ACCELINK(002281) 国泰君安·2024-11-05 09:43Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 55.80 CNY from the previous 46.25 CNY [3][5]. Core Insights - The company's performance exceeded market expectations, with significant improvements in profit margins. The industry demand is robust, and material supply is well-secured [4][5]. - For the first three quarters of 2024, the company achieved revenue of 5.377 billion CNY, a year-on-year increase of 24.29%, and a net profit attributable to shareholders of 464 million CNY, up 12.26% year-on-year. In Q3 alone, revenue reached 2.268 billion CNY, a quarter-on-quarter increase of 24.68%, marking a historical high for a single quarter [5]. - The gross profit margin improved significantly, with Q2's overall gross margin at 22.8% and Q3's single-quarter gross margin rising to 25.10%, driven by an enhanced product mix [5]. Summary by Sections Financial Performance - The company forecasts net profits for 2024-2026 at 840 million CNY, 1.476 billion CNY, and 1.914 billion CNY, respectively, corresponding to EPS of 1.06 CNY, 1.86 CNY, and 2.41 CNY [5][11]. - The total revenue for 2024 is projected to be 9.247 billion CNY, reflecting a growth rate of 52.6% compared to 2023 [10][11]. Market Position - The company is positioned well within the industry, with a market capitalization of 35.024 billion CNY and a current price of 44.10 CNY [6][12]. - The average industry PE for 2024 is 46.11, while the company's PE is projected at 39.13 for 2024, indicating a competitive valuation [12]. Industry Outlook - The report indicates that industry demand is expected to maintain a high growth trajectory through 2025, with new players likely to emerge in the 400G and 800G segments [5]. - The company has established a robust supply chain management mechanism to address material bottlenecks, ensuring adequate supply for future production [5].