Group 1 - The core viewpoint of the articles highlights the rapid growth in the communication business driven by the Micro TEC products and the potential new growth point in the energy storage sector through semiconductor dehumidifiers [1][2] Group 2 - In the communication sector, the company achieved sales revenue of 0.27 billion yuan in 2024, representing a year-on-year increase of 140.8%. The Micro TEC products for 5G network optical module temperature control have been supplied in bulk to several leading enterprises [1] - The company has developed projects with multiple optical module manufacturers for the application of Micro TEC in 400G/800G high-speed optical modules, currently in the reliability verification stage [1] - The company has an annual production capacity of 6 million Micro TEC units and can quickly expand capacity based on market demand, benefiting from the increasing demand for high-speed optical module thermal management [1] - The semiconductor dehumidifiers, made from the company's thermoelectric cooling technology, have advantages such as small size and high humidity control precision, addressing airflow issues in energy storage cabinets [1] - In 2024, the company generated sales revenue of 3.59 million yuan from semiconductor cabinet dehumidifiers, supplying to companies like Haibosichuang and completing product validation with major players like CATL and EVE Energy [1] - The rapid increase in the penetration of liquid cooling technology in electrochemical energy storage thermal management is expected to create a new profit growth point for the company [1][2] Group 3 - The company is continuously enhancing its semiconductor thermoelectric device technology through dual-driven innovation in technology and product development, with steady increases in R&D investment [2] - The company has become one of the few in the industry to master three preparation techniques for bismuth telluride-based semiconductor materials: zone melting, hot pressing, and hot extrusion [2] - The company has developed technologies for micro-device assembly and low cold loss sealing, effectively improving the performance and reliability of semiconductor thermoelectric devices [2] - The company is expected to drive domestic substitution of semiconductor thermoelectric devices through strengthened core technology competitiveness [2] - Earnings per share are projected to be 0.82, 1.20, and 1.52 yuan for 2025-2027, with an upward revision in revenue and gross margin leading to a target price of 39.36 yuan based on a 48x PE valuation for comparable companies [2]

光模块 Micro TEC 高增长，拓展储能新应 用 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.82/1.20/1.52 元（原 25 年每股收益预测为 0.71 元，主要上调营业收入与毛利率），根据可比公司 25 年 48 倍 PE 估值，对应目 标价 39.36 元，维持增持评级。 风险提示 ⚫ 需求复苏不及预期、高端产品拓展不及预期、海外业务不及预期、汇率波动风险、 热电整机产品大客户占比过高风险、资产减值风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 400 | 516 | 653 | 825 | 973 | | 同比增长 (%) | -20.3% | 29.0% | 26.6% | 26.4% | 17.9% | | 营业利润(百万元) | (23) | 48 | 82 | 120 | 151 | | 同比增长 (%) | -137.4% | 309.8% | 70.3% | 46.2% | ...

而热电半导体技术（TEC），以其体积小、寿命长、结构简单、稳定性高、无需制冷剂、绿色环保且控制精准（精确到0.01℃）等优势，成为了小型器件主 动温控管理技术路线的不二选择。该技术门槛贯穿材料制备、器件设计及制备、模组集成三个环节，其中材料制备更是源头核心环节，最大的难点在于高性 能热电半导体材料的集成制备以及高精度、高可靠性器件的开发。 成果转化于中国科学院上海硅酸盐研究所的中科玻声具备从热电半导体材料碲化铋晶粒与厚膜制备、热电臂集成制备，到微型器件结构设计、焊接连接、封 装切割和仿真测试的全链条技术能力。 凭借优秀的技术实力，中科玻声在汽车、医疗等领域商业化进展迅速，公司的车规级产品已进入吉利、零跑、红旗、广汽等主机厂供应链，医疗产品也进入 PCR测试仪等核心产品供应链。 投资界5月15日消息，近日，热电半导体Micro TEC材料及器件制备商中科玻声宣布完成近亿元A轮融资，由道禾长期投资、格致资本领投，老股东中科创 星、溧阳创投跟投，融资资金主要用于Micro TEC批量生产的产线搭建，完善从研发、工艺测试到质量管控的全流程设备体系。 随着车规级、光通讯光模块、医疗器械、微处理器等电子器件的快速发展，器 ...