仕佳光子（688313.SH） 光芯片领先供应商，从"无源+有源"迈向光电集成 TMT 及中小盘/通信 仕佳光子人才积淀深厚、高管及技术骨干普遍持股、重要股东稳定，公司聚焦 当前股价：78.7 元 光通信核心技术，逐步实现 AWG 等无源光芯片突破及放量、成功研发 CW 和 EML 等有源光芯片，并实现 MPO 的横向协同布局，并购 MT 插芯国产龙头福 可喜玛将进一步强化公司 MPO、MT-FA 等高密度光传输器件的竞争力。 ❑ 风险提示：技术升级风险、研发失败风险、人才流失风险、贸易摩擦风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 755 | 1075 | 2286 | 3609 | 5290 | | 同比增长 | -16% | 42% | 113% | 58% | 47% | | 营业利润(百万元) | (50) | 70 | 559 | 1018 | 1584 | | 同比增长 | -178% | -240% | 699% | ...

Summary of the Conference Call for Shijia Photonics Company Overview - Shijia Photonics has successfully transitioned to the data center AWG chip market through collaboration with the Chinese Academy of Sciences, establishing partnerships with North American clients such as AOY and Intel, and expanding production capacity overseas [2][4] Key Industry Insights - The AWG chip is utilized in data center wavelength division multiplexing (WDM) solutions for data transmission over distances greater than two kilometers, offering cost and integration advantages. The penetration rate of AWG solutions is expected to increase as leading domestic optical module companies adopt this technology [2][3] - The establishment of overseas factories has led to a significant influx of MPO multi-fiber connector orders, successfully integrating with global cabling companies like Corning, CommScope, and Fujikura, driving rapid growth in the high-end connector business [2][9] Financial Performance - The ADWG product line is a cornerstone of Shijia Photonics, projected to account for nearly half of the company's revenue in 2024, with a high gross margin contributing significantly to profits [12] - The laser chip business, initially focused on the telecom sector, is expected to see substantial growth as validation from major clients in the data center market progresses [8] Market Dynamics - The FR optical module market is currently dominated by Meta's procurement, with Google also planning to increase its purchases. Demand is expected to rebound in 2024 as Meta and Google ramp up their FR requirements, following a decline in 2023 due to shifts in project focus [11] - The MPO connector market is fragmented, with a global market space estimated at approximately 20 billion RMB. Chinese companies possess a competitive edge in high-end MPO technology, which is expected to enhance their market share [14] Technological Advancements - Domestic companies have made significant progress in the independent research and supply of MTX chips, although high-end MTX chips still rely on overseas suppliers. The acquisition of Foxima by Shijia has notably improved its MPU competitiveness, creating synergistic effects within the industry [16] - The penetration rate of silicon photonics technology is rapidly increasing, with expectations to rise from 10% in 2023 to 20% in 2024, and potentially exceed 50% by 2026. This technology shift positions Chinese companies favorably in the market [17] Future Growth Prospects - Shijia Photonics anticipates significant business growth over the next two years, driven by the successful ramp-up of AWG and MPU products, alongside emerging product lines such as CW light sources and FAU passive devices [18] - The development of silicon photonics is expected to have a profound impact on the high-speed module market, with projected demand for high-speed modules exceeding 30 million units in 2025 and potentially reaching 50 million units in 2026 [19] Conclusion - Overall, Shijia Photonics is well-positioned for future growth, with a strong focus on data center solutions and a competitive edge in high-end optical components, supported by strategic partnerships and technological advancements. The company's financial outlook remains positive, with expectations for improved profitability and market share expansion.

