Guotai Junan Securities: The interim performance of Unisplendour Technology showed high growth, maintaining a "buy" rating.

Guotai Junan Securities research report pointed out that the interim performance of Goertek Technology showed high growth, with a significant contribution from the optical communication business. In the first half of the year, the net profit attributable to the parent company was 3.23-4.07 billion yuan, an increase of 55.00%-95.00% year-on-year. Looking at Q2 alone, the net profit attributable to the parent company was 1.73-2.57 billion yuan, compared to 1.23 billion yuan in Q2 of 2024, showing a significant year-on-year growth. From the perspective of the industry, with the rapid growth of global computing power investment, the demand for AI investment from domestic internet and other manufacturers is also emerging, driving the demand for domestic high-speed optical modules. The equity incentive in 2025 has been completed, motivating further efforts toward upstream development. It is believed that this equity incentive covers comprehensively, and in the current time window of significant growth in the AI market, it is expected to better motivate company employees. The future performance growth of the company is promising. The target price is maintained at 69.70 yuan with a "hold" rating.