Shijia Photons(SH:688313) Minsheng Securities·2024-08-17 10:03Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a turnaround in profitability in the first half of 2024, with revenue of 449 million yuan, a year-on-year increase of 36.07%, and a net profit attributable to shareholders of 11.96 million yuan, marking a return to profitability [1]. - The recovery in the telecommunications market and rapid growth in the data communication market driven by AI demand contributed to the company's performance [1]. - The company is focusing on enhancing its capabilities in optical chips and devices for the data communication sector, which is expected to be a core growth driver in the future [1]. Financial Performance Summary - Revenue for the first half of 2024 reached 449 million yuan, up 36.07% year-on-year [1]. - The optical chip and device segment generated 241 million yuan in revenue, a 60.5% increase year-on-year [1]. - Indoor optical cable revenue was 98 million yuan, reflecting a 12.67% year-on-year growth [1]. - Revenue from cable polymer materials was 102 million yuan, with a year-on-year increase of 22.67% [1]. - The company has consistently increased its R&D investment, with R&D expense ratios of 9.8%, 8.9%, 12.7%, and 12.0% for the years 2021 to 2024 [1]. Profit Forecast - The projected net profits attributable to shareholders for 2024, 2025, and 2026 are 45 million yuan, 82 million yuan, and 122 million yuan, respectively [1]. - The corresponding PE ratios based on the closing price on August 16, 2024, are 92x, 51x, and 34x for the years 2024, 2025, and 2026 [1].