太辰光：AI驱动下业绩及盈利能力持续优化

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 510 million yuan for the first half of 2024, representing a year-on-year growth of 30.6%. The net profit attributable to shareholders was 79.51 million yuan, up 11% year-on-year [1] - The growth in revenue and gross margin for optical devices is driven by AI, with optical device revenue reaching 495 million yuan, a 30.3% increase year-on-year, and a gross margin of 31.9%, up 3 percentage points [1] - The company is expanding its production capacity to meet the growing demand for high-density optical interconnects, particularly in overseas markets [1] - Continuous investment in R&D is emphasized, with a focus on passive, active, and optical sensing products, while maintaining cost control [1] Financial Summary - The company’s projected financial performance for 2024-2026 includes net profits of 250 million yuan, 330 million yuan, and 400 million yuan respectively, with corresponding P/E ratios of 24, 18, and 15 times [2] - The financial indicators show a revenue forecast of 1.17 billion yuan for 2024, with a year-on-year growth rate of 32.7% [3] - The company’s net profit for 2023 is expected to be 155 million yuan, reflecting a decline of 13.9% year-on-year, but a significant recovery is anticipated in the following years [3]