天孚通信-1.6T 光引擎产能提升；CPO 驱动价值量增长；上调至 “买入” 评级

17 December 2025 | 7:45PM HKT Equity Research TFC Optical (300394.SZ) +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng 1.6T Optical engines ramping up; CPO to drive dollar content; Up to Buy 300394.SZ 12m Price Target: Rmb271.00 Price: Rmb199.30 Upside: 36.0% We expect TFC Optical to benefit from the 1.6T optical engines scale ramp-up in 2026E and growing demand from scale-out CPO (Co-Packaged Switch) switches, as well as long-term opportunities in scale-up architecture. We rais ...