TFC(SZ:300394) Xin Lang Cai Jing·2025-08-29 00:46Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by significant growth in its active optical products and increasing demand for 1.6T solutions, particularly from overseas customers [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.46 billion yuan, a year-on-year increase of 57.8%, and a net profit attributable to shareholders of 900 million yuan, up 37.5% year-on-year [1]. - For Q2 2025, the company reported revenue of 1.51 billion yuan, representing an 83.3% year-on-year increase and a 60.0% quarter-on-quarter increase, with a net profit of 560 million yuan, up 49.6% year-on-year and 66.3% quarter-on-quarter [1]. Product and Market Development - The company’s revenue from optical active devices reached 1.57 billion yuan in the first half of 2025, marking a 91.0% year-on-year increase and an 87.6% quarter-on-quarter increase, primarily driven by high growth in overseas computing interconnect demand [1]. - The company is expanding its overseas production capabilities with the operational launch of its Singapore headquarters and Thailand production base, which is expected to enhance global resource allocation and international talent capabilities [2]. R&D and Future Outlook - The company is increasing its R&D investment, which rose by 12.0% year-on-year to 130 million yuan in the first half of 2025, focusing on cutting-edge technologies such as silicon photonics and CPO [2]. - The company is well-positioned to benefit from the ongoing surge in AI computing demand, with significant capital expenditures expected from major cloud providers for AI data center construction and accelerator procurement [3]. Profit Forecast and Investment Rating - The company's net profit forecasts for 2025, 2026, and 2027 have been revised upward to 2.35 billion yuan, 3.22 billion yuan, and 4.03 billion yuan, respectively, reflecting the anticipated benefits from new products and demand [3]. - The company maintains a "buy" rating, with projected price-to-earnings ratios of 60, 43, and 35 for 2025, 2026, and 2027, respectively, based on the closing price on August 28, 2025 [3].