CIG(SH:603083) Huaxin Securities·2025-08-22 08:28Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown strong profit growth in the first half of 2025, primarily driven by the robust performance of its high-speed optical module and telecom broadband access businesses [5] - The company is focusing on the development and production of high-speed optical modules, specifically 400G, 800G, and 1.6T products, with significant advancements in technology and production capabilities [6] - The new Jiaxing factory is expected to commence production within the year, enhancing the company's capacity to meet the surging demand for 800G optical modules driven by AI data centers [7] Financial Performance - In the first half of 2025, the company achieved revenue of 2.035 billion yuan, a year-on-year increase of 15.48%, and a net profit of 121 million yuan, up 51.12% year-on-year [4] - The company forecasts revenues of 5.19 billion, 7.90 billion, and 11.44 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.13, 2.52, and 4.13 yuan [9][11] - The projected growth rates for revenue are 42.1% in 2025, 52.2% in 2026, and 44.8% in 2027, while net profit growth rates are expected to be 81.1%, 123.5%, and 64.2% for the same years [11]