On August 13, 2025, an overview of the leading stocks and core stocks in the three sectors of optical communication, PCB concepts, and millimeter-wave radar, integrating technical barriers, order progress, and market performance:
🔌 1. Optical Communication Sector: Focus on 800G/1.6T Optical Modules and Material Innovations
1. Leading Optical Module Companies
- Zhongji Xuchuang (300308):
- Technical Highlights: Global market share of over 40% for 800G optical modules, first to mass-produce 1.6T silicon optical modules, deeply tied to Nvidia and Google.
- Latest Developments: Expected net profit growth of 52.6%-86.6% in H1 2025, with North American orders accounting for 72%.
- Xinyi Sheng (300502):
- Technical Highlights: 800G LPO module certified by Nvidia (30% power reduction), with a monthly production capacity of 200,000 units at the Thailand factory.
- Performance Growth: Expected net profit growth of 328%-385% in 2025, with a gross margin of 43%, ranking first in the industry.
- Tianfu Communication (300394):
- Vertical Integration: 60% global market share for optical engines, exclusive supplier of 800G optical devices to Nvidia in China, leading in CPO packaging technology.
2. Optical Fiber, Cable, and Materials
- Changfei Fiber (601869):
- Core Position: Ranked first in global sales of optical fiber preforms for eight consecutive years, hollow-core fiber technology meets AI computing power’s low-latency demands.
- Hengtong Optic-Electric (600487):
- Transformation Breakthrough: Reducing conventional cable production capacity, focusing on multimode fibers and G.654.E trunk products, with optical interconnection revenue rising to 17.4%.
- Guangku Technology (300620):
- Scarcity: Core supplier of submarine optical network devices, ranked among the top three for lithium niobate modulators, hitting a historical high on August 13, 2025.
3. Equipment and Packaging
- Robotek (300757):
- Equipment Breakthrough: Invested in ficonTEC to enter the optical chip packaging and testing market, with new pension holdings, showing multiple technical crossovers.
- Wantong Development (600246):
- M&A Catalyst: Plans to acquire Solstice Optoelectronics (one of only two companies mastering 1.6T technology), with a four-day limit increase, entering the high-end optical chip market.
🖥️ 2. PCB Concept Sector: Driven by AI Servers and Automotive Electronics
1. Core of High-End Communication Boards
| Company | Technical Highlights | Latest Developments |
|---|---|---|
| Huadian Co., Ltd. (002463) | Exclusive supplier of Nvidia GB200 server PCBs, mass production of 224G rate PCBs, with a yield of 98% | 28.7% revenue growth in Q1 2025, leading market share in 800G switches. |
| Shennan Circuit (002916) | Main supplier of Nvidia AI server PCBs (60% of boards with more than 16 layers), with FC-BGA substrate yield improved to 85% | Established a packaging technology alliance with Xingsen Technology, entering the AMD MI300 chip supply chain. |
| Shenghong Technology (300476) | 50% global market share for Nvidia graphics card PCBs, mass production of 6-stage 24-layer HDI, with a 20% market share in Tesla’s BMS system PCBs | High-end HDI capacity fully loaded, with revenue of 5.8 billion yuan in H1 2025 (up 42% year-on-year). |
2. Upstream Materials and Equipment
- Jin’an Guoji (002636):
- Leading Copper-Clad Laminate: High-frequency, high-speed copper-clad laminates certified by Nvidia, with expected net profit growth of 47-63 times in H1 2025.
- Shengyi Technology (600183):
- Global Position: Core supplier of special substrates for 800G optical modules (M6/M7 level), with an annual production capacity of 100 million square meters.
- Honghe Technology (603256):
- Electronic Fabric Barriers: 30% global market share for ultra-thin electronic fabrics, with prices of Low Dk fabrics rising over 50%, suitable for HBM packaging needs.
3. Breakthroughs in Automotive Electronics
- Shiyun Circuit (603920):
- Tesla Partnership: Exclusive supplier of PCBs for Dojo computing servers, with over 30% share in Model Y battery management system PCBs.
- Jingwang Electronics (603228):
- Technical Certification: 99% yield for millimeter-wave radar PCBs, ranking first in the industry, certified by Tesla for laser radar.
📡 3. Millimeter-Wave Radar Sector: Increasing Penetration in Smart Driving
1. Tier 1 Automotive Leaders
- Huayu Automotive (600741):
- Independent R&D: Millimeter-wave radar has been mass-produced, supporting SAIC, NIO, and other automakers, with revenue of 168.6 billion yuan in 2023 (up 6.5% year-on-year).
- Desay SV (002920):
- System Integration: ADAS domain controller + millimeter-wave radar solutions implemented in XPeng and Li Auto, with revenue of 27.6 billion yuan in 2024 (up 26.1% year-on-year).
2. Core Components and Materials
| Company | Technical Highlights | Market Performance |
|---|---|---|
| Yatai Co., Ltd. (002284) | Mass production of new generation millimeter-wave radar + domain controller, suitable for L3 smart driving | Stock price increased by 32.6% in 2025, awarded trunk logistics project. |
| United Optoelectronics (300691) | Dual layout of vehicle-mounted lenses + millimeter-wave radar modules, entering BYD’s supply chain | Stock price increased by 4.7% in the last 30 days, with a market value increase of 250 million yuan. |
| Xiehe Electronics (605258) | Leading market share for millimeter-wave radar PCBs, core components of ADAS perception layer | Leading yield for high-frequency PCBs, tied to Bosch and Continental. |
3. Emerging Technology Companies
- Jintuo Co., Ltd. (603211):
- Incremental Market: Core supplier of millimeter-wave radar housings, supporting NIO ET7, with stock price rising by 24.7% in 2025.
- Weifu High-Technology (000581):
- 4D Radar Breakthrough: Awarded trunk logistics project, with stock price rising by 6.5% in 2025.
💎 Industry Trends and Investment Strategies
- Optical Communication:
- Explosive demand for 800G/1.6T optical modules (global market size of $12.7 billion in 2025), but beware of risks from LPO technology iteration.
- Configuration Recommendations: Zhongji Xuchuang (technology + orders), Xinyi Sheng (LPO energy savings), Guangku Technology (scarcity of lithium niobate).
- AI servers (such as GB300) driving demand for high-frequency, high-speed PCBs, with automotive PCBs expanding due to increased penetration of smart driving (expected to reach 25% in 2025).
- Configuration Recommendations: Huadian Co., Ltd. (Nvidia chain), Shennan Circuit (substrate breakthroughs), Jin’an Guoji (copper-clad laminate performance elasticity).
- Increased penetration of L3 smart driving (expected to reach 20% in 2025), with 4D radar and high-precision PCB components benefiting first.
- Configuration Recommendations: Huayu Automotive (full-stack capability), Xiehe Electronics (leading PCB market share), Yatai Co., Ltd. (new generation product rollout).
Risk Warning: Accelerated iteration of optical communication technology (e.g., CPO replacing traditional modules), fluctuations in copper prices upstream of PCBs, and extended certification cycles for automotive millimeter-wave radar.
Special Statement: The content of this account is sourced from historical public data on the internet. If there are any errors, please refer to the latest data. For research and discussion purposes only, it does not constitute any investment advice and should not be used as a basis for investment decisions. If there are any inaccuracies, please feel free to provide corrections. Investment involves risks, and caution is advised.