公司25Q2 单季度业绩创新高，高速光引擎及无源光器件得益于AI 发展维持高景气：公司25 年Q2 单季 度实现营收15.11 亿元，同比+83.34%，环比+59.98%；实现归母净利润5.62 亿元，同比+49.64%，环比 +66.34%；毛利率为49.38%，同比下降10.39pct。公司的业绩增长主要得益于因全球人工智能AI 技术的 发展和算力需求的增加，全球数据中心建设带动对高速光器件产品需求的持续稳定增长，推动公司有源 和无源产品线业绩增长。公司毛利率25Q2 毛利率下降较为明显，主要原因一是去年同期基数较高，二 是销售产品结构变化影响（有源产品营收占比明显增加）。 无源和有源业务双轮驱动，数通产品快速增长而电信市场平稳：分业务来看，2025 年H1 公司光无源器 件实现营收8.63 亿元，同比增长23.79%，毛利率为63.57%，同比下降5.37pct；公司光有源器件实现营 收15.66 亿元，同比增长90.95%，毛利率为43.36%，同比下降3.48pct。从产品结构看，光通信板块两个 应用市场差异较大。其中电信通信方面，市场对光器件产品的需求较平稳；数据中心方面，虚拟经济、 云计算、A ...

通信/通信设备 天孚通信（300394.SZ） 业绩表现亮眼，有源产品快速放量 2025 年 08 月 26 日 | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 144.78 | | 一年最高最低(元) | 155.00/57.11 | | 总市值(亿元) | 1,125.54 | | 流通市值(亿元) | 1,123.28 | | 总股本(亿股) | 7.77 | | 流通股本(亿股) | 7.76 | | 近 3 个月换手率(%) | 322.89 | 股价走势图 投资评级：买入（维持） -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 2025-08 天孚通信 沪深300 数据来源：聚源 蒋颖（分析师） 陈光毅（联系人） jiangying@kysec.cn 证书编号：S0790523120003 chenguangyi@kysec.cn 证书编号：S0790124020006 业绩表现亮眼，受益于 AI 发展需求，维持"买入"评级 公司发布 2025 年半年报，2025 年 H1 公司实现营收 24.56 亿 ...

天孚通信（300394.SZ）2025 年半年报点评 AI 需求驱动，Q2 业绩同环比高增 2025 年 08 月 26 日 ➢ 事件：8 月 25 日，公司发布 2025 年半年报，上半年实现营收 24.56 亿元， 同比增长 57.8%，实现归母净利润 8.99 亿元，同比增长 37.5%，实现扣非归母 净利润 8.67 亿元，同比增长 35.3%。Q2 单季度来看，实现营收 15.11 亿元，同 比增长 83.3%，环比增长 60.0%，实现归母净利润 5.61 亿元，同比增长 49.6%， 环比增长 66.3%，实现扣非归母净利润 5.35 亿元，同比增长 43.9%，环比增长 61.1%。 ➢ AI 需求驱动，光有源器件业务增速显著，助力公司业绩高增：公司上半年业 绩高增，营收和归母净利润分别实现同比 57.8%和 37.5%的高增长，其中，下游 电信侧市场需求平稳，AI 驱动高速光器件产品需求持续增长，助力公司业绩高 增。按产品拆分来看，1）光无源器件：上半年实现营收 8.63 亿元，同比增长 23.8%，毛利率为 63.57%，同比下降 5.37pct；2）光有源器件：上半年实现营 收 15.6 ...

Core Insights - The report titled "2025-2031 China Optical Communication Device Market Research and Industry Competition Pattern Report" provides a comprehensive analysis of the optical communication device industry in China, highlighting its strategic importance and technological advancements [2][3]. Industry Overview - Optical communication devices are essential components of optical transmission systems, representing a country's capabilities in the optical communication field [2]. - The report consists of 36 chapters, covering market development environment, operational status, competitive landscape, key enterprise analysis, and future trends and investment forecasts [2]. Market Environment Analysis - The report analyzes the economic environment, including both international and domestic macroeconomic conditions, and their impact on the industry [3]. - It also examines the policy environment, including management systems, standards, and relevant policies affecting the industry [3]. Opportunities and Threats - The global optical communication device industry is characterized by monopolistic competition, with significant differences in competition across various segments [3]. - The report identifies key opportunities and threats within the industry, providing insights into the competitive landscape and market dynamics [3]. Key Enterprises Analysis - The report includes detailed analyses of major companies in the optical communication device sector, such as Finisar, JDSU, and others, focusing on their operational status, business structure, and market strategies [4][10]. - It highlights the competitive positioning of these companies within the Chinese market and their strategies for growth and expansion [10]. Future Development Trends - The report forecasts the development trends of the optical communication device industry, emphasizing the importance of technological advancements and market demand [12]. - It discusses the anticipated growth in demand driven by infrastructure projects such as 4G/5G network construction and broadband initiatives [12][24]. Regional Market Insights - The report provides an analysis of regional markets within China, including the Yangtze River Delta, Wuhan, Pearl River Delta, and Beijing-Tianjin areas, assessing their development environments and competitive landscapes [27][28][29]. - It outlines the specific market applications and growth prospects for optical communication devices in these regions [27][28][29]. Investment Opportunities - The report identifies investment opportunities within the optical communication device industry, focusing on market gaps and potential areas for growth [12][35]. - It emphasizes the importance of understanding industry dynamics and competitive barriers for successful investment strategies [12][35].

