天孚通信（300394.SZ）2025 年业绩预增点评 受益 AI 需求业绩高增，布局 CPO 有望持续增长 glmszqdatemark 事件：天孚通信于 1 月 21 日晚发布业绩预增公告，公司预计 2025 年度净利润为 18.8 亿元～21.5 亿元，同比增长 40%～60%。预计扣除非经常性损益后的净利 润为 18.3 亿元～21.1 亿元，同比增长 39%～60%。 风险提示：AI 领域发展进度及需求不及预期，行业竞争加剧，国际地缘政治风险。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,252 | 5,144 | 8,306 | 10,343 | | 增长率（%） | 67.7 | 58.2 | 61.5 | 24.5 | | 归属母公司股东净利润（百万元） | 1,344 | 1,997 | 3,239 | 4,088 | | 增长率（%） | 84.1 | 48.6 | 62.2 | 26.2 | | 每股收 ...

Core Viewpoint - The electricity sector has shown significant performance, with multiple companies experiencing substantial stock price increases, indicating a strong market interest and potential investment opportunities in this area [1][2]. Electricity Sector Performance - The electricity sector saw a notable surge, with companies like Jiuzhou Group, Huadian Energy, and Changyuan Electric reaching their daily price limits. Leshan Electric has nearly doubled in price over the last ten trading days [2][4]. - As of the end of the trading day, the cumulative installed capacity of wind and solar power in China reached 1.482 billion kilowatts, surpassing thermal power for the first time [4]. Market Trends - The overall market showed mixed results, with the Shanghai Composite Index slightly down by 0.07% and the ChiNext Index up by 0.59%. The total trading volume across the Shanghai and Shenzhen markets was approximately 1.137 trillion yuan, consistent with the previous day [1]. - The CPO (Chiplet Packaging and Optimization) concept gained traction, with companies like Zhishang Technology and Shijia Photon seeing significant stock price increases [5][7]. AI and Smart Medical Sector - The smart medical sector experienced a rise, with companies such as He Shi Eye Hospital and Saili Medical reaching their daily price limits. The sector is expected to benefit from the recent implementation plan for the digital transformation of the pharmaceutical industry [8][9]. - The integration of AI in the medical field is anticipated to accelerate, driven by recent policy developments and technological advancements [9].