每经AI快讯，有投资者在投资者互动平台提问：公司2025年上半年业绩因DCI产能瓶颈受到拖累 。根 据规划，泰国产能将在下半年集中释放。请问：泰国生产基地目前是否已按计划投产并开始向北美等海 外客户交付产品？ 随着产能打通，公司预计2025年第三、四季度单季的归母净利润能否实现环比显著 增长？全年净利润能否扭负为正？ （记者 曾健辉） 德科立（688205.SH）10月10日在投资者互动平台表示，尊敬的投资者您好！泰国产能建设按规划推 进，目前已有两三个客户完成认证，新客户正在进行认证。泰国自有厂区已完成土建施工，目前正在装 修中，预计2026年春节后逐步投入使用并释放产能。感谢您的关注！ ...

证券研究报告 非金融公司|公司点评|德科立（688205） DCI、OCS、空芯光纤放大器三大产品线 协同升级 2025年10月10日 证券研究报告 |报告要点 2025 年 8 月 28 日，公司发布 2025 年半年报。2025 年 H1，公司净利润出现下滑主要系传统电 信传输市场需求放缓导致公司电信传输业务的利润空间收窄。DCI 产品方面，公司 400G 相干 模块实现小批量试产，400G/600G DCI 板卡批量交付且完成 C6T+L6T 系统部署，800G 板卡年 内将小批量交付，1.6T 板卡启动预研。公司客户订单规模与市场份额同步提升，在手订单量 较去年同期实现大幅增长。公司 DCI 产品进入产能提升关键阶段，OCS 和空芯光纤放大器研发 进展顺利，三大产品线协同升级，持续强化公司在算力基建领域的核心竞争力。 |分析师及联系人 张宁 SAC：S0590523120003 请务必阅读报告末页的重要声明 glzqdatemark1 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年10月10日 德科立(688205) DCI、OCS、空芯光纤放大 ...

Core Viewpoint - The company anticipates gradual improvement in the second half of the year, with new factory operations and product line expansions contributing to a positive outlook for the fourth quarter [2] Group 1: Operational Performance - In the first half of the year, the company experienced rapid growth in computing power demand, but faced capacity and supply chain resource shortages, leading to insufficient order deliveries despite concentrated efforts during the Spring Festival to May Day period [2] - The focus on ensuring delivery of DCI products in the second quarter resulted in delays for other product deliveries [2] Group 2: Product and Market Development - The product structure has shifted, with revenue from data communication products, primarily DCI and high-speed optical modules, showing significant growth, increasing from over 10% to nearly 40% of total revenue [2] - The company is actively expanding its product line and entering new markets, with orderly resource allocation [2] Group 3: Capacity Expansion in Thailand - The capacity construction in Thailand is progressing as planned, with previous reliance on leased spaces for product delivery now transitioning to self-owned facilities [2] - Several customers have completed certification, while new customers are in the certification process [2] - The construction of the Thai facility has completed civil works and is currently undergoing renovations, with production expected to gradually commence after the 2026 Spring Festival, slightly behind the original schedule [2]

Summary of the Conference Call for 德科立 Company Overview - The conference call discusses 德科立, focusing on its performance in the DCI (Data Center Interconnect) sector and its overall business strategy for 2025 and beyond. Key Points Industry and Company Performance - In Q1 2025, 德科立's gross margin was impacted by a decrease in high-margin product shipments and unexpected GTA orders during the Spring Festival, leading to increased costs [2][4] - TCI (Training, Inference, and Recommendation) revenue share increased to 40%, indicating progress in subsystem products [2][4] - The company achieved a 5% growth in operating performance in Q1 2025, but operating profit declined due to fewer high-margin product shipments compared to the previous year [4] DCI Product Development - 德科立's 400G products are globally deployed, with 600G already in use for backbone networks and 800G under development, expected to launch this year [2][5] - The company is also focusing on 1.6T development, primarily using the C-band [2][5][6] - DCI product average gross margin is currently around 20%, with expectations to rise to 30-35% in the future [3][16] Capacity Expansion and Financials - DCI production line construction has not met expectations, resulting in a decrease in cash deposits from 1 billion to 600 million [7] - The company has a backlog of orders exceeding 300 million, with plans to double production capacity by the end of 2025 [8][30] - The company aims for a production capacity of 3-5 billion by the end of 2025, with a sales revenue target of 2-3 billion for the year [3][14] Supply Chain and Cost Management - Supply chain issues during the Spring Festival led to increased costs, and the company is still working on cost reduction plans [8][30] - The company is facing challenges with tariffs affecting supply chains, particularly between North America and China [8][25] Collaboration and Market Position - Collaboration with major overseas clients in the OCS (Optical Circuit Switching) field has progressed, with some development and prototype revenue already recognized [10] - The cancellation of data center Capex by Microsoft has a limited impact on 德科立, as it represents a small portion of their business [11] Future Outlook - The company is optimistic about future growth, driven by technological advancements and increasing demand for AI applications [11][32] - Plans for significant capacity expansion are in place, with expectations to reach 15 billion by the end of 2025 and 30 billion by the end of 2027 [21][32] Regulatory and Market Challenges - The impact of U.S. tariff exemptions on the DCI subsystem is still being assessed, with potential benefits if certain products qualify [22] - The company is actively managing the complexities of international trade and tariffs to maintain competitiveness [23][25] Technological Developments - The company is exploring various optical switching technologies, including silicon photonic waveguides, which offer advantages in response time and efficiency [17][18] - Ongoing testing and development of new optical chips and devices are being conducted in collaboration with global partners [29] Conclusion - 德科立 is navigating a complex market landscape with a focus on expanding its DCI product offerings and improving operational efficiency. The company remains committed to long-term growth through technological innovation and strategic partnerships.