ZHONGJI INNOLIGHT(SZ:300308) Soochow Securities·2024-10-24 04:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 17.31 billion yuan, up 146% year-on-year, and net profit of 3.75 billion yuan, up 190% year-on-year [1] - The gross margin improved to 33.3% in the first three quarters of 2024, with expectations for further increases due to product mix optimization and production process improvements [2] - The company is expected to benefit from high demand for 800G and 1.6T products, as well as the accelerated penetration of silicon photonics technology [3] Financial Forecasts and Valuation - Revenue forecasts for 2024, 2025, and 2026 have been adjusted to 52.8 billion yuan, 94.5 billion yuan, and 111.5 billion yuan respectively, reflecting the anticipated ramp-up of new products [3] - The corresponding P/E ratios based on the closing price on October 23, 2024, are projected to be 25.5, 14.2, and 12.1 for the years 2024, 2025, and 2026 respectively [3]