HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Zhejiang Shimai Pharmaceutical - It Might Never Be Possible to Make Money

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

Equity Capital Markets

Suzhou Tfc Optical Communi-A / Equity Capital Markets

<ul>
<li>TFC doesn't directly produce optical modules, but provides downstream optical module manufacturers with products such as optical components and high-speed optical devices, indirectly integrating into global computing power supply chain.</li>
<li>In short term (2026-2027), 1.6T optical engine would scale up. Global data center demand for high-speed products continues to release.Valuation would be at a moderately high level among its peers.</li>
<li>In a conservative scenario: the 2026 P/E ratio is 39-45x. In a neutral scenario: the 2026 P/E ratio is 45-53x. In an optimistic scenario: the 2026 P/E ratio is 52-60x.</li>
</ul>


TFC doesn't directly produce optical modules, but provides downstream optical module manufacturers with products such as optical components and high-speed optical devices, indirectly integrating into global computing power supply chain.
In short term (2026-2027), 1.6T optical engine would scale up. Global data center demand for high-speed products continues to release.Valuation would be at a moderately high level among its peers.
In a conservative scenario: the 2026 P/E ratio is 39-45x. In a neutral scenario: the 2026 P/E ratio is 45-53x. In an optimistic scenario: the 2026 P/E ratio is 52-60x.


Pre-IPO Suzhou TFC Optical Communication (A/H Listing) - The Business, Risks, Thoughts on Valuation