ZHONGJI INNOLIGHT(SZ:300308) ZHONGTAI SECURITIES·2024-10-25 01:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [2][5]. Core Insights - The company is positioned as a global leader in optical modules, with 800G products entering mass supply and 1.6T products expected to see rapid growth. The company also possesses advanced technologies in silicon photonics, CPO, and coherent modules [2][4]. - The projected net profits for the company from 2024 to 2026 are estimated at 5.146 billion yuan, 7.172 billion yuan, and 9.109 billion yuan respectively, with corresponding EPS of 4.59 yuan, 6.40 yuan, and 8.12 yuan [2][4]. Financial Performance Summary - Revenue Forecast: The company's revenue is projected to grow significantly from 10,718 million yuan in 2023 to 46,747 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 29% [1][4]. - Net Profit: The net profit is expected to increase from 2,174 million yuan in 2023 to 9,109 million yuan in 2026, indicating a strong growth trajectory [1][4]. - Earnings Per Share (EPS): EPS is forecasted to rise from 1.94 yuan in 2023 to 8.12 yuan in 2026, showcasing the company's improving profitability [1][4]. - Gross Margin: The gross margin is anticipated to improve, with a projected gross margin of 34.4% in 2024 [4]. Market Position and Growth Drivers - The company is benefiting from increased demand for high-speed optical modules, particularly in the context of AI and cloud computing, which are driving the need for enhanced data center interconnectivity [2][4]. - The report highlights the company's strategic focus on expanding production capacity both domestically and in Thailand, which is expected to support the anticipated growth in orders [2][4].