EOPTOLINK(300502) 国泰君安·2024-09-01 01:23Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 145.20 CNY, down from the previous 173.00 CNY [5][3]. Core Insights - The company's performance in the first half of 2024 met expectations, with a significant increase in profitability. The revenue reached 2.727 billion CNY, representing a year-on-year growth of 109.07%. The net profit attributable to shareholders was 865 million CNY, with a second-quarter net profit of 541 million CNY, aligning with prior forecasts [3][4]. - The demand for 800G Ethernet is robust, presenting substantial growth opportunities for the company as it is one of the few suppliers capable of mass-producing 800G optical modules. The inventory increased significantly to 2.235 billion CNY, primarily due to a rise in raw material stock for production [3][4]. - The company has adjusted its profit forecasts for 2024-2026, raising the net profit estimates to 2.313 billion CNY, 5.147 billion CNY, and 6.147 billion CNY respectively, with corresponding EPS of 3.26 CNY, 7.26 CNY, and 8.67 CNY [3][9]. Financial Summary - For 2024, the company is projected to achieve a revenue of 7.315 billion CNY, a significant increase of 136.2% compared to the previous year. The net profit is expected to rise by 236.1% to 2.313 billion CNY [9][11]. - The gross margin for Q2 reached 43.76%, while the net margin was 33.48%, indicating strong profitability metrics [3][4]. - The company's total assets are projected to grow to 9.795 billion CNY by 2024, with a net asset value per share of 8.81 CNY [7][11].