仕佳光子（688313）：Q2单季超预期，多点突破验证成长逻辑

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved significant growth in Q2, with revenue of 5.56 billion yuan, a year-on-year increase of 121.5%, and a net profit of 1.23 billion yuan, reflecting a year-on-year growth of 2975% [1] - The company's optical chip and device business has become a major growth driver, with revenue reaching 700 million yuan in the first half of the year, largely due to the increased demand for AWG series products and MPO connector-related businesses [1][2] - The company is well-positioned to benefit from the rapid expansion of AI and data center infrastructure, with its products meeting the growing demand for high-speed, low-power optical communication [3] Financial Summary - The company reported a total revenue of 9.93 billion yuan for the first half of 2025, a year-on-year increase of 121.1%, and a net profit of 2.17 billion yuan, a year-on-year increase of 1712% [1] - The projected net profits for 2025, 2026, and 2027 are 4.57 billion yuan, 7.1 billion yuan, and 9.93 billion yuan, respectively, with corresponding P/E ratios of 56, 36, and 26 [3] - The company is expected to see a revenue growth rate of 102.5% in 2025, followed by 42.5% in 2026 and 32.1% in 2027 [5]