EOPTOLINK(SZ:300502) Changjiang Securities·2025-09-01 08:41Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company has experienced strong demand from cloud customers, leading to significant revenue growth in Q2 2025, with a year-on-year increase of 295.4% and a quarter-on-quarter increase of 57.6% [6][12] - The company is benefiting from a robust increase in its ASIC penetration rate, which is expected to enhance its market share [12] - Employee compensation has significantly increased, impacting net profit margins, but the overall growth trajectory remains strong due to capacity expansion and new product launches [12] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 10.44 billion yuan, a year-on-year increase of 282.6%, and a net profit of 3.94 billion yuan, up 355.7% [6][12] - Q2 2025 revenue reached 6.38 billion yuan, with a net profit of 2.37 billion yuan, reflecting a year-on-year increase of 338.4% [6][12] Market Dynamics - The demand for high-speed optical modules remains strong, driven by AI computing investments, with the company’s point-to-point optical module revenue reaching 10.41 billion yuan in H1 2025, a year-on-year increase of 287.4% [12] - The company maintains a competitive edge in core material procurement and capacity expansion, which supports its growth [12] Operational Insights - The company’s production capacity for point-to-point optical modules increased to 15.2 million units in H1 2025, a year-on-year growth of 67% [12] - The successful implementation of stock incentives is expected to further enhance the core team's commitment and performance [12] Profitability Outlook - The company’s gross margin in Q2 2025 was 46.6%, with a notable increase in the gross margin for high-speed optical modules [12] - Future profit forecasts estimate net profits of 7.80 billion yuan, 10.46 billion yuan, and 12.49 billion yuan for 2025, 2026, and 2027 respectively, indicating strong growth potential [12]