ZHONGJI INNOLIGHT(300308) 国联证券·2024-08-27 08:10Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a net profit attributable to the parent company of 2.358 billion yuan in the first half of 2024, a year-on-year increase of 284.26% [2] - In Q2 2024, the net profit attributable to the parent company was 1.349 billion yuan, a year-on-year increase of 270.82% and a quarter-on-quarter increase of 33.68% [2] - The gross profit margin for the first half of 2024 reached 33.13%, a year-on-year increase of 2.74 percentage points [2] - The company's revenue and net profit significantly increased due to the rapid growth in the proportion of high-end products such as 800G/400G, continuous optimization of the product structure, and cost reduction and efficiency improvement [2] - The "Tongling Xuchuang High-End Optical Module Production Base Project" has been completed and finalized [2] Financial Performance - The company's revenue for the first half of 2024 was 10.799 billion yuan, a year-on-year increase of 169.70% [7] - The net profit attributable to the parent company for the first half of 2024 was 2.358 billion yuan, a year-on-year increase of 284.26% [7] - The net profit margin for the first half of 2024 was 22.29%, a year-on-year increase of 6.13 percentage points [7] - The management expense ratio for the first half of 2024 was 2.84%, a year-on-year decrease of 1.83 percentage points [7] - The sales expense ratio for the first half of 2024 was 0.83%, a year-on-year decrease of 0.26 percentage points [7] Product and Market - The company's key customers have increased investment in computing infrastructure, leading to significant growth in demand for 400G/800G optical modules [7] - The company's 1.6T optical modules are expected to begin delivery in Q4 2024 and ramp up in 2025 [7] - The company is advancing projects such as the "Suzhou Xuchuang Optical Module Business Headquarters and R&D Center Construction Project" and the "Tongling Xuchuang High-End Optical Module Production Base Project" [7] Future Projections - The company's revenue is expected to be 25.595 billion yuan in 2024, 37.956 billion yuan in 2025, and 49.107 billion yuan in 2026, with year-on-year growth rates of 138.80%, 48.30%, and 29.38% respectively [7] - The net profit attributable to the parent company is expected to be 5.165 billion yuan in 2024, 8.114 billion yuan in 2025, and 10.447 billion yuan in 2026, with year-on-year growth rates of 137.65%, 57.08%, and 28.75% respectively [7] - The EPS is expected to be 4.61 yuan/share in 2024, 7.24 yuan/share in 2025, and 9.32 yuan/share in 2026 [7] Valuation Metrics - The P/E ratio is 104.7 in 2022, 59.0 in 2023, 24.8 in 2024E, 15.8 in 2025E, and 12.3 in 2026E [4] - The P/B ratio is 10.7 in 2022, 9.0 in 2023, 6.6 in 2024E, 4.7 in 2025E, and 3.4 in 2026E [4] - The EV/EBITDA ratio is 10.8 in 2022, 30.2 in 2023, 14.4 in 2024E, 8.3 in 2025E, and 6.2 in 2026E [4]