华工科技-客户资本开支增长利好光模块需求；买入

1 September 2025 | 3:51PM CST HG Tech (000988.SZ): Incremental strength from customer capex bodes well for transceiver demand; Buy analysts with FINRA in the U.S. HG Tech's optical transceivers mainly supply to local CSPs and equipment customers. Recent CSP capex strength and outlook (e.g. BABA, link) bring incremental strength to HG Tech's transceiver growth outlook, in our view, thus removing an overhang on demand sustainability (due to previous concerns over foreign AI chip constraint). With this, we are ...