ZHONGJI INNOLIGHT(SZ:300308) Guoyuan Securities·2024-08-31 13:03Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's revenue for H1 2024 reached 10.799 billion yuan, a year-on-year increase of 169.70%, with a net profit of 2.358 billion yuan, up 284.26% year-on-year [3]. - The growth in revenue is attributed to the increasing demand for computing hardware, particularly in high-speed products like 400G and 800G, and the successful transition to higher-speed optical modules [3]. - The gross margin for H1 2024 was 33.13%, an increase of 2.74 percentage points year-on-year, indicating improved profitability due to cost reduction and efficiency measures [3]. - The company has rapidly expanded its production capacity, achieving a total capacity of 9 million units, a year-on-year increase of 81.09%, and a production volume of 6.54 million units, up 102.48% year-on-year [3]. Financial Performance Summary - The company is projected to achieve revenues of 24.641 billion, 36.916 billion, and 46.212 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.087 billion, 7.677 billion, and 9.679 billion yuan [4]. - The projected PE ratios for 2024, 2025, and 2026 are 24, 16, and 13 times respectively, indicating a favorable valuation outlook [4]. - The company's gross margin is expected to remain stable around 32.53% to 32.77% over the next few years, reflecting consistent operational efficiency [5].