TFC(SZ:300394) Xin Lang Cai Jing·2026-01-22 04:41Core Viewpoint - The company forecasts a net profit of 1.88-2.15 billion yuan for 2025, representing a year-on-year growth of 40%-60%, driven by the acceleration of the AI industry and global data center construction [1] Group 1: Financial Performance - The expected net profit for 2025 is projected to be 2.015 billion yuan, a 50% increase year-on-year [1] - The fourth quarter net profit is estimated to be between 416 million and 684 million yuan, with a median of 550 million yuan, reflecting a quarter-on-quarter decline of 2.9% [1] - Financial expenses have increased year-on-year due to exchange losses, which negatively impacted profit growth [1] Group 2: Industry Trends - The demand for high-speed optical devices is expected to grow steadily due to the rapid development of the AI industry and the construction of global data centers [1] - The company is positioned to benefit significantly from the upcoming release of NVIDIA's GB300 system and the associated demand for 1.6T optical modules [2] - The company has established a strong position in the CPO market, with plans to develop new products suitable for CPO applications [2] Group 3: Capacity Expansion - The company is expanding its production capacity in Thailand, with the first phase expected to be operational by mid-2024 and the second phase already completed [3] - Future capacity adjustments will be made based on customer demand, which is anticipated to enhance revenue and profit growth [3] Group 4: Profit Forecast - The profit forecast for 2025 has been revised down to 2.01 billion yuan, with projections for 2026 and 2027 at 3.19 billion and 4.18 billion yuan, respectively [3] - The company maintains a leading position in the 1.6T and CPO sectors, with strong ties to key customers, indicating potential for significant benefits from industry demand [3]