Taclink(SH:688205) Huaxin Securities·2025-11-30 11:24Investment Rating - The report assigns an "Accumulate" investment rating for the company [2][9] Core Insights - The company's short-term profitability is under pressure, but the data communication market is experiencing rapid growth, particularly in DCI, computing centers, and data center sectors [5][6] - The company has a strong technological advantage in DCI products, which are currently in small-scale trial production, and the revenue contribution from these products is expected to increase significantly [6][7] - The company is also advancing its silicon-based OCS technology, with overseas sample orders already received, and aims to accelerate the development of next-generation OCS products [7] Financial Performance - In the first three quarters, the company achieved revenue of 652 million yuan, a year-on-year increase of 8.59%, while the net profit attributable to shareholders decreased by 47.43% to 40 million yuan [5] - Revenue projections for 2025-2027 are 1.028 billion, 1.694 billion, and 2.683 billion yuan respectively, with corresponding EPS of 0.50, 1.36, and 2.51 yuan [9][11] - The company is expected to gradually improve its profitability as market demand recovers and new production capacity is fully released [5][9] Market Trends - The demand for DCI products is driven by the mainstream trend of distributed computing clusters, which require high bandwidth, high integration, low cost, and low latency [6] - The traditional telecom transmission market is experiencing structural slowdowns, impacting profit margins, but the strong demand for AI and computing infrastructure is providing growth opportunities [5][6] Future Outlook - The company is well-positioned to leverage its technological advantages in long-distance optoelectronic devices and is expected to gradually release profits in the medium to long term [9] - The anticipated launch of the second-generation high-dimensional OCS prototype in the first half of 2026 is expected to enhance the company's product offerings [7]