EOPTOLINK(SZ:300502) GOLDEN SUN SECURITIES·2025-07-15 05:50Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to achieve a profit of 37-42 billion yuan in the first half of 2025, representing a year-on-year growth of 327.7%-385.5%. The profit for Q2 alone is projected to be between 21.27-26.27 billion yuan, with a median of 23.77 billion yuan, reflecting a year-on-year increase of 339.4% and a quarter-on-quarter growth of 51.1% [1]. - The growth is primarily driven by the continuous increase in investments related to artificial intelligence computing power, optimization of product structure, and sustained demand for high-speed products [1]. - The company is witnessing a significant increase in the shipment volume of high-speed optical modules, particularly the 800G products, which are expected to gain market share among key overseas clients [1][3]. - The report highlights that the trend of upgrading from 400G to 800G products is evident, and the company’s profit levels are anticipated to maintain or slightly improve compared to Q1, driven by substantial revenue growth [1]. Summary by Sections Financial Performance - The company’s revenue for 2023 is projected at 3,098 million yuan, with a year-on-year decline of 6.4%. However, significant growth is expected in subsequent years, with revenues reaching 8,647 million yuan in 2024 (growth of 179.1%) and 23,787 million yuan in 2025 (growth of 175.1%) [5]. - The net profit attributable to the parent company is expected to rise from 688 million yuan in 2023 to 2,838 million yuan in 2024 (growth of 312.3%) and further to 8,897 million yuan in 2025 (growth of 213.5%) [5]. - The report projects an increase in earnings per share (EPS) from 0.69 yuan in 2023 to 2.86 yuan in 2024 and 8.95 yuan in 2025 [5]. Market Trends - The report notes that the demand for optical modules remains strong, particularly in the context of AI computing power, where the ratio of GPUs to optical modules is shifting from 1:3 to 1:5 or higher [2]. - The ongoing trend of large-scale GPU cluster deployment by major cloud service providers (CSPs) is expected to drive the demand for 800G optical modules, with significant commercial rollout anticipated in the near future [3]. - The product structure is expected to evolve from a focus on 400G to a primary emphasis on 800G, with 1.6T and 400G products as secondary offerings, leading to increased shipment volumes and average selling prices [3].