Shijia Photons(688313) 中原证券·2024-12-27 06:19Company Overview - The company is a leading domestic supplier of optoelectronic core chips, focusing on the optical communication industry, with main businesses covering optical chips and devices, indoor optical cables, and cable materials [65] - The company's products are mainly used in backbone and metropolitan area networks, fiber-to-the-home, data centers, and 4G/5G construction, and it has successfully achieved mass production of PLC splitter chips and AWG chips [65] - The company has established a comprehensive IDM business system covering chip design, wafer manufacturing, chip processing, and packaging testing, and has broken through a series of key technologies [71] - The company's main products include PLC splitter chip series, AWG chip series, DFB laser chip series, fiber connectors, indoor optical cables, and cable materials [65] Industry Trends - The global optical chip market is expected to grow at a CAGR of 14.86% from 2023 to 2027, with high-speed optical chips growing faster than medium and low-speed chips [108] - The demand for high-speed optical chips is driven by AI, cloud computing, and big data technologies, which are pushing the development of the data communication market [36] - The global optical cable market is expected to recover in 2025, with a growth rate of 6.2%, driven by the rebound in the US market, recovery in Europe, and stabilization in China [122] - The global optical chip market is expected to exceed 50% growth in 2024, reaching a record high, with high-speed optical chips growing faster than medium and low-speed chips [108] Market Position and Competitive Advantage - The company's PLC splitter chips have the second-largest global market share, with the top five manufacturers accounting for about 79% of the market [142] - The company has developed over 20 types of equal-split PLC splitters and has recently developed FTTR non-equal-split splitters, gaining wide recognition from global customers [140] - The company's DWDM AWG chips have entered the supply chain of major domestic and international equipment manufacturers and are being supplied in bulk, with the ability to supply DWDM AWG modules gradually improving [140] - The company has achieved breakthroughs in the performance indicators of high-power CW DFB lasers for silicon photonics, with products undergoing reliability verification at clients and achieving small-scale sales [152] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 729 million yuan, a year-on-year increase of 34.77%, and a net profit of 36.209 million yuan, a year-on-year increase of 231.0% [68] - In Q3 2024, the company achieved revenue of 280 million yuan, a year-on-year increase of 32.74%, and a net profit of 24.2527 million yuan, a year-on-year increase of 344.53% [68] - The company's gross margin has gradually recovered in 2024, with the gross margin of the optical chip and device business being higher than the overall gross margin [131] Future Outlook - The company is focusing on the development of 400G/800G optical modules, high-power CW DFB lasers, and DWDM AWG chips, with some products already achieving customer verification and bulk shipments [92] - The company is actively expanding into new application scenarios for optical chips, such as data center silicon photonics, laser radar, and gas sensing, with some products entering the sampling stage and achieving sales [119] - The company is expected to benefit from the increasing demand for high-speed optical modules, with its AWG components, fiber connectors, and CW light sources expected to benefit from the growth of high-speed optical modules [22]