EOPTOLINK(SZ:300502) KAIYUAN SECURITIES·2024-08-29 02:13Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company's performance met expectations, with significant revenue and profit growth driven by increasing demand for high-speed products and overall industry improvement [3][4]. - The company achieved a revenue of 2.728 billion yuan in H1 2024, representing a year-on-year increase of 109.07%, and a net profit of 865 million yuan, up 200.02% year-on-year [3]. - For Q2 2024, the company reported revenue of 1.615 billion yuan, a year-on-year increase of 129.23% and a quarter-on-quarter increase of 45.11%, with a net profit of 541 million yuan, reflecting a year-on-year growth of 199.45% and a quarter-on-quarter growth of 66.57% [3]. Financial Performance Summary - In H1 2024, the company's point-to-point optical module revenue reached 2.687 billion yuan, up 112.99% year-on-year, with a gross margin of 43.36%, an increase of 13.52 percentage points [4]. - The overall gross margin for H1 2024 was 43.04%, up 13.63 percentage points year-on-year, while the sales gross margin for Q2 2024 was 43.76%, reflecting a year-on-year increase of 18.29% and a quarter-on-quarter increase of 1.76% [4]. - The company has a projected net profit of 1.542 billion yuan, 2.340 billion yuan, and 3.288 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 45.0, 29.6, and 21.1 times [3][5]. Research and Development - The company invested 130 million yuan in R&D in H1 2024, a year-on-year increase of 113.06%, with an R&D expense ratio of 4.75% [4]. - Significant breakthroughs were achieved in the development of high-speed optical modules, silicon photonic modules, and coherent optical modules, including the successful launch of 800G single-wave 200G optical module products [4].