300394，大跌11.56%

Core Insights - Tianfu Communication's stock price has surged nearly fivefold in six months, despite a significant contrast with its quarterly performance, which showed a decline in revenue and minimal profit growth [2] - The company reported a third-quarter revenue of 39.18 billion yuan, a year-on-year increase of 63.63%, but a quarter-on-quarter decrease of 3.23% [2][3] - The market remains skeptical about the future of optical modules, as evidenced by a sharp drop in stock price by 11.56% on October 30 [2] Financial Performance - In Q3, Tianfu Communication achieved a revenue of 14.63 billion yuan, a year-on-year increase of 74.37%, but a quarter-on-quarter decrease of 3.23% [2] - The net profit for Q3 was 5.66 billion yuan, showing a year-on-year growth of 75.68% and a minimal quarter-on-quarter increase of 0.7% [2] - The gross margin for the first three quarters was 51.87%, down 6.35 percentage points year-on-year, while the Q3 gross margin was 53.68%, down 5.36 percentage points year-on-year [3] Market Outlook - Analysts express concerns about the sustainability of high valuations, with the company's price-to-earnings ratio (TTM) exceeding 70 times [4] - There are predictions of potential supply exceeding demand in the optical module market, which could impact pricing and profitability [4] - Despite recent performance, some analysts remain optimistic about the long-term demand for optical modules driven by AI and data center growth [5]