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company reported significant growth in its 2025 semi-annual results, with revenue reaching 828 million yuan, a year-on-year increase of 62.5%, and a net profit attributable to shareholders of 173 million yuan, up 118.0% year-on-year [3][4]. - The demand for AI-driven products has significantly boosted the company's performance, particularly in integrated passive components like MTP/MPO, which have seen substantial demand growth [4][5]. - The company has effectively expanded its production capacity both domestically and internationally to meet the rising demand for AI-related products, including the establishment of a production base in Vietnam [4][5]. Revenue Breakdown - The company's revenue from exports in the first half of 2025 was 681 million yuan, a 71.2% increase year-on-year, accounting for 82.2% of total revenue, with North America being the largest contributor [4]. - Domestic sales reached 148 million yuan, growing 31.6% year-on-year, representing 17.8% of total revenue [4]. Financial Projections - The company is projected to achieve net profits of 410 million yuan, 631 million yuan, and 876 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE multiples of 66x, 43x, and 31x [5][7]. - Revenue forecasts for the same period are 2,001 million yuan in 2025, 2,930 million yuan in 2026, and 3,929 million yuan in 2027, reflecting growth rates of 45.2%, 46.5%, and 34.1% [7][10]. R&D Focus - The company has maintained a strong focus on R&D, with R&D expense ratios of 6.3%, 5.1%, and 5.1% for the years 2023, 2024, and the first half of 2025, respectively [5]. - The development of proprietary products, such as MPO connectors and optical flexible boards, has positioned the company to capitalize on the growing demand in data centers and AI computing [5].

本报讯 （记者刘晓一） 8月14日晚间，深圳太辰光通信股份有限公司（以下简称"太辰光"）发布2025年半年报。上半年，公司 营业收入达8.28亿元，同比增长62.49%；归属于上市公司股东的净利润1.73亿元，同比增长118.02%； 其中，部分关键器件实现自主研发生产以及销售结构变化带来毛利率上升，是净利润增速高于营业收入 增速的主要原因。 产品研发方面，公司采用自研MT插芯制造的MPO连接器、MT短跳线等产品实现规模化产销，有力支 撑了数据中心和高速光模块的高密度布线需求；在基于光纤Shuffle的光柔性板方面，公司为多个客户定 制化研发光柔性板产品，拓宽了该产品在数据中心、AI算力方面的应用场景；针对CPO技术方向，公司 与国内外多个厂商合作开发基于光柔性板的无源布纤方案；同时，公司聚焦光波导产品的升级工作，以 有效适配高速光模块的需求。 上半年，公司财务健康度持续优化。其经营活动现金流净额同比大幅改善，资金回笼能力持续增强。 （编辑 张明富） 太辰光专注于光通信领域，是一家全面涵盖研发、制造、销售和服务的高新技术企业，产品包括各种光 通信器件及其集成功能模块和光传感产品及解决方案。 报告期内，在市场拓 ...

Market Overview - The AI hardware sector, including CPO, has recently experienced a significant surge in interest, but today it has entered a major correction phase with multiple stocks showing declines of over 5% [1][12] - Notable declines include companies like Jingwang Electronics (-8.94%), Shijia Photon (-8.30%), and Huigu Ecology (-8.00%) [1] Company Performance: Taicheng Light - Taicheng Light (300570) opened lower today, dropping over 5% before rebounding to close up 0.88% at 136.19 CNY per share, with a total market capitalization of 30.93 billion CNY [2] - For Q2, Taicheng Light reported a net profit of 93.99 million CNY, a year-on-year increase of 96.77%, with total revenue of 458 million CNY, reflecting a 59.8% year-on-year growth [4][6] - The company's revenue for the first half of the year reached 828 million CNY, up 62.49% year-on-year, with a net profit of 173 million CNY, marking a 118.02% increase [4][6] Sales and Revenue Breakdown - Taicheng Light's external sales revenue for the first half of the year was 681 million CNY, a 71.19% increase, accounting for over 82% of total revenue [6] - The core optical device products generated 812 million CNY in revenue, up 63.94%, with a gross margin of 38.77% [6] Product Development and Market Position - The company focuses on optical communication products, including various optical communication devices and integrated functional modules, and has established strong ties with leading North American fiber optic companies [4][8] - Taicheng Light has been actively developing products for data centers and AI computing, including MPO connectors and customized optical flexible boards [8] - The company has expanded its production capacity through a new facility in Vietnam and is also increasing domestic production capabilities [8] Industry Trends - The CPO sector has seen significant stock price increases, with several companies experiencing over 200% growth since April 9 [10][12] - The overall high growth rates in the CPO sector are attributed to the increasing demand for high-density, low-power solutions in optical communication [14] - Analysts recommend focusing on companies within the computing power supply chain, particularly those leading in optical modules and devices [15]

