ZHONGJI INNOLIGHT(300308) 海通证券·2024-10-28 07:46Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 17.31 billion yuan, a year-on-year increase of 146.26%, and net profit of 3.75 billion yuan, up 189.59% year-on-year [4] - The growth in performance is primarily driven by the increased shipment of high-end products such as 400G and 800G modules, despite some impact from upstream optical chip shortages [5] - The company is expected to continue expanding its production capacity to meet strong demand for 800G and 1.6T products in the coming years [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a single-quarter revenue of 6.51 billion yuan, a year-on-year increase of 115.25% and a quarter-on-quarter increase of 9.37% [4] - The gross profit margin for Q3 was 33.64%, showing a slight increase compared to the previous year [4] - The company’s total revenue for 2024 is projected to be 24.93 billion yuan, with net profit expected to reach 5.46 billion yuan [6] Profit Forecast - The forecasted net profits for the company from 2024 to 2026 are 5.46 billion yuan, 9.71 billion yuan, and 11.02 billion yuan respectively, with corresponding EPS of 4.87 yuan, 8.66 yuan, and 9.83 yuan [5][6] - The company is positioned as a direct beneficiary of the industry's upgrade to 800G technology, justifying a valuation range of 173.20 to 216.50 yuan based on a PE ratio of 20-25x for 2025 [5] Market Comparison - The company’s stock performance has shown a significant absolute increase of 28.2% over the last month, outperforming the market index [3] - The relative performance against the market index has also been positive, indicating strong market sentiment towards the company [3]