Core Viewpoint - Guangku Technology has experienced significant revenue growth driven by data communication, with a notable increase in demand from downstream optical module manufacturers [1] Company Summary - For the first three quarters of 2025, Guangku Technology reported revenue of 998 million yuan, representing a year-on-year increase of 35.11% [1] - In Q3 alone, the company achieved revenue of 401 million yuan, marking a year-on-year growth of 26.53%, slightly exceeding expectations [1] - The acquisition of Wuhan Jabil is expected to enhance the company's positioning in the OCS market, which is projected to reach a global market size of 2 billion dollars by 2030 [1] Industry Summary - The data communication business is experiencing rapid growth due to increased demand from optical module manufacturers [1] - The trend towards OCS is clear, indicating a sustained opportunity for the company to expand its operations in this area [1] - The average industry valuation suggests a price-to-earnings ratio of 103.51x for 2026, leading to an upward revision of the target price to 177 yuan from the previous 130 yuan, while maintaining a "buy" rating [1]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 177 RMB, representing a potential upside of 146% [5][12]. Core Insights - The company has significantly increased its revenue, driven by data communication, with a reported revenue of 0.10 billion RMB for the first three quarters of 2025, up 35.11% year-on-year. The net profit attributable to shareholders for the same period was 0.12 billion RMB, up 106.61% year-on-year [5][13]. - The trend towards Optical Communication Systems (OCS) is clear, with projections indicating that the global OCS market could reach 2 billion USD by 2030. The company's acquisition of Wuhan Jiepu positions it well for future market opportunities [5][14]. Financial Summary - The company's total revenue is projected to grow from 710 million RMB in 2023 to 3,605 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 45.5% from 2024 to 2025 [4]. - Net profit attributable to shareholders is expected to increase from 60 million RMB in 2023 to 598 million RMB in 2027, with a significant jump of 221.6% from 2025 to 2026 [4]. - Earnings per share (EPS) is forecasted to rise from 0.24 RMB in 2023 to 2.40 RMB in 2027, indicating strong growth potential [4][5].

Core Insights - Dekoli (sh688205) reached its daily limit up on November 25, 2025, with a price of 142.56 yuan, marking a 20% increase and a total market capitalization of 22.565 billion yuan [1] Group 1: Company Performance - The company is undergoing a strategic transformation, achieving breakthroughs in cutting-edge technologies such as 400G/800G optical modules, with R&D investment accounting for 11.42% of revenue [2] - The data communication business, a key focus of the company's transformation, has seen a year-on-year growth of 35%, supported by new customer development [2] - The company is actively pursuing international expansion, with the construction of a production base in Thailand progressing smoothly and plans for issuing S-shares in Singapore to expand international financing channels [2] Group 2: Market Dynamics - The optical communication sector has been performing well recently, with related stocks also showing positive performance, creating a sectoral linkage effect [2] - On November 24, 2025, there were two notable fund flows into the stock, with a transaction amount of 10.3032 million yuan, indicating market interest in Dekoli [2] - Technical indicators, such as a potential MACD golden cross, could attract more investors to buy the stock [2]

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].