【机构调研记录】红土创新基金调研天孚通信

Group 1 - The core viewpoint of the news is that Hongtu Innovation Fund has conducted research on Tianfu Communication, revealing significant growth in revenue and net profit for the first half of 2025 [1] - Tianfu Communication achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, a year-on-year increase of 37.46% [1] - The growth in active business is primarily driven by the increased delivery of high-speed active products, with strong demand for these products [1] Group 2 - The company is expanding its customer base and coordinating supply and production capacity to ensure delivery [1] - The first phase of the Thailand factory has been put into production, with the second phase in the research and customer verification stage, expecting large-scale production next year [1] - The decline in gross margin is attributed to changes in product structure, with an increased revenue share from active products [1] Group 3 - The company maintains high R&D investment and collaborates with customers to develop new products [1] - North America accounts for a small proportion of sales revenue, and the impact of tariff policies is manageable [1] - The company is expanding the production capacity of passive optical products driven by orders to ensure effective resource allocation [1]