FiberHome(SH:600498) Great Wall Securities·2025-08-29 08:52Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company is focusing on optimizing its revenue structure and enhancing profitability through continuous technological advancements in optical communication products [2][3]. - Despite a slight decline in revenue for the first half of 2025, the company has improved its revenue structure, particularly in high-margin areas such as multimode fiber and data products [2]. - The company is actively expanding its overseas market presence, with international revenue growth of 13%, accounting for over 34% of total revenue [2]. Financial Summary - The company's projected revenue for 2025 is 29.12 billion yuan, with a year-on-year growth rate of 2.0% [4]. - The projected net profit attributable to the parent company for 2025 is 924 million yuan, reflecting a year-on-year growth rate of 31.5% [4]. - The company's return on equity (ROE) is expected to increase from 3.3% in 2023 to 5.9% in 2025 [4]. - The earnings per share (EPS) is projected to rise from 0.40 yuan in 2023 to 0.73 yuan in 2025 [4]. - The price-to-earnings (P/E) ratio is expected to decrease from 70.4 in 2023 to 38.5 in 2025, indicating a more attractive valuation over time [4].