ZHONGJI INNOLIGHT(SZ:300308) Guotou Securities·2024-10-24 08:08Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 186.1 CNY for the next six months [4][5]. Core Views - The company has experienced significant growth in revenue and profit due to increased demand for high-end optical modules, particularly 400G and 800G products, driven by key customers' capital expenditure in computing infrastructure [2][3]. - The company's revenue for the first three quarters of 2024 reached 17.313 billion CNY, a year-on-year increase of 146.26%, while the net profit attributable to shareholders was 3.753 billion CNY, up 189.59% [1][2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 6.514 billion CNY, a year-on-year increase of 115.25%, and a net profit of 1.394 billion CNY, up 104.4% [2]. - The gross margin for Q3 2024 was 33.64%, showing an improvement from 32.76% in Q1 and 33.44% in Q2 [2]. - The projected revenues for 2024 to 2026 are 25.487 billion CNY, 38.435 billion CNY, and 57.652 billion CNY, respectively, with net profits of 5.49 billion CNY, 8.989 billion CNY, and 13.774 billion CNY [4][8]. Market Trends and Growth Drivers - The global market for data communication optical modules is expected to grow at a CAGR of 18% from 2023 to 2028, with AI-related optical modules projected to grow at a CAGR of 47% [3]. - Major internet companies are significantly increasing their capital expenditures, with the top three domestic firms spending a total of 4.324 billion USD in Q1 2024, reflecting a year-on-year increase of 142.66% [3].