TFC(300394) 民生证券·2025-04-21 14:12Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 3.252 billion yuan in 2024, representing a year-on-year growth of 67.7%, and a net profit attributable to shareholders of 1.344 billion yuan, up 84.1% year-on-year [1][2]. - The significant growth in performance is primarily driven by the increasing demand for high-speed optical devices and modules, fueled by global data center construction [2][3]. - The company has made substantial investments in R&D, focusing on cutting-edge technologies such as silicon photonics, with R&D expenses increasing by 62.1% year-on-year to 232 million yuan in 2024 [3][4]. Revenue Breakdown - Revenue from passive optical devices reached 1.576 billion yuan in 2024, a 33.2% increase, accounting for 48.5% of total revenue. Revenue from active optical devices surged to 1.655 billion yuan, up 121.9%, making up 50.9% of total revenue [2]. - Domestic sales amounted to 778 million yuan, growing 124.8% year-on-year, while international sales reached 2.473 billion yuan, a 55.3% increase [2]. Profitability Metrics - The company's overall gross margin for 2024 was 57.22%, an increase of 2.91 percentage points year-on-year. The gross margin for passive optical devices was 68.41%, up 8.16 percentage points, while for active optical devices, it was 46.69%, an increase of 1.92 percentage points [3][4]. Future Projections - The company is projected to achieve net profits of 2.205 billion yuan, 2.927 billion yuan, and 3.726 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17x, 13x, and 10x [4][5].