仕佳光子 20250730 摘要 世家光子在 800G 和 1.6T 的 FAU 产品上取得进展，已完成客户端验证， CW 光源部分客户完成验证，但仍处于小批量交付阶段，期待下半年及 2026 年大批量订单。 公司营收结构中，光芯片和器件占比超 70%，室内光缆占比约 15%， 其他业务占比约 15%。AWG 组件毛利率较高，MPO 跳线相对较低，高 分子材料毛利率约为 20%，室内光缆毛利率约为 38%。 MPO 业务环比增速快，但受产能限制，正在扩产以满足需求。扩产包括 新租厂房、设备安装和工人招聘，具体增速难以预测，但行业景气度高。 AWG 产品线二季度环比增长平稳，订单量未显著变化，可能因客户使 用不同方案导致季节性波动。公司扩展 AWG 产能，灵活调整以最大化 产能利用率和综合毛利率。 高速 DML 产品（如 25G 及更高速的 50GPON）取得突破，推出 100G、200G 及 50GPON 等 EML 样品。持续提升各产品线良率，尤其 从 AWG 试点开始，改善毛利润端表现。 Q&A 石家庄世家光子在 2025 年上半年取得了哪些主要成绩？ 在 2025 年上半年，石家庄世家光子在光芯片及器件 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company has shown strong growth in its optical chip and MPO business, with significant revenue increases driven by AWG components and MPO jumpers [3][9] - The overseas market has seen notable breakthroughs, particularly with the production ramp-up of the Thailand factory, which has accelerated shipments [3][9] - The company focuses on high-end data communication products, leading to improved profitability and increased R&D investment [3][9] Financial Performance - In the first half of 2025, the company achieved revenue of 990 million yuan, a year-on-year increase of 121%, and a net profit of 220 million yuan, up 1712% [3][9] - For Q2 2025, revenue reached 560 million yuan, reflecting a 122% year-on-year growth and a 28% quarter-on-quarter increase [3][9] - The gross profit margin for Q2 2025 was approximately 36.0%, an increase of 12.5 percentage points year-on-year, indicating improved cost efficiency [9] Business Segmentation - The optical chip and device business generated 700 million yuan in revenue in H1 2025, a 191% increase year-on-year, accounting for about 71% of total revenue [9] - The AWG series products generated 310 million yuan in revenue, a year-on-year increase of approximately 206%, while MPO jumpers saw revenue of 300 million yuan, reflecting over fourfold growth [9] - Domestic revenue was 520 million yuan, up 57% year-on-year, while overseas revenue reached 450 million yuan, a 324% increase, making up 45% of total revenue [9] Future Outlook - The company is expected to maintain high growth in overseas revenue as production capacity ramps up in its Thailand facility [9] - The projected net profits for 2025-2027 are 447 million yuan, 628 million yuan, and 868 million yuan, with corresponding year-on-year growth rates of 588%, 40%, and 38% [9]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index up 0.7% to 3497 points, the Shenzhen Component Index up 1.46%, and the ChiNext Index up 2.39% [1] - The total trading volume for the day reached 1.47 trillion yuan, an increase of 247.6 billion yuan compared to the previous trading day, with nearly 4300 stocks rising across the market [1] Sector Performance - The CPO concept stocks surged in the afternoon, with "Yizhongtian" leading the gains; Tianfu Communication rose over 12%, Zhongji Xuchuang rose over 7%, and Xinyi Sheng rose over 6.7% [2] - The photovoltaic glass sector saw a rise of 5.76%, while other related sectors such as photovoltaic inverters and circuit boards also experienced gains [2] AI ETF Performance - The ChiNext AI ETFs from Guotai, Huaxia, Huabao, and Nanfang all rose over 3%, with Guotai's ETF increasing by 3.78% [3][4] - The largest ChiNext AI ETF by size is Huabao's, with a latest scale of 1.545 billion yuan [5] Company Updates - Industrial Fulian expects a net profit attributable to shareholders of 6.727 billion to 6.927 billion yuan for Q2 2025, representing a year-on-year increase of 47.72% to 52.11% [5] - The company reported that its cloud computing business grew rapidly, with overall revenue in the segment increasing by over 50% year-on-year, and AI server revenue increasing by over 60% [5] Technology Developments - Citigroup noted that NVIDIA's Blackwell GB200 chip has become a core power source for AI clusters, with deployment accelerating [6] - The upcoming CPO switches are expected to open three new incremental spaces, with significant value from high-density MPO connectors [6] Industry Trends - Tianfeng Securities highlighted that the upcoming NVIDIA GB300 chip is expected to drive industry chain resonance, with revenue opportunities increasing by 50 times compared to previous generations [7] - Oracle's cloud service contracts are anticipated to catalyze demand for computing power, with expectations of over 30% year-on-year capital expenditure growth from major cloud providers [7] - The AI-driven evolution of data center architecture is expected to benefit optical modules and devices, with optimistic demand forecasts [8]