Daily research report: Optical module capacity expansion, growing energy storage shipments and faster commercialization of innovative drugs

How far have optical module deliveries and capacity expansion progressed?

HGTECH began ramping up deliveries of its 800G LPO products in the second half of 2026. Its Thailand plant ships about 100 thousand units a month, and long-term orders have been signed. The company expects to deliver 1.2 million to 1.5 million units in the series in 2027.
The faster 1.6T LPO products are still undergoing sample testing, which is expected to finish in the first quarter of 2027; demand guidance for next year is 1 million to 2 million units. The company's total overseas capacity is currently about 200 thousand units a month and is expected to exceed 1 million units in the third quarter of 2027, with most capacity allocated to ramping up 1.6T products.
The 6.4T NPO has qualified as a supplier product with a North American customer. Following finalization of the product design, sample testing is being advanced, with volume deliveries expected in July 2027.

In the third quarter, Defu Technology's electronic circuit copper foil shipments shifted from predominantly standard products to high-end products such as HVLP and RTF; HVLP shipments exceeded 1500 tonnes. Processing fees for various grades have risen successively since the start of the year, with a more pronounced increase for high-end HVLP.
Defu Technology is conducting small-batch tests of carrier copper foil for optical modules with major customers and expects volume supply in the first quarter of 2027. Products for IC substrates have a longer validation cycle, with testing expected to finish in the middle of the year.
Lens Technology's complete robot assembly base in Kunshan has ramped up to daily production of hundreds of units. As automation equipment is installed, it plans to provide capacity of more than 10 thousand units per month each for customers' Q-series and T-series products. Its TGV glass substrates have completed initial customer testing and validation.

Sungrow shipped 41 GWh of energy storage products in the first three quarters of 2026, versus 29 GWh a year earlier. Third-quarter shipments were 17 GWh, up 24% quarter on quarter. The company expects more than 60 GWh for the full year and, based on existing orders, expects shipments could nearly double in 2027.
There is a lag between shipments and revenue recognition: overseas energy storage projects typically take about six months from shipment to revenue recognition. Revenue recognized in the third quarter mainly corresponded to shipments before the second quarter; third-quarter shipments will gradually be reflected over the next few quarters.
For inverters, overseas shipments in the first three quarters rose from 66 GW a year earlier to 75 GW, while domestic shipments fell from 43 GW to 28 GW. A higher share of overseas revenue drove a year-on-year improvement in the business's profitability.

Mindray Medical's international in vitro diagnostics business grew more than 25% in the first three quarters, with its immunoassay business growing nearly 40%. The combined number of major domestic customers with installed instruments and ramping reagent usage exceeded 264; reagent output from major customers rose to 48% of domestic IVD reagent revenue, above 45% in 2025.
Huadong Medicine reported 2.528 billion yuan in innovative product sales and agency service revenue in the first three quarters of 2026, up 48.33% year on year and accounting for 21.76% of pharmaceutical manufacturing revenue including the CSO business. About 10 innovative products are expected to obtain approval in 2027, increasing the number of commercialized products.
Huadong Medicine's Ruituoxin was launched in June 2026, and sales reached nearly one hundred million yuan by the end of September. A marketing application for the weight-management indication of oral small-molecule GLP-1 product HDM1002 has been submitted and is awaiting acceptance; approval is expected at the end of 2027 or in the first half of 2028.

Hongfuhan said liquid cooling plates and full-cabinet modules entered volume production and delivery in the third quarter and were the core incremental contributor to profit growth in the period. Water cooling plates, liquid cooling modules and coolant distribution manifolds are being supplied to existing customers in stable volumes according to their production schedules.
New customers are still at stages including product certification, solution testing and production ramp-up. Precision robot components are at the sample submission and small-batch prototype delivery stage with North American customers; further progress depends on customer demand, validation milestones and the pace of project mass production.