中国主要光通信供应商股价周五早盘大幅下挫，随后收窄部分跌幅，尽管第三季度业绩因全球人工智能基础设施热潮而大幅向好，但抛售潮已延续至第二天。
Shares of major Chinese optical communications suppliers slumped on Friday before clawing back some of their losses, extending a two-day sell-off despite upbeat third-quarter earnings driven by the global artificial intelligence infrastructure boom.
深圳早盘交易时段，成都的新易盛跌幅一度达15%，苏州的天孚通信下跌10.3%，行业龙头中际旭创跌超7%。
During morning trading in Shenzhen, Chengdu-based Eoptolink Technology dropped as much as 15 per cent, while Suzhou TFC Communication slid 10.3 per cent and industry leader Zhongji Innolight fell over 7 per cent.
午盘休市时，三只股票均收窄跌幅：新易盛跌约9%，天孚通信跌幅收窄至4%，中际旭创亦企稳回升。此前周四三股均大幅下挫：天孚通信暴跌19.8%，新易盛重挫11.1%，中际旭创下跌8.5%。
By the midday break, the trio had trimmed their losses: Eoptolink was down around 9 per cent, TFC pared its decline to 4 per cent, and Innolight also steadied. The retreat followed steep drops on Thursday, when TFC plunged 19.8 per cent, Eoptolink tumbled 11.1 per cent and Innolight fell 8.5 per cent.
中际旭创和新易盛生产光模块——这是将电信号转换为光脉冲、以便在AI数据中心光纤网络中传输数据的关键硬件；天孚通信则生产用于通信设备的光器件。尽管这些公司报告了强劲的业绩增速，市场仍出现大幅回调。
Innolight and Eoptolink manufacture optical transceivers – key hardware that converts electrical signals into pulses of light to transmit data across fibre networks in AI data centres – while TFC produces optical components used in communications equipment. The market rout came even as the firms reported robust headline earnings growth.
中际旭创周四披露，第三季度净利润同比激增173.7%至85.9亿元人民币（约合12.9亿美元），营收同比增长171.8%至277.7亿元人民币。公司将前九个月营收增长归功于AI基础设施投资及高端800G和1.6T光模块销量上升。
Innolight on Thursday posted a 173.7 per cent surge in third-quarter net profit to 8.59 billion yuan (US$1.29 billion), as revenue jumped 171.8 per cent to 27.77 billion yuan. The company credited AI infrastructure investment and rising sales of high-end 800-gigabit and 1.6-terabit optical modules for driving top-line growth in the first nine months.
然而，在光鲜的同比增速之下，环比动能出现降温迹象，引发投资者对估值的担忧。
Beneath the headline expansions, however, sequential momentum showed signs of cooling, sparking valuation worries among investors.
新易盛周四披露，第三季度净利润同比增长61.2%至38.4亿元人民币，营收同比增长80.3%至109.4亿元人民币。但据公司公告测算，环比来看，净利润下降19.1%，营收缩减13%。
Eoptolink on Thursday reported quarterly net profit of 3.84 billion yuan, up 61.2 per cent year on year, on an 80.3 per cent rise in revenue to 10.94 billion yuan. But on a quarter-on-quarter basis, profit dropped 19.1 per cent and revenue shrank 13 per cent, according to calculations based on company filings.
现金流同样引发担忧。受材料采购支出和税款支付增加影响，光迅科技前九个月经营性现金流净额收缩 68.4% 至 14.6 亿元。第三季度出现约 1.52 亿元的经营性现金流净流出。
Cash flow also raised concerns. Eoptolink’s nine-month operating cash flow contracted 68.4 per cent to 1.46 billion yuan, hit by increased materials procurement outlays and tax payments. The third quarter saw an operating cash outflow of about 152 million yuan.
与此同时，总部位于苏州的天孚通信（TFC）本月初发布季报，季度净利润 8.792 亿元，同比增长 55.3%，营收增长 31.5% 至 19.2 亿元。
Meanwhile, Suzhou-based TFC earlier this month posted quarterly net profit of 879.2 million yuan, up 55.3 per cent, alongside a 31.5 per cent revenue increase to 1.92 billion yuan.
这些数据未达市场预期。花旗指出，天孚通信营收较其自身预测低 34%，较彭博一致预期低 24%。
The figures fell short of market expectations. Citigroup said TFC’s revenue missed its own forecast by 34 per cent and lagged Bloomberg consensus estimates by 24 per cent.
尽管毛利率好于预期，达到 65%，但花旗因营收确认放缓及对光引擎放量的假设更趋谨慎，将 2026 年和 2027 年盈利预测均下调 19%。不过，行业分析师和公司高管均认为下游需求依然旺盛。
While gross margins were better than expected at 65 per cent, Citi cut its 2026 and 2027 earnings forecasts by 19 per cent each, citing slower revenue recognition and more cautious assumptions about the ramp-up of optical engines. Industry analysts and company executives, however, maintained that downstream appetite remained intact.
摩根士丹利分析师在 10 月 28 日的研报中写道：“2026 年第三季度更快的营收增长意味着元器件短缺正在逐步缓解。”
“The faster revenue growth in 3Q26 implies that the component shortage is gradually easing,” Morgan Stanley analysts wrote in an October 28 research note.
各公司已采取行动安抚投资者情绪。源杰科技上周在披露中表示，订单排满，主要海外客户已下单至 2027 年，并提供了延伸至 2028 年的明确需求指引。
The companies have moved to reassure jittery investors. Innolight said in a disclosure last week that its order book was full, with major overseas clients placing orders through 2027, while offering clear demand guidance into 2028.
光迅科技称，其 1.6T 模块大规模出货已进入持续放量阶段，对公司今明两年业务前景充满信心。
Eoptolink said mass shipments of its 1.6T modules had entered a sustained shipment growth phase, expressing confidence in the company’s business prospects this year and next.