G, 1.6T, 3.2T, and 6.4T technologies, while covering four major technical lines: high-speed optical connections, high-speed copper connections, efficient liquid cooling, and optoelectronic integration [1] Group 1 - The company is investing in new material directions such as silicon-based optoelectronics, lithium niobate, and quantum dot lasers [1] - The company is independently developing advanced parallel optical interconnect technologies and advanced packaging processes, including DPO, LRO, LPO, and CPO [1]

Group 1: Company Research - Ruifeng Fund's Investigation - Ruifeng Fund recently conducted research on two listed companies, Zhongji Xuchuang and Nasda, highlighting their performance and strategic developments [1][2] - Zhongji Xuchuang reported a significant revenue of 10.216 billion yuan for Q3 2025, with a gross margin of 43% and a net profit of 3.137 billion yuan, indicating substantial growth [1] - The company is experiencing increased shipments of 800G products and has begun deploying 1.6T products, with expectations for large-scale production in 2026-2027 [1] - Nasda is responding to new regulations emphasizing the importance of printer security, which may affect user purchasing decisions due to concerns over data leakage [2] Group 2: Financial Performance and Market Position - Ruifeng Fund's total asset management scale is 73.335 billion yuan, ranking 75th out of 211 in the public fund category [2] - The fund's best-performing product in the past year is Ruifeng Growth Value Mixed A, with a net value of 1.9 and a growth rate of 57.52% [2] - The fund manages a total of 10 public funds, ranking 153rd out of 211 [2]

Core Insights - Company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching approximately 165.05 billion yuan, a year-on-year growth of 221.70%, and net profit of about 63.27 billion yuan, up 284.38% [1] - The company maintains a strong focus on R&D, with investments reaching 5.01 billion yuan, a year-on-year increase of 149.57%, and is actively developing cutting-edge technologies such as silicon photonics and 1.6T products [2] - The demand for optical modules is expected to remain high due to the increasing capital expenditures in AI and data centers, with major companies like Amazon, Google, Meta, and Oracle planning significant increases in their capital expenditures [3] Financial Performance - For Q3 2025, the company achieved revenue of 60.68 billion yuan, a year-on-year increase of 152.53%, but a slight quarter-on-quarter decrease of 4.97% [1] - The net profit for Q3 2025 was 23.85 billion yuan, reflecting a year-on-year growth of 205.38% and a quarter-on-quarter increase of 0.63% [1] - The gross profit margin for Q3 2025 was 46.94%, up 5.41 percentage points year-on-year, while the net profit margin was 39.30%, an increase of 6.80 percentage points year-on-year [1] Industry Outlook - The optical module industry is expected to maintain high growth and certainty, driven by the increasing demand for AI computing power and capital expenditures from major tech companies [3] - Companies are expected to continue expanding their data center capabilities, with Oracle signing a significant power procurement contract with OpenAI, indicating strong future demand [3] - The overall industry is projected to experience a favorable growth trend into 2026, supported by ongoing technological advancements and increased client demand [2][3] Investment Projections - Revenue projections for the company are estimated at 243.20 billion yuan in 2025, 511.40 billion yuan in 2026, and 732.21 billion yuan in 2027, with corresponding net profits of 88.58 billion yuan, 189.99 billion yuan, and 263.89 billion yuan [4] - The company is expected to have a price-to-earnings (PE) ratio of 39, 18, and 13 for the years 2025, 2026, and 2027, respectively, indicating a favorable investment outlook [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported strong performance in Q3 2025, with revenue of 102.16 billion yuan, a year-on-year increase of 56.83%, and a net profit of 31.37 billion yuan, up 124.98% year-on-year [4] - The growth in revenue and profit is attributed to increased sales of high-end optical modules, driven by the expansion of AI computing infrastructure [4] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 102.56 billion, 181.83 billion, and 237.02 billion yuan respectively [4] - The current price-to-earnings (P/E) ratios are 55.8, 31.5, and 24.1 for 2025, 2026, and 2027 respectively, indicating a favorable valuation [4] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 250.05 billion yuan, a 44.43% increase year-on-year, and a net profit of 71.32 billion yuan, a 90.05% increase year-on-year [4] - The gross margin for Q3 2025 was 42.79%, up 9.15 percentage points year-on-year, while the net margin was 32.57%, up 10.09 percentage points year-on-year [6] - R&D expenses for the first three quarters of 2025 were 9.45 billion yuan, a 27.41% increase year-on-year, with a research expense ratio of 3.78% [5] Market Position - The company continues to rank first globally in the optical module market, showcasing its strong technological capabilities and product range [5] - The company has a diverse product portfolio, including 1.6T, 800G, 400G, and other optical modules, with a total of 385 patents as of mid-2025 [5]

