Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

证券代码：688182 证券简称：灿勤科技 公告编号：2026-005 江苏灿勤科技股份有限公司 2025年年度业绩快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内 容的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以江苏灿勤科技 股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填制，但未经审计，最终数据以公司2025年年度报告中披露数据 为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、公司整体经营情况与财务状况 本报告期，公司实现营业总收入72,373.37万元，同比增长76.14%；实现归属于母公司所有者的净利润 12,012.23万元，同比增长107.84%；实现归属于母公司所有者的扣除非经常性损益的净利润8,296.33万 元，同比增长148.12%。 报 ...

证券日报网讯 2月25日，灿勤科技发布公告称，公司2025年实现营业总收入72373.37万元，同比增长 76.14%；归属于母公司所有者的净利润12012.23万元，同比增长107.84%。 （文章来源：证券日报） ...

影响经营业绩的主要因素：(1)报告期内，公司持续开发新产品、新品类，积极开拓新市场与客户资 源，推动了公司业务量与营收规模的稳步增长。(2)报告期内，公司通过降本增效，持续提高公司核心 竞争力，同时本期产品结构的变化也带动了主要产品毛利率的提升。 灿勤科技(688182.SH)发布2025年年度业绩快报，报告期，公司实现营业总收入72,373.37万元，同比增 长76.14%;实现归属于母公司所有者的净利润12,012.23万元，同比增长107.84%。 ...

影响经营业绩的主要因素：(1)报告期内，公司持续开发新产品、新品类，积极开拓新市场与客户资 源，推动了公司业务量与营收规模的稳步增长。(2)报告期内，公司通过降本增效，持续提高公司核心 竞争力，同时本期产品结构的变化也带动了主要产品毛利率的提升。 智通财经APP讯，灿勤科技(688182.SH)发布2025年年度业绩快报，报告期，公司实现营业总收入 72,373.37万元，同比增长76.14%;实现归属于母公司所有者的净利润12,012.23万元，同比增长107.84%。 ...

每经AI快讯，2月25日，灿勤科技发布的2025年度业绩快报显示，公司报告期内实现营业收入7.24亿 元，同比增长76.14%；归属于上市公司股东的净利润1.2亿元，同比增长107.84%；基本每股收益0.3 元。 （文章来源：每日经济新闻） ...

报告期内，公司持续开发新产品、新品类，积极开拓新市场与客户资源，推动了公司业务量与营收规模 的稳步增长。报告期内，公司通过降本增效，持续提高公司核心竞争力，同时本期产品结构的变化也带 动了主要产品毛利率的提升。 格隆汇2月25日丨灿勤科技(688182.SH)公布2025年度业绩快报，本报告期，公司实现营业总收入7.24亿 元，同比增长76.14%；实现归属于母公司所有者的净利润1.2亿元，同比增长107.84%；实现归属于母公 司所有者的扣除非经常性损益的净利润8,296.33万元，同比增长148.12%。 ...

本公告所载 2025 年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以江苏灿勤科技股份有限公司（以下简称"公司"）2025 年年度报告为准， 提请投资者注意投资风险。 证券代码：688182 证券简称：灿勤科技 公告编号：2026-005 江苏灿勤科技股份有限公司 2025 年年度业绩快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2、影响经营业绩的主要因素 （1）报告期内，公司持续开发新产品、新品类，积极开拓新市场与客户资源， 推动了公司业务量与营收规模的稳步增长。 | | | | 单位：人民币万元 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | 营业总收入 | 72,373.37 | 41,089.66 | 76.14 | | 营业利润 | 14,110.69 | 6,055.91 | 133.01 | | 利润总额 | 14,088.06 | 6,035.66 | 133.41 | | 归属于母公司所有者的 净利润 ...

经济观察网 灿勤科技于2026年2月实施2025年前三季度权益分派，每股派发现金红利0.0375元（含 税），股权登记日为2026年2月11日，除权（息）日及现金红利发放日均为2026年2月12日，共计派发现 金红利1500万元。基于内部金融数据库最新数据（截至2026年2月13日），公司股息率为0.35%，当前 股价为32.38元，市盈率（TTM）为137.80倍，市净率为5.83倍。以下从多维度分析本次分红的影响。 估值水平：当前市盈率（TTM）137.80倍远高于行业平均（约33倍），市销率（TTM）18.96倍显示估 值偏高，分红对高估值消化作用有限。 业绩经营情况 分红基准：以总股本4亿股为基数，每股派现0.0375元，派现总额占2025年前三季度归母净利润（均值 约1.165亿元）的12.88%。 税务处理：个人股东持股超1年免税，持股1年内暂不扣税；QFII和沪股通投资者按10%税率代扣所得 税。 历史对比：公司累计派现募资比为10.81%（行业排名59/93），本次分红延续了A股常态化分红趋势。 公司基本面 现金流影响：本次派现1500万元占公司最新流通市值（129.52亿元）的0.12%，对 ...

Core Insights - The report emphasizes the dual focus on AI advancements and the deepening of domestic network capabilities in the communication industry, predicting significant growth in AI-related investments and domestic production across various segments [4][5][6] - The anticipated performance for Q4 2025 shows a robust increase in net profits for key companies, with some expected to see over 50% year-on-year growth [4][15] Group 1: AI and Network Development - The AI focus is expected to evolve around overseas mapping, optical communication trends, and changes in optoelectronic technology, with a shift from Scale out to Scale up in ecosystem development [4][5] - Domestic production trends are accelerating across four key areas: chips, cloud, network, and end devices, with significant growth potential in the chip sector due to global supply chain dynamics [4][5] - The report highlights the expected explosion in demand for optical devices and chips, driven by AI needs and the introduction of new technologies like silicon photonics [5][6] Group 2: Company Performance Predictions - Key companies are projected to experience substantial profit growth, with notable increases such as Heertai (+798%), Guangku Technology (+439%), and 5.5G Canqin Technology (+290%) [4][15] - The report outlines specific performance forecasts for major players, indicating a strong recovery in demand across various sectors, including optical communication and satellite internet [4][15] - Companies like China Mobile and ZTE are expected to benefit from increased capital expenditures directed towards AI and network investments, enhancing their revenue and profitability [6][15] Group 3: Investment Opportunities - The report identifies several investment opportunities in the AI computing network, including companies like Zhongji Xuchuang and Xinyi Technology, which are positioned to benefit from the growing demand for AI capabilities [4][6] - The satellite internet sector is highlighted as having high barriers to entry and significant long-term investment potential, with companies like Zhenyou Technology and Xinke Mobile being key players [4][6] - The IoT sector is expected to see a surge in demand driven by AI and robotics, with companies like Lexin Technology and Guanghe Technology poised for growth [10][11]