Taclink(SH:688205) Haitong Securities·2024-09-03 03:39Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported steady growth in performance with an increase in both revenue and profit in Q2 2024. The revenue for the first half of 2024 was 409 million yuan, a year-on-year increase of 13.90%, while the net profit attributable to shareholders was 54.2 million yuan, up 13.47% year-on-year [3][4] - The company is benefiting from the upgrade of the 400G transmission network and the demand for AI computing power, which is expected to drive stable revenue growth [4][6] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 31.54%, an increase of 5.47 percentage points year-on-year, and a net profit margin of 13.25%, a slight decrease of 0.06 percentage points year-on-year [3] - In Q2 2024, the revenue was 222 million yuan, representing a year-on-year increase of 14.39% and a quarter-on-quarter increase of 18.07%. The net profit for Q2 was 31.19 million yuan, up 20.19% year-on-year and 35.54% quarter-on-quarter [3][4] Research and Development - The company's R&D expenses for H1 2024 were 49.88 million yuan, a year-on-year increase of 39.29%, with an R&D expense ratio of 12.19% [4] Business Segmentation - In H1 2024, the transmission segment generated revenue of 354 million yuan, a year-on-year increase of 10.15%, while the access and data segment saw revenue of 49.83 million yuan, up 60.40% year-on-year [4] - Domestic revenue reached 351 million yuan, a year-on-year increase of 29.39%, while international revenue was 5.81 million yuan, a year-on-year decrease of 33.89% [4] Future Earnings Forecast - The company is projected to achieve revenues of 950 million yuan, 1.126 billion yuan, and 1.331 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 124 million yuan, 160 million yuan, and 195 million yuan for the same years [6][9]