EOPTOLINK(300502) 华龙证券·2024-10-29 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for high-speed optical modules is rapidly increasing, leading to better-than-expected performance in the third quarter. The company reported a revenue of 5.13 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 145.82%. The net profit attributable to shareholders reached 1.646 billion yuan, up 283.20% year-on-year [1][2] - In the third quarter alone, the company achieved a revenue of 2.403 billion yuan, a year-on-year increase of 207.12% and a quarter-on-quarter increase of 48.79%. The net profit attributable to shareholders was 781 million yuan, reflecting a year-on-year growth of 453.07% and a quarter-on-quarter growth of 44.46% [1] Financial Performance Summary - For the first three quarters of 2024, the company benefited from the development of AI technology and increased computing power demand, which significantly boosted the demand for high-speed optical modules [1] - The company's gross margin for the third quarter was 41.53%, an increase of 15.37 percentage points year-on-year [1] - The company is one of the few in China capable of mass delivery of 100G, 400G, and 800G optical modules, with a continuous increase in the sales proportion of high-speed optical module products, enhancing profitability [1] Earnings Forecast - The company is expected to achieve revenues of 7.631 billion yuan, 11.872 billion yuan, and 15.654 billion yuan for the years 2024, 2025, and 2026, respectively. The previous estimates were 6.644 billion yuan, 9.939 billion yuan, and 13.102 billion yuan [1][2] - The net profit attributable to shareholders is forecasted to be 2.339 billion yuan, 4.008 billion yuan, and 5.549 billion yuan for the years 2024, 2025, and 2026, respectively, with previous estimates being 2.045 billion yuan, 3.349 billion yuan, and 4.601 billion yuan [1][2] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 41.2, 24.1, and 17.4, respectively [2][3] - The company’s average market capitalization is approximately 101.11 billion yuan [3]