天孚通信：1.6T 光引擎即将逐季放量；四季度中期净利润指引低于预期（

22 January 2026 | 1:28AM HKT Equity Research TFC Optical (300394.SZ): 1.6T Optical engines sequential ramp up ahead; 4Q midpoint NI guidance lower-than-expected on near-term TFC Optical announced 2025 net income guidance at Rmb1.88bn~Rmb2.15bn, or +40%60% YoY, suggesting 4Q25 NI at Rmb416mRmb685m, or midpoint at Rmb551m. The 4Q NI guidance is generally in line with our estimates, while the midpoint is 15% below our previous estimates, and we attribute it to the tight supply of EML chipset in 4Q considerin ...