太辰光：公司半年报点评：受益AI投资，Q2业绩同环比改善

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 510 million yuan for the first half of 2024, representing a year-on-year increase of 30.60%. The net profit attributable to shareholders was 79.51 million yuan, up 10.96% year-on-year [6] - The growth in revenue is primarily driven by an increase in customer orders, while the slower profit growth is attributed to reduced foreign exchange gains and increased R&D investments [6][7] - The company benefits from AI investments, which have driven demand for efficient data transmission and the widespread application of dense connection technology [7] - The company is expected to maintain stable revenue growth, with projected revenues of 1.245 billion, 1.626 billion, and 1.950 billion yuan for 2024, 2025, and 2026, respectively [7][8] Financial Performance - In Q2 2024, the company achieved a revenue of 287 million yuan, a year-on-year increase of 42.99% and a quarter-on-quarter increase of 28.34%. The net profit for Q2 was 47.77 million yuan, up 11.06% year-on-year and 50.45% quarter-on-quarter [6] - The gross profit margin for the first half of 2024 was 31.83%, an increase of 2.22 percentage points year-on-year, while the net profit margin was 15.60%, a decrease of 2.76 percentage points year-on-year [6] - R&D expenses for the first half of 2024 were 36.86 million yuan, a year-on-year increase of 31.65%, with an R&D expense ratio of 7.23% [6] Market Position and Product Development - The company's optical device products generated 495 million yuan in revenue, accounting for 97.15% of total revenue, with a year-on-year increase of 30.47% [7] - The company is enhancing its product offerings in both passive and active products, including upgrades to optical waveguide products and advancements in optical modules and AOC [7] - The company is positioned as one of the largest manufacturers of dense connection products globally, benefiting from the demand for AI computing power and 5G infrastructure [7]