中际旭创：光模块需求强劲，业绩持续高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][8]. Core Views - The company is expected to achieve a significant increase in revenue and net profit, driven by the growth in the AI sector and the demand for optical modules, with a projected net profit of 21.50-25.00 billion RMB for H1 2024, representing a year-on-year growth of 250.30%-307.33% [2]. - The company has positioned itself as the leading global supplier of optical modules, benefiting from strong demand in the AI industry and a projected 27.2% increase in capital expenditure from major overseas cloud providers [2]. - The introduction of the 1.6T optical module is anticipated to enhance the company's performance, with plans for mass production by 2025, driven by increasing demand and higher product pricing [2]. - The company is focusing on next-generation silicon photonics technology, which is expected to provide a competitive edge in the rapidly evolving optical module market [2]. Summary by Relevant Sections Financial Performance - The company’s revenue is projected to grow from 10,718 million RMB in 2023 to 25,424 million RMB in 2024, reflecting a growth rate of 137.21% [1]. - Net profit is expected to increase from 2,174 million RMB in 2023 to 5,221 million RMB in 2024, with a growth rate of 140.19% [1]. - The diluted earnings per share (EPS) is forecasted to rise from 2.707 RMB in 2023 to 4.656 RMB in 2024 [1]. Market Position - The company has achieved the top position in the global optical module market, as per LightCounting's 2023 report, indicating strong competitive positioning [2]. - The demand for optical modules, particularly 800G and 400G, is expected to remain robust, supporting the company's growth trajectory [2]. Future Outlook - Revenue forecasts for 2024-2026 are 254 billion RMB, 341 billion RMB, and 424 billion RMB respectively, with corresponding net profits of 52.2 billion RMB, 72.2 billion RMB, and 89.3 billion RMB [2]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 31 in 2024 to 18 in 2026, indicating improving valuation metrics [2].