Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 320-370 million yuan in 2025, representing a year-on-year increase of 344.01%-413.39%. The net profit after deducting non-recurring gains and losses is projected to be 305-355 million yuan, reflecting a year-on-year growth of 429.50%-516.30% [1]. - The company has established a long-term stable supply relationship with Google in the MPO field, which is expected to drive demand for MPO products as Google aims to double its computing capacity every six months over the next four to five years [2]. - The company has made significant advancements in active optical cable (AOC) products, with a product range from 10G to 800G and has initiated research and development in silicon photonics, which is anticipated to open up growth opportunities in the North American market [3]. Financial Summary - The company's projected revenues for 2025-2027 are 34.52 billion yuan, 69.92 billion yuan, and 120.22 billion yuan, respectively, with net profits of 370 million yuan, 1.094 billion yuan, and 1.905 billion yuan for the same years [3][5]. - The earnings per share (EPS) is expected to increase from 1.27 yuan in 2025 to 6.53 yuan in 2027, indicating strong growth potential [5][12]. - The company’s net profit margin is projected to improve from 10.7% in 2025 to 15.8% in 2027, reflecting enhanced profitability [12].