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天孚通信(300394):公司信息更新报告:业绩表现亮眼,有源产品快速放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in H1 2025, with revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit attributable to shareholders of 899 million yuan, up 37.46% year-on-year. In Q2 2025, revenue reached 1.511 billion yuan, reflecting an 83.34% year-on-year growth and a 59.98% quarter-on-quarter increase, with a net profit of 562 million yuan, up 49.64% year-on-year and 66.34% quarter-on-quarter [5] - The growth is attributed to the accelerating development of the artificial intelligence industry and the ongoing demand for high-speed optical devices driven by global data center construction. The company has also improved its cost management, which is expected to further enhance profit margins [5][6] - The company has increased its profit forecasts for 2025, 2026, and 2027 to 2.474 billion, 3.360 billion, and 4.314 billion yuan respectively, with corresponding P/E ratios of 45.5, 33.5, and 26.1 times [5] Financial Performance - In H1 2025, the company's revenue from passive optical devices was 863 million yuan, a year-on-year increase of 23.79%, while revenue from active optical devices was 1.566 billion yuan, a significant year-on-year increase of 90.95% [7] - The company maintained a research and development expense of 126 million yuan in H1 2025, representing an 11.97% year-on-year increase, with a research and development expense ratio of 5.11% [6] - The company has established a dual-headquarters and dual-production base strategy, with R&D centers in Japan, Shenzhen, and Suzhou, and production bases in Jiangxi and Thailand [6] Financial Summary and Valuation Metrics - The company's projected revenue for 2025 is 6.186 billion yuan, with a year-on-year growth rate of 90.2%. The net profit attributable to shareholders is expected to be 2.474 billion yuan, with a year-on-year growth rate of 84.2% [8] - The gross margin is projected to be 56.0% for 2025, with a net margin of 40.0% [8] - The company’s return on equity (ROE) is expected to reach 40.0% in 2025, indicating strong profitability [8]