Gelonghui, April 28 | Western Securities Research Report indicates that in 2023, Tianfu Communications (300394.SZ) achieved a continuous acceleration in revenue and profit from quarter to quarter. 23Q1/Q2/Q3/Q4 achieved revenue of 2.9/3.8/5.4/730 million yuan respectively, up 1.5%/28.0%/73.6%/138.8% year-on-year. The high revenue growth was mainly due to increased demand for AI computing power, which led to an increase in demand for high-speed optical device products. The company continues to upgrade information systems and automation, reduce costs and increase efficiency at the Jiangxi production base, and the capacity utilization rate of high-speed products has improved markedly. 24Q1 revenue declined slightly month-on-month, mainly due to bottlenecks in increasing production capacity due to personnel changes, pressure on production yield and efficiency during large-scale expansion, and shortages of raw materials due to the earthquake in Japan. Production capacity in Thailand was gradually released in the second half of the year, and production yield and efficiency are expected to gradually improve, driving continued high growth in performance. Maintain a “buy” rating.