TFC(300394) 华龙证券·2024-05-05 02:00Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][2]. Core Views - The demand for high-speed optical devices is rapidly increasing, leading to significant growth in the company's performance. In 2023, the company achieved a revenue of 1.939 billion yuan, a year-on-year increase of 62.04%, and a net profit attributable to shareholders of 730 million yuan, up 81.14% [1][2]. - In Q1 2024, the company reported a revenue of 732 million yuan, reflecting a year-on-year growth of 154.95%, and a net profit of 279 million yuan, which is a 202.68% increase compared to the same period last year [1][2]. - The growth is attributed to the development of AI technology and the increasing demand for computing power, which has driven the construction of global data centers and sustained demand for high-speed optical devices [1][2]. Financial Performance Summary - The company has maintained a high level of R&D investment since its listing, enhancing its technological advantages and improving profitability. In 2023, the gross margin for optical communication devices was 54.26%, an increase of 2.62 percentage points year-on-year [1][2]. - The gross margin for passive optical devices was 60.25%, up 5.24 percentage points, while the gross margin for active optical devices was 44.77%, an increase of 8.02 percentage points [1][2]. - The company is accelerating its international industrial layout to meet the growing demand driven by the AI wave, establishing a global network with headquarters in Suzhou, Singapore, and production bases in Jiangxi and Thailand [1][2]. Earnings Forecast - The company is expected to achieve revenues of 3.649 billion yuan, 5.207 billion yuan, and 7.114 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 1.211 billion yuan, 1.724 billion yuan, and 2.489 billion yuan for the same years [2][3]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 53.2, 37.3, and 25.9 for the years 2024, 2025, and 2026, respectively [2][3].