Group 1 - The top ten stocks with net financing purchases on January 30 include: Lanke Technology (342 million), China Aluminum (336 million), Shijia Photon (210 million), Zhaoyi Innovation (207 million), Dongcai Technology (167 million), Jianghuai Automobile (165 million), Longi Green Energy (109 million), Sikan Technology (94.385 million), Hongda Shares (88.6549 million), and Fuling Power (87.6586 million) [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][2] Core Insights - The company has lowered its 2025 profit forecast but raised the profit forecasts and target price for 2026-2027, indicating a long-term positive development trend despite slightly lower-than-expected performance for 2025 [2][11] - The company is expected to achieve a revenue of 21.29 billion yuan and a net profit of 3.415 billion yuan for 2025, with significant growth anticipated in subsequent years [11][12] Financial Summary - Total revenue is projected to grow from 755 million yuan in 2023 to 2.128 billion yuan in 2025, representing a 98% increase [4] - Net profit (attributable to the parent company) is expected to rise from a loss of 48 million yuan in 2023 to a profit of 342 million yuan in 2025, reflecting a 426.8% increase [4] - Earnings per share (EPS) is forecasted to increase from -0.11 yuan in 2023 to 0.76 yuan in 2025 [4] - The return on equity (ROE) is expected to improve from -4.2% in 2023 to 17.0% in 2025 [4] Market Data - The company's target price has been raised to 115.05 yuan, up from a previous target of 75.20 yuan [11] - The stock has a market capitalization of 41.538 billion yuan and a price-to-earnings (P/E) ratio of 639.70 for 2024, decreasing to 121.43 for 2025 and 51.99 for 2026 [6][13] Business Outlook - The company is expected to benefit from rapid growth in the data communication market driven by artificial intelligence, with various product lines showing strong order growth compared to the previous year [11] - Key products such as AWG and MPO are anticipated to see significant demand increases, particularly in North America [11]

股票研究 /[Table_Date] 2026.01.31 整体略低预期，长期发展趋势向好 仕佳光子(688313) ——2025 业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 黎明聪(分析师) | 0755-23976500 | limingcong@gtht.com | S0880523080008 | | 桂海晟(研究助理) | 021-38031384 | guihaisheng@gtht.com | S0880124070058 | 本报告导读： 下调 2025 年盈利预测，上调 2026-2027 年盈利预测及目标价，维持增持 评级。业绩略低预期，长期发展趋势向好，业务 26 年增长可期。 投资要点： | [Table_Finance] ...

Investment Rating - The investment rating for the optical chip industry is "Positive" and maintained [11] Core Viewpoints - Optical chips are a high-value segment within the optical communication industry, characterized by significant technical barriers and value [3][9] - The industry predominantly adopts the IDM model, which covers the entire process from design to manufacturing and testing, leading to high entry barriers [7][50] - Domestic optical chip manufacturers are expected to benefit from a combination of industry growth, structural opportunities in silicon photonics, and increased market share from domestic replacements [8][9] Summary by Sections Optical Chips - Optical chips are the core active components in optical communication, determining the quality, speed, and energy efficiency of optical signal transmission [6][21] - The transition from traditional discrete solutions to high-integration silicon photonics solutions is accelerating, driven by the limitations of existing technologies [6][36] Manufacturers of Optical Chips - Manufacturers typically use the IDM model, which enhances collaboration with downstream module manufacturers and allows for rapid iteration and optimization of processes [7][50] - The industry faces significant barriers in R&D iteration, process yield, and capacity expansion, with domestic manufacturers focusing on the CW light source route due to its shorter production chain and better yield optimization [7][9] AI and Connectivity Demand - The demand for optical chips is expected to rise due to the commercialization of AI by North American cloud providers, leading to increased capital expenditures and a positive feedback loop in computing power investments [8][9] - The supply side is constrained by a concentrated upstream InP substrate market and long expansion cycles, with a predicted 25%-30% shortfall in optical chips [8] Investment Recommendations - The report recommends focusing on leading domestic CW light source manufacturers, particularly Shijia Photon, and paying attention to Yuanjie Technology [9][12]