Core Viewpoint - The company reported significant growth in revenue and net profit for the fiscal year 2024, indicating strong operational performance and market demand [1]. Financial Performance - The company achieved a revenue of 3.252 billion yuan, representing a year-on-year increase of 68% [1]. - The net profit attributable to shareholders reached 1.344 billion yuan, up 84% year-on-year [1]. - The net profit excluding non-recurring items was 1.314 billion yuan, reflecting an 83% increase year-on-year [1]. Business Segment Analysis - In 2024, the company's passive optical components business generated revenue of 1.576 billion yuan, a 33% increase year-on-year, while the active optical components business saw revenue of 1.655 billion yuan, up 122% year-on-year [2]. - Domestic revenue reached 778 million yuan, growing by 125% year-on-year, while overseas revenue was 2.473 billion yuan, marking a 55% increase year-on-year [2]. - The gross margin for passive components was 68.4%, an increase of 8.2 percentage points year-on-year, while active components had a gross margin of 46.7%, up 1.9 percentage points year-on-year [2]. Operational Insights - In the second half of 2024, the company reported passive revenue of 879 million yuan, a 26% increase from the first half, attributed to workforce expansion and increased customer demand [2]. - Active revenue was 835 million yuan, reflecting a 2% increase from the first half, indicating stable demand for 800G optical engine products [2]. - The company’s inventory increased by 13.2% quarter-on-quarter in Q4 2024, suggesting a positive demand outlook [3]. Strategic Developments - The establishment of overseas production capabilities, particularly in Thailand, is expected to enhance delivery capacity and mitigate tariff impacts [3]. - The company is well-positioned to capitalize on the emerging markets of CPO (Chip-on-Board) and Optical I/O, driven by AI advancements and increasing bandwidth requirements [4]. Future Outlook - The company anticipates continued growth in net profit, projecting 2.081 billion yuan in 2025, 2.741 billion yuan in 2026, and 3.386 billion yuan in 2027, with corresponding year-on-year growth rates of 55%, 32%, and 24% [4]. - The company maintains a "buy" rating based on its strong growth trajectory and market positioning [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The delivery of passive product lines is accelerating in H2 2024, while active products are awaiting the ramp-up of new 1.6T products. The company reported a revenue of 3.252 billion yuan in 2024, a year-on-year increase of 68%, and a net profit attributable to shareholders of 1.344 billion yuan, up 84% year-on-year [6][11]. - The company is experiencing improved cost management in Q4 2024, with inventory levels increasing by 13.2% quarter-on-quarter, indicating a positive demand outlook. The establishment of overseas production capacity is expected to enhance delivery capabilities and mitigate tariff impacts [11][12]. - The CPO/OIO market presents significant growth opportunities, driven by AI advancements and the increasing demand for high-performance optical modules [11][12]. Summary by Sections Financial Performance - In 2024, the company's passive components business generated revenue of 1.576 billion yuan, a 33% increase year-on-year, while the active components business achieved 1.655 billion yuan, a 122% increase year-on-year. Domestic revenue reached 778 million yuan, up 125%, and overseas revenue was 2.473 billion yuan, up 55% [11][12]. - The gross margin for passive components was 68.4%, an increase of 8.2 percentage points year-on-year, while active components had a gross margin of 46.7%, up 1.9 percentage points year-on-year [11][12]. Cost Management and Production Capacity - In Q4 2024, the company's expense ratios for sales, management, R&D, and financial costs were 0.3%, 3.7%, 6.9%, and -6.3%, respectively, showing improvements compared to previous quarters [11][12]. - The company is increasing its inventory levels, reflecting a positive demand trend, and its fixed assets have increased by 7.9% quarter-on-quarter, indicating the gradual establishment of overseas production capacity [11][12]. Market Outlook - The company is well-positioned to benefit from the CPO and Optical I/O markets, with expectations of continued growth driven by AI and high-performance optical module demand [11][12]. - The forecast for net profit attributable to shareholders for 2025-2027 is 2.081 billion yuan, 2.741 billion yuan, and 3.386 billion yuan, representing year-on-year growth rates of 55%, 32%, and 24%, respectively [11][12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to benefit from the high demand in the optical communication industry, driven by the construction of data centers and the acceleration of AI development [1][2] - The company has a strong focus on R&D, with significant investments aimed at enhancing its product offerings in high-speed optical devices [2] - Revenue and profit projections for 2025-2027 indicate substantial growth, with revenues expected to reach 57 billion, 73 billion, and 91 billion respectively, and net profits projected at 20.9 billion, 26.7 billion, and 33.4 billion [3] Financial Performance - In 2024, the company achieved total revenue of 3.3 billion, a year-on-year increase of 68%, and a net profit of 1.34 billion, up 84% [1] - The company's gross margin for optical active devices was 46.7%, while for passive devices it was 68.4% in 2024, reflecting strong profitability [1] - R&D expenditure in 2024 was 230 million, a 62% increase from the previous year, indicating a commitment to innovation [2] Future Outlook - The