How far has the AI power-supply business progressed?

  • Megmeet reported third-quarter revenue of 2.975 billion yuan, up 40.48% year on year, and net profit attributable to shareholders of 210 million yuan, up 438.04%. Revenue for the first three quarters was 9.036 billion yuan and attributable net profit was 462 million yuan, up 33.05% and 117.32% year on year, respectively.
  • Guosen Securities believes the company is participating in power-supply system design for Nvidia's Blackwell, VeraRubin and next-generation data center architectures, and is also developing customized power supplies for international cloud providers outside the Nvidia ecosystem. The company has made volume deliveries for project-based requirements from some major North American customers.
  • The company is directing more R&D resources toward VeraRubin-related products and expects their volumes to ramp up gradually in the second half of this year and next year; its 800V high-voltage direct-current power-supply products remain in the research and development and forecasting stage, with progress dependent on market and industry development. The first phase of its Thailand factory is operational and has begun deliveries to overseas customers, while the second and third phases are progressing as planned.

How are higher optical fiber prices flowing through to ZTT's profit?

  • ZTT reported third-quarter revenue of 17.501 billion yuan, up 21.75% year on year, and net profit attributable to shareholders of 1.614 billion yuan, up 109.38%. The company said the change in total profit was primarily driven by higher optical fiber and cable prices.
  • Huayuan Securities noted that the price of conventional G.652.D optical fiber rose cumulatively by more than 400% from the beginning of 2025 through the first half of 2026, with a larger increase for optical fiber used in AI computing; the company's shipments of G.657A2 optical fiber for AI computing grew by more than 2 times year on year in the first half. The brokerage believes tight industry supply and demand could further boost the company's profitability.
  • In the first half, the company won an internet company's data center MPO fiber-optic patch cord and accessories project worth more than 1.5 billion yuan, and overseas sales rose more than 80% year on year. On product progress, 800G high-speed optical modules have been shipped in volume, and 1.6T silicon photonics modules have been publicly exhibited.

Why did profits rise at the copper-clad laminate and PCB companies?

  • Hongchang Electronics reported third-quarter revenue of 1.495 billion yuan, up 82.77% year on year, and net profit attributable to shareholders of 216 million yuan, up 2544.78% year on year and about 455% from 39 million yuan in the second quarter. The company attributed the growth to the completion and commissioning of Zhuhai Hongren and higher product sales volumes and prices; the gross margin on copper-clad laminates also improved as volumes and prices rose.
  • Mankun Technology reported third-quarter revenue of 724 million yuan, up 56.48% year on year, and net profit attributable to shareholders of 129 million yuan, up 231.24% year on year and about 397% from 26 million yuan in the second quarter. The company said earnings growth mainly came from an increase in orders secured and product sales.
  • Mankun Technology has mass-production orders for optical module circuit boards, and its 16-layer PCBs for server power supplies are also in mass production; products related to 8000W power supplies are at the prototyping and certification stage.

Which parts of optical connectivity is Decolite targeting with its expansion?

  • Decolite plans to invest about 1.2 billion yuan in a high-end optical connectivity products project for AI computing and data centers, acquiring land, building factories and installing production and testing equipment. The products cover connectivity within clusters, long-distance connectivity across regions and dynamic all-optical networking.
  • Existing products are at different stages: 800G data center interconnect boards have completed customer validation and entered small-batch delivery; 1.6T optical modules are at the customer adoption stage, while 32×32 silicon-based optical waveguide switches have received overseas sample orders and completed customer validation. AVIC Securities believes thin-film lithium niobate is also a technology option the company is holding in reserve for next-generation 3.2T optical modules.