TFC(300394) 浙商证券·2025-04-24 09:30Investment Rating - The investment rating for the company is "Buy" [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. The first quarter of 2025 showed a revenue of 0.945 billion yuan, a year-on-year increase of 29.11% [1][2] - The demand for optical engines driven by AI is rapidly increasing, leading to significant growth in the global data center and computing network expansion. The market for optical modules related to AI is expected to grow at a compound annual growth rate of over 20% 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 projected 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 PE ratio of 25 for 2025 [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.252 billion yuan and a net profit of 1.344 billion yuan, with a gross margin of 57.22% and a net margin of 41.3% [1][2] - For the first quarter of 2025, revenue was 0.945 billion yuan, with a net profit of 0.338 billion yuan, reflecting a slight decline due to seasonal factors [2] Market Outlook - The company is well-positioned to benefit from the growing demand for high-speed optical modules, particularly with the upcoming release of 1.6T products [3][4] - The global expansion of data centers and computing networks is expected to drive significant growth in the optical module market [3] Profit Forecast and Valuation - The company is expected to maintain strong profit growth, with projected net profits increasing significantly over the next few years, indicating a robust growth trajectory [5]