TFC(300394) 国泰君安·2024-07-18 14:31Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has raised its profit forecast and target price, with an expected net profit of 1.413 billion, 3.017 billion, and 3.276 billion yuan for 2024-2026, reflecting increases of 5.42%, 40.51%, and 22.62% respectively [3][4]. - The company’s mid-2024 profit forecast exceeds market expectations, with a projected net profit of 630-678 million yuan, representing a year-on-year growth of 167%-187% [3][4]. - The demand for the company's 1.6T products is expected to surge in the second half of the year, driven by the booming 400G/800G market [3]. Financial Summary - Revenue is projected to grow from 1.196 billion yuan in 2022 to 3.9 billion yuan in 2024, reflecting a growth rate of 101.2% [4]. - Net profit is expected to increase from 403 million yuan in 2022 to 1.554 billion yuan in 2024, indicating a growth rate of 112.9% [4]. - The earnings per share (EPS) is forecasted to rise from 0.73 yuan in 2022 to 2.81 yuan in 2024 [4]. Market and Industry Insights - The company is positioned as a major supplier in the industry, with significant delivery of high-speed optical engine components [3]. - The report highlights a strong demand for passive optical components, which is expected to contribute positively to the company's revenue in the latter half of the year [3]. - The company has improved its production capacity following personnel adjustments and training, leading to better performance in Q2 [3].