EOPTOLINK(SZ:300502) Xin Lang Cai Jing·2026-02-02 12:34Core Viewpoint - The company is expected to achieve a net profit attributable to shareholders of 9.4-9.9 billion yuan in 2025, representing a year-on-year growth of 231%-249%, with a slight overperformance compared to expectations, leading to a "buy" recommendation [1] Group 1: Financial Performance - The company anticipates a net profit of 3.1-3.6 billion yuan in Q4 2025, reflecting a year-on-year increase of 160%-202% [1] - The expected net profit for 2025 is projected to be 9.477 billion yuan, with year-on-year growth rates of 234%, 32%, and 21% for the years 2025, 2026, and 2027 respectively [3] - Earnings per share (EPS) are forecasted to be 9.54, 12.59, and 15.23 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44, 33, and 28 times [3] Group 2: Market and Product Development - The company is expected to significantly increase its market share in the overseas 800G product market, driven by rising global data center expenditures and demand for computing power [2] - The company’s Thai factory is operational, with the first phase launched in H1 2023 and the second phase expected to enhance product delivery capabilities, particularly for North American cloud vendors [2] - The company has a strong R&D investment, with expenses reaching 501 million yuan in the first three quarters of 2025, a 150% year-on-year increase, leading to a rich reserve of new technology products [3] - The company has launched 1.6T optical module products and is expanding into high-speed AEC cable modules and other areas, positioning itself to maintain its industry leadership [3]