Group 1 - The market is currently experiencing a trend of upward movement followed by narrow fluctuations, with volatility initially rising and then declining, indicating a need for digestion of previous gains [1] - The ETF outflows, particularly from the CSI 300, have put pressure on broad indices, with large-cap stocks underperforming compared to small-cap stocks [1] - There is an acceleration in thematic rotation, with some themes experiencing sharp rises and subsequent pullbacks, suggesting a short-term advantage for small-cap and growth stocks, but a need for rebalancing in the future [1] Group 2 - The gold stock recommendation logic for February 2026 includes companies benefiting from AI upgrades, solid growth in nickel powder business, and strong positions in the photovoltaic and alloy powder sectors [17] - Specific companies highlighted include BQX New Materials, which is expected to see rapid growth due to a significant expansion in production capacity and strong demand from major clients [17] - Industrial Fulian is noted for its deep integration with leading clients in the AI server market, with expectations of maintaining high growth rates due to its comprehensive supply chain capabilities [17] Group 3 - Financial data for the recommended stocks shows significant expected growth in earnings per share (EPS) for companies like BQX New Materials and Industrial Fulian, with projected EPS increasing from 0.33 to 2.09 and from 1.17 to 3.27 respectively from 2024 to 2026 [19] - The price-to-earnings (PE) ratios for these companies are also projected to decrease significantly, indicating potential for upward valuation adjustments [19] - Tencent Holdings is expected to see strong growth in advertising revenue and new game releases, contributing to its overall performance in 2026 [18]

Group 1: Precious Metals Market - Spot gold first broke the $5500/oz mark, reaching nearly $5600/oz before dropping below $5200/oz [1] - The non-ferrous metals sector saw significant declines, with major companies like Zijin Mining and Luoyang Molybdenum falling over 8% and 9% respectively [1] - The performance of the non-ferrous metals sector pressured the Shanghai Composite Index and Shenzhen Component Index, while the ChiNext Index rose due to gains in key stocks like CATL and Sungrow [1] Group 2: Agricultural and Consumer Sectors - Some cyclical sectors showed strong performance, with agriculture and aquaculture sectors rising significantly, indicating a typical rotation pattern in commodity markets [1] - The rise in agricultural products is expected to transmit to the aquaculture sector and further into the consumer market [1] - By the close of the morning session, the Shanghai Composite Index fell by 1.19%, the Shenzhen Component Index by 0.96%, while the ChiNext Index increased by 0.8% [1] Group 3: Film and Entertainment Sector - The film and cinema sector saw active performance, with stocks like Hengdian Film and Happiness Blue Sea experiencing significant gains [4][6] - A favorable policy environment, including the State Council's plan to enhance service consumption, is expected to support the film industry [6][7] - The upcoming 2026 Spring Festival film lineup is anticipated to drive market recovery, with multiple new films scheduled for release [7] Group 4: AI and Optical Communication Sector - The North American computing power chain showed strong performance, with stocks like "Yizhongtian" and Tianfu Communication reaching historical highs [7] - The demand for AI computing power is driving upgrades in the optical communication industry, with strong demand for high-speed optical modules [10] - Despite short-term supply gaps in high-speed optical chips, upstream manufacturers are actively expanding production, which is expected to alleviate supply chain bottlenecks [10]

Group 1 - The core viewpoint of the news highlights a significant rebound in computing hardware stocks, with notable increases in share prices for several companies [1] - LianTe Technology experienced a nearly 10% increase in stock price, reaching a historical high [1] - Tianfu Communication and Changfei Optical Fiber both saw stock price increases exceeding 8%, also achieving historical highs [1] Group 2 - Other companies such as Shijia Photon, Hengtong Optic-Electric, Dekoli, and Xinyi Sheng also experienced stock price increases, indicating a broader positive trend in the sector [1]

