证券日报网讯12月9日，华工科技（000988）在互动平台回答投资者提问时表示，海外市场方面，出口 业务增长明显，海外设备商与渠道商已有批量的400G/800G光模块出货，800G LPO光模块今年四季度 已经在海外工厂开始交付，明年将继续上量，同时产品型号也在增加。 ...

Group 1 - The company, Huagong Technology, reported significant growth in its overseas export business, with bulk shipments of 400G/800G optical modules already being delivered by overseas equipment and channel partners [1] - The 800G LPO optical modules have started delivery in overseas factories in the fourth quarter of this year, with plans for continued volume increase next year and an expansion of product models [1] Group 2 - An investor inquired about the capacity utilization of the Thailand factory, which is expected to reach 20,000 optical modules per month by the end of the year, up from 15,000 [3] - The revenue for Zhengyuan Photonics (Thailand) Co., Ltd. is projected to be 51 million USD for the first nine months of 2025, which corresponds to an export of only 25,000 optical modules at a price of over 300 USD for the 800G LPO [3] - There was a question raised regarding the authenticity of the reported 128% growth in the North American export market mentioned in the company's third-quarter report, as well as whether overseas market orders are still being shipped from domestic locations [3]

华工科技（000988.SZ）12月9日在投资者互动平台表示，联接业务海外市场推进顺利，今年以来出口业 务增长明显，海外设备商与渠道商已有批量的400G/800G光模块出货，800G LPO光模块今年四季度已 经在海外工厂开始交付，明年将继续上量，同时产品型号也在增加。 每经AI快讯，有投资者在投资者互动平台提问：公司的光模块目前在海外市场到底有多少订单？金额 规模怎么样？ （记者 王晓波） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, achieving revenue of 165.05 billion yuan, a year-on-year increase of 221.70%, and a net profit of 63.27 billion yuan, a year-on-year increase of 284.38% [4] - The company benefits from the growth in artificial intelligence computing power investments, which has led to substantial sales revenue increases compared to the previous year [4] - The company is positioned as a leader in the optical module industry, with expectations for further growth in performance due to the increasing volume of high-speed products and advanced technology layouts [4] Financial Performance Summary - For Q3 2025, the company achieved revenue of 60.68 billion yuan, a year-on-year increase of 152.53%, and a net profit of 23.85 billion yuan, a year-on-year increase of 205.38% [4] - The gross profit margin for the first three quarters of 2025 was 47.25%, an increase of 4.20 percentage points year-on-year, while the net profit margin was 38.33%, an increase of 6.62 percentage points year-on-year [5] - The company’s R&D investment for the first three quarters of 2025 was 5.01 billion yuan, a year-on-year increase of 149.57%, with a research expense ratio of 3.04% [6] Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 83.91 billion yuan, 143.82 billion yuan, and 165.54 billion yuan, respectively [4] - The current price-to-earnings (P/E) ratios are 48.1 for 2025, 28.1 for 2026, and 24.4 for 2027 [4] Valuation Metrics - The company’s total market capitalization is 403.65 billion yuan, with a circulating market capitalization of 359.56 billion yuan [4] - The company’s total share capital is 994 million shares, with a circulating share capital of 885 million shares [4] - The turnover rate over the past three months is 354.9% [4]

