T&S(SZ:300570) Xin Lang Cai Jing·2025-10-31 11:06Core Viewpoint - Taicheng Light is a leading manufacturer of optical devices, focusing on research, production, and sales, with significant advantages in self-developed technologies like MT connectors. The company operates in various sectors including data centers, 5G, and optical communication. Group 1: Business Performance - In Q3 2025, Taicheng Light achieved a revenue of 1.214 billion yuan, ranking 17th among 36 companies in the industry, while the top company, ZTE, reported revenue of 100.52 billion yuan [2] - The net profit for the same period was 264 million yuan, placing the company 12th in the industry, with the leading company, Zhongji Xuchuang, reporting a net profit of 7.57 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Taicheng Light's debt-to-asset ratio was 20.15%, down from 22.10% year-on-year and below the industry average of 38.12%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 38.05%, an increase from 33.78% year-on-year and above the industry average of 30.08%, reflecting robust profitability [3] Group 3: Executive Compensation - The chairman, Zhang Zhimin, received a salary of 4.0952 million yuan in 2024, an increase of 1.5881 million yuan from 2023 [4] - The general manager, Zhang Yiming, earned 2.9778 million yuan in 2024, up by 846,500 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 26.82% to 63,800, while the average number of shares held per shareholder decreased by 21.15% to 3,014.6 shares [5] - New significant shareholders include Yongying Technology and Central Clearing Hong Kong, while some previous major shareholders have exited [5] Group 5: Business Highlights and Future Outlook - The company is a leader in the passive optical device sector, benefiting from the AI wave and significant demand for integrated passive devices like MPO [5] - Taicheng Light is focusing on customized optical flexible board products and upgrading optical waveguide products, with plans for capacity expansion in 2025 [5] - Forecasted net profits for 2025-2027 are 410 million, 632 million, and 877 million yuan respectively, with a recommendation to "buy" [5]