2025-06-13-花旗集团-天孚通信（300570）_博创科技（300548）_光迅科技（002281）_中国网络行业_将博创科技评级上调至中性；更新光迅科技和天孚通信模型_24页_1mb

Key Analysis Summary

Accelink Technologies (002281 SZ)

• Rating Update: Continues "Sell" with model revision post-1Q25 results; FY25E earnings cut by 12% for higher OpEx, offset by margin expansion from 800G demand. Target Price lowered to Rmb24.6 based on 20x FY25E PE. The stock is considered overvalued compared to peers like Innolight and Eoptolink; key catalyst could be clarity on domestic orders.

Broadex Technologies (300548 SZ)

• Rating Change: Upgraded from "Sell" to "Neutral". Revises F2025-2027E earnings up by 100%-146%, reflecting robust 1Q25 earnings from EverPro's contribution. Currently trades at ~29x FY26E PE, seen as stretched versus T&S's ~27x. Target Price set to Rmb63 on 30x FY26E PE. Potential upside from asset consolidation of EverPro, but risks include slower Si photonics adoption or reduced optical capex.

T&S Communications (300570 SZ)

• Rating Maintenance: Holds "Buy" rating despite slight FY25E earnings deceleration. Model updated to reflect higher gross margins from passive optics. Target Price increased to Rmb137 based on higher FY26E multiple. Benefits from CPO ramp starting in 2027 and strong 800G demand (37mn units); risks include slow market recovery or US-China tech disputes.

Valuation Highlights

• Accelink: TP cut due to high multiples.
• Broadex: Neutral based on trading PE vs. growth potential.
• T&S: Buy supported by strong growth catalysts.

Key Catalysts

• Domestic optical demand expansion.
• Asset consolidation updates.
• CPO/OIO adoption trends.
• Regulatory and market share risks.