ZHONGJI INNOLIGHT(300308) 中国银河·2024-09-10 03:08Investment Rating - The report maintains a "Recommend" rating for the company, reflecting its strong growth potential and leading position in the global optical module market [1][13][15] Core Views - The company achieved significant revenue and profit growth in H1 2024, with revenue reaching 10.799 billion yuan (+169.70% YoY) and net profit of 2.358 billion yuan (+284.26% YoY) [1][13] - Overseas market share continues to expand, driving profitability improvement with H1 2024 gross margin reaching 33.13% (+2.74pct YoY) [1][13] - AI-driven high-speed products are accelerating, with the global optical module market expected to grow 27% in 2024 and reach $22.4 billion by 2029 [1][13] - The company's R&D investment reached 527 million yuan in H1 2024, up 62.24% YoY, with successful market introduction of 800G EML, LPO, and silicon photonics solutions [1][13] Financial Performance - Q2 2024 revenue reached 5.956 billion yuan (+174.88% YoY, +22.99% QoQ), with net profit of 1.349 billion yuan (+270.82% YoY, +33.68% QoQ) [1][13] - The company is forecasted to achieve revenue of 25.599/37.616/45.898 billion yuan in 2024/2025/2026, with YoY growth of 138.85%/46.94%/22.02% [1][13] - EPS is projected to be 4.74/7.50/9.00 yuan for 2024/2025/2026, with corresponding P/E ratios of 20.97/13.26/11.04x [1][13] Industry Outlook - The 400G+ high-speed market is expected to grow at a CAGR of over 28%, reaching $12.5 billion by 2029 [1][13] - Major cloud providers (Microsoft, Meta, Google, Amazon) increased combined Capex by 66% YoY and 22% QoQ in Q2 2024, focusing on GPU and AI server investments [1][13] Technological Advancements - The company's 800G products have received certifications from multiple data center customers [1][13] - 1.6T silicon photonics modules are in the customer sampling and testing phase, with potential mass production by year-end [1][13]