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天孚通信(300394) - 2025年6月11日天孚通信投资者关系活动记录表
2025-06-11 09:48
Group 1: Company Performance and Products - The 1.6T optical engine is currently in a stable delivery phase, with production capacity being dynamically adjusted based on customer demand [3] - The gross margin of the 1.6T optical engine is influenced by product structure, yield efficiency, capacity utilization, and the value of purchased materials [3] - In 2024, the revenue from active products is expected to exceed 50% of the company's total revenue, indicating a strong market presence [4] Group 2: Production Capacity and Expansion - The Thai production base is being developed in two phases; the first phase was operational by mid-2024, with ongoing capacity increases based on customer needs [4] - The second phase of the Thai project has completed renovations and is set to finish equipment debugging and sample production soon [4] Group 3: Market Strategy and Customer Engagement - The company is closely monitoring market demand for CPO-related products, which are currently in the early market stage and are not expected to significantly contribute to revenue in the short term [3] - The company aims to leverage its global business layout to develop more customers for active products [4]
山西证券:给予天孚通信买入评级
Zheng Quan Zhi Xing· 2025-05-22 10:26
Core Viewpoint - Tianfu Communication is expected to maintain steady operational rhythm, with new momentum anticipated from major clients' 1.6T and CPO products, leading to a "Buy" rating [1] Financial Performance - In 2024, the company achieved revenue of 3.25 billion yuan, a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion yuan, up 84.1% [2] - For Q4 2024, revenue was 860 million yuan, with quarter-on-quarter growth of 17.0% and year-on-year growth of 2.2%; net profit was 370 million yuan, with quarter-on-quarter growth of 26.2% and year-on-year growth of 13.9% [2] - In Q1 2025, revenue reached 950 million yuan, with quarter-on-quarter growth of 29.1% and year-on-year growth of 10.2%; net profit was 340 million yuan, with quarter-on-quarter growth of 21.1% but a year-on-year decline of 8.0% [2] Product Line Insights - In 2024, revenue from active products was 1.66 billion yuan (up 121.9% year-on-year) and from passive products was 1.58 billion yuan (up 33.2% year-on-year) [3] - The demand for passive components is expected to surge due to the AI data communication market, while telecom markets face pressure [3] - The company is focusing on high-speed data communication and silicon photonics products, with various high-specification components already in small-scale delivery [3] Production and Supply Chain - The company's factory in Thailand has commenced production, providing a unique advantage in the silicon photonics supply chain [4] - The first phase of the factory was delivered and operational last year, with the second phase progressing as planned [4] - The company is developing customized passive components and is expected to expand production following customer certification [4] Market Position and Future Outlook - The company is a key participant in NVIDIA's CPO supply chain, which is expected to contribute to new growth as the market expands [5] - NVIDIA's CPO switches are projected to significantly reduce energy consumption and improve network reliability [5] - The CPO market is forecasted to reach $5 billion by 2030, with major players like NVIDIA and Broadcom driving early adoption [5] Profit Forecast and Investment Recommendation - The company anticipates a significant rebound in active business growth in the second half of the year, with projected net profits of 2.08 billion yuan, 2.88 billion yuan, and 3.24 billion yuan for 2025-2027, respectively [6] - The current valuation is considered to be at a historical low, maintaining a "Buy-A" rating [6]