Market Performance - The main board saw significant gains with stocks like Dahua Intelligent (+10.09%), Dawi Shares (+10.02%), and Zhongdian Port (+10.02%) leading the charge [1] - The ChiNext board was led by Haixia Innovation (+20.06%) and Jiangbolong (+19.82%) [1] - The Sci-Tech Innovation board was boosted by Xinghuan Technology-U (+16.47%) and Weicai Technology (+15.22%) [1] - Active sub-industries included SW Printed Circuit Boards (+6.76%) and SW Communication Network Equipment and Devices (+4.74%) [1] Domestic News - JBD, a MicroLED manufacturer, completed over 1 billion RMB in Series B financing to accelerate innovation in MicroLED micro-display technology and promote consumer AR ecosystem development [1] - Huagong Technology reported that its 800G LPO optical modules began delivery in overseas factories in October, with expectations for increased production in Q4 [1] - Changxin Storage launched its LPDDR5X series products and is developing a 0.58mm thick LPDDR5X, which would be the thinnest in the industry if mass-produced successfully [1] - United Optoelectronics announced plans to sell its millimeter-wave radar business assets for 30 million RMB and invest 15 million RMB to acquire a 30% stake in Millimeter Automotive, aiming to focus on its optical main business [1] Company Announcements - Shengyang Technology reported a revenue of 644 million RMB for the first three quarters of 2025, a year-on-year increase of 13.39%, with a net profit of 7.13 million RMB, up 6.16% [2] - Hengtong Optic-Electric achieved a revenue of 49.62 billion RMB in Q3 2025, a 17.03% year-on-year increase, with a net profit of 2.38 billion RMB, up 2.64% [2] - Tuobang Co. reported a revenue of 8.19 billion RMB for the first three quarters of 2025, a 6.34% year-on-year increase, but a net profit decline of 23.86% to 420 million RMB [2] - Tongfu Microelectronics reported a revenue of 20.12 billion RMB for the first three quarters of 2025, a 17.77% year-on-year increase, with a net profit of 860 million RMB, up 55.74% [2] International News - Lam Research predicts a growing demand for low-temperature etching technology "Cryo" as advancements in high-capacity NAND technology accelerate, driven by the increasing need for reliability in various sectors [2] - Counterpoint Research reported a 2% year-on-year increase in global smartphone shipments in the first half of 2025, with a 7% increase in outsourced design orders, indicating OEMs are increasing ODM outsourcing to cope with market competition [2] - The U.S. signed trade and critical mineral agreements with Malaysia, Cambodia, and Thailand during the ASEAN summit, aiming to address trade imbalances and diversify supply chains amid China's restrictions on rare earth exports [2] - Counterpoint Research noted an 8.1% year-on-year increase in global PC shipments in Q3 2025, attributed to the impending end of support for Windows 10 and strategic inventory adjustments related to U.S. import tariffs [2]

Core Insights - The CPO (Chip-on-Board) sector is experiencing significant growth, particularly among optical module companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have seen substantial stock price increases and market capitalization growth [1][2][4]. Group 1: Stock Performance - Zhongji Xuchuang's stock price rose by 4.25% to 515 CNY, marking a historic high and a year-to-date increase of 320%, with a market cap exceeding 570 billion CNY [1]. - Xinyi Sheng's stock also reached a new high, closing with an over 8% increase and a market cap surpassing 400 billion CNY [2]. - Tianfu Communication's stock increased by over 6%, with a market cap of 147.8 billion CNY [2]. Group 2: Market Demand - The demand for 1.6T optical modules has doubled, driven by the launch of NVIDIA's GB300 and large-scale procurement by major tech companies [3][5]. - Recent estimates suggest that the global demand for 1.6T optical modules could reach 20 million units by 2026, a 100% increase from previous forecasts, with NVIDIA's demand expected to be between 10 to 15 million units [5]. Group 3: Company Performance - The leading companies in the optical module CPO sector, referred to as "Yizhongtian" (Xinyi Sheng, Zhongji Xuchuang, Tianfu Communication), reported impressive net profit growth in the first half of 2025, with year-on-year increases of 355.68%, 69.40%, and 37.46% respectively [7]. - Xinyi Sheng's net profit reached 3.942 billion CNY, while Zhongji Xuchuang's was 3.995 billion CNY, indicating a narrowing gap between the two [7][8]. Group 4: Emerging Companies - Smaller CPO manufacturers also reported significant profit increases, with Shijia Photon and Changxin Bochuang seeing their net profits surge by 1712% and 1121% respectively in the first half of the year [9].

