ZHONGJI INNOLIGHT(300308) 国元证券·2024-10-29 08:10Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [2][11]. Core Views - The company has shown significant revenue growth, with a 146.26% year-on-year increase in revenue for the first three quarters of 2024, reaching 173.13 billion yuan, and a 189.59% increase in net profit attributable to shareholders, totaling 37.53 billion yuan [1]. - The demand for high-speed optical modules, particularly 400G and 800G products, continues to drive sales, although growth has slowed due to shortages of optical chips [1]. - The company's gross margin remains high, with a slight increase to 33.64% in Q3 2024, supported by cost reduction and efficiency improvement measures [1]. - The company is expected to benefit from the growing demand for computing hardware, with projected revenues of 246.52 billion yuan, 371.44 billion yuan, and 471.01 billion yuan for 2024, 2025, and 2026, respectively [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 65.14 billion yuan, a year-on-year increase of 115.25% and a quarter-on-quarter increase of 9.37% [1]. - The gross profit margin for Q3 2024 was 33.64%, reflecting a 0.20 percentage point increase from the previous quarter [1]. - The company’s operating expenses have decreased, with sales, management, and R&D expenses declining by 0.04, 0.44, and 1.15 percentage points, respectively [1]. Market Position and Outlook - The company is positioned as a leading supplier of optical modules, with strong technical reserves and a rich customer base, which is expected to enhance its profitability as demand for computing hardware continues to grow [2]. - The transition in industry demand towards Ethernet 800G and 1.6T products is anticipated to further boost the company's revenue and market share [1]. - The report forecasts net profits of 52.06 billion yuan, 79.03 billion yuan, and 100.94 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 33, 21, and 17 [2].