Xin Lang Cai Jing·2025-09-04 08:11Core Viewpoint - Changfei Fiber's net profit attributable to shareholders for the first half of 2025 is 296 million yuan, a year-on-year decrease of 21.71%, indicating short-term pressure on performance while focusing on the application of new optical fiber products [1] Group 1: Financial Performance - The net profit for Changfei Fiber in 2025H1 is 296 million yuan, down 21.71% year-on-year [1] - Expected net profits for 2025-2027 are projected to be 982 million yuan, 1.038 billion yuan, and 1.106 billion yuan respectively, with corresponding PE multiples of 70x, 66x, and 62x [1] Group 2: Market Demand and Opportunities - The telecommunications market demand is slowing, prompting the company to enhance the quality and efficiency of its main business [1] - Major North American cloud service providers, including Microsoft, Google, META, and Amazon, are projected to have a total capital expenditure of approximately 95.8 billion USD in Q2 2025, a year-on-year increase of about 64%, indicating an optimistic outlook for annual demand [1] - The ongoing construction of domestic and international data centers is expected to drive steady growth in demand for the company's related products [1] Group 3: Strategic Focus - The company is seizing structural market opportunities and actively expanding the broad application of new optical fiber products [1] - The evolution of data center demand is anticipated to position the company as a core beneficiary [1]