ZHONGJI INNOLIGHT(SZ:300308) Xin Lang Cai Jing·2025-04-14 08:46Core Viewpoint - The company anticipates significant growth in net profit and revenue for Q1 2025, driven by increased demand for high-end optical modules due to robust capital expenditure from end customers [1][2]. Group 1: Financial Performance - The company expects a net profit attributable to shareholders of 1.4-1.7 billion yuan for Q1 2025, representing a year-on-year growth of 38.71%-68.44% [1]. - The forecasted net profit excluding non-recurring items is projected to be 1.39-1.69 billion yuan, with a year-on-year increase of 40.37%-70.67% [1]. - The optical module business is expected to achieve a consolidated net profit of approximately 1.6-1.9 billion yuan in Q1 2025, reflecting a year-on-year growth of 45.39%-72.65% before accounting for stock incentive expenses [2]. Group 2: Market Demand and Product Development - The surge in computing power demand is driving a significant increase in sales of optical modules, particularly 800G and 400G products, which are essential for building AI data centers [1]. - The company anticipates continued expansion in demand for 400G, 800G, and 1.6T optical modules over the next few years, with 1.6T product shipments expected to increase starting from Q2 2025 [1]. - The company is advancing its technology development towards 1.6T and 3.2T optical modules, while also conducting pre-research on CPO and 3.2T pluggable optical modules to meet customer needs [2]. Group 3: Strategic Initiatives - The company has established production capabilities in Thailand for optical modules, enhancing its overseas market presence and reducing tariff burdens [2]. - A stock incentive plan was announced in March 2025, reflecting the company's confidence in its growth trajectory and setting performance targets for 2025 to 2028 [2]. - The company maintains a leading position in the optical communication and module industry, with expectations of stable performance growth driven by increasing downstream market demand [2]. Group 4: Earnings Forecast - The projected net profits for the company from 2024 to 2026 are estimated at 5.174 billion, 9.046 billion, and 11.241 billion yuan, respectively [3]. - The expected earnings per share (EPS) for the same period are forecasted to be 4.68, 8.19, and 10.18 yuan, with corresponding price-to-earnings (PE) ratios of 17, 10, and 8 times [3]. - Given the competitive advantages of the company as a leader in the optical module sector, rapid growth in future earnings is anticipated, maintaining a "buy" rating [3].