ZHONGJI INNOLIGHT(SZ:300308) Soochow Securities·2024-07-15 04:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][14] Core Views - The company has released its H1 2024 earnings forecast, projecting a net profit attributable to shareholders of 2.15 to 2.50 billion yuan, representing a year-on-year increase of 250% to 307%. The non-recurring net profit is expected to be between 2.10 to 2.45 billion yuan, with a year-on-year growth of 260% to 320% [3][16] - The second quarter of 2024 is expected to see a median net profit of 1.32 billion yuan, reflecting a quarter-on-quarter increase of 30% [3][16] - The rapid growth in shipments of high-end products such as 800G and 400G modules has significantly boosted the company's performance, despite a 93 million yuan impact from stock incentive expenses [4][17] - The company is expected to benefit from the high demand for 800G and 1.6T products next year, driven by trends in cloud computing and AI computing power [5][18] Financial Forecasts and Valuation - The total revenue for 2024 is projected to be 23.83 billion yuan, with a year-on-year growth of 122.34%. The net profit attributable to shareholders is forecasted at 5.01 billion yuan, a 130.56% increase year-on-year [2][15] - The earnings per share (EPS) for 2024 is estimated at 4.47 yuan, with a price-to-earnings (P/E) ratio of 33.59 based on the closing price on July 12, 2024 [2][15] - The company’s net profit forecasts for 2024 and 2025 have been revised upwards to 5.01 billion yuan and 6.43 billion yuan, respectively, with a 2026 forecast of 8.83 billion yuan [5][18]