The Huaxin Securities Research Report pointed out that the tight supply of Tianfu Communications materials has been reduced, and CPO products have been stably mass-produced and delivered. The first half of 2026 achieved net profit of 1.24 billion yuan, an increase of 33.92% over the previous year; the shortage of phased supply of materials affected production increases, and demand for high-speed optical devices drove performance growth. The tight supply of bottlenecks has been alleviated, and delivery responsiveness has been improved; optical interconnection technology has been deeply accumulated, and stable mass production and delivery of FAU and ELS products for CPO has been achieved. Relying on long-term accumulation in optical coupling, precision manufacturing and batch delivery, the company's FAU and ELS products supporting CPO products have a good foundation in terms of performance, yield and delivery guarantee, and have achieved stable mass production and delivery. The company continues to cultivate the core circuit of optical interconnection. With the increase in optical module speed and the continuous emergence of new technologies such as CPO, the company is expected to further consolidate the company's competitive advantage and maintain a “buy” investment rating with the process technology it has previously accumulated.

The Huaxin Securities Research Report pointed out that the tight supply of Tianfu Communications materials has been reduced, and CPO products have been stably mass-produced and delivered. The first half of 2026 achieved net profit of 1.24 billion yuan, an increase of 33.92% over the previous year; the shortage of phased supply of materials affected production increases, and demand for high-speed optical devices drove performance growth. The tight supply of bottlenecks has been alleviated, and delivery responsiveness has been improved; optical interconnection technology has been deeply accumulated, and stable mass production and delivery of FAU and ELS products for CPO has been achieved. Relying on long-term accumulation in optical coupling, precision manufacturing and batch delivery, the company's FAU and ELS products supporting CPO products have a good foundation in terms of performance, yield and delivery guarantee, and have achieved stable mass production and delivery. The company continues to deeply cultivate the core circuit of optical interconnection. With the increase in optical module speed and the continuous emergence of new technologies such as CPO, the company is expected to further consolidate the company's competitive advantage and maintain a “buy” investment rating with the process technology it has previously accumulated.