T&S(300570) 华鑫证券·2025-01-26 02:33Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Insights - The demand for optical devices is driven by the construction of data centers, with profit expectations showing significant year-on-year growth. The company is expected to achieve a net profit attributable to shareholders of 230 million to 275 million yuan in 2024, representing a year-on-year increase of 48.30% to 77.32% [2][8]. - The company has mastered the core technology of MT connectors and is significantly expanding production to meet market demand. The MT connectors have passed quality certification from major foreign clients and are now being supplied in bulk [3]. - Future developments in CPO technology are anticipated to stimulate new demand for polarization-maintaining MPO connectors and flexible optical boards. The company has already begun small-scale shipments of its polarization-maintaining MPO products [4][7]. Summary by Sections Market Performance - The current stock price is 124.7 yuan, with a total market capitalization of 28.3 billion yuan and a total share capital of 227 million shares. The stock has a 52-week price range of 26.95 to 124.7 yuan [1]. Financial Forecast - The company is projected to achieve revenues of 1.373 billion, 2.008 billion, and 2.628 billion yuan for the years 2024, 2025, and 2026, respectively. The earnings per share (EPS) are expected to be 1.10, 1.71, and 2.34 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 113, 73, and 53 times [8][10]. - The growth rates for revenue and net profit are forecasted to be 55.2% and 61.8% for 2024, and 46.2% and 55.2% for 2025, respectively [10][11]. Product Development - The company is actively developing technology for flexible optical boards and FAU products, with a focus on meeting customer needs through customized solutions. The technology for flexible optical boards is fully owned by the company, including automated design software and coating processes [7].