EOPTOLINK(300502) 民生证券·2024-10-26 05:12Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 5.13 billion yuan, a year-on-year growth of 145.82%, and a net profit of 1.646 billion yuan, up 283.20% [1]. - The demand for high-end optical modules, driven by AI, has significantly boosted the company's performance, with a gross margin of 41.53% and a net margin of 32.50% in Q3 2024 [1]. - The company is strategically positioned in the optical module market, with a comprehensive product range and ongoing development in advanced fields such as silicon photonics [1]. Financial Performance Summary - Revenue for Q3 2024 was 2.403 billion yuan, reflecting a year-on-year increase of 207.12% and a quarter-on-quarter increase of 48.79% [1]. - The gross margin for Q3 2024 was 41.53%, showing a significant improvement of 15.37 percentage points compared to the same period last year [1]. - The net profit for Q3 2024 was 781 million yuan, marking a year-on-year increase of 453.07% and a quarter-on-quarter increase of 44.46% [1]. Future Outlook - The company is expected to benefit from the growing demand for high-end optical modules driven by AI, with projected net profits of 2.501 billion yuan, 4.306 billion yuan, and 5.374 billion yuan for 2024, 2025, and 2026, respectively [1][4]. - The company is actively expanding its product offerings in cutting-edge areas, including 800G and 1.6T optical modules, which are currently in production and testing phases [1].