Analysis of the Relationship Between Eoptolink's PE Valuation and Overseas Customer Concentration Risk

Based on the data and market information I collected, this article conducts a comprehensive analysis of the relationship between Eoptolink’s 157x PE ratio and overseas customer concentration risk:

According to the latest market data, Eoptolink’s current PE ratio is approximately [0], not 157x. The 157x PE ratio may have appeared at a certain point during the stock price rise in 2024 [1]. Considering the company’s stock price increased by more than 400% in 2024 [0], the valuation level fluctuates significantly with the stock price.

The current PE level reflects the market’s expectation of the company’s AI-driven high-speed performance growth. The company’s 2024 revenue increased by 179.15% year-on-year, and net profit increased by 312.26% [1]. In Q1 2025, revenue and profit continued to maintain triple-digit growth [0].

• High proportion of overseas revenue
  : In 2024, overseas revenue was 6.805 billion yuan, accounting for 78.7% of total revenue, and the proportion of overseas revenue in the first half of the year reached 94.4% [2]
• Customers are highly concentrated in North American cloud vendors
  : Major customers include North American cloud computing giants such as Google, Microsoft, Meta, and Amazon [3]
• High concentration of top customers
  : The 800G product has a considerable market share in North America, and the 1.6T product has passed the certification of top customers and been delivered in small batches [3]

• High dependence on overseas customers exposes the company to
  geopolitical risks
  ,
  changes in tariff policies
  , and
  customer concentration risks
• High PE actually implies the market’s dual pricing of the company’s
  growth premium
  and
  risk premium

• Global capacity layout
  : The first phase of the Thailand factory has been put into operation, and the second phase is expected to be put into operation in 2025, effectively hedging tariff risks [1]
• Optimization of customer structure
  : Domestic revenue was 1.842 billion yuan, an increase of 265.95% year-on-year, and the proportion of sales in non-US regions has increased significantly [1]
• Localization of supply chain
  : Increase the localization rate of core components such as optical chips to enhance supply chain stability [1]

Risk Factors	Opportunity Factors
High overseas customer concentration (>90%)	Sustained growth in demand for AI infrastructure construction
Geopolitical uncertainty	Strong capital expenditure by North American cloud vendors
Tariff policy risk	Leading technology in 800G/1.6T products
Customer bargaining power	Thailand factory reduces supply chain risks

Eoptolink’s high PE valuation has partially reflected the market’s awareness of overseas customer concentration risk, but this risk has been mitigated by the company’s active risk hedging measures. Key observation points:

1. Short-term
   : The high PE is mainly supported by AI-driven high-speed performance growth, and the customer concentration risk has not yet caused an actual impact on performance
2. Medium-term
   : Need to pay attention to the progress of capacity release at the Thailand factory and the expansion of non-US customers
3. Long-term
   : Diversification of customer structure and leading technical advantages are the keys to resolving risks

The current 58-60x PE level is reasonable against the background of high prosperity in the AI optical module industry, but investors need to continuously track changes in overseas policies and the company’s customer structure optimization process.

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[0] Gilin API - Eoptolink (300502.SZ) Company Overview and Market Data (https://gilin-data.oss-cn-beijing.aliyuncs.com/financial_charts/)

[1] Eastmoney.com - Eoptolink Company Review Report (https://pdf.dfcfw.com/pdf/H3_AP202505121671525061_1.pdf)

[2] CLS.cn - Optics Expo Report: Analysis of Overseas Revenue Proportion of Leading Optical Module Enterprises (https://www.cls.cn/detail/2144352)

[3] OFweek Optical Communication Network - Optical Module Industry Analysis Report (https://fiber.ofweek.com/2025-09/ART-210001-8420-30671297.html)