EOPTOLINK(300502) 国盛证券·2025-04-23 07:11Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported Q1 2025 revenue of 4.05 billion yuan, a year-on-year increase of 264.1%, and a net profit attributable to shareholders of 1.57 billion yuan, up 384.5% year-on-year, indicating strong growth driven by the ramp-up of 800G products [1]. - The management team focuses on core technology and R&D, which is essential for the company's sustained high-quality operations. The company has a stable supply chain and efficient cost control, contributing to its long-term growth [2]. - Despite fluctuations in overseas demand due to macroeconomic factors, the technology direction remains clear, with expectations for significant deployment of 800G optical modules and the commercial launch of 1.6T optical modules this year [2]. Financial Summary - The company is projected to achieve net profits of 6.89 billion yuan, 9.18 billion yuan, and 12.02 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 8.4, 6.3, and 4.8 [3][5]. - Revenue is expected to grow significantly, with projections of 19.43 billion yuan in 2025, 25.55 billion yuan in 2026, and 33.38 billion yuan in 2027, reflecting growth rates of 124.7%, 31.5%, and 30.7% respectively [5][10]. - The company's gross margin is expected to improve, reaching 47.5% in 2025 and maintaining around 48% in subsequent years, while net margin is projected to be 35.5% in 2025 [10].