EOPTOLINK(SZ:300502) Minsheng Securities·2025-08-27 13:58Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's revenue for the first half of 2025 reached 10.437 billion yuan, a year-on-year increase of 282.6%, with a net profit attributable to shareholders of 3.942 billion yuan, up 355.7% [1][2]. - The strong performance is driven by the high demand for AI and the accelerated release of high-end optical modules, with sales volume reaching 6.95 million units, a 112.5% increase year-on-year [2]. - The company has a robust capacity expansion plan, with production capacity for optical modules at 15.2 million units, a 66.7% increase year-on-year, and ongoing expansion in overseas production [2]. - The company has demonstrated excellent cost control, with a decrease in sales, management, and R&D expense ratios compared to the previous year, contributing to an increase in gross margin to 47.48% [2]. - The company is actively investing in R&D, with expenses of 334 million yuan in the first half of 2025, a 157.6% increase year-on-year, and has made significant progress in developing new products and technologies [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.385 billion yuan, a year-on-year increase of 295.4%, and a net profit of 2.370 billion yuan, up 338.4% year-on-year [1][2]. - The projected net profits for 2025-2027 are 8.728 billion yuan, 13.019 billion yuan, and 15.706 billion yuan, respectively, with corresponding PE ratios of 35x, 24x, and 20x [4]. Market Position and Strategy - The company is well-positioned in the optical module market, with strong ties to leading overseas manufacturers and a focus on acquiring new customers [3]. - The report highlights the company's comprehensive layout in cutting-edge fields, particularly in high-speed optical modules, which are expected to benefit from the ongoing demand driven by AI [3]. Future Outlook - The company is expected to continue benefiting from the growth in demand for high-end optical modules due to AI, with an upward revision of profit forecasts reflecting this trend [3].