ZHONGJI INNOLIGHT(300308) 长城证券·2024-10-30 00:08Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][11]. Core Views - The company has shown steady growth in revenue and profit in the first three quarters of 2024, with revenue reaching 17.313 billion yuan, a year-on-year increase of 146.26%, and net profit attributable to shareholders reaching 3.753 billion yuan, a year-on-year increase of 189.59% [2][5]. - The demand for high-end optical modules, driven by the construction of computing power infrastructure, is expected to continue to grow, particularly for 800G and 1.6T products [3][5]. - The company is actively expanding its market presence in silicon photonics technology, which offers material cost advantages over traditional solutions, and plans to increase the shipment ratio of silicon photonic modules [3][5]. Financial Summary - For 2024, the company is projected to achieve a net profit of 5.076 billion yuan, with earnings per share (EPS) expected to be 4.53 yuan [5]. - The company's revenue is forecasted to grow significantly, with estimates of 25.723 billion yuan in 2024, representing a 140% year-on-year increase [5]. - The overall gross margin for the first three quarters of 2024 was 33.32%, an increase of 1.57 percentage points year-on-year, while the net profit margin was 22.36%, up 3.69 percentage points year-on-year [2][5].