Shijia Photons(SH:688313) Guotai Junan Securities·2024-07-23 13:31Investment Rating - The report maintains a "Buy" rating for the company [16] Core Views - The company is expected to turn profitable year-on-year, with improved profitability confirmed [15] - The report forecasts net profits for 2024-2026 at 51 million, 120 million, and 215 million yuan respectively, corresponding to EPS of 0.11, 0.26, and 0.47 yuan [15] - The target price is set at 15.6 yuan, unchanged from previous estimates [15] Financial Summary - Revenue for 2022 was 903 million yuan, projected to decrease to 755 million yuan in 2023, and then increase to 990 million yuan in 2024, reflecting a growth of 31.2% [4] - Net profit attributable to the parent company was 64 million yuan in 2022, expected to turn negative at -48 million yuan in 2023, and recover to 51 million yuan in 2024, indicating a significant turnaround [4] - The company’s earnings per share (EPS) is projected to be 0.11 yuan in 2024, increasing to 0.47 yuan by 2026 [4] Market Performance - The stock has seen a 35% decline over the past 12 months [6] - The company’s market capitalization is approximately 4.249 billion yuan [18] Industry Trends - The demand for high-speed optical modules is rapidly increasing, with significant growth expected in the 400G/800G segments [15] - The silicon photonics industry is developing quickly, with new products in the CW light source area being tested and expected to drive future growth [15]