TFC(SZ:300394) GOLDEN SUN SECURITIES·2025-05-02 02:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to benefit from the high demand in the optical communication industry, driven by the construction of data centers and the acceleration of AI development [1][2] - The company has a strong focus on R&D, with significant investments aimed at enhancing its product offerings in high-speed optical devices [2] - Revenue and profit projections for 2025-2027 indicate substantial growth, with revenues expected to reach 57 billion, 73 billion, and 91 billion respectively, and net profits projected at 20.9 billion, 26.7 billion, and 33.4 billion [3] Financial Performance - In 2024, the company achieved total revenue of 3.3 billion, a year-on-year increase of 68%, and a net profit of 1.34 billion, up 84% [1] - The company's gross margin for optical active devices was 46.7%, while for passive devices it was 68.4% in 2024, reflecting strong profitability [1] - R&D expenditure in 2024 was 230 million, a 62% increase from the previous year, indicating a commitment to innovation [2] Future Outlook - The company is expected to expand its production capacity and accelerate the launch of new products in 2025 [2] - Revenue growth rates are projected to be 75.1% in 2025, followed by 28.4% in 2026 and 24.4% in 2027 [4] - The company is positioned as a leading supplier in the optical module market, likely to benefit from the rapid upgrade of optical module speeds and the penetration of new products [3]