Suzhou Dongshan Precision Manufacturing (02384): Business momentum is improving, AI optical modules are ramping up rapidly, and product deliveries in the fourth quarter are expected to continue the high-growth trend.

As global investment in AI computing infrastructure continues to increase, demand for Suzhou Dongshan Precision Manufacturing's (02384) high-end optical modules and AI server PCBs remains robust. According to the company, downstream order demand is currently strong, capacity utilization remains at a high level, shipments of AI high-end optical modules are rising rapidly quarter by quarter, and 1.6T products entered the volume shipment stage in the fourth quarter. Combined with the company's in-house development and production capabilities in high-speed EML optical chips, the dual-driver effect of optical modules and optical chips is becoming more evident. Benefiting from the continued increase in the share of high-value-added products, the company's overall profit structure has improved significantly. Looking ahead to the fourth quarter, with the concentrated release of optical module capacity, the ramp-up of 1.6T products, and the continued volume growth of high-end PCBs, single-quarter product deliveries are expected to continue the high-growth trend. The company completed its Hong Kong stock listing on October 28, achieving a dual listing in both the "A+H" markets. The proceeds from this offering will be focused on expanding production capacity for optical chips, optical modules, and high-end PCBs, and will also be used for strategic investments across the industry chain, further opening up medium- and long-term growth space through a global capital and manufacturing layout.