T&S(SZ:300570) Xin Lang Cai Jing·2025-08-23 00:40Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by increasing overseas sales and a favorable industry environment [1][2]. Financial Performance - In 1H25, the company achieved revenue of 828 million yuan, a year-on-year increase of 62.49%, and a net profit attributable to shareholders of 173 million yuan, up 118.02% [1]. - In Q2 2025, revenue reached 458 million yuan, growing 59.80% year-on-year and 23.58% quarter-on-quarter, with a net profit of 94 million yuan, reflecting a 96.77% year-on-year increase and an 18.42% quarter-on-quarter increase [1]. - The gross margin for 1H25 was 38.94%, up 7.11 percentage points, and the net margin was 21.27%, an increase of 5.44 percentage points [1]. - In Q2 2025, the gross margin was 36.39%, up 3.84 percentage points, and the net margin was 20.71%, an increase of 3.81 percentage points [1]. Revenue Structure - The company's optical device products are experiencing rapid growth, with overseas revenue in 1H25 reaching 406 million yuan, a year-on-year increase of 60.24%, accounting for 80.27% of total revenue, up 7.36 percentage points [1]. - The company is effectively expanding its overseas customer base while also seeing growth in domestic revenue and profits [2]. Industry Outlook - The company is a leading manufacturer of high-density optical interconnect products, with advanced technology in passive optical components, widely used in large data centers and telecommunications networks globally [2]. - The industry is experiencing high demand, particularly driven by the growth of AI infrastructure and supportive domestic policies for computing power construction [2]. - The company's strategic focus on MPO and CPO products positions it well to benefit from the increasing demand for high-density, miniaturized optical passive connectors [2]. Profit Forecast - The company is projected to achieve net profits of 443 million yuan, 653 million yuan, and 853 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 69.43%, 47.58%, and 30.61% respectively [3]. - Corresponding price-to-earnings ratios for 2025, 2026, and 2027 are estimated at 65.75, 44.55, and 34.11 times [3].