Guotai Junan Securities: Give a "Buy" rating to Changfei Optics, with a target price of 293.87 yuan.

Guotai Junan Securities Research Report pointed out that Changfei Optic is a global leading provider of optical preform rods, optical fibers, optical cables, and comprehensive solutions, achieving breakthroughs in the research and development of hollow core fibers, benefiting from the explosive demand for optical fibers driven by AI computing power competition. The company has a complete integrated system, engineering design services, and solutions, providing a variety of optical fiber cable products and comprehensive solutions for the global communication industry and other industries, offering high-quality products and services to more than 100 countries and regions worldwide. The proportion of fiber optic demand in AI-driven data center internal and DCI scenarios is expected to surge from less than 5% in 2024 to 35% in 2027, driving the continuous rise in global fiber optic demand. The company is given a "hold" rating, with a target price of 293.87 yuan based on comparable company valuation, with a PE of 80 times for the company in 2026.