TFC(SZ:300394) Xin Lang Cai Jing·2025-09-08 08:41Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by the increasing demand for optical devices in data centers, particularly in the context of AI and cloud computing applications [1][2]. Financial Performance - In the first half of 2025, the company's operating revenue reached 2.456 billion yuan, representing a year-on-year increase of 57.84% [1][2]. - The net profit attributable to shareholders was 899 million yuan, with a year-on-year growth of 37.46%, while the net profit after deducting non-recurring items was 867 million yuan, reflecting a growth of 35.27% [1][2]. Product Line Growth - The revenue growth was attributed to both active and passive product lines, with the demand for optical devices driven by the expansion of global data centers and advancements in AI technology [2]. - The company is focusing on developing high-power laser devices and other advanced optical components to enhance its core technological competitiveness [2]. Market Outlook - The optical device market for data centers is expected to continue its upward trajectory, with projections indicating over 60% growth in 2025, leading to revenues exceeding 16 billion USD [3]. - The demand for Ethernet optical modules is anticipated to grow by 50% in 2025, with a forecasted alleviation of EML shortages in the latter half of the year [3]. Investment Recommendation - The company is positioned as a leading provider of optical communication device solutions and advanced packaging services, with a strong focus on R&D and production of high-speed optical devices [3]. - Expected EPS for 2025 and 2026 are projected to be 2.72 yuan and 3.77 yuan, respectively, with corresponding PE ratios of 64 and 46 times [3].