AFR(300620) 华龙证券·2024-08-23 11:00Investment Rating - The report assigns a "Buy" rating to Guangkun Technology (300620 SZ) for the first time [1] Core Views - Guangkun Technology's performance improved in H1 2024 with revenue reaching 421 million yuan, up 24 41% YoY However, net profit attributable to shareholders declined 4 36% YoY to 30 million yuan [1] - The company actively expanded its market and developed new customers, driving revenue growth [1] - Fiber laser components revenue decreased 6 18% YoY to 198 million yuan, but gross margin improved 4 4 percentage points to 33 83% [1] - Optical communication components revenue surged 45 11% YoY to 161 million yuan, though gross margin slightly declined 0 7 percentage points to 40 06% [1] - Laser radar light source modules and components revenue grew 16041 62% YoY to 49 million yuan, with a gross margin of 19 78% [1] Industry Analysis - The fiber laser industry is experiencing rapid development, driven by traditional manufacturing upgrades, creating opportunities for fiber laser components [1] - Guangkun Technology has established a strong position in the fiber laser components field, with advanced products like 10kW laser combiners and 3kW fiber gratings [1] R&D and Competitive Advantage - The company increased R&D investment by 6 11 million yuan in H1 2024, up 9 68% YoY, focusing on new products like thin-film lithium niobate high-speed modulator chips and autonomous vehicle laser radar light source modules [1] - With over a decade of experience, Guangkun Technology has become a core supplier of passive components, holding multiple patents in polarization-maintaining and high-power devices [1] Financial Projections - Revenue is expected to grow at 28 53%, 23 59%, and 31 57% from 2024 to 2026, reaching 912 million yuan, 1 128 billion yuan, and 1 484 billion yuan respectively [2] - Net profit attributable to shareholders is projected to be 82 million yuan, 107 million yuan, and 148 million yuan from 2024 to 2026 [2] - The current PE ratios for 2024-2026 are 104 1x, 79 2x, and 57 6x, higher than the industry average of 33 8x [2] Valuation Comparison - Compared to peers like Tianfu Communication (300394 SZ) and Bochuang Technology (300548 SZ), Guangkun Technology has higher PE ratios but lower EPS projections [3] - The average PE ratio for comparable companies in 2024 is 33 8x, significantly lower than Guangkun Technology's 103 4x [3]