TFC(SZ:300394) Dongguan Securities·2025-09-08 07:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [4][9]. Core Insights - The company has experienced significant growth in both revenue and profit, with a 57.84% year-on-year increase in revenue to 2.456 billion yuan and a 37.46% increase in net profit to 899 million yuan for the first half of 2025 [5][7]. - The demand for optical devices is expected to continue growing, driven by the expansion of global data centers and advancements in AI, cloud computing, and virtual economies [7]. - The company is focused on enhancing its core technological competitiveness through sustained R&D investment, which reached 126 million yuan in the first half of 2025, a year-on-year increase of 11.97% [7]. Financial Summary - As of September 5, 2025, the company's market capitalization is 145.221 billion yuan, with a total share capital of 777 million shares and a return on equity (ROE) of 33.76% [3][7]. - The earnings per share (EPS) are projected to be 2.72 yuan for 2025 and 3.77 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 64 and 46 [8]. - The total revenue forecast for 2025 is 52.656 billion yuan, with a net profit of approximately 2.113 billion yuan [8].