Suzhou TFC Optical Communication 300394.SZ 300394 CH Global Markets Research 26 August 2025 EQUITY: NETWORKING Solid 2Q25 results; optical upgrade cycle accelerates 1.6T & 3.2T transceivers, CPO to drive long-term growth Maintain Buy, raise TP to CNY169, implying 16.7% upside TFC reported 1H25 results with revenue/earnings growth of 58%/37% y-y, translating into 2Q25 growth of 83%/50% y-y (+60% / 66% q-q), beating our 2Q25 estimates by 33%/22%. We think the q-q increase in revenue growth was likely due to t ...