EOPTOLINK(SZ:300502) Xin Lang Cai Jing·2025-10-31 04:42Core Insights - The company reported a revenue of 6.07 billion yuan for Q3 2025, representing a year-on-year increase of 152.5% but a quarter-on-quarter decline of 5% [1] - The net profit attributable to shareholders for the same quarter was 2.38 billion yuan, showing a year-on-year growth of 205.4% and a quarter-on-quarter increase of 0.6% [1] - The company maintained a gross margin of 47% and a net margin of 39.3%, achieving a historical high for the quarter [1] Company Performance - The decline in quarter-on-quarter revenue was attributed to adjustments in the delivery schedules of certain customers, but the company has returned to normal operations in Q4 [1] - The increase in profit margins was driven by a higher shipment volume and sales proportion of 800G products, along with the ramp-up of 1.6T products [1] Industry Trends - There is a continuous upward adjustment in global demand for optical modules, with a clear trend towards 800G/1.6T and silicon photonics upgrades [2] - The ongoing development of large models and the rapid growth in token consumption are driving an increase in global computing power demand [2] - The company is expected to focus on 800G and 1.6T products in future shipments, with significant growth anticipated in the shipment of silicon photonics products [2] Investment Outlook - The company’s long-term development trend remains unchanged despite short-term fluctuations, supported by its advantages in R&D, supply chain, and delivery [2] - The profit forecast for the company is projected to reach 9.52 billion, 18.82 billion, and 27.22 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 42.4, 21.5, and 14.8 [2]