ZHONGJI INNOLIGHT(SZ:300308) Huajin Securities·2024-10-25 07:30Investment Rating - The report maintains a "Buy - B" rating for the company [1][3]. Core Insights - The company achieved significant revenue growth, with Q3 2024 revenue reaching 6.514 billion yuan, a year-on-year increase of 115.25%, and a net profit of 1.394 billion yuan, up 104.40% year-on-year [1]. - The demand for high-end products is driven by the growth in computing power infrastructure and related capital expenditures, leading to an increase in the shipment ratio of high-end products like 400G and 800G [1]. - The company has solidified its position as a global leader in optical modules, ranking first in the global optical module supplier list, with strong demand for 800G and 1.6T optical modules expected to accelerate [1][3]. - The company is increasing its R&D investment, with R&D expenses reaching 742 million yuan in the first three quarters of 2024, a year-on-year increase of 57.41% [1]. Financial Performance - For the fiscal year 2024, the company is projected to achieve revenues of 24.834 billion yuan, with a year-on-year growth rate of 131.7% [4]. - The net profit for 2024 is expected to be 5.317 billion yuan, reflecting a year-on-year increase of 144.6% [4]. - The gross margin is projected to improve to 36.0% in 2024, with a net margin of 21.4% [4]. - The company's earnings per share (EPS) is forecasted to be 4.74 yuan for 2024, with a price-to-earnings (P/E) ratio of 32.9 [4]. Market Position and Future Outlook - The company is expected to benefit from the increasing demand for optical modules driven by the construction of computing centers, maintaining a high growth trajectory [1]. - The anticipated scaling of 800G and 1.6T products is expected to further enhance the company's market share and technological advantages in these areas [1]. - The report predicts that the company's revenue will continue to grow significantly in the coming years, with estimates of 38.815 billion yuan in 2025 and 48.635 billion yuan in 2026 [4].