Group 1: Xiaomi's Pricing Strategy - Xiaomi's President Lu Weibing addressed concerns regarding the pricing of the Redmi K90 series, attributing the price differences to increased costs from upstream supply chains [2] - The 12GB + 512GB version will see a price reduction of 300 yuan during its first month of sales, bringing the price to 2899 yuan [2] - The company emphasized that the global storage supply chain prices have risen unexpectedly, impacting their pricing strategy [2] Group 2: Kuaishou's Business Restructuring - Kuaishou is restructuring its local life services business, transitioning service providers to take on more advertising responsibilities [3] - The local life division has been renamed to the Life Services Division, indicating a commitment to expanding this business area [3] - The restructuring aims to integrate local merchant operations and marketing efforts for more efficient service delivery [3] Group 3: Huawei's Leadership Update - Huawei announced that Yu Chengdong has been appointed as the head of the Product Investment Committee while retaining his role as Executive Director and Chairman of the Terminal BG [3] - The Product Investment Committee is a key decision-making body responsible for evaluating resource allocation and project approvals [3] Group 4: OPPO's Response to Screen Issues - OPPO addressed the "green line" issue reported by users on various smartphone models, offering free screen replacements for devices under four years old [4] - For devices older than four years, OPPO will provide a discounted screen replacement service [4] Group 5: Huagong Technology's Product Delivery - Huagong Technology has begun delivering its 800G LPO optical modules from overseas factories in October, with expectations for increased production in Q4 [5] - The company anticipates a growing demand in the overseas market, estimating a total demand of 40 to 50 million units [5] Group 6: Strategic Partnerships - Ningbo Fangzheng signed a strategic cooperation agreement with Shandong Future Robotics to collaborate on deep-sea robot components and applications [6] - The agreement is valid for three years and focuses on various deep-sea operational scenarios [6] Group 7: Green Energy Collaboration - Grinmei signed a strategic cooperation framework agreement with Xiamen Xatung New Energy for the supply of advanced battery materials [7] - The agreement outlines a long-term partnership for supplying various battery materials, with an expected annual supply of 150,000 tons from 2026 to 2028 [7] Group 8: Breakthroughs in Lithography Technology - A research team from Peking University has made significant advancements in lithography technology, which is crucial for semiconductor manufacturing [8] - The team successfully analyzed the micro-3D structure of photoresist molecules, leading to a new industrial solution to reduce lithography defects [8] Group 9: Wolfspeed's Executive Appointment - Wolfspeed appointed former Infineon executive Matthias Buchner as the Senior Vice President of Global Sales and Chief Marketing Officer [9] - This move indicates Wolfspeed's strategy to strengthen its position in high-growth sectors such as electric vehicles and AI data centers [9] Group 10: Stock Market Activity - Shannon Chip announced significant stock price fluctuations, with a cumulative increase of over 200% in the past 30 trading days [10] - The company noted that its business fundamentals remain stable despite the stock price volatility, indicating potential irrational market behavior [10] Group 11: Mergers and Acquisitions - Yintang Smart Control is planning to acquire 100% of Guanglong Integrated Technology and 76% of Ao Jian Microelectronics [11] - The company has applied for a trading suspension as it negotiates the acquisition details, which are not expected to constitute a major asset restructuring [11] Group 12: Termination of Asset Restructuring - Visionox announced the termination of its major asset restructuring plan to acquire a stake in Hefei Visionox Technology due to changing market conditions [12] - The company confirmed that its operational status remains normal and the termination will not adversely affect its business [12] Group 13: Financing Update - Songyan Power has completed nearly 300 million yuan in Pre-B round financing, led by Fanggu Capital [13] - The financing round included participation from several other investment firms, indicating strong investor interest in the company [13]

Company News - Shen Shen Fang A reported a revenue of 899 million yuan for the first three quarters, a year-on-year increase of 331.66%, and a net profit of 145 million yuan, up 2791.57%. The net profit for the third quarter was 42.09 million yuan, a staggering increase of 7066.86% [3] - WuXi AppTec achieved a revenue of 32.857 billion yuan in the first three quarters, growing by 18.61%, and a net profit of 12.076 billion yuan, an increase of 84.84%. The third quarter revenue was 12.057 billion yuan, up 15.26%, with a net profit of 3.515 billion yuan, a growth of 53.27% [3] - Zhenghai Magnetic Materials reported a third-quarter revenue of 1.916 billion yuan, a year-on-year increase of 50.76%, and a net profit of 115 million yuan, up 189.72%. For the first three quarters, the revenue was 4.973 billion yuan, a growth of 30.54%, and a net profit of 228 million yuan, an increase of 20.46% [3] - Huagong Technology announced that its 800G LPO optical modules have started delivery in overseas factories in October, with expectations for continued growth in the fourth quarter [3] - Ying Tang Zhi Kong is planning to acquire 100% equity of Guilin Guanglong Integrated Technology Co., Ltd. and 76% equity of Shanghai Aojian Microelectronics Technology Co., Ltd. The stock will be suspended from trading starting October 27 [3] - WuXi AppTec announced a plan to transfer 100% equity of two subsidiaries for a base price of 2.8 billion yuan, focusing on its CRDMO business model to enhance global capabilities [5] - Zhong Tung High-tech plans to acquire 99.9733% equity of Hengyang Yuanjing Tungsten Industry for 821.49 million yuan, which constitutes a related party transaction [5] - Yi Yi Co. is planning to acquire all equity of Hangzhou Gao Ye Jia You Duo Duo Cat Pet Food Co., Ltd. through a combination of share issuance and cash payment [6] Industry News - As of the end of 2024, the total assets of state-owned enterprises (excluding financial enterprises) in China are projected to reach 401.7 trillion yuan, with state-owned capital equity at 109.4 trillion yuan. The total assets of state-owned financial enterprises are expected to be 487.9 trillion yuan, with capital equity at 33.9 trillion yuan [1] - The total output value of the national forestry and grass industry is expected to reach 10.496 trillion yuan in 2024, with four pillar industries exceeding 1 trillion yuan each [2] - The National Energy Administration reported that as of September 30, the cumulative installed power generation capacity in China reached 3.72 billion kilowatts, a year-on-year increase of 17.5%. Solar power capacity grew by 45.7% to 1.13 billion kilowatts, while wind power capacity increased by 21.3% to 580 million kilowatts [4]

