Core Insights - The company is actively following industry trends and customer demands, focusing on technology iteration and product upgrades [1] Group 1: Product Development - The progress of single-channel 224G high-speed copper cables and connection products is proceeding smoothly and is continuously being optimized [1] - The company is advancing the research and development of single-channel 448G high-speed products [1] Group 2: Market Positioning - The company is actively promoting the validation of 400G and 800GAEC connection products with domestic customers to solidify its technological leadership in the high-speed interconnection field [1]

Group 1: Revenue Structure and Growth Expectations - In Q3 2025, approximately 50% of the company's revenue came from 6A and above data cables and wiring products, specialized cables, and connection products [2] - The company is focusing on high-value products with higher transmission rates and diverse application scenarios, which are expected to drive future revenue growth [2][3] Group 2: High-Speed Product Operations and Capacity - The company is experiencing significant growth in its high-speed business due to the rapid expansion of downstream applications like data centers and artificial intelligence [3] - Capacity expansion is underway, with new high-speed production lines being delivered and tested, ensuring order fulfillment and future market demand [3] Group 3: Customer Orders and Market Demand - Current market demand is strong, with the company’s orders at a relatively saturated state and showing rapid overall growth [3] - Major clients are placing rolling orders with optimistic expectations for future demand [3] Group 4: R&D Progress in High-Speed Products - The company is advancing its R&D in high-speed products, including the successful development of 224G copper cables and ongoing work on 448G products [3] - Active validation of 400G and 800G AEC connection products with domestic clients is in progress [3] Group 5: Automotive Project Developments - The company has established a joint venture with an Austrian automotive wiring manufacturer and is the exclusive partner for automotive data cables in the Asia-Pacific region [3] - Initial certification and integration work for automotive cables is progressing, with expectations for client audits in 2026 [3] Group 6: Impact of Copper Price Fluctuations - The company monitors copper price fluctuations closely, with minimal impact on overall profitability due to the lower copper content in high-speed products [3] - Pricing for data cables will adjust according to copper prices, while also considering technical value and raw material costs [3] Group 7: Future Plans for Improving Gross Margin - The company aims to enhance gross margin through product and technology innovation, expanding into mid-to-high-end markets, and optimizing product structure [3]

Core Insights - The company reported a revenue of 1.518 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.28% [2] - The net profit for the same period was 138 million yuan, showing a significant year-on-year increase of 53.82% [2] Financial Performance - Revenue for the first three quarters of 2025: 1.518 billion yuan [2] - Year-on-year revenue growth: 13.28% [2] - Net profit for the first three quarters of 2025: 138 million yuan [2] - Year-on-year net profit growth: 53.82% [2]

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing fluctuations in stock performance and is positioned as a key player in the high-speed cable and optical fiber market, benefiting from the depreciation of the RMB and expanding its overseas revenue. Group 1: Company Performance - On November 12, Zhaolong Interconnect's stock fell by 2.17%, with a trading volume of 175 million yuan and a market capitalization of 15.229 billion yuan [1] - For the period from January to September 2025, the company achieved a revenue of 1.518 billion yuan, representing a year-on-year growth of 13.28%, and a net profit attributable to shareholders of 138 million yuan, up 53.82% year-on-year [7] - The company has distributed a total of 113 million yuan in dividends since its A-share listing, with 82.34 million yuan distributed over the past three years [8] Group 2: Market Position and Products - The company has established itself as a core partner in the active cable (AEC) sector for leading international interconnect solution providers, leveraging its technological expertise in high-speed cables [2] - Zhaolong Interconnect's optical products include fiber jumpers, MPO/MTP pre-terminated connectors, and LC fiber connectors, primarily serving high-end projects in finance, education, healthcare, and exhibitions, while also expanding into overseas markets [2] - The company is one of the few in China capable of designing and manufacturing data cables exceeding Category 6, 6A, and up to Category 8, meeting the new data transmission demands of the 5G era [2] Group 3: Financial and Technical Analysis - The average trading cost of the company's shares is 56.64 yuan, with recent reductions in shareholding but at a slowing rate; the current stock price is between resistance at 51.55 yuan and support at 46.66 yuan, indicating potential for range trading [6] - The company's overseas revenue accounted for 61.93% of total revenue, benefiting from the depreciation of the RMB [3] - The main capital inflow for the stock today was negative at 6.6472 million yuan, with no significant trend in major shareholder movements [4][5]

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing fluctuations in stock performance and is positioned as a key player in the high-speed cable and optical fiber sectors, benefiting from the depreciation of the RMB and expanding its overseas market presence [1][3]. Company Overview - Zhejiang Zhaolong Interconnect was established on August 21, 1995, and went public on December 7, 2020. The company specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products [7]. - The revenue composition includes: 43.60% from category 6 and below data communication cables, 20.81% from category 6A and above, 18.04% from specialized cables, 11.62% from connection products, and 5.94% from other sources [7]. - As of September 30, 2025, the company reported a revenue of 1.518 billion yuan, a year-on-year increase of 13.28%, and a net profit attributable to shareholders of 138 million yuan, up 53.82% year-on-year [7]. Market Position and Performance - The company has become a core partner for international leading interconnect solution providers in the active cable (AEC) sector due to its technological accumulation in high-speed cable [2]. - The company’s optical products include fiber jumpers, MPO/MTP pre-terminated connectors, and LC fiber connectors, primarily serving high-end projects in finance, education, healthcare, and exhibitions, while also expanding into overseas markets [2]. - The company is one of the few in China capable of designing and manufacturing data cables of category 6, 7, and 8, meeting the new data transmission demands of the 5G era [2]. Financial and Investment Insights - The company’s overseas revenue accounted for 61.93% of total revenue in the 2024 annual report, benefiting from the depreciation of the RMB [3]. - The average trading cost of the stock is 56.78 yuan, with recent reductions in holdings but at a slowing rate. The stock price is approaching a resistance level of 50.98 yuan, indicating potential for upward movement if this level is breached [6]. - The company has distributed a total of 113 million yuan in dividends since its A-share listing, with 82.34 million yuan distributed over the past three years [8].

