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光库科技(300620):光通高速增长 收购安捷讯加强布局
Xin Lang Cai Jing· 2025-09-14 06:40
Core Viewpoint - The company has raised its profit forecast and target price, maintaining a buy rating, with significant revenue growth and a fast-growing data communication business, alongside a proposed acquisition of Anjie Xun that is expected to enhance performance [1][2]. Financial Performance - The company has adjusted its net profit forecasts for 2025-2027 to 114 million, 397 million, and 556 million yuan respectively, up from previous estimates of 110 million, 161 million, and 227 million yuan, with corresponding EPS of 0.46, 1.59, and 2.23 yuan [2]. - For the first half of 2025, the company reported revenue of 597 million yuan, a year-on-year increase of 41.58%, and a net profit of 52 million yuan, up 70.96% year-on-year [2]. - The optical fiber laser device business generated 240 million yuan in revenue with a gross margin of 39.97%, while optical communication devices brought in 279 million yuan with a gross margin of 26.47%, reflecting a year-on-year growth of 73.89% [2]. Acquisition of Anjie Xun - The proposed acquisition of Anjie Xun, a high-tech company focused on passive optical communication devices, is expected to enhance the company's revenue and customer base, leveraging scale advantages [3]. - Anjie Xun's revenues for Q1 2023, 2024, and 2025 were 156 million, 509 million, and 127 million yuan respectively, with corresponding net profits of -1.52 million, 105 million, and 35 million yuan [3]. Industry Outlook - The data communication business is experiencing rapid growth due to increased demand from downstream optical module manufacturers [2]. - The company is expected to continue expanding its production capacity, leading to sustained revenue growth in subsequent quarters [4].