仕佳光子：连续2个季度实现盈利，CW光源在多家大厂验证导入中

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [5]. Core Insights - The company has achieved profitability for two consecutive quarters, with a projected net profit of 11.95 million yuan for the first half of 2024, reversing a loss of 17.72 million yuan in the same period last year [1]. - The growth in sales of passive optical components and devices, such as AWG chips and parallel optical components, has significantly contributed to the revenue increase and improved profitability [1]. - The company is actively developing its active optical chip products, including silicon optical CW sources and high-speed EML, which are currently undergoing customer validation [2]. - The financial forecast estimates net profits of 6.1 million yuan, 9.2 million yuan, and 12 million yuan for 2024, 2025, and 2026 respectively, driven by the demand for silicon optical products [3]. Financial Summary - The company's revenue for 2023 is projected at 754.59 million yuan, a decrease of 16.46% from 2022, but expected to rebound with a growth rate of 29.12% in 2024 [4]. - The EBITDA for 2023 is estimated at 134.14 million yuan, with a forecasted increase to 171.06 million yuan in 2024 [4]. - The net profit margin is expected to improve, with a projected net profit margin of 6.27% in 2024, compared to a negative margin in 2023 [24].