Group 1: Industry Performance - Several industries, including electronics, chemicals, and machinery, have seen companies doubling their profits in the latest half-year reports [1] - Pharmaceutical companies have benefited from new drug launches and overseas market expansions, leading to significant performance growth or turning losses into profits [1] Group 2: Company Highlights - Zhongguang Lightning Protection (300414) reported a revenue of 217 million yuan, a year-on-year increase of 10.31%, and a net profit of 10.68 million yuan, up 321.87% [2] - Dongyang Sunshine (600673) achieved a revenue of 7.12 billion yuan, an 18.48% increase, and a net profit of 613 million yuan, up 170.57% [2] - Taicheng Light (300570) reported a revenue of approximately 828 million yuan, a 62.49% increase, and a net profit of about 173 million yuan, up 118.02% [3] - Heertai (002402) achieved total revenue of 5.446 billion yuan, a 19.21% increase, and a net profit of 354 million yuan, up 78.65% [3] - Chuanjinno (300505) reported a revenue of 1.744 billion yuan, a 27.91% increase, and a net profit of 177 million yuan, up 166.51% [4] - Jili Rigging (002342) achieved a revenue of 1.14 billion yuan, a 17.45% increase, and a net profit of 9.35 million yuan, up 137.21% [4] - Dunhuang Seed Industry (600354) reported a revenue of 718 million yuan, a 21.63% increase, and a net profit of 54.45 million yuan, up 73.43% [6] - Shengnuo Bio reported a revenue of 338 million yuan, a nearly 70% increase, and a net profit of 88.96 million yuan, up approximately three times [7] - Haichuang Pharmaceutical reported a significant revenue increase of 11,899.08%, with a net profit loss of 61.85 million yuan, indicating a reduction in losses [8]

Summary of Conference Call Records Company Overview - The company discussed is 太辰光 (Tachyon), a leading manufacturer of MT ceramic inserts in China, focusing on the MPO (Multi-fiber Push On) market and emerging technologies like CPO (Co-Packaged Optics) and GPU direct light technology [1][2][3]. Industry Insights - The MPO market is expected to grow rapidly, with projections indicating a market size exceeding $3 billion by 2026, driven by the high growth of the optical module industry [1][9]. - The MPO industry has a relatively simple structure, with major customers including North American cloud providers like Google, Microsoft, Amazon, and Meta, who rely on wiring companies for comprehensive solutions [5]. Key Points and Arguments - 太辰光 holds a market share of 10%-15% in the MPO market, positioning itself as a significant supplier [1][9]. - The company has achieved improved gross and net profit margins through self-supply of core components, which have been certified by major clients and are now in mass production [1][9]. - CPO switches are gaining attention for their high bandwidth density and low energy consumption, with NVIDIA planning to mass-produce CPO switches in the second half of 2025, indicating increasing market penetration [1][10]. - MMC (Miniature Multi-fiber Connector) connectors are becoming a preferred choice for CPO switches due to their smaller size, allowing for higher density fiber arrangements [1][11]. Emerging Technologies - The company is actively investing in new technologies such as CPO and GPU direct light, collaborating with high-quality clients to prepare for future technology implementation [2][15]. - GPU direct light technology could significantly increase the demand for cables and connectors, as each GPU may require 60 to over 100 fibers in the future [13][14]. Historical Development and Future Potential - Established over 20 years ago, 太辰光 quickly became an industry leader in MT ceramic inserts and has continuously reduced costs, contributing significantly to broadband network development in China [7][8]. - The company has a diversified product line, including MPO/MTP jumpers, low-speed optical modules, and PLC/AWG planar waveguide products, with major clients like Corning and Huawei [6]. Additional Important Insights - The company is not significantly affected by tariffs, as partnerships with large American firms like Corning provide tariff exemptions [3][15]. - The internal connection lines in the CPU era are expected to evolve, requiring more compact designs for efficient installation and maintenance [12]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning within the MPO market and its proactive approach to emerging technologies.