company is expected to expand its production capacity and accelerate the launch of new products in 2025 [2] - Revenue growth rates are projected to be 75.1% in 2025, followed by 28.4% in 2026 and 24.4% in 2027 [4] - The company is positioned as a leading supplier in the optical module market, likely to benefit from the rapid upgrade of optical module speeds and the penetration of new products [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company is expected to achieve a revenue of 3.252 billion yuan in 2024, representing a year-on-year growth of 67.74%, and a net profit of 1.344 billion yuan, with a year-on-year increase of 84.07% [9][24]. - The growth in the company's active optical devices is significantly driven by the development of AI, with both active and passive optical products experiencing rapid growth [16][21]. - The company has a strong focus on R&D and innovation, particularly in the field of optical devices, benefiting from a new round of optical communication technology iterations [3][21]. Revenue and Profit Forecast - The company forecasts revenues of 4.806 billion yuan in 2025, with a growth rate of 47.8%, and a net profit of 1.951 billion yuan, reflecting a growth of 45.2% [4][29]. - The revenue from passive optical devices is expected to grow at a rate of 33.1% in 2024, while active optical devices are projected to grow by 135.6% [27][29]. Financial Metrics - The overall gross margin for the company is projected to increase by 3.02 percentage points to 57.29% in 2024, with passive optical devices contributing a gross margin of 68.41% and active devices at 46.69% [2][21]. - The company's net asset return (ROE) is expected to reach 33.8% in 2024 and 39.4% in 2025 [4][29]. Market Position and Strategy - The company is actively expanding its global business layout, with a new factory in Thailand expected to be completed by the end of April 2024, which will support ongoing capacity expansion [3][21]. - The company has accumulated several globally leading core process technologies in basic materials through self-research and acquisitions, positioning itself well in the market [3][21].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q1 2025, the company's revenue increased by 10% quarter-on-quarter, showing an acceleration compared to the previous two quarters. The growth in 2025 is primarily driven by the release of production capacity in Thailand and the ramp-up of the 1.6T optical engine [2][5]. - The gross margin slightly declined, while net profit margin was affected by exchange rate fluctuations. The company's overseas bases enhance delivery capabilities, helping to mitigate tariff impacts [2][5]. - The CPO/OIO market presents significant long-term opportunities, with the company establishing strong ties with major overseas clients, leading to a premium in valuation [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 945 million yuan, a year-on-year increase of 29% and a quarter-on-quarter increase of 10%. The net profit attributable to the parent company was 338 million yuan, a year-on-year increase of 21%, but a quarter-on-quarter decline of 8% [5]. - The gross margin for Q1 2025 was 53%, down 2.5 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The net profit margin was 35.8%, down 2.5 percentage points year-on-year and 6.9 percentage points quarter-on-quarter, primarily due to exchange rate fluctuations [2][5]. Market and Production Insights - The company is actively expanding production capacity in the optical passive device sector, with the first phase of the Thailand production line expected to start delivering soon. The second phase is also in preparation for expansion [2][5]. - The shift in focus from 800G products to 1.6T products by major clients is anticipated to accelerate delivery volumes in upcoming quarters, with the company well-prepared for this capacity increase [2][5]. Future Outlook - The company forecasts net profits of 2.081 billion yuan, 2.741 billion yuan, and 3.386 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 55%, 32%, and 24%. The projected price-to-earnings ratios are 19x, 14x, and 11x [2][5].

Group 1 - The company reported a revenue of 3.25 billion in 2024, representing a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion, up 84.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of 860 million, a year-on-year increase of 17.0%, and a net profit of 370 million, up 26.2% year-on-year [1] - The company benefited from high demand for downstream optical modules, with optical active and passive components achieving revenues of 1.66 billion and 1.58 billion respectively, reflecting increases of 121.9% and 33.2% year-on-year [1] Group 2 - The company has established its overseas headquarters in Singapore and a production base in Thailand, increasing optical communication component capacity by 4.0% to 5.92 billion units [2] - R&D investment increased by 62.1% to 230 million in 2024, focusing on cutting-edge technologies such as silicon photonics and CPO [2] - The company is expected to benefit from the demand expansion and technological development in both passive and active products in 2025 [2] Group 3 - The company is a key supplier of core components for optical modules, deeply integrated with major downstream manufacturers, and is expected to benefit from the ramp-up of 800G and 1.6T products in 2025 [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 2.04 billion and 2.60 billion respectively, with a projected net profit of 3.12 billion for 2027 [3] - The company maintains a "buy" rating, supported by dual-line development in passive and active businesses to meet mainstream customer demand for computing power [3]