天孚通信：5月7日召开业绩说明会，投资者参与

Core Viewpoint - The company, Tianfu Communication, reported a strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, indicating a positive outlook for its business operations and market position [9][12]. Financial Performance - In Q1 2025, the company achieved operating revenue of 945 million yuan, representing a year-on-year increase of 29.11% [12]. - The net profit attributable to shareholders was 338 million yuan, up 21.07% year-on-year [12]. - The company's gross profit margin stood at 53.05% [12]. Business Operations - The company is focused on expanding its production capacity in Thailand, with the first phase of the factory operational since mid-2024 and the second phase nearing completion [5][6]. - The company plans to enhance its customer base by leveraging growth opportunities in AI, cloud computing, and the electric vehicle sectors [3]. - The company is actively investing in R&D, with an expenditure of 232 million yuan in 2024, a 62.11% increase from the previous year [5]. Product Development - The company is progressing well with its high-speed optical engine project and is also developing next-generation products [4]. - The company provides a range of solutions for different market applications, including data centers and telecommunications, utilizing various technology platforms [6][11]. Supply Chain and Risk Management - The company reported a foreign exchange gain of 25.95 million yuan in 2024, positively impacting profits, and plans to use hedging strategies to mitigate currency risks [2]. - The impact of international trade disputes on raw material supply is limited, as the proportion of materials sourced from the U.S. is low [8]. Market Position - The company is positioned as a comprehensive solution provider in the optical communication industry, focusing on vertical integration to enhance customer value [11]. - Recent analyst ratings indicate a strong buy sentiment, with 16 institutions recommending the stock [12].