EOPTOLINK(300502) 国元证券·2024-09-01 04:09Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][13]. Core Views - The company has demonstrated high growth in profitability, with a significant increase in revenue and net profit driven by the demand for AI-related hardware and high-speed products [2][4]. - The company's gross margin has improved significantly, reaching 43.04%, with a year-on-year increase of 13.6 percentage points, attributed to effective cost control and the introduction of new technologies [2][4]. - The expansion of overseas cloud providers' capital expenditures is expected to support the company's performance, with significant investments in AI infrastructure [3][4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 2.728 billion yuan, a year-on-year increase of 109.07%, and a net profit of 865 million yuan, up 200.02% [2]. - For Q2 2024, revenue reached 1.615 billion yuan, reflecting a year-on-year growth of 129.23% and a quarter-on-quarter increase of 45.11% [2]. - The company’s operating expenses remained stable at a low level, with a period expense ratio of approximately 6.21% in H1 2024 [2]. Product and Market Development - The company has successfully developed a product mix that includes 800G and 400G optical modules, which are essential for meeting the growing demand in the AI and cloud computing sectors [2][3]. - The second phase of the factory in Thailand is progressing well and is expected to be completed by Q4 2024, which will enhance production capacity to meet future demand [3]. Earnings Forecast - The company is projected to achieve revenues of 6.244 billion yuan, 9.058 billion yuan, and 12.251 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - Corresponding net profits are expected to be 2.019 billion yuan, 2.760 billion yuan, and 3.745 billion yuan for the same years [4].