Earnings Forecast & Rating: We expect its NP in 2023-2025 to be RMB0.52/0.72/1.03bn (+28.3%/+39.7%/+42.8% yoy), implying P/E at 61.0x/43.7x/30.6x. Risks: Lower-than-expected demand of high-speed optical devices, customer expansion & market share, and product development & implementat...
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