According to a research report published by Nomura, Changfei Optical's revenue and profit for the third quarter were 9.3 billion yuan and 3.2 billion yuan respectively, up 139% and 1742% year-on-year. The bank believes that steady growth is mainly due to strong AIDC demand and supply shortages driven by sharp increases in fiber prices, as well as product portfolio improvements. It is expected that the company will continue to benefit from strong AIDC demand in the second half of 2026 and 2027. The bank raised its 2026-2027 revenue forecast by 2% to 6% to reflect a recovery in demand for high-end products, and raised gross margin by 11.2 to 11.5 percentage points from 2026 to 2028 due to increased AI network revenue contributions and price increases, increasing the 2026-2028 profit forecast by 40% to 58%. The bank expects revenue from AI network products to grow at a CAGR of 57% from 2026 to 2028. The bank maintained Changfei Optical Fiber's “buy” rating, but lowered the target price from HK$266 to HK$167, based on a 10-fold profit per share forecast for 2027.

Zhitongcaijing · 3d ago
According to a research report published by Nomura, Changfei Optical's revenue and profit for the third quarter were 9.3 billion yuan and 3.2 billion yuan respectively, up 139% and 1742% year-on-year. The bank believes that steady growth is mainly due to strong AIDC demand and supply shortages driven by sharp increases in fiber prices, as well as product portfolio improvements. It is expected that the company will continue to benefit from strong AIDC demand in the second half of 2026 and 2027. The bank raised its 2026-2027 revenue forecast by 2% to 6% to reflect a recovery in demand for high-end products, and raised gross margin by 11.2 to 11.5 percentage points from 2026 to 2028 due to increased AI network revenue contributions and price increases, increasing the 2026-2028 profit forecast by 40% to 58%. The bank expects revenue from AI network products to grow at a CAGR of 57% from 2026 to 2028. The bank maintained Changfei Optical Fiber's “buy” rating, but lowered the target price from HK$266 to HK$167, based on a 10-fold profit per share forecast for 2027.