Market Overview - The three major indices experienced a significant drop, with the ChiNext Index falling nearly 2% and the Shanghai Composite Index losing the 4000-point mark. By the end of the trading day, the Shanghai Composite Index decreased by 0.73%, the Shenzhen Component Index fell by 1.16%, and the ChiNext Index dropped by 1.84% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 165.6 billion yuan compared to the previous trading day, with 4100 stocks declining across the market [3] Sector Performance - Energy metals, steel, quantum technology, and battery sectors showed the highest gains, while sectors such as CPO, gaming, and coal experienced the largest declines [4] Computing Power Sector - Computing hardware stocks collectively weakened, with significant declines in stocks like Tianfu Communication and New Yisheng [5] - New Yisheng's stock dropped nearly 8%, while Tianfu Communication fell over 11%. Other leading stocks like Shenghong Technology, Industrial Fulian, and SMIC also saw declines of over 3% [6][8] - Despite NVIDIA's overnight increase of nearly 3% and its market capitalization reaching 5.03 trillion USD, this did not positively impact the computing power industry chain today [7] Financial Results of Key Companies - New Yisheng reported a revenue of 16.505 billion yuan for the first three quarters, a year-on-year increase of 221.70%, and a net profit of 6.327 billion yuan, up 284.37%. In Q3 alone, revenue was 6.068 billion yuan, a 152.53% increase, with a net profit of 2.385 billion yuan, up 205.38% [11] - Tianfu Communication achieved a revenue of 3.918 billion yuan for the first three quarters, a 63.63% increase, and a net profit of 1.465 billion yuan, up 50.07%. In Q3, revenue was 1.463 billion yuan, a 74.37% increase, with a net profit of 566 million yuan, up 75.68% [11] - Industrial Fulian reported a revenue of 603.931 billion yuan for the first three quarters, a 38.40% increase, and a net profit of 22.487 billion yuan, up 48.52%. In Q3, revenue was 243.172 billion yuan, a 42.81% increase, with a net profit of 10.373 billion yuan, up 62.04% [11] - Huatai Securities raised its revenue and earnings forecast for New Yisheng, anticipating growth from the upcoming 800G and 1.6T optical module products [11] CRO Sector - WuXi AppTec's stock fell by 8% following a shareholder reduction announcement, where the controlling shareholder plans to reduce up to 2% of the company's total shares [13][15] - WuXi AppTec reported a revenue of 32.857 billion yuan for the first three quarters, an 18.61% increase, and a net profit of 12.076 billion yuan, up 84.84% [15] Lithium Mining Sector - Lithium mining stocks saw significant gains, with Tianqi Lithium hitting the daily limit and closing up 9.67%. Other stocks like Guocheng Mining and Yongxing Materials also saw substantial increases [16][20] - Tianqi Lithium reported a net profit of 95.48 million yuan for Q3, a 119% increase, and a net profit of approximately 180 million yuan for the first three quarters, up 103% [23] - The report indicates that despite market fluctuations in lithium product prices, the company has improved its pricing mechanisms, which has positively impacted its financial performance [23]

