ZHONGJI INNOLIGHT(300308) 天风证券·2024-07-16 02:30Investment Rating - The investment rating for the company is "Buy" with a target price set at 149.58 CNY, maintaining the rating for the next six months [1][8]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 21.5 to 25 billion CNY for the first half of 2024, representing a year-on-year increase of 250.3% to 307.3% [1][2]. - The growth in performance is driven by the increasing shipment of high-end products such as 800G and 1.6T modules, indicating a strong demand in the market [1][2]. - The company has shown consistent quarterly growth, with the second quarter of 2024 projected to yield a net profit of 11.4 to 14.9 billion CNY, marking a year-on-year increase of 213.53% to 309.73% [3]. Financial Data Summary - The total share capital of the company is 1,121.17 million shares, with a total market capitalization of approximately 167.7 billion CNY [1]. - The company’s revenue is projected to grow significantly, with estimates of 26,077.69 million CNY in 2024, up from 10,717.98 million CNY in 2023, reflecting a growth rate of 143.31% [6][7]. - The net profit attributable to shareholders is expected to reach 5,974.61 million CNY in 2024, a substantial increase from 2,173.53 million CNY in 2023, indicating a growth rate of 174.88% [6][7]. Future Outlook - The company anticipates that the demand for 800G and 1.6T optical modules will continue to grow, with the 1.6T module expected to enter mass production in the fourth quarter of 2024 [3][5]. - The company is preparing to increase production capacity for high-end optical modules to meet the anticipated demand from overseas clients [5][6].