TFC(SZ:300394) KAIYUAN SECURITIES·2025-10-30 06:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 3.918 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 63.63%. The net profit attributable to shareholders was 1.465 billion yuan, up 50.07% year-on-year. In Q3 2025, revenue reached 1.463 billion yuan, a 74.37% increase year-on-year, while net profit was 566 million yuan, reflecting a 75.68% year-on-year growth [4][5] - The company is actively investing in research and development, with R&D expenses amounting to 200 million yuan in the first three quarters of 2025, a 15.82% increase year-on-year, and an R&D expense ratio of 5.11% [5] - The company is well-positioned in the optical communication market, having received recognition as one of the top 10 most competitive companies in the optical device and auxiliary equipment sector in China for seven consecutive years [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 5.532 billion yuan, with a year-on-year growth of 70.1%. The net profit is expected to be 2.138 billion yuan, reflecting a 59.2% increase year-on-year. The gross margin is forecasted to be 56.0% [7][10] - The company's earnings per share (EPS) is projected to be 2.75 yuan for 2025, with a price-to-earnings (P/E) ratio of 70.7 [7][10] - The company maintains a strong balance sheet with total assets projected to reach 6.965 billion yuan by 2025, and a debt-to-asset ratio of 16.1% [10]