Research on the financial performance of leading optical module enterprises under the AI computing power prosperity cycle: a case study of Company W

Based on Company W's financial data from 2023 to 2025, this paper analyzes its financial performance during the AI computing power prosperity cycle from four dimensions: profitability, operating capability, solvency, and growth. The study finds that, driven by AI computing power demand, the company's revenue grew from CNY 10.718 billion in 2023 to CNY 38.240 billion in 2025, net profit attributable to parent company shareholders achieved explosive growth, the gross margin rose from 30.45% to 39.72%, the weighted average Return On Equity (ROE) increased by 27.26 percentage points, and net operating cash flow grew from CNY 1.897 billion to CNY 10.981 billion, indicating a substantial improvement in earnings quality. DuPont analysis shows that the improvement in net profit margin was the core driver of ROE growth. However, the company also faces challenges such as high customer concentration, accounts receivable expanding rapidly with revenue, inventory impairment risk, and industry cyclical fluctuations. Accordingly, this paper recommends optimizing the customer structure, strengthening working capital management, and continuing to lay out next-generation technologies, with a view to providing a reference for optical communication enterprises to achieve high-quality and sustainable development amid technological change.