ZHONGJI INNOLIGHT(300308) 华创证券·2024-08-26 13:42Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's performance exceeded the midpoint of the forecast, with significant growth in both revenue and net profit [1] - Revenue for H1 2024 reached 10.799 billion yuan, a year-on-year increase of 169.70% [1] - Net profit attributable to the parent company was 2.358 billion yuan, up 284.26% year-on-year [1] - Q2 2024 revenue was 5.956 billion yuan, a year-on-year increase of 174.88%, and a quarter-on-quarter increase of 22.98% [1] - Q2 2024 net profit was 1.349 billion yuan, exceeding the forecast midpoint of 1.316 billion yuan, with a year-on-year increase of 270.82% and a quarter-on-quarter increase of 33.70% [1] Profitability - Gross margin for Q2 2024 was 33.44%, an increase of 0.68 percentage points quarter-on-quarter [1] - Net margin for Q2 2024 was 23.16%, an increase of 1.96 percentage points quarter-on-quarter [1] - The improvement in profitability is attributed to the rapid increase in the proportion of high-end products such as 400G and 800G, as well as continuous cost reduction and efficiency improvement [1] - The revenue structure in H1 2024 was dominated by 400G and 800G products, which contributed to the growth in gross margin [1] Product Development - 1.6T products are expected to enter mass production by the end of the year, providing new growth momentum for the company [1] - The company has made significant progress in the market introduction of 800G products, including EML, LPO, and silicon photonics solutions, and has obtained certifications from multiple data center customers [1] - Silicon photonics products are accelerating their market entry, with the company's subsidiary, Suzhou Paixi, achieving a 2204% year-on-year revenue growth in H1 2024 [1] Financial Forecasts - Expected revenue for 2024-2026 is 26.487 billion yuan, 38.912 billion yuan, and 44.175 billion yuan, with year-on-year growth rates of 147.1%, 46.9%, and 13.5% respectively [1] - Expected net profit attributable to the parent company for 2024-2026 is 5.092 billion yuan, 8.071 billion yuan, and 9.835 billion yuan, with year-on-year growth rates of 134.3%, 58.5%, and 21.8% respectively [1] Market Performance - The company's stock price has shown significant growth over the past 12 months, with a peak price of 187.70 yuan and a low of 85.22 yuan [21] - The company's market capitalization is 134.45 billion yuan, with a circulating market capitalization of 133.796 billion yuan [21]