TFC(300394) 东吴证券·2024-07-20 07:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded market expectations with its 2024 H1 earnings forecast, projecting a net profit of 630-680 million yuan, representing a year-on-year increase of 167%-187% [2] - The growth in downstream demand, driven by increased AI computing power and global data center construction, has led to a stable rise in demand for high-speed optical devices, positively impacting the company's revenue from both active and passive products [3] - The company is expected to benefit from the release of demand for 800G and 1.6T products in the coming year, as it is a key supplier of core components for optical modules, closely tied to major clients [4] Financial Forecasts and Valuation - The company's projected net profits for 2024, 2025, and 2026 have been adjusted upwards to 1.43 billion, 2.27 billion, and 2.72 billion yuan respectively, reflecting the high demand in the AI computing sector [4] - The price-to-earnings (P/E) ratios corresponding to the closing price on July 19, 2024, are 35.4, 22.3, and 18.6 for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price of the company's stock is 91.21 yuan, with a market capitalization of approximately 50.52 billion yuan [5] - The company has a price-to-book (P/B) ratio of 10.32 and a net asset value per share of 8.84 yuan [6]