源杰科技：数据中心业务增长快速，上半年营收实现较快恢复

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance in the near term [4][7][10]. Core Insights - The company reported a significant recovery in revenue, achieving 120 million yuan in the first half of 2024, a year-on-year increase of 95.96%. However, the net profit attributable to the parent company decreased by 44.56% to 11 million yuan [4][6][7]. - The data center business is experiencing rapid growth, with revenue from this segment increasing by 408.78% year-on-year, although it remains a smaller part of the overall business [6][7]. - The company is expanding its product applications in the telecom and data center markets, driven by increasing demand for high-speed optical devices due to advancements in AI and infrastructure development [6][7]. Financial Performance Summary - Revenue for 2024 is projected to be 276 million yuan, with a year-on-year growth of 91.4% [5][9]. - The net profit for 2024 is expected to reach 60 million yuan, reflecting a significant recovery from previous years [5][9]. - The gross margin for the company has decreased to 33.42%, down 5.59 percentage points from the previous year, primarily due to increased competition and production costs [7][9]. - The company’s operating expenses have decreased, with R&D expenses at 18.35% and management expenses down by 11.22% [7][9]. Market Position and Outlook - The company is well-positioned in the telecom market, benefiting from the ongoing rollout of 5G and gigabit fiber networks, which are expected to drive demand for its products [6][7]. - The anticipated growth in the data center market, fueled by AI developments, is expected to further enhance the company's revenue potential [6][7]. - The report suggests that despite recent volatility in performance, the company's market position and product development align well with industry trends, supporting a positive long-term outlook [7][9].