Zheshang Machinery & Big Manufacturing [Yongding Co., Ltd.] Optical Chip Business Progress, Logic Unchanged, Continued Recommendation

English summary

One-sentence logic: Benefiting from optical fiber price increases, optical fiber, optical chips, and superconductors are expected to succeed one after another, opening up growth space. 1. Event: The company announced that Dingxin Optoelectronics received purchase orders for high-power lasers from Customers A and B, totaling approximately 1.133 billion yuan. The downstream major customers for the optical chip business continue to expand, and the company's performance is expected to follow up. 2. Operations: The company disclosed its 2026H1 performance forecast: optical fiber volume and prices both rose, with net profit excluding non-recurring items increasing sharply by 55%-119% YoY. The growth is mainly due to the simultaneous increase in volume and price in the optical fiber market, leading to a substantial increase in segment profits, while automotive wiring harnesses and overseas engineering declined YoY. 3. Three major businesses are expected to follow up: 1) #Optical fiber: A complete 'rod-fiber-cable' industrial chain has been built, with capacity expansion and transformation progressing orderly; 2) #Optical chips: Produced and developed by Dingxin Optoelectronics. 100G EML and silicon photonics 100mW CW HP and 70mW CW HP have gained recognition and established cooperation with domestic optical module manufacturers; 3) #Superconducting tapes: Produced and developed by Eastern Superconductor, positioning in key sectors with capacity expansion. ...