源杰科技：收入增长、利润承压，加大EML、硅光产品投入

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a rapid revenue growth of 91.20% year-on-year for the first three quarters of 2024, achieving a revenue of 178 million yuan, while the net profit attributable to shareholders was a loss of 0.55 million yuan, down 102.56% year-on-year [5] - The gross margin for the first three quarters of 2024 was 29.69%, a decrease of 9.36 percentage points year-on-year, and the net profit margin was -0.31%, down 23.32 percentage points year-on-year [5] - The company is increasing its investment in high-value-added products such as EML and silicon photonics, which is expected to enhance its product structure and profitability in the future [7][8] Financial Performance - For Q3 2024, the company reported a revenue of 58.02 million yuan, an increase of 82.04% year-on-year, but a decrease of 3.46% quarter-on-quarter [5] - The net profit for Q3 2024 was a loss of 11.30 million yuan, with a non-recurring net profit loss of 13.82 million yuan, both showing a decline year-on-year [5] - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling 8.501 million yuan [7] Research and Development - R&D expenses for the first three quarters of 2024 were 36.02 million yuan, an increase of 59.18% year-on-year, with an R&D expense ratio of 20.22% [6] - The company is focusing on high-value products, which has led to increased R&D costs and a significant rise in inventory impairment losses due to intensified competition in low-margin products [7] Earnings Forecast - The company is expected to see a recovery in overseas demand and growth in high-speed optical chip demand, with projected net profits of 31 million yuan, 157 million yuan, and 241 million yuan for 2024, 2025, and 2026 respectively [8] - The estimated EPS for 2024, 2025, and 2026 are 0.37 yuan, 1.83 yuan, and 2.82 yuan respectively, with a target PE ratio for 2025 set between 90-100 times [8]