Core Viewpoint - The company is making steady progress in the construction and operation of its production base in Thailand, with the self-owned land construction officially underway [1] Group 1: Construction Progress - The construction of the self-owned land has officially commenced, and the company will continue to advance the factory and supporting facilities according to the engineering plan [1] - The construction of the smart manufacturing project for high-speed cables and connection products has been completed, with some machinery and equipment already purchased and tested [1] - Relevant equipment will be gradually put into use as part of the ongoing operational setup [1]

Core Viewpoint - The company, Zhaolong Interconnect (300913), is making steady progress in the construction and operation of its production base in Thailand, with the self-owned land construction officially underway [1] Group 1: Construction Progress - The construction of the self-owned land has officially commenced, and the company will continue to advance the factory and supporting facilities according to the engineering plan [1] - The construction of the smart manufacturing project for high-speed cables and connection products has been completed, with some machinery and equipment already purchased and debugged [1] - Relevant equipment will be gradually put into use [1]

Core Viewpoint - Zhaolong Interconnect (300913.SZ) is actively providing optical connection solutions primarily for high-end sectors such as finance, utilizing products like optical cables and connectors [1] Company Summary - The company specializes in optical products used in data centers, including optical cables, fiber jumpers, MPO/MTP pre-terminated connectors, LC fiber connectors, and optical distribution frames [1] - Zhaolong Interconnect has established a presence in high-end fields, indicating a focus on quality and specialized applications [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, achieving total revenue of 1.518 billion yuan, a year-on-year growth of 13.28%, and a net profit attributable to shareholders of 138 million yuan, a year-on-year increase of 53.82% [1][3] Financial Performance - The company's gross profit margin for the first three quarters was 20.44%, an increase of 4.53 percentage points compared to the same period last year [3] - The net profit margin was 9.1%, reflecting a year-on-year increase of 2.4 percentage points [3] - The diluted return on equity (ROE) excluding non-recurring items was 10.06%, up by 4.04 percentage points year-on-year [3] Business Overview - The company specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products, serving various sectors including telecommunications, cloud computing, data centers, AI computing centers, industrial internet, automotive Ethernet, and specialized applications such as medical, photovoltaic, industrial robotics, nuclear power, and aerospace [3] - The company has developed a product matrix for high-speed transmission technology, capable of mass production for transmission components and supporting high-speed transmission cables with rates up to 800 Gb/s, addressing the growing demand for data transmission in large and super data centers and high-speed communication fields [3] Cash Flow Improvement - The net cash flow from operating activities for the first three quarters reached 179 million yuan, representing a year-on-year increase of 167.16% [3] - As of the end of the third quarter, the company's cash and cash equivalents amounted to 256 million yuan, a year-on-year increase of 16.89% [3]

Core Viewpoint - Zhaolong Interconnect, a leading manufacturer of data cables and specialized cables in China, has shown strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by its specialized cable segment and increasing demand in the GPU/ASIC market [2][6]. Group 1: Company Overview - Zhaolong Interconnect was established on August 21, 1995, and was listed on the Shenzhen Stock Exchange on December 7, 2020. The company is headquartered in Huzhou, Zhejiang Province and specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products [1]. - The company holds multiple independent intellectual properties and core technologies, with products widely used in communications and data centers [1]. Group 2: Financial Performance - In Q3 2025, Zhaolong Interconnect achieved a revenue of 1.518 billion yuan, ranking 7th among 12 companies in the industry. The industry leader, Hengtong Optic-Electric, reported a revenue of 49.621 billion yuan [2]. - The company's net profit for the same period was 138 million yuan, placing it 5th in the industry, while the top performer, Hengtong Optic-Electric, had a net profit of 2.537 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Zhaolong Interconnect's debt-to-asset ratio was 20.32%, an increase from 16.51% year-on-year, which is significantly lower than the industry average of 44.07% [3]. - The company's gross profit margin was 20.44%, up from 15.91% year-on-year, but still below the industry average of 24.18% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.59% to 38,100, while the average number of circulating A-shares held per shareholder decreased by 7.49% to 6,721.25 shares [5]. Group 5: Future Outlook - Analysts from China Galaxy Securities predict that Zhaolong Interconnect will achieve revenues of 2.245 billion yuan, 2.926 billion yuan, and 4.013 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.57%, 30.36%, and 37.14% [6]. - The company is expected to maintain strong growth in its specialized cable and connection product segments, supported by a solid customer base and technological advancements [6].