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【机构调研记录】英大基金调研天孚通信

Group 1 - The core viewpoint of the news is that Tianfu Communication has shown significant growth in revenue and net profit in the first half of 2025, driven by the demand for high-speed active products and the expansion of new customers [1] - In the first half of 2025, Tianfu Communication achieved operating revenue of 2.456 billion yuan, representing a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% year-on-year [1] - The growth in active business is attributed to the increased delivery of high-speed active products, with the company continuing to expand its customer base [1] Group 2 - The company has initiated production at its Thailand factory, with phase one already operational and phase two undergoing research and customer verification, expecting large-scale production next year [1] - The decline in gross margin is due to changes in product structure, with an increased revenue share from active products [1] - The company maintains high R&D investment to support the development of new products in collaboration with customers [1] Group 3 - North America accounts for a small proportion of sales revenue, and the impact of tariff policies is manageable [1] - The company is expanding its capacity for passive optical products driven by orders to ensure effective resource allocation [1] - The profitability of the Thailand factory is not yet stable due to significant initial investments [1]