Q425 in line; lift price target on clearer upcycle visibility YOFC reported Rmb3.98bn Q425 revenue, +14% YoY, and Rmb344m net profit, +234% YoY, implying Rmb814m FY25 net profit, broadly in line with market expectations. We view Q425 results as largely a non-event, as the meaningful fibre price upcycle only began in early 2026, and reported earnings have yet to fully reflect the improving industry dynamics. We raise our PT from Rmb140.00 to Rmb310.00, to reflect a sustained price upcycle and improved earnin ...

Global Research ab 1 April 2026 Valuation: trading below global peers at 20x 2027E PE; remain Buy We raise our 2026-27E revenue by 15-18% to reflect higher ASP assumptions and a richer mix toward data center and fibre optic drone demand. Our 2026-27 net profit forecasts are lifted by 161-187%, driven by margin expansion from rising prices. YOFC is trading at 20x 2027E PE on 34% 2026-28E EPS CAGR, above its historical average of 11x but still below global peers at c30x on 20% EPS CAGR; in our view, not fully ...