Risk Reward Update: Eoptolink Technology Inc Ltd | Asia Pacific

研报英文原文证据摘录

Risk Reward Update: Eoptolink Technology Inc Ltd | Asia Pacific

UpdateM

RiskRisk RewardReward– Eoptolink- EoptolinkTechnology IncTechnologyLtd (300502.SZ) Inc Ltd (300502.SZ)

Key market share gainer in 800G and 1.6T; OW

PRICE TARGET Rmb507.14 OVERWEIGHT THESIS

Residual income model, probability-weighted 30% bull, 50% base, 20% bear - skew reflects ▪We believe scale-up and scale-out

expected timeline for large‑scale CPO application. technologies will be widely applied in data

Key assumptions: center architecture, which could significantly

CoE and terminal growth rate: 10% and 3.5% across scenarios boost the demand for high-end (800G and

High-end transceivers demand CAGR in 2026-2028e: bull 46%, base 43%, bear 43% 1.6T) transceivers.

2025-35e net profit CAGR: bull 28%, base 25%, bear 20%. ▪We believe the company is a key market

share gainer in both the 800G and 1.6T Rmb510.17

transceiver segments. With upbeat 1Q26

Consensus Price Target Distribution Rmb337.14 Rmb701.00 results and large overseas exposure, it is MS PT

highly likely to generate above-industrySource: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates

growth, which is a key re-rating driver for

the stock.

▪CPO risk is well known after the recent

RISK REWARD CHART active debate, so we see lower risk of de-

rating for this reason. The rapid earnings

growth momentum could become a key re-

CNY

Rmb642.86Rmb642.86(+35.05%)Rmb642.86(+35.05%)(+35.05%) rating catalyst.

600 Consensus Rating Distribution

Rmb507.14Rmb507.14(+6.54%)Rmb507.14(+6.54%)(+6.54%) 100%Overweight Rmb476.02Rmb476.02Rmb476.02

450 0% Equal-weight

0% Underweight

MS Rating

Rmb321.43Rmb321.43(-32.48%)Rmb321.43(-32.48%)(-32.48%) Source: Refinitiv, Morgan Stanley Research

Risk Reward Themes

New Data Era: Positive