ZHONGJI INNOLIGHT(SZ:300308) GOLDEN SUN SECURITIES·2024-09-06 00:11Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 10.8 billion yuan for the first half of 2024, representing a year-on-year growth of 169.7%, with a net profit attributable to shareholders of 2.36 billion yuan, up 284.3% year-on-year [3] - The demand for high-speed products, particularly 400G and 800G optical modules, is significantly increasing due to major clients investing in AI computing power, leading to improved gross and net profit margins [3] - The company’s cash flow performance is strong, with operating cash inflow reaching 10.37 billion yuan, and inventory levels indicating a high industry demand [3] Financial Performance Summary - Revenue for 2022 was 9.642 billion yuan, with a projected revenue of 23.524 billion yuan for 2024, reflecting a growth rate of 119.5% [5] - The net profit attributable to shareholders is expected to grow from 2.174 billion yuan in 2023 to 5.590 billion yuan in 2024, indicating a year-on-year growth of 157.2% [5] - The company’s gross margin is projected to improve to 34.6% in 2024, while the net margin is expected to reach 23.8% [5] Industry Outlook - The industry is experiencing accelerated iterations driven by AI, with the technology upgrade cycle for communication equipment shortening significantly [4] - The report anticipates that the demand for 800G and above high-speed optical modules will continue to grow, further concentrating market share among leading manufacturers [4] - The company’s earnings forecasts for 2024-2026 have been raised, with projected net profits of 5.590 billion yuan, 9.784 billion yuan, and 12.987 billion yuan respectively, corresponding to P/E ratios of 20.4, 11.7, and 8.8 [4]