业绩简评 2025 年 10 月 27 日，公司发布 2025 年第三季度报告，2025 年第 1-3 季度公司实现营业收入 12.14 亿元，同比增长 32.58%；实现 归母净利润 2.60 亿元，同比增长 78.55%。对应 3Q25 营业收入 3.86 亿元，同比下降 4.98%，环比下降 15.75%；实现归母净利润 0.87 亿元，同比增加 31.20%，环比下降 7.46%。 经营分析 收入同环比下滑，我们认为主要受公司海外工厂产能爬坡节奏影 响：公司 3Q25 收入同环比均有下滑。从 3Q25 海关数据看，公司 所处的广东省 MPO 出口数据同比+61%，环比-11%，相较湖北（同比 +71%、环比+21%）、上海（同比+232%、环比+16%）、河南（同比+3461%、 环比+15%）等地的 MPO 出口增速较弱。考虑到其他省份的 MPO 海 关出口数据同环比的高增速，我们依旧看好 MPO 行业景气度。我 们认为公司 MPO 放量不及预期可能与越南工厂的产能爬坡节奏有 关，越南基地于 1Q25 正式投产，4Q 产能问题或有望得到缓解。 毛利率同环比微降，费用管控能力较好：从单季度毛利率看，3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Views - The company reported a significant revenue increase of 62.49% year-on-year, reaching 828 million RMB in the first half of 2025, with a net profit growth of 118.02% to 173 million RMB [2]. - The optical device revenue showed a strong growth of 64% year-on-year, with North American sales increasing by 69%, reflecting a robust demand in the MPO industry [3]. - The company is expected to benefit from the ramp-up of production capacity in Vietnam and the introduction of new products, enhancing its gross margin and positioning in the CPO era [4]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 828 million RMB, a year-on-year increase of 62.49%, and a net profit of 173 million RMB, up 118.02% [2]. Operational Analysis - The company's optical device revenue for the first half of 2025 was 812 million RMB, a 64% increase year-on-year, with North American revenue at 610 million RMB, up 69% [3]. - The revenue slightly decreased by 1.6% compared to the second half of 2024, attributed to production capacity ramp-up issues, with a capacity utilization rate of 100% [3]. Profit Forecast and Valuation - Projected revenues for 2025, 2026, and 2027 are 2.011 billion RMB, 2.811 billion RMB, and 3.850 billion RMB, respectively, with net profits of 430 million RMB, 623 million RMB, and 851 million RMB [5]. - The current PE ratios are projected at 71.96, 49.66, and 36.35 for the years 2025, 2026, and 2027, respectively [5].