TFC(SZ:300394) Xin Lang Cai Jing·2025-08-27 02:42Core Insights - The company reported strong financial performance for H1 2025, with revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit attributable to shareholders of 899 million yuan, up 37.46% [1] - The second quarter of 2025 saw record-high performance, driven by the growth in AI technology and the increasing demand for computing power, particularly in data centers [2] Financial Performance - For Q2 2025, the company achieved revenue of 1.511 billion yuan, a year-on-year increase of 83.34% and a quarter-on-quarter increase of 59.98% [2] - The net profit for Q2 2025 was 562 million yuan, reflecting a year-on-year growth of 49.64% and a quarter-on-quarter growth of 66.34% [2] - The gross margin for Q2 2025 was 49.38%, which represents a decline of 10.39 percentage points compared to the previous year [2] Business Segments - The company's passive optical components generated revenue of 863 million yuan in H1 2025, a year-on-year increase of 23.79%, with a gross margin of 63.57% [3] - The active optical components achieved revenue of 1.566 billion yuan, a year-on-year increase of 90.95%, with a gross margin of 43.36% [3] - The demand for optical components in the telecommunications market remained stable, while the data center market experienced steady growth driven by virtual economy, cloud computing, and AI [3] Global Expansion - The company is advancing its globalization strategy, establishing a service and supply chain system that covers key global markets through its headquarters in Singapore, a sales subsidiary in the U.S., and a production base in Thailand [3] - The production facility in Thailand has been fully operational as of H1 2025, enhancing local production response capabilities [3] Profit Forecast and Valuation - The company's net profit forecasts for 2025 and 2026 have been slightly adjusted to 2.307 billion yuan and 3.208 billion yuan, respectively, with a new forecast for 2027 set at 4.134 billion yuan [4] - The current market capitalization corresponds to price-to-earnings ratios of 49X, 35X, and 27X for the respective years [4] - The company maintains a "buy" rating, benefiting from the ongoing demand for both passive and active products due to AI computing power growth [4]