FiberHome(SH:600498) Changjiang Securities·2024-10-29 03:49Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company has solidified its market position in the optical communication sector and is accelerating its AI business development. Its subsidiary, Changjiang Computing, has become a significant server supplier for operators, which is expected to open up revenue and profit growth opportunities [5][6]. Financial Performance - For the third quarter of 2024, the company reported revenue of 21.154 billion yuan, a year-on-year decrease of 6.23%. However, the net profit attributable to shareholders was 394 million yuan, reflecting a year-on-year increase of 20.07%. The net profit excluding non-recurring items was 369 million yuan, up 24.76% year-on-year [3][4]. Business Development - The company maintains a leading technological advantage in the optical communication industry, with a complete industrial chain from optical fibers to system equipment. It has secured key projects, including winning bids for 400G OTN network supply for major operators [4][5]. - Changjiang Computing is focusing on the growth of computing and storage businesses, becoming an important partner for Ascend servers. The company is actively expanding its market share in the AI server sector, with significant contracts from major operators [5][6]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 702 million, 1.023 billion, and 1.516 billion yuan, representing year-on-year growth rates of 39%, 46%, and 48%, respectively. The corresponding price-to-earnings ratios are projected to be 31x, 21x, and 14x [5][6].