GS on 天孚通信：We are positive on TFC Optical and raise TP to Rmb436 to reflect ：(1)rising GS estimates on global optical modules TAM (Report link), and TFC as a key OE (Optical Engine) supplier, (2) incremental revenues from CPO scale-out and scale-up optical market (Report link), and(3) gradual expansion of optical module assembly business with higher content value. Following the 7% QoQ growth in 1Q26, we expect to see sequential QoQ growth ahead on improving optics chips supply and 1.6T products ramp up. We remain constructive on TFC Optical with its capabilities of offering a total solution (optical engine, FAU, ELS, optical module assembly etc.), benefiting from the growing optical module market and incremental CPO scale-out/scale-up opportunities.

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