1H25业绩符合预期，外销占比持续增长。近日，公司发布2025年中报。 2025年上半年公司实现营收 8.28亿元，同增62.49%，实现归母净利润1.73 亿元，同增118.02%；2Q25实现营收4.58亿元，同增 59.80%，环增23.58%，实现归母净利润0.94亿元，同增96.77%，环增18.42%。利润率方面，1H25 公司 实现毛利率38.94%，同增7.11pcts，实现净利率21.27%，同增5.44pcts 2Q25实现毛利率36.39%，同增 3.84Pcts，实现净利率20.71%，同增 3.81pcts。收入结构方面，公司光器件产品增速较快，同时海外业 务增速及占比持续增长，1H25国外地区实现营收4.06亿，同增60.24%，占收比同增 7.36pcts至80.27%。 公司需求持续向好，收入高增，海外业务占比持续提升。 行业景气度较高，MPO+CPO紧密布局：公司是全球最大的光密集连接产品制造商之一，部分无源光器 件产品（如MTP/MPO高密度光纤连接器、光柔性板）的技术水平在细分行业中处于领先地位，产品广 泛应用于全球范围内的大型数据中心、电信网络等建设。公司深耕中高端市场 ...

Core Viewpoint - Taicheng Light (300570.SZ) has demonstrated impressive operational performance, with significant revenue and profit growth in the first half of 2025, driven by self-developed key components and changes in sales structure [1][2]. Financial Performance - In the first half of 2025, Taicheng Light achieved revenue of 828 million yuan, a year-on-year increase of 62.49%, and a net profit of 173 million yuan, up 118.02% [1][2]. - The company's gross margin reached 38.94%, an increase of 7.11 percentage points from 31.83% in the same period of 2024, while the net profit margin rose to 21.27%, up 5.44 percentage points from 15.83% [2]. - Cash flow from operating activities for the first half of 2025 was 128 million yuan, a substantial increase of 145.66% year-on-year [3]. Research and Development - Taicheng Light's R&D expenses for the first half of 2025 amounted to 42.23 million yuan, a year-on-year increase of 14.55%, with an R&D expense ratio of 5.10% [4][5]. - The company focuses on high-density optical interconnect products and has developed customized solutions for data centers and AI computing applications [5][6]. Market Position and Sales - Taicheng Light is a leading manufacturer of optical interconnect products, with a significant market share in the optical device sector, particularly in high-density fiber optic connectors [4][5]. - In the first half of 2025, overseas sales revenue reached 681 million yuan, a year-on-year increase of 71.19%, accounting for 82.19% of total revenue [6]. - The company has established strong ties with major players in the optical fiber industry, indirectly entering the supply chains of AI leaders like NVIDIA and Microsoft [6]. Production and Capacity Expansion - Taicheng Light has expanded its production capacity both domestically and through a new manufacturing base in Vietnam, which began operations in the first quarter of 2025 [6]. - The company plans to invest 13 million yuan in its subsidiary to enhance its financial strength and support steady business development [6].