Core Viewpoint - The optical module sector is experiencing significant growth, with multiple companies reporting increased demand and positive financial performance, particularly in the 1.6T and 800G product lines [1][2][4][6]. Company Developments - Zhongji Xuchuang reported that its 1.6T products are steadily increasing in volume, and the company is optimistic about industry demand in 2026 and 2027 [1][3]. - Huagong Technology announced that its 800G LPO optical modules have begun delivery from overseas factories, with expectations for continued growth in Q4. The company is preparing for increased demand in the overseas market, estimating a need for 40 to 50 million units next year [4]. - AVIC Optoelectronics highlighted its deep involvement in the optical module sector, focusing on CPO technology development and collaboration with industry partners to advance 800G and 1.6T products [5]. Financial Performance - As of October 26, 2023, 8 out of 9 listed companies in the optical module sector reported year-on-year net profit growth. Companies like Huagong Technology and Cambridge Technology showed strong financial results, with significant increases in revenue and net profit [6]. - Cambridge Technology reported a revenue of approximately 3.36 billion yuan, a year-on-year increase of 21.57%, and a net profit of about 259 million yuan, up 70.88% [6]. - Huagong Technology's revenue for the first three quarters reached 11.038 billion yuan, a 22.62% increase, with a net profit of 1.321 billion yuan, reflecting a 40.92% growth [6].

Core Viewpoint - Company reported strong financial performance in the first three quarters of the year, with significant growth in revenue and net profit, driven by advancements in sensor and connectivity businesses [1] Financial Performance - Company achieved operating revenue of 11.038 billion, a year-on-year increase of 22.62% - Net profit attributable to the parent company reached 1.321 billion, reflecting a year-on-year growth of 40.92% [1] Business Segments - **Perception Business**: Focused on the electric vehicle supply chain, expanding applications of sensors in niche markets, with revenue of 3.174 billion, up 13% year-on-year. Sensor business revenue was 2.853 billion, while laser holographic anti-counterfeiting business revenue was 321 million [1] - **Connectivity Business**: Emphasizing smart "optical + wireless" connections, the company delivered 400G and 800G optical modules, with revenue of 5.089 billion, a 52% increase year-on-year. Rapid growth in data communication product revenue was noted [1] Product Development and Market Outlook - The company began delivering 800G LPO optical modules in overseas factories in October, with expectations for increased production in Q4. The 1.6T optical module is being prepared for next year's ramp-up [2] - Anticipated demand for optical modules in overseas markets is projected to be between 40 million to 50 million units, with a focus on low-cost, low-power, and low-latency products for AI and supercomputing applications [2] - Domestic market demand for optical modules is also expected to grow, with plans to transition from 400G to 800G products, and an estimated demand of around 20 million units for next year, with 800G modules accounting for approximately 40% [2] Supply Chain and Manufacturing - The company has established long-term stable partnerships with key chip manufacturers, ensuring preparedness for increased demand by managing orders six months in advance. Current inventory can cover approximately three months [3] - The intelligent manufacturing segment reported revenue of 2.653 billion, with significant growth in high-power laser equipment [3] - The company is focusing on high-quality sectors such as new energy and intelligent manufacturing, with notable revenue growth in various product lines [3]