B[Xingsen Technology: Net profit is expected to increase by 204%-227% year-on-year in the first three quarters of 2026] On October 13, Xingsen Technology (002436.SZ) announced that the net profit attributable to shareholders of listed companies in the first three quarters of 2026 is expected to be 400 million yuan-430 million yuan, a year-on-year increase of 204.20%-227.02%. During the reporting period, driven by AI infrastructure construction, the PCB industry maintained high prosperity. Through product structure optimization, price adjustment and cost reduction and efficiency improvement measures, the company has achieved steady growth in operating income and improved profitability year-on-year. Among them, the volume and price of the CSP packaging substrate project have increased, the orders are full, and the revenue and profit have increased significantly year-on-year; the optical module mSAP substrate business has achieved breakthroughs among front-line customers in the industry, with full orders on hand, high yield rates and delivery, achieving greater revenue and profit contributions. Yixing Silicon Valley's operating performance improved significantly year-on-year due to product structure adjustments and unit price increases, turning losses into profits. Xiaocai Note: The company’s Q3 net profit is expected to be 289 million-319 million, and Q2 net profit is 92 million. Based on this calculation, Q3 net profit is expected to increase by 215%-248% month-on-month. B[CICC: Optical communications industry will be highly prosperous in 2027 with certainty to increase] On September 16, CICC Research reported that the popularity of the 27th Optical Expo has increased compared with previous years, with more than 4,000 companies participating in the exhibition, and the overall number of visitors was nearly 190,000, a year-on-year increase of 32%. "Locking orders" and "locking materials" have become keywords for exhibition research, and the certainty of demand in 2027 will further increase. Based on exhibition research, the order schedule of some high-speed optical chip companies has been extended to 2028 and beyond, and the visibility of optical module orders covers 2027 and beyond; leading optical module manufacturers are actively targeting core materials such as DSP, mSAP PCB, and high-speed optical chips. It is expected that the difference in subsequent delivery will depend more on key material security, yield and customer certification, among which advanced process DSP may become the most scarce link. It is expected that by 2028, after standards and engineering solutions gradually converge and yields increase, NPO is expected to accelerate volume expansion, and CPO may gradually enter Scale-up; OCS will move from a few cloud vendors for self-use to more AI clusters, driving the sinking of 2.4T light coherent applications; 400G per lane promotes device upgrades, and thin film lithium niobate is expected to accelerate its entry into customer verification and application windows.
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