YOFC(SH:601869) Haitong Securities·2025-04-02 03:45Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown significant results in its diversified layout, particularly in the commercialization of hollow-core fibers, which is expected to drive future growth [7] - The company reported a revenue of 12.197 billion yuan in 2024, a year-on-year decrease of 8.65%, with a net profit of 676 million yuan, down 47.91% year-on-year [7] - The company has made substantial progress in various sectors, including optical interconnection components and high-purity synthetic quartz materials, with a notable increase in sales driven by AI demand [7] Financial Data and Forecast - Revenue projections for the company are as follows: 2025 at 13.900 billion yuan, 2026 at 15.874 billion yuan, and 2027 at 17.717 billion yuan, with respective year-on-year growth rates of 14.0%, 14.2%, and 11.6% [6][8] - The net profit forecast for the same years is 1.099 billion yuan, 1.459 billion yuan, and 1.813 billion yuan, with year-on-year growth rates of 62.6%, 32.8%, and 24.3% respectively [6][8] - The company’s gross margin is expected to improve from 27.3% in 2024 to 28.6% in 2027 [6][8] Business Segment Performance - The optical transmission products segment is projected to generate revenue of 78.67 billion yuan in 2024, with a year-on-year decline of 12.79% [8] - The optical interconnection components segment is expected to see revenue growth to 32.90 billion yuan in 2025, reflecting a year-on-year increase of 55.48% [8] - Other products and services are forecasted to generate 19.92 billion yuan in 2025, with a modest growth rate of 3.00% [8] Valuation - The company is assigned a dynamic PE range of 25-30X for 2025, corresponding to a reasonable value range of 36.24 to 43.49 yuan [7]