Summary of Company and Industry Insights Company Overview - **Company Name**: 世家光子 (Shijia Photonics) - **Industry**: Photonics and Optical Components - **Established**: 2010, initially collaborated with the Chinese Academy of Sciences for PLC splitter chip localization [2] Key Points and Arguments Business Growth and Revenue - In the first half of 2025, the company's revenue from optical chips and devices reached 700 million yuan, exceeding the total revenue for 2024, marking a 100% year-on-year growth [1][4] - The MPO connector business contributed over 100 million yuan to the 2024 revenue, indicating rapid growth in demand [4] - The company achieved approximately 1 billion yuan in total revenue in the first half of 2025, with 700 million yuan from optical chips and devices [4] Product Lines and Market Position - The company is the largest global supplier of AWG chips, benefiting from high demand from major clients like Meta, Google, and Amazon for 800G two-layer Kafka products, with expected demand doubling or tripling by 2026 [3][10] - The product line includes passive silicon waveguide platforms (PLC splitters and AWG chips) and active indium phosphide platforms (laser chips) [4][6] - The company has a broad layout in the optical module field, covering key components such as laser chips and silicon waveguide chips, and has enhanced material supply capabilities through the acquisition of MTX [8] Profitability and Margins - The company's gross margin has improved due to increased orders from the AI industry and higher utilization rates, although the active indium phosphide platform still faces depreciation pressures [5] - The active segment is currently experiencing slight losses but has implemented cost control measures to improve efficiency [5] Technological Capabilities - The company possesses two main technology platforms: passive silicon waveguide and active indium phosphide, allowing for the development of high-end products for various applications, including industrial laser radar [6] - The AWG chip, initially used in telecommunications, has been creatively applied in data center optical modules since 2016, enhancing integration and reducing costs [10] Strategic Initiatives - The company has established factories in Thailand to reduce tariff costs and attract North American cabling customers, leading to a significant increase in MPO fiber connector orders [12] - The acquisition of 福可西满 (Fukeximan) has vertically integrated the supply chain, enhancing core material capabilities and profitability [12] Future Growth Drivers - Future growth is expected to stem from three main areas: MPO fiber connectors, AWG chips due to rapid growth in downstream two-layer FR4 optical modules, and silicon photonics with increasing penetration in CPUs and traditional silicon optical modules [13] Market Trends - The demand for DFB silicon photonic chips is anticipated to rise sharply, with projections of 20 million 800G optical modules in 2025, potentially reaching 40 million or more in 2026 [11] Additional Important Insights - The company has a well-structured management system with significant efficiency improvements [7] - The PLC business remains stable and profitable, primarily serving the domestic broadband network construction [9]

Industry Overview - The capital market's attention towards the computing power industry chain has increased with the release of Nvidia's GB300, particularly in the optical module (CPO) sector [1] - Optical modules serve as hardware devices that convert electrical signals to optical signals and vice versa, acting as a "translator" between electronic devices and fiber optic networks [1] - CPO (Co-Packaged Optics) technology integrates optical modules' core components with computing chips on the same substrate, reducing signal transmission distance [1][2] Market Dynamics - The optical communication industry consists of upstream raw materials like optical/electrical chips and PCBs, midstream optical devices, and downstream systems targeting telecom operators, cloud service providers, and data center manufacturers [4] - The CPO industry chain has a pyramid structure with uneven technology barriers and value distribution, where silicon photonic chips are crucial for optical conversion efficiency [7] - The market for optical modules is expected to grow significantly, reaching $22.4 billion by 2029, driven by high demand from cloud computing service providers and telecom operators for high-speed data modules [9] Company Analysis 1. **Tianfu Communication** - A leading provider of optical device solutions and advanced packaging services, Tianfu is an official technical partner of Nvidia's CPO switch, with products entering small batch production [16] - Revenue is projected to grow from 873 million yuan in 2020 to 3.252 billion yuan in 2024, with a compound annual growth rate (CAGR) of 38.91% [18] 2. **Taicheng Light** - One of the largest manufacturers of high-density optical connection products, Taicheng focuses on CPO and has seen significant demand for MPO connectors due to data center construction [22] - Revenue is expected to increase from 574 million yuan in 2020 to 1.378 billion yuan in 2024, with a CAGR of 24.49% [24] 3. **Yuanjie Technology** - Specializes in the research, design, production, and sales of optical chips, with products used in fiber access, 4G/5G networks, and data centers [27] - The optical chip market in China is projected to grow from $555 million in 2015 to $2.997 billion by 2026, supported by rapid internet development and new infrastructure demands [31]