Ge Long Hui A P P·2026-01-22 05:16Core Viewpoint - Dongwu Securities report indicates that Tianfu Communication's performance meets expectations, with optimism regarding contributions from new products [1] Financial Performance - The company expects net profit attributable to shareholders in 2025 to be between 1.88 billion to 2.15 billion yuan, representing a year-on-year growth of 40% to 60% [1] - The non-recurring net profit is projected to be between 1.83 billion to 2.11 billion yuan, with a year-on-year increase of 39.19% to 60.40% [1] Market Conditions - Anticipation of accelerated appreciation of the RMB in Q4 2025 may further exacerbate the negative impact of exchange losses on the company's performance [1] - The company's core products are in a generational transition period, with customer ordering patterns and upstream material supply significantly affecting quarterly performance [1] Competitive Position - The company is leading in the 1.6T and CPO layout, with deep binding to top-tier customers, positioning it to benefit from the release of industry demand [1] - The report maintains a "Buy" rating for the company [1]