【私募调研记录】复胜资产调研天孚通信

Core Insights - The report highlights the recent performance and strategic developments of Tianfu Communication, showcasing significant revenue and profit growth in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, Tianfu Communication achieved a revenue of 2.456 billion yuan, representing a year-on-year increase of 57.84% [1] - The net profit for the same period was 899 million yuan, reflecting a year-on-year growth of 37.46% [1] Group 2: Business Development - The growth in active business is primarily driven by the increased delivery of high-speed active products, with the company continuously expanding its customer base [1] - The demand for high-speed products remains strong, and the company is coordinating supply and production capacity to ensure delivery [1] Group 3: Production and R&D - The first phase of the Thailand factory has commenced production, with the second phase focused on research and customer validation, expecting large-scale production next year [1] - The company maintains high R&D investment to support the development of new products in collaboration with customers [1] Group 4: Market Strategy - The decline in gross margin is attributed to changes in product structure, with an increased revenue share from active products [1] - The company is strategically introducing new suppliers based on customer demand and is expanding the capacity of passive optical products driven by orders [1] Group 5: Geographic and Product Focus - Sales revenue from North America constitutes a small portion, and the impact of tariff policies is manageable [1] - The company is focusing on single-mode active products for medium to long-distance transmission and is exploring new technologies in collaboration with customers [1]