新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4978 期 2026 年 3 月 12 日 星期四 研究观点 【公司研究】 HIMS & HERS HEALTH（HIMS.US，买入）：持续扩展新领域和全球化，诺和撤回诉讼 【公司评论】 长芯博创（300548，未评级）：谷歌 AI 投资核心受益者，品类扩张潜力巨大 腾讯控股（700.HK）：周报 特斯拉（TSLA）：周报 【宏观经济评论】 第一上海——美股宏观策略 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | HIMS & HERS HEALTH(美 | HIMS | | | | | | | | | | | 元） | | 买入 买入 31.10 | 56.80 | -45 ...

Investment Rating - The report does not provide a specific investment rating for the company [3]. Core Insights - Changxin Bochuang is positioned as a leading supplier of optoelectronic connection solutions, targeting data centers, telecommunications, and industrial interconnect sectors. The company enhances its market competitiveness driven by AI computing demand through the acquisition of a controlling stake in Changxin Sheng [4][5]. - The company is a key beneficiary of Google's AI investments, with its subsidiary Changxin Sheng being a supplier to Google. This long-term partnership lays a solid foundation for expanding product categories, including MPO connectors, AOC connectors, and optical modules, which are expected to see significant growth in revenue [5][6]. - The potential for category expansion is substantial, with the company’s MPO connector business achieving significant revenue in 2025 and expected to double in the coming years. New products like AOC and optical modules are in client testing and are anticipated to contribute to market space expansion [6][12]. Summary by Sections Company Overview - Changxin Bochuang focuses on providing solutions in the optoelectronic connection field, primarily serving data centers, telecommunications, and industrial interconnect sectors. The company has transitioned from passive components to a comprehensive supply chain through the acquisition of Changxin Sheng [17][18]. Business Performance - The company forecasts a revenue of 320 to 370 million RMB for 2025, representing a year-on-year growth of 344% to 413%. The main profit source is the controlling subsidiary Changxin Sheng, with expectations of exceeding 500 million RMB in total revenue for 2025 [8][12]. - The MPO supply is expected to continue growing, with projections for AOC and optical modules to begin small-scale supply in 2026, leading to further profit growth [11][12]. Competitive Advantage - The parent company, Longfly Optical, holds a 19% stake in Changxin Bochuang, providing a competitive edge through upstream and downstream collaboration. This relationship is expected to enhance cost advantages and supply capabilities, especially in the context of global fiber shortages [7][22]. - The company is positioned to benefit from the increasing demand for data center-related products, with a significant improvement in gross margins as these products gain traction in the market [25][27].