Core Viewpoint - The optical communication chip market in China is experiencing continuous growth driven by advancements in artificial intelligence, data center expansion, consumer electronics, and 5G deployment, with significant increases in production and demand projected for the coming years [1][4]. Industry Definition and Classification - Optical communication chips are defined as chips that enable the conversion of optical and electrical signals and are essential for the transmission of optical communication signals [1][3]. - These chips can be categorized into laser chips and detector chips, with further classifications based on their emission structure [1][3]. Current Industry Status - The global demand for optical communication chips is surging due to the rapid development of new information technologies such as mobile internet, 5G, and cloud computing [4]. - In China, the demand for optical communication chips is expected to reach 1.198 billion units by 2024, with a market size of 15.16 billion yuan, and further growth is anticipated in subsequent years [4][5]. Market Size and Growth Projections - By 2024, China's optical communication chip production is projected to grow to 867 million units, with demand reaching 1.198 billion units and a market size of 15.16 billion yuan [1][4]. - The market size is expected to increase to approximately 16.02 billion yuan by 2025, with continued rapid growth anticipated through 2026 [1][4]. Industry Chain - The optical communication chip industry chain consists of upstream materials and equipment, midstream chips and modules, and downstream application markets, with a focus on domestic production and high-speed upgrades [5][6]. Industry Barriers - The optical communication chip industry faces high entry barriers due to significant capital investment, core technology accumulation, and brand recognition, with a strong reliance on intellectual property protection [5][6]. Competitive Landscape - China is becoming a significant player in the global optical communication chip market, with several domestic companies, such as Huagong Technology and Guangxun Technology, leading in technology and production capacity [5][6]. - The market share of Chinese optical communication chip manufacturers is increasing, with notable advancements in high-speed optical communication chips [5][6]. Research and Development Trends - Future trends in optical communication chip development include green communication, silicon photonics technology, and photonic integrated circuit (PIC) technology, which are expected to drive innovation and efficiency in the industry [12][14][16]. - The focus on large-capacity transmission and all-optical networks is also highlighted as key areas for future development [16][17].

Core Viewpoint - The 2025 performance forecasts for companies listed on the Sci-Tech Innovation Board show promising results, with nearly 250 companies disclosing their earnings, and around 50% of them expected to be profitable, indicating a recovery in market demand and growth in emerging industries such as semiconductors, biomedicine, and artificial intelligence [1] Group 1: Company Performance - 125 companies are expected to achieve profitability, with 67 companies forecasting positive growth in net profit year-on-year, and 29 companies anticipating a profit increase of over 100% [1][2] - Shanghai Yizhong leads with a projected net profit increase of 760.18% to 903.54%, followed by Zhenlei Technology and Baiwei Storage with expected increases of 529.64% to 642.26% and 427.19% to 520.22%, respectively [2] - Baiao Saitu anticipates a significant net profit increase of 384.26% to 443.88%, driven by its advanced antibody platform and collaborations with major companies [4] Group 2: Industry Trends - The semiconductor, biomedicine, and AI sectors are experiencing a surge in demand, contributing to the overall positive performance of the Sci-Tech Innovation Board companies [1][3] - Companies like Shijia Photon are benefiting from the AI boom, with a projected net profit increase of 425.95% due to rising orders in the data communication market [5] - The PCB and CCL industries are also seeing growth, with companies like Shengyi Electronics and Nanya New Materials expecting substantial profit increases due to high-quality orders and market expansion [6][7] Group 3: International Expansion - Many companies are actively pursuing international markets, with Pioneering Technology expecting a net profit of 62 million to 86 million yuan, a year-on-year increase of 50.82% to 109.21%, driven by international demand for energy storage solutions [3] - The internationalization strategy is becoming a key path for high-quality development among listed companies [3]

Group 1 - The company emphasizes the importance of protecting the legal rights of all shareholders, particularly small and medium-sized shareholders [1] - The company strictly adheres to information disclosure rules and fulfills its obligations in a timely manner [1]