Analysis of the Strong Performance of Dekeli (688205)

The strong performance of Dekeli (688205) is driven by

1. Industry Level
   : The global optical module industry is upgrading to 800G/1.6T. As a key component for laser protection, optical isolators have become a “chokepoint” link due to the shortage of core material Faraday rotator plates, highlighting the scarcity of companies in this field [1]. On December 9, the CPO concept rose by 2.06%, and the optical communication concept rose by 1.76%, showing obvious sector linkage effects [2].
2. Company Level
   : The company has made two key progressions—silicon-based OCS (Optical Circuit Switch) has received overseas sample orders, demonstrating cutting-edge technology layout; Thai production capacity is expected to be released in 2026, which will enhance supply chain capabilities [3].
3. Price and Capital
   : It rose by over 13% on December 8 [1], and hit the daily limit at 10:31 on December 9 [2]; the 60-day gain/loss reached 102.87% [4]. Capital flow data shows that on December 8, the main capital net inflow was 329 million yuan, accounting for 11.24% of the total turnover, with strong institutional capital intervention [2].

1. Scarcity Premium
   : The company’s layout in the chokepoint link of optical isolators allows it to benefit from industry supply-demand mismatch, making it a scarce target in the sector [1].
2. Institutional Capital Signal
   : Large main capital inflows reflect institutional recognition of the company’s technological prospects and capacity expansion, enhancing short-term stock price momentum [2].
3. Expectation Gap Exists
   : Silicon-based OCS has only received sample orders, and bulk orders have not yet been fulfilled. The current upward trend is partially based on market expectations, so attention should be paid to subsequent order conversion [3].

• Short-term correction risk: With a 60-day increase of over 100%, there is high profit-taking pressure. If sector enthusiasm fades, a correction may be triggered [3][4];
• Order fulfillment risk: There is uncertainty whether silicon-based OCS sample orders can be converted into bulk orders [3];
• Industry fluctuation risk: The demand for optical modules is affected by the pace of global AI computing power investment, and demand-side fluctuations will directly impact the company’s performance [1].

• Sustained high prosperity of the sector: The CPO/optical communication industry still has growth space due to AI computing power demand. If the company can seize the opportunity, its performance is expected to improve [1][2].

Dekeli (688205) has shown strong performance due to industry supply-demand mismatch and its own technological and production capacity progress, with significant institutional capital intervention. Investors need to pay attention to:

• The maintenance of the daily limit on December 9 and changes in trading volume [2];
• The progress of silicon-based OCS order fulfillment [3];
• The sustained enthusiasm of the CPO/optical communication sector [1][2].
  At the same time, it is necessary to carefully evaluate the current high valuation and industry fluctuation risks [2].