证券研究报告 长飞光纤 (601869 CH/6869 HK) 港股通 AI 数通需求驱动 Q3 营收增长 华泰研究 季报点评 2025 年 11 月 03 日│中国内地/中国香港 通信设备制造 长 飞 光 纤 发 布 三 季 报 ： Q3 实 现 营 收 38.91 亿 元 （ yoy+16.27% ， qoq+11.46%），归母净利 1.74 亿元（yoy-10.89%，qoq+20.75%）。2025 年 Q1-Q3 实现营收 102.75 亿元（yoy+18.18%），归母净利 4.70 亿元 （yoy-18.02%），扣非净利 2.83 亿元（yoy-8.15%）。利润下滑主要由于 去年同期非经常性损益基数较高，以及本期所得税费用大幅增加所致。公司 核心盈利能力增强，前三季度营业利润同比增长 63.3%至 6.11 亿元，Q3 单季利润总额同比增长 37.23%，主要得益于收入增长及毛利率提升。维持 "增持"评级。 AI 数通驱动增长，空芯光纤应用持续开拓 公司光纤光缆主业在 AI 算力需求的驱动下，产品结构持续优化。虽然国内 电信侧传统光纤需求短期承压，但面向算力网络的高端产品需求旺盛。公司 核 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Viewpoints - The report maintains a positive outlook on the computing power industry chain, particularly in overseas markets, which remain robust despite challenges such as DeepSeek and trade frictions. The domestic AI industry and AIDC chain are also expected to thrive, with 2025 potentially marking a pivotal year for AI infrastructure and applications in China [4][24]. - The report emphasizes the importance of "AI + overseas expansion + satellites" as key investment opportunities, recommending focus on core sectors such as optical modules, liquid cooling, and domestic computing power lines [4][25]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Recommended stocks in optical modules and optical devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology. Suggested stocks include: Guangxun Technology, Suosi, Dingtong Technology, and others [5][27]. - For switch server PCBs, recommended stocks are: Hudian Co., Zhongxing Communications, and Unisplendour. Suggested stocks include: Shengke Communication, Ruijie Networks, and others [5][27]. - Low valuation and high dividend stocks include: China Mobile, China Telecom, and China Unicom [5][27]. - In AIDC and cooling solutions, recommended stocks are: Yingweike, Runze Technology, and others. Suggested stocks include: Shenling Environment and others [5][27]. - For AIGC applications and edge computing power, recommended stocks are: Yiyuan Communication, Guanghetong, and Meige Intelligent. Suggested stocks include: Caixun Co., Mengwang Technology, and others [5][27]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Recommended stocks in submarine cables include: Hengtong Optic-Electric and Zhongtian Technology. Suggested stocks include: Dongfang Cable [6][29]. - For offshore recovery and leading concentration, recommended stocks are: Huace Navigation, Weisheng Information, and others. Suggested stocks include: Heertai and Yiyuan Communication [6][29]. - In intelligent driving, suggested stocks include: modules and terminals, sensors, connectors, and structural components [6][29]. 3. Commercial Aerospace - The report highlights the rapid development of low-orbit satellites and the promotion of the low-altitude economy. Recommended stocks include: Huace Navigation and Haige Communication. Suggested stocks include: Chengchang Technology, Zhenlei Technology, and others [6][30]. 4. Industry Dynamics - Longfly Optical won the bid for China Telecom's G.654.E optical fiber procurement, with approximately 2.24 million core kilometers involved, marking a significant increase in demand for G.654.E fibers [2][18][20]. - Shanghai Yuanxin is undergoing a new round of financing, aiming for 5 to 6 billion yuan, with a pre-financing valuation exceeding 40 billion yuan, indicating strong investor confidence in the satellite industry [3][21][23]. 5. Market Performance - The communication sector saw an increase of 11.56% from October 20 to October 24, outperforming the CSI 300 index by 8.31 percentage points [31]. - Key stocks that performed well include: Yuanjie Technology and Zhongji Xuchuang, while stocks that declined include: Wanma Technology and Zhongguang Fanglei [35].