华工科技_国内市场向 800G 迁移，推动 2026 - 2027 年增长；海外进展或带来更多上行空间；买入评级

28 August 2025 | 10:47AM CST HG Tech (000988.SZ): Migration to 800G in domestic market to drive growth in 2026-27E; Overseas progress could add more upside; Buy We view HG Tech as a key beneficiary of China domestic AI transceiver growth. We now factor in incrementally stronger 800G shipment to local customers as they start migrating from 400G to 800G in 4Q25~1Q26, per our supply chain checks. With this, we raise EPS by up to 5% in 2026-27E with our 12M TP updated to Rmb71 (from Rmb62). Our estimates do not ...