炬光科技（688167）：新加坡后道产线顺利建成，光通信业务成长未来可期

Investment Rating - The report assigns a "Buy" rating for the company [3] Core Insights - The successful establishment of the advanced high-precision micro-optical device backend production line in Singapore marks a significant milestone for the company, enhancing its capabilities in the optical communication sector [4] - The company is actively expanding its optical communication business, with a notable increase in revenue from laser optical components, which grew by 37% year-on-year to 291 million yuan in the first three quarters of 2025 [5] - The global demand for high-speed optical modules is surging, driven by the rapid development of AI computing infrastructure, presenting substantial growth opportunities for the company [6] Financial Summary - Revenue is projected to grow from 620 million yuan in 2024 to 1.766 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 40.66% [8] - The net profit is expected to recover from a loss of 175 million yuan in 2024 to a profit of 160 million yuan in 2027, indicating a significant turnaround [8] - The earnings per share (EPS) is forecasted to improve from -1.95 yuan in 2024 to 1.78 yuan in 2027 [8]