天孚通信(300394)：全年利润同比高增 有源无源产品线协同发展

Core Viewpoint - The company expects a significant increase in net profit for 2025, driven by the growth in the AI industry and global data center construction, despite facing foreign exchange losses impacting financial expenses [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of between 1.881 billion and 2.150 billion yuan for 2025, representing a year-on-year growth of 40% to 60% [1][2]. - The expected net profit after deducting non-recurring items is projected to be between 1.829 billion and 2.108 billion yuan, with a growth rate of 39.19% to 60.40% [1][2]. - Revenue for 2025 is predicted to be 5.733 billion yuan, with earnings per share (EPS) of 2.61 yuan, and the price-to-earnings (PE) ratio is expected to be 97 times [4]. Group 2: Market Demand and Supply Chain - The demand for optical devices is being driven by the AI sector, with a high proportion of overseas customers contributing to revenue growth, although foreign exchange losses have increased financial expenses [2]. - The company has achieved mass production capabilities for 800G and 1.6T high-speed optical engines, with the 1.6T products already in normal delivery [2]. - The first phase of the Thailand production base commenced operations in mid-2024, with ongoing capacity expansion based on customer demand, and the second phase is expected to begin trials in 2025 [2]. Group 3: Product Development and Strategic Position - FAU (Fiber Array Unit) is increasingly utilized in CPO (Co-Packaged Optics) architecture, serving as a critical interface between optical engines and computing chips, with usage per device reaching 3-5 times that of traditional optical modules [3]. - The delivery cycle for high-precision cutting machines used for FAU has extended to 14 months, indicating potential delivery challenges for high-channel and polarization-maintaining FAUs in CPO applications [3]. - The company anticipates continued growth in both active and passive product lines, supported by the explosive demand for optical modules and CPO, which may further solidify its competitive advantage [4].