T&S(SZ:300570) Xin Lang Cai Jing·2025-08-16 10:35Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by the growing demand for MPO in data centers and effective adaptation to CPO technology upgrades [1][2] Revenue Performance - The company achieved revenue of 828 million yuan in H1 2025, representing a year-on-year growth of 62.49% [1] - In Q2 2025, revenue reached 458 million yuan, showing a quarter-on-quarter increase of 23.5% and a year-on-year growth of 59.8%, outperforming a key customer, Corning, which had a growth rate of 40.7% [1] - The growth in revenue is attributed to large-scale data center construction and the evolution of MPO products, with overseas revenue accounting for 82.2% of total revenue [1] Profitability - The company's net profit attributable to shareholders for H1 2025 was 173 million yuan, with a remarkable year-on-year increase of 118.02% [2] - In Q2 2025, net profit was 94 million yuan, reflecting a year-on-year growth of 97.3%, with a gross margin of 36.4%, which is an increase of 3.8 percentage points year-on-year but a decrease of 5.7 percentage points quarter-on-quarter [2] - The increase in net profit is primarily due to the scale production of self-manufactured MPO products [2] Strategic Initiatives - The company is focusing on the large-scale application of flexible optical boards and MDC products in data centers, aligning with the CPO technology upgrade trend [2] - The company is collaborating with multiple domestic and international manufacturers to develop Shuffle solutions, showcasing high-integration solutions to new clients [2] Future Outlook - The company is expected to see continued growth in MPO products, particularly high-core MPO products, with a higher proportion of self-manufactured components in the second half of the year [2] - Revenue projections for 2025 to 2027 are estimated at 2.12 billion yuan, 3.12 billion yuan, and 5.14 billion yuan, respectively, with net profits of 430 million yuan, 660 million yuan, and 1.24 billion yuan [3] - Corresponding PE ratios for 2025 to 2027 are projected to be 72.0x, 47.1x, and 25.0x, maintaining a strong buy recommendation [3]