EOPTOLINK(SZ:300502) KAIYUAN SECURITIES·2025-08-26 14:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company reported impressive performance in H1 2025, achieving revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit attributable to shareholders of 3.942 billion yuan, up 355.68% year-on-year [6] - The company is positioned as a leader in the optical module industry and is expected to benefit from the growth in data center computing power investments, with its market position continuously strengthening [6][7] - The company has increased its profit forecasts for 2025, 2026, and 2027 to 8.391 billion yuan, 14.382 billion yuan, and 16.554 billion yuan respectively, reflecting a strong growth outlook [6] Financial Performance - In H1 2025, the company's gross margin was 47.43%, an increase of 4.38 percentage points year-on-year, while the net profit margin was 37.77%, up 6.05 percentage points year-on-year [7] - The company’s R&D investment reached 334 million yuan in H1 2025, a year-on-year increase of 157.56%, with an R&D expense ratio of 3.20% [8] - The company has successfully launched several new high-speed optical module products, including 400G, 800G, and 1.6T series, indicating strong innovation capabilities [8] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 25.833 billion yuan, 46.457 billion yuan, and 55.739 billion yuan respectively, with year-on-year growth rates of 198.8%, 79.8%, and 20.0% [9][11] - The projected net profit for 2025, 2026, and 2027 is 8.391 billion yuan, 14.382 billion yuan, and 16.554 billion yuan, with corresponding year-on-year growth rates of 195.7%, 71.4%, and 15.1% [9][11] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 33.4, 19.5, and 16.9 respectively, indicating a favorable valuation outlook [9][11]