Group 1: Market Performance - The market's profit effect is mainly concentrated in the new energy sector, with wind power equipment, energy metals, and solid-state batteries rising [2] - Leading stocks in energy storage, such as Sungrow Power, rose by 3.72%, reaching a historical high with a market capitalization of 411.78 billion [2] - The Shanghai Composite Index rose by 0.06%, while the Shenzhen Component Index and the ChiNext Index fell by 0.02% and 0.23%, respectively [2] Group 2: Wine Sector - The wine sector rebounded, with stocks like Yingjia Gongjiu, Yanghe Brewery, and Shanxi Fenjiu increasing, while Kweichow Moutai slightly declined by 0.16% [3] - Kweichow Moutai reported a total revenue of 130.904 billion for the first three quarters of 2023, a year-on-year increase of 6.32%, and a net profit of 64.627 billion, also up by 6.25% [5] Group 3: Earnings Reports - New Yi Sheng's stock fell by 6.26% after reporting a revenue of 16.505 billion for the first three quarters, a year-on-year increase of 221.70%, and a net profit of 6.327 billion, up by 284.37% [9] - Industrial Fulian's stock reached a historical high before falling by 0.31%, reporting a revenue of 603.931 billion for the first three quarters, a 38.40% increase, and a net profit of 22.487 billion, up by 48.52% [9][10] Group 4: Analyst Insights - Analysts from Huatai Securities raised their revenue and earnings forecasts for New Yi Sheng, citing potential growth from new 800G and 1.6T optical module products [10] - Industrial Fulian is expected to benefit from sustained overseas demand, with analysts optimistic about its future growth and profitability [10]

Market Performance - The market's profit effect is concentrated in the new energy sector, with wind power equipment, energy metals, and solid-state batteries rising. Leading stock Yangguang Electric (300274) increased by 3.72%, reaching a historical high with a market capitalization of 411.78 billion yuan [1] - Other leading stocks such as Longi Green Energy (601012), CATL (300750), Huayou Cobalt (603799), Tianci Materials (002709), and Goldwind Technology (002202) also saw increases [1] - The Shanghai Composite Index rose by 0.06%, while the Shenzhen Component Index and the ChiNext Index fell by 0.02% and 0.23%, respectively [1] White Wine Sector - The white wine sector rebounded, with stocks like Yingjia Gongjiu (603198), Yanghe Brewery (002304), and Shanxi Fenjiu (600809) rising, while Kweichow Moutai (600519) slightly decreased by 0.16% [2] - Kweichow Moutai reported a total revenue of 130.90 billion yuan for the first three quarters of 2023, a year-on-year increase of 6.32%, and a net profit of 64.63 billion yuan, also up 6.25% [4] - The third quarter revenue for Kweichow Moutai was 39.06 billion yuan, with a growth of 0.56%, and a net profit of 19.22 billion yuan, growing by 0.48% [4] - Guizhou Moutai is expected to enhance shareholder returns through dividends and buybacks, with a potential increase in the dividend rate this year [4] Computing Power Industry - Nvidia's stock rose nearly 3%, reaching a market capitalization of 5.03 trillion yuan, becoming the first company to exceed this valuation [6] - Despite Nvidia's performance, the computing power industry did not see a corresponding rise, with sectors like optical modules, PCB, and liquid cooling servers declining [6] - Newyi Sheng (300502) reported a revenue of 16.51 billion yuan for the first three quarters, a year-on-year increase of 221.70%, and a net profit of 6.33 billion yuan, up 284.37% [9] - Tianfu Communication (300394) experienced a drop of over 9%, with a revenue of 3.92 billion yuan for the first three quarters, a growth of 63.63%, and a net profit of 1.47 billion yuan, up 50.07% [9] - Industrial Fulian (601138) saw a revenue of 603.93 billion yuan for the first three quarters, a year-on-year increase of 38.40%, and a net profit of 22.49 billion yuan, up 48.52% [9] Analyst Insights - Analysts from Huatai Securities have raised revenue and earnings forecasts for Newyi Sheng, anticipating growth from new optical module products [10] - Research firms including Guojin Securities and Huatai Securities are optimistic about Industrial Fulian's future, citing strong overseas demand and potential profit growth [10]

Core Viewpoint - The company is focusing on the development of ultra-high-speed connection products, including 800G, 1.6T, 3.2T, and 6.4T technologies, while covering four major technical lines: high-speed optical connections, high-speed copper connections, efficient liquid cooling, and optoelectronic integration [1] Group 1 - The company plans to invest in new material directions such as silicon-based optoelectronics, lithium niobate, and quantum dot lasers [1] - The company is developing advanced parallel optical interconnection technologies and advanced packaging processes, including DPO, LRO, LPO, and CPO [1]