TFC(300394) 浙商证券·2025-04-24 08:52Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's performance in 2024 met expectations, with revenue of 3.252 billion yuan, a year-on-year increase of 67.7%, and a net profit of 1.344 billion yuan, up 84.1% year-on-year, exceeding the forecast median [1] - In Q1 2025, the company reported revenue of 0.945 billion yuan, a year-on-year increase of 29.11%, and a net profit of 0.338 billion yuan, up 21.07% year-on-year, although there was a slight quarter-on-quarter decline due to factors such as the Spring Festival holiday [2] - The demand for optical engines driven by AI is rapidly increasing, with a projected compound annual growth rate of over 20% for the optical module market from 2024 to 2030 [3] - The company is focusing on high-end customer needs, with ongoing R&D projects in 1.6T, silicon photonics, and CPO technologies, while optimizing production processes to reduce costs [4] - The company is expected to achieve net profits of 2.068 billion yuan, 2.922 billion yuan, and 4.016 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 25 for 2025 [5] Financial Summary - In 2024, the company is projected to have a revenue of 3.524 billion yuan, with a year-on-year growth of 68%, and a net profit of 1.344 billion yuan, reflecting an 84% increase [6] - The projected earnings per share for 2025 is 2.90 yuan, with a PE ratio of 25.03 [6]