TFC(300394) 东吴证券·2025-04-27 13:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from the expansion of demand and technological development for both passive and active products. The demand trends for 2025 include the significant release of 800G demand driven by cloud providers, the continued advantage of Nvidia in hardware and software systems, and the penetration of silicon photonic modules [3] - The company is well-positioned as a quality supplier of core components in the optical module upstream, deeply bound with major downstream manufacturers, and is expected to benefit from the volume growth of 800G and 1.6T products, as well as the long-term penetration trend of CPO [3] Financial Performance Summary - In 2024, the company achieved a total revenue of 3.25 billion yuan, a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion yuan, up 84.1% year-on-year [8] - The company’s revenue and net profit for Q4 2024 were 860 million yuan and 370 million yuan, respectively, showing a year-on-year increase of 17.0% and 26.2% [8] - The company’s revenue for Q1 2025 was 940 million yuan, a year-on-year increase of 29.1%, with a net profit of 340 million yuan, up 21.1% year-on-year [8] Revenue and Profit Forecast - The company’s total revenue is projected to reach 5.03 billion yuan in 2025, with a year-on-year growth of 54.7%, and a net profit of 2.04 billion yuan, reflecting a growth of 51.6% [1][9] - The earnings per share (EPS) are expected to be 3.68 yuan in 2025, with a price-to-earnings (P/E) ratio of 19.1 based on the closing price on April 25, 2025 [1][9] Market Data - The closing price of the company is 70.24 yuan, with a market capitalization of approximately 38.91 billion yuan [6] - The company has a price-to-book (P/B) ratio of 8.97 and a net asset value per share of 7.83 yuan [6][7] Research and Development - The company has increased its R&D investment by 62.1% to 230 million yuan in 2024, focusing on core technologies in silicon photonics and CPO [8]