TFC(300394) 国盛证券·2025-02-03 01:34Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company is expected to achieve a net profit of 1.26 billion to 1.4 billion yuan in 2024, representing a year-on-year growth of 72% to 92%. The growth is primarily driven by the increasing demand for optical devices due to global data center construction [1]. - The company is positioned to benefit from the accelerated construction of AI-driven data centers (AIDC), which is expected to significantly increase the demand for optical devices [1]. - The company has a long-term strategic focus on the CPO (Co-Packaged Optics) sector, which is anticipated to bring marginal changes in the optical communication landscape. The company has developed advanced optical packaging capabilities and aims to become a key player in the CPO supply chain [2]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 3.54 billion, 5.69 billion, and 7.31 billion yuan, respectively, with corresponding net profits of 1.34 billion, 2.09 billion, and 2.67 billion yuan [3][5]. - The report indicates a significant increase in earnings per share (EPS), projected to be 2.42 yuan in 2024, 3.78 yuan in 2025, and 4.82 yuan in 2026 [5][10]. - The company’s net profit margin is expected to remain strong, with a projected net profit margin of 37.9% in 2024 [10].