TFC(SZ:300394) Zhongyuan Securities·2026-01-23 08:24Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][17]. Core Insights - The company is a leading provider of optical device solutions and advanced packaging services, focusing on high-speed optical devices and passive optical components, with a strong emphasis on R&D and international expansion [7]. - The company anticipates a significant growth in net profit for 2025, projecting a range of 1.881 to 2.150 billion yuan, representing a year-on-year increase of 40% to 60% [5]. - The demand for high-speed optical modules is expected to surge due to the growth of AI servers and data centers, with the market for optical devices projected to grow over 60% year-on-year [8]. Financial Performance - The company reported a gross margin of 51.87% and a diluted return on equity of 30.04% as of September 30, 2025 [1]. - The projected revenues for 2025 to 2027 are 5.514 billion yuan, 8.274 billion yuan, and 10.762 billion yuan, respectively, with corresponding net profits of 2.061 billion yuan, 3.190 billion yuan, and 4.174 billion yuan [10][15]. - The company’s R&D expenses for the first three quarters of 2025 were 200 million yuan, reflecting a year-on-year increase of 15.82% [8]. Market Position and Strategy - The company has established dual headquarters and production bases in Suzhou and Singapore, with R&D centers in Japan, Shenzhen, and Suzhou, and production facilities in Jiangxi and Thailand [7]. - The company is focusing on the development of 1.6T optical modules, which are expected to see a compound annual growth rate (CAGR) of 180% from 2024 to 2029 [8]. - The company’s strategy includes enhancing its core technology competitiveness through continuous R&D investment and expanding its product offerings in response to market demands [8].