Shijia Photons(688313) 天风证券·2024-10-20 12:42Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][12]. Core Insights - The company reported significant revenue growth, achieving 729 million yuan in the first three quarters of 2024, a year-on-year increase of 35%, and a net profit of 36.21 million yuan, up 231% year-on-year [1][2]. - In Q3 alone, the company generated 280 million yuan in revenue, reflecting a 33% year-on-year increase and a 12% quarter-on-quarter increase, with a net profit of 24.25 million yuan, marking a 345% year-on-year increase and a 590% quarter-on-quarter increase [1][2]. - The growth is attributed to the expansion of the company's product lines in high-speed optical communication, particularly in data communication and AI products, with strong demand for AWG and DFB related products [1][2]. Financial Performance Summary - The company’s gross margin for Q3 was 29%, an increase of 7.3 percentage points year-on-year and 5.5 percentage points quarter-on-quarter, while the net profit margin reached 8.65%, up 13.35 percentage points year-on-year and 7.25 percentage points quarter-on-quarter [2]. - The company has made significant progress in reducing costs and improving efficiency, enhancing its R&D cost management capabilities through technological innovations [2]. - The forecast for net profit for 2024-2026 has been revised upwards to 58 million yuan, 104 million yuan, and 145 million yuan respectively, reflecting the anticipated growth in both active and passive optical chip products [2][4]. Product Development Highlights - The company has achieved breakthroughs in the performance of high-power CW DFB lasers, with outputs of 50mW to 900mW, currently undergoing client reliability validation and small-scale sales [2]. - Development of 100G EML for data communication is progressing, with internal validation ongoing [2]. - The company has successfully developed AWG chips and components for 800G/1.6T optical modules, with 800G optical modules already in mass production [2]. Financial Data and Valuation - The company’s total revenue for 2022 was 903.26 million yuan, with projections of 1,039.80 million yuan for 2024, indicating a growth rate of 37.80% [4]. - The net profit for 2022 was 64.29 million yuan, with a forecasted recovery to 58 million yuan in 2024 [4]. - The company’s P/E ratio is projected to be 107.50 in 2024, decreasing to 42.98 by 2026, indicating improving valuation metrics over time [4][8].