EOPTOLINK(SZ:300502) Guolian Securities·2024-09-01 07:12Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a significant increase in performance, with a net profit of 865 million yuan for the first half of 2024, representing a year-on-year growth of 200.02% [11] - The gross margin for H1 2024 reached 43.04%, an increase of 13.63 percentage points year-on-year, while the net margin was 31.72%, up by 9.62 percentage points [11] - The company emphasizes research and development, with R&D expenses amounting to 130 million yuan in H1 2024, a year-on-year increase of 113.06% [11] - The company is focusing on high-end product sales, with breakthroughs in new product development, including high-speed optical modules and silicon optical modules [11] - The company plans to absorb its wholly-owned subsidiary, Sichuan Xinyi Communication Technology Co., Ltd., to optimize management and improve operational efficiency [11] Financial Performance - For H1 2024, the company achieved operating revenue of 2.728 billion yuan, a year-on-year increase of 109.07% [11] - In Q2 2024, the operating revenue was 1.615 billion yuan, reflecting a year-on-year growth of 129.23% and a quarter-on-quarter increase of 45.11% [11] - The company expects operating revenues for 2024-2026 to be 6.171 billion, 9.234 billion, and 13.821 billion yuan, with year-on-year growth rates of 99.23%, 49.62%, and 49.68% respectively [11][12] - The projected net profits for the same period are 1.530 billion, 2.249 billion, and 3.329 billion yuan, with growth rates of 122.23%, 47.00%, and 48.06% respectively [11][12] Product Development - The company has made significant progress in the development of high-speed optical modules, silicon optical modules, coherent optical modules, and 800G LPO optical modules [11] - The sales proportion of high-speed optical modules continues to increase, indicating a successful product strategy [11] Management Strategy - The planned absorption of the subsidiary is aimed at enhancing management structure and operational efficiency [11]