光迅科技（002281）：数通业务需求高企，收入增速显著

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's revenue and net profit saw significant growth in the first half of 2025, with revenue reaching 5.243 billion yuan, a year-on-year increase of 68.6%, and net profit attributable to shareholders reaching 372 million yuan, a year-on-year increase of 79.0% [1][2]. - The demand for data communication business is high, driven by AI needs, contributing to the company's strong performance [2][3]. - The company is positioned as a rare supplier covering the entire spectrum of optical chips, devices, modules, and subsystems in China, with a strong capability in high-end data communication optical modules [3]. Revenue Breakdown - Transmission business revenue for the first half of 2025 was 1.517 billion yuan, a year-on-year decrease of 3.7%, accounting for 28.94% of total revenue [2]. - Data and access business revenue reached 3.715 billion yuan, a year-on-year increase of 149.27%, accounting for 70.86% of total revenue [2]. - Domestic revenue was 3.934 billion yuan, a year-on-year increase of 91.2%, while international revenue was 1.309 billion yuan, a year-on-year increase of 24.4% [2]. Financial Performance - The company reported a gross margin of 20.35% for domestic sales, with a slight increase of 0.12 percentage points year-on-year, while the gross margin for international sales was 29.00%, an increase of 1.51 percentage points year-on-year [2]. - R&D expenses in the first half of 2025 reached 491 million yuan, a significant year-on-year increase of 42.9% [3]. - The company expects net profits for 2025, 2026, and 2027 to be 1.104 billion yuan, 1.505 billion yuan, and 1.900 billion yuan, respectively, with corresponding PE ratios of 50, 37, and 29 [3][5]. Market Opportunities - The rapid development of AI is expected to significantly boost the demand for high-end data communication optical modules, positioning the company to benefit from this trend [3]. - Emerging fields such as data center interconnect (DCI) demand, the commercialization of 25G/50G PON networks, and quantum communication are anticipated to provide important growth opportunities for the company [3].