EOPTOLINK(300502) 国泰君安·2024-10-27 10:13Investment Rating - The report maintains a "Buy" rating for the company, with an upgraded target price of 215.60 CNY, up from the previous 145.20 CNY [2][5]. Core Insights - The company's performance has exceeded market expectations, showcasing significant profitability. The demand for 400G and 800G products has surged, with material procurement and delivery capabilities in place [2][3]. - The forecast for net profit attributable to the parent company has been raised for 2024-2026 to 25.53 billion, 54.57 billion, and 63.60 billion CNY, respectively, corresponding to EPS of 3.60, 7.70, and 8.97 CNY [3][10]. Financial Summary - Revenue: - 2022A: 3,311 million CNY - 2023A: 3,098 million CNY - 2024E: 8,345 million CNY (up 169.4%) - 2025E: 19,365 million CNY (up 132.1%) - 2026E: 25,359 million CNY (up 30.9%) [1] - Net Profit (attributable to parent): - 2022A: 904 million CNY - 2023A: 688 million CNY - 2024E: 2,553 million CNY (up 270.9%) - 2025E: 5,457 million CNY (up 113.7%) - 2026E: 6,360 million CNY (up 16.5%) [1] - EPS: - 2022A: 1.27 CNY - 2023A: 0.97 CNY - 2024E: 3.60 CNY - 2025E: 7.70 CNY - 2026E: 8.97 CNY [1] - ROE: - 2022A: 18.7% - 2023A: 12.6% - 2024E: 32.0% - 2025E: 42.4% - 2026E: 34.3% [1] - PE Ratio: - Current: 146.89 - 2024E: 39.60 - 2025E: 18.53 - 2026E: 15.90 [1]