EOPTOLINK(SZ:300502) Guolian Securities·2024-07-17 08:02Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to achieve significant growth in net profit for the first half of 2024, with estimates ranging from 8.10 to 9.50 billion yuan, representing a year-on-year increase of 180.89% to 229.44% [1]. - The demand for high-speed optical modules is anticipated to continue growing, driven by ongoing technological upgrades and capacity expansion [4]. - The company has successfully launched the latest 800G/1.6T optical module products, indicating strong R&D progress [3]. Summary by Sections Financial Performance - The company forecasts a net profit of 15.30 billion yuan for 2024, with a year-on-year growth rate of 122.23% [4]. - Revenue projections for 2024, 2025, and 2026 are 61.71 billion yuan, 92.34 billion yuan, and 138.21 billion yuan, respectively, with growth rates of 99.23%, 49.62%, and 49.68% [4][5]. Product Development - The company is expanding its production capacity by issuing convertible bonds to fund new high-speed optical module projects in Chengdu and Thailand, which will add annual production capacities of 1.85 million and 1.10 million units, respectively [3]. - The product lineup includes advanced technologies such as VCSEL/EML, silicon photonics, and thin-film lithium niobate solutions [3]. Market Trends - The introduction of NVIDIA's Spectrum X800 switch, capable of supporting 800G optical modules, is expected to accelerate the evolution of optical modules towards 1.6T [2]. - The continuous upgrade of switching technology is likely to drive demand for higher-capacity optical modules [2].