仕佳光子20250611

Summary of the Conference Call for Shijia Photonics Company Overview - Company: Shijia Photonics - Acquisition Target: Dongguan Foxima, acquiring 82.3% of shares to enhance technical strength and market competitiveness [2][3] Key Points and Arguments - Acquisition Purpose: The acquisition aims to address the MPX chip shortage and enhance the long-term competitiveness of the MPO business by securing production capabilities for MTX chips [2][6] - Financials of Foxima: As of Q1 2025, Foxima reported revenues of 82.57 million yuan and a net profit of 30.68 million yuan [2][3] - Shareholding Structure: The shareholding arrangement considers the cyclical holding issues of the optoelectronic fund and the willingness of minority shareholders to support long-term development [2][5] - Production Capability: The acquisition will allow Shijia Photonics to gain production process capabilities for MTX chips, ensuring a stable supply and reducing overall product costs [6] - Competitive Position: Foxima is a leading domestic supplier of METX chips, with competitive product matrix and technical capabilities compared to overseas rivals, though it faces challenges in customer certification and talent retention [7] Industry Dynamics - Market Demand: The demand for AWG and MPO businesses remained stable in Q2, with Shijia Photonics maintaining a strong performance despite tariff pressures [4][9] - Tariff Impact: New tariffs imposed by the Trump administration on Southeast Asian countries are expected to have a minimal impact on Shijia Photonics, as clients can apply for exemptions [12] - Supply Chain Stability: The company has not faced significant material supply issues in Q2, with good collaboration with fiber and cable manufacturers [15] Additional Insights - Cost Optimization: While specific quantitative data on cost optimization from the acquisition is not available, the synergy effects are expected to gradually reflect in gross margins [8] - Future Developments: The company is actively working on audits and evaluations related to the acquisition, with updates expected in August [10] - Product Development: Shijia Photonics is progressing well with its core product AWT, with healthy demand and production ramp-up [17] - Market Coverage: The company currently does not have a systematic focus on the new 800G MWDM demand [18] This summary encapsulates the key aspects of Shijia Photonics' conference call, highlighting the strategic acquisition, financial performance, industry dynamics, and future outlook.