EOPTOLINK(300502) 华龙证券·2024-09-02 06:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for high-speed optical modules is rapidly increasing, leading to significant growth in the company's performance. In the first half of 2024, the company achieved operating revenue of 2.728 billion yuan, a year-on-year increase of 109.07%, and a net profit attributable to shareholders of 865 million yuan, a year-on-year increase of 200.02% [1] - The training and inference applications of AI large models require greater network bandwidth for AI data centers, driving the rapid growth in demand for high-speed optical modules [1] - The sales proportion of high-speed optical module products continues to increase, enhancing the company's profitability. In the first half of 2024, the gross margin for point-to-point optical module products reached 43.36%, an increase of 13.52 percentage points year-on-year [1] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 2.728 billion yuan, a year-on-year increase of 109.07%, and a net profit attributable to shareholders of 865 million yuan, a year-on-year increase of 200.02% [1] - The company is one of the few in China capable of mass delivery of 100G, 400G, and 800G optical modules, mastering the packaging of high-speed optical device chips and optical devices [1] - The company forecasts operating revenue growth rates of 114.50%, 49.58%, and 31.83% for 2024-2026, with expected revenues of 6.644 billion yuan, 9.939 billion yuan, and 13.102 billion yuan respectively [2] Valuation Metrics - The current price of the stock is 30 yuan, with a market capitalization of approximately 66.48 billion yuan and a circulating market value of about 58.75 billion yuan [1] - The company’s projected P/E ratios for 2024, 2025, and 2026 are 32.5, 19.9, and 14.5 respectively, compared to the average valuation of comparable companies at 40.2 times P/E for 2024 [2][3]