① Optical module concept stocks with a total market value of nearly 14 billion dollars revealed their annual report in the evening. Net profit in 2023 fell 44.59% year on year. According to estimates, Q4 net profit loss was 25.26 million yuan. ② According to the data, Northbound Capital joined the latest list of the top ten tradable shareholders, holding 1,511,400 shares. ③ The annual report shows that up to now, 800G high-speed optical module products have been shipped in batches of 1,000 to 10,000 units.
Financial Services Association, March 18 (Editor Xuan Lin) Cambridge Technology, an optical module concept stock with a total market capitalization of nearly 14 billion yuan, disclosed its annual report in the evening. Revenue in 2023 was 3.087 billion yuan, down 18.36% year on year; net profit was 95.18,200 yuan, down 44.59% year on year. The company plans to distribute a cash dividend of 1.33 yuan (tax included) to all shareholders for every 10 shares, for a total cash dividend of 35.658 million yuan. According to estimates, Q4 net profit loss was 25.26 million yuan.
Cambridge Technology said in its announcement that the 2023 performance changes are basically in line with the development status of the industry. Specifically, during the reporting period, major customers continued to reduce the revolving inventory required for operation and delayed delivery, while slowing down the pace of order placement, leading to a year-on-year decline in the company's overall shipment volume and delivery amount in 2023. However, it continues to optimize its product structure, leverages production advantages in many places, and has good synergy effects. The gross sales margin in 2023 increased by 3.53 percentage points compared to the previous year.
According to Cambridge Technology's latest list of the top ten tradable shareholders, Northbound Capital (Hong Kong Central Clearing Limited) is new and holds 1,511,400 shares.
According to public information, Cambridge Technology's main business is R&D, production and sales of telecommunications, digital communication and enterprise network terminal equipment (including telecom broadband, wireless networks and small base stations, edge computing and industrial interconnection products) and high-speed optical module products.
In the field of optical modules, Cambridge Technology stated in its annual report that 400G optical modules are the main products in 2023. In addition to the traditional 400G FR4 and LR4 series products with airtight solutions based on EML solutions, the 400G DR4 developed by the company based on non-airtight COB technology already has mass production capacity, which will become one of the main growth points for the optical module business. In order to enhance the autonomous and controllable capabilities of the supply chain, the company has completed the localization replacement verification of key components of 400G/800G products.
According to the annual report, up to now, Cambridge Technology's 800G high-speed optical module products have been shipped in batches of 1,000 to 10,000 units. In addition, the company has successfully developed 800G high-speed optical module products based on the latest PAM4 modulation technology and silicon optical technology, and applied new LPO linear direct drive technology. 800G LPO high-speed optical module products have been iteratively optimized in line with customer switch compatibility tests and products.
In order to adapt to the rapid increase in data center system-level cooling capacity and the development trend of green energy, Cambridge Technology said it has invested some resources in the development and marketing of 800G liquid-cooled optical module products. With the continuous accumulation and optimization of the technical experience and production process of the first generation 800G liquid-cooled optical module, the priority positioning of the 1.6T liquid-cooled optical module is immersion liquid cooling to break through related technical problems as a priority. According to previous interactive platform responses, Cambridge Technology's first-generation 1.6t optical module products will be live demonstrated (live demo) at the 2024 OFC exhibition, and is expected to be shipped in small batches in the second half of the year.
In terms of brokerage research reports, Cambridge Technology's most recent research report was dated September 2020, and there has been no brokerage research coverage in the past 4 years. In the secondary market, over time, the biggest cumulative decline in the company's stock price since its 6 point high last year has reached 60%.
