Core Viewpoint - The company reported strong growth in its optical dense connection business, with a significant increase in revenue and net profit for the first three quarters of 2025, driven by rising overseas MPO demand [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.214 billion yuan, a year-on-year increase of 32.58%, and a net profit attributable to shareholders of 260 million yuan, up 78.55% year-on-year [1][2]. - In Q3 2025, the company recorded revenue of 386 million yuan, a quarter-on-quarter decrease of 15.7% and a year-on-year decline of 5.0% [1]. - The net profit for Q3 2025 was 87 million yuan, reflecting a quarter-on-quarter decrease of 7.5% but a year-on-year increase of 31.2% [2]. Market Trends and Demand - The MPO industry is expected to benefit from a significant upward revision in overseas optical module demand for 2026, with the MPO business showing good elasticity due to its integrated advantages [2]. - There is a shift in demand from overseas end customers towards smaller MMC/MDC products or higher core count products, indicating a trend towards miniaturization [2]. - The company is positioned as one of the few integrated manufacturers capable of producing various connectors, which may enhance its capacity utilization and flexibility in domestic expansion [2]. Product Development and Innovation - The company is focusing on the large-scale application of optical flexible boards in data centers, collaborating with various manufacturers to develop Shuffle solutions [3]. - Recent developments in optical backplane technology, as presented at the ECOC 2025 exhibition, highlight the company's commitment to adapting to network architecture upgrades [3]. Investment Outlook - The MPO wiring solution is identified as a critical physical layer facility for data centers, with the company expected to maintain its leadership in optical dense connection products [4]. - Revenue projections for 2025, 2026, and 2027 are 1.81 billion yuan, 2.90 billion yuan, and 4.85 billion yuan, respectively, with net profits of 390 million yuan, 640 million yuan, and 1.22 billion yuan [4].

证券研究报告 | 公司点评报告 2025 年 10 月 28 日 太辰光（300570.SZ） 三季度业绩环比小幅下滑，MPO 及 Shuffle 增长空间广阔 TMT 及中小盘/通信 公司发布 2025 年三季度报告，随着海外 MPO 需求持续爆发，公司光密集连接 业务良好增长，前三季度实现营业收入 12.14 亿元，同比增长 32.58%；归母净 利润 2.60 亿元，同比增长 78.55%。随着 2026 年海外光模块需求持续显著上 修，与光模块用量强相关的 MPO 需求有望跟随高增，公司 Shuffle 柔性板持续 迭代，未来有望在 Scale-Out 乃至 Scale-Up 的光互连时代中取得独特优势。 强烈推荐（维持） 目标估值：NA 当前股价：111.65 元 基础数据 | 总股本（百万股） | 227 | | --- | --- | | 已上市流通股（百万股） | 192 | | 总市值（十亿元） | 25.4 | | 流通市值（十亿元） | 21.5 | | 每股净资产（MRQ） | 7.3 | | ROE（TTM） | 22.6 | | 资产负债率 | 20.1% | | 主要股东 | 华 ...