Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is positioned to benefit from the high demand for AI computing power, leading to rapid growth in performance [5] - The company has a leading vertical integration capability in the optical device sector, providing a one-stop service for optical communication products [5] - The company has successfully optimized its business layout and adjusted its product structure, resulting in a significant increase in gross margins for data and access products [4][5] Financial Performance - In H1 2025, the company achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [4] - The revenue from data and access products increased by 149.27% to 3.715 billion yuan, accounting for 70.86% of total revenue [4] - The company expects revenues of 11.747 billion, 14.349 billion, and 16.756 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 985 million, 1.246 billion, and 1.529 billion yuan [5][6] Market Position - The company has a leading market share in supplying data communication products to major domestic internet companies, benefiting from the rapid growth in downstream computing power demand [4] - The company has completed the construction of overseas manufacturing bases, with overseas revenue reaching 1.309 billion yuan in H1 2025, a year-on-year increase of 24.39% [4] Future Outlook - The company is expected to maintain strong growth due to the accelerating construction of data centers and the increasing demand for high-end optical devices and high-speed optical modules [4][5] - The implementation of an employee stock incentive plan is anticipated to enhance team cohesion and drive performance growth [4]