EOPTOLINK(SZ:300502) CMS·2025-08-26 10:05Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company achieved significant revenue growth in H1 2025, with total revenue reaching 10.437 billion yuan, a year-on-year increase of 282.64% [1][7] - The net profit attributable to the parent company for H1 2025 was 3.942 billion yuan, reflecting a year-on-year growth of 355.68% [1][7] - The strong performance is attributed to the mass shipment of 800G optical modules and improvements in yield rates [1][7] - The company is expanding its production capacity in Thailand, with total optical module capacity increasing by 43.4% to 15.2 million units by the end of H1 2025 [7] Financial Data and Valuation - Projected total revenue for 2025 is 25.61 billion yuan, with a year-on-year growth of 196% [2] - Expected net profit for 2025 is 9.38 billion yuan, with a year-on-year growth of 231% [2] - The company’s PE ratio is projected to decrease from 407.2 in 2023 to 29.9 in 2025, indicating a potential valuation re-rating [2][7] Performance Metrics - The company’s point-to-point optical module sales volume reached 6.95 million units in H1 2025, a year-on-year increase of 112.5% [7] - The gross margin for point-to-point optical modules improved to 47.78%, up 4.12 percentage points year-on-year [7] - The company’s return on equity (ROE) is projected to be 72.8% in 2025, indicating strong profitability [2] Market Position and Future Outlook - The company is well-positioned to benefit from the increasing demand for high-speed optical modules driven by AI data center construction [7] - The report anticipates further growth in revenue and net profit for 2026 and 2027, with projected revenues of 36.86 billion yuan and 45.90 billion yuan, respectively [2][7] - The company is expected to continue enhancing its product offerings, including advancements in 1.6T and LPO optical modules [7]