300394，大跌11.56%

Core Viewpoint - Tianfu Communication's third-quarter performance shows a stark contrast between its financial results and stock price, with a significant stock price increase despite negative revenue growth and minimal profit growth [3][5]. Financial Performance - In Q3, Tianfu Communication reported revenue of 39.18 billion yuan, a year-on-year increase of 63.63%, and a net profit of 14.65 billion yuan, up 50.07% year-on-year [5]. - However, the company experienced a quarter-on-quarter revenue decline of 3.23%, with Q3 revenue at 14.63 billion yuan and net profit at 5.66 billion yuan, showing only a 0.7% increase from the previous quarter [5]. - The gross margin for the first three quarters was 51.87%, down 6.35 percentage points year-on-year, while the Q3 gross margin was 53.68%, down 5.36 percentage points year-on-year [5]. Market Sentiment and Valuation - Despite disappointing quarterly results, Tianfu Communication's price-to-earnings ratio (TTM) remains above 70 times, raising questions about the sustainability of its high valuation [8]. - Analysts express mixed sentiments, with some predicting short-term challenges in maintaining volume and price, while others remain optimistic about the long-term demand for optical modules driven by AI and data center growth [8][9]. Industry Outlook - The demand for optical devices is expected to continue growing due to the increasing need for computing power and the ongoing construction of global data centers [5][9]. - Analysts from Huatai Securities and other firms believe that Tianfu Communication, as a key player in the optical communication supply chain, is well-positioned to benefit from industry upgrades and the demand for new products [9].