EOPTOLINK(300502) 国盛证券·2025-04-23 08:23Investment 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][2]. - 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 expects net profits for 2025-2027 to be 6.89 billion, 9.18 billion, and 12.02 billion yuan, corresponding to P/E ratios of 8.4, 6.3, and 4.8 times, respectively [3]. - Revenue projections for 2023A to 2027E are 3.098 billion, 8.647 billion, 19.426 billion, 25.547 billion, and 33.384 billion yuan, with growth rates of -6.4%, 179.1%, 124.7%, 31.5%, and 30.7% respectively [5][10]. - The latest diluted EPS for 2025 is projected at 9.72 yuan per share, with a net asset return rate of 45.2% [5][10].