野村：光纤行业产能扩张有加快迹象，长飞光纤光缆或面临竞争加剧

Odaily Planet Daily News Nomura Securities stated that Han's Laser and Hoshine Silicon are relatively new entrants in the optical fiber market. The firm believes their recent investment projects reflect strong demand for optical fiber, primarily driven by AI data center infrastructure construction. At the same time, the firm believes the optical fiber preform industry has high technical barriers, currently dominated by existing players such as Corning (GLW.N), Fujikura, and Yangtze Optical Fibre and Cable (06869.HK).

In the short term, the firm believes supply constraints will persist, and Yangtze Optical Fibre and Cable can continue to benefit from higher spot prices and margin expansion due to greater exposure to the AI data center market. However, if new entrants can successfully develop high-end products (i.e., hollow-core fiber and multi-core fiber) and smoothly execute their capacity expansion plans, the firm believes market competition will intensify, and existing players like Yangtze Optical Fibre may face margin compression pressure. The firm maintains a Buy rating on Yangtze Optical Fibre and Cable (06869.HK), with a target price of HK$266 based on a 23.7x forward P/E ratio on the forecasted EPS of RMB 9.75 for FY2027. (Jin Shi)