TFC(SZ:300394) 光大证券研究·2025-08-27 23:05Core Viewpoint - The company reported strong financial performance for H1 2025, driven by the growth in AI technology and the increasing demand for data center infrastructure [4][5]. Financial Performance - In H1 2025, the company achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit attributable to shareholders of 899 million yuan, up 37.46% year-on-year [4]. - For Q2 2025, the company recorded a revenue of 1.511 billion yuan, representing a year-on-year growth of 83.34% and a quarter-on-quarter increase of 59.98% [5]. Business Segments - The company's passive optical devices generated revenue of 863 million yuan in H1 2025, a year-on-year increase of 23.79%, while the active optical devices achieved revenue of 1.566 billion yuan, up 90.95% year-on-year [6]. - The gross margin for passive optical devices was 63.57%, down 5.37 percentage points year-on-year, while the gross margin for active optical devices was 43.36%, down 3.48 percentage points [6]. Market Dynamics - The telecommunications market for optical devices remains stable, while the data center market is experiencing steady growth driven by virtual economy, cloud computing, and AI applications [7]. International Expansion - The company is advancing its globalization strategy with a focus on establishing a service and supply chain system across key global markets, supported by its headquarters in Singapore, a sales subsidiary in the U.S., and a production base in Thailand [8]. - As of H1 2025, the production facility in Thailand has been fully operational, enhancing local production response capabilities [8].