EOPTOLINK(SZ:300502) Huaxin Securities·2025-07-21 07:02Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.7 billion to 4.2 billion yuan for the first half of 2025, representing a year-on-year growth of 327.68% to 385.47% [4][5] - The significant performance increase is driven by the continuous growth in AI-related computing power investments, product structure optimization, and sustained demand for high-speed products [5] - The company's Thailand factory has been operating efficiently since its first phase began in the first half of 2023, with the second phase expected to release capacity quickly in early 2025, focusing on the mass production of 1.6T modules [5] - The company has made breakthroughs in optical module technology, successfully launching industry-leading 800G/1.6T optical module products, which are expected to become a significant part of sales revenue in 2025 [6][8] Summary by Sections Financial Performance - The company forecasts revenues of 22.15 billion, 31.91 billion, and 40.86 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 8.47, 11.99, and 15.16 yuan [8][10] - The expected growth rates for revenue are 156.1% in 2025, 44.1% in 2026, and 28.0% in 2027 [10] Production Capacity - The Thailand factory is a core part of the company's globalization strategy, enhancing product delivery capabilities in overseas markets, particularly for North American cloud vendors [5] Technological Advancements - The company is actively investing in next-generation technology research and development, positioning itself competitively in the CPO technology field [6][7]