Ge Long Hui·2025-11-18 09:05Core Viewpoint - Tianfu Communication's net profit attributable to shareholders reached 1.465 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 50.07% [1] - The net profit for the third quarter alone was 566 million yuan, showing a year-on-year growth of 75.67% and a quarter-on-quarter increase of 0.80% [1] Financial Performance - The company's performance in the third quarter showed a slowdown compared to previous quarters, primarily due to a shortage of upstream materials for EML optical chips [1] - Despite the short-term challenges, the long-term trend of increasing demand for optical device products driven by artificial intelligence development remains intact [1] Future Outlook - As the shortage of raw materials gradually eases, the company's 1.6T optical engine is expected to ramp up production quickly [1] - The company has established multiple products and customer layouts in the CPO field, which is likely to provide a first-mover advantage [1] Investment Rating - The report maintains a "Buy" rating for the company [1]