源杰科技：数据中心业务蓄势成长

Investment Rating - The report assigns a "Buy" rating for Yuanjie Technology (688498) with a first-time coverage [1][6]. Core Insights - The telecom market is gradually recovering, with significant growth in high-speed internet users and a notable increase in revenue for the company's telecom market business, which reached 109.67 million yuan, up 94.61% year-on-year [3]. - The data center market is expanding rapidly due to the rise of artificial intelligence, leading to increased demand for high-speed optical modules. The company's revenue from data center and other businesses was 10.49 million yuan, a year-on-year increase of 111.27% [4]. - The company is actively expanding its overseas market presence and is expected to achieve revenues of 260 million yuan, 460 million yuan, and 620 million yuan for the years 2024, 2025, and 2026, respectively [6]. Company Overview - The latest closing price is 136.80 yuan, with a total market capitalization of 11.7 billion yuan and a circulating market value of 8.2 billion yuan. The company has a low debt-to-asset ratio of 5.4% and a high price-to-earnings ratio of 506.67 [2]. - The largest shareholder is Zhang Xingang [2]. Financial Projections - Revenue is projected to grow significantly from 261 million yuan in 2024 to 623 million yuan in 2026, with corresponding net profits expected to rise from 26 million yuan to 219 million yuan during the same period [8][11]. - The company is expected to maintain a high price-to-earnings ratio, with estimates of 455 times in 2024, 83 times in 2025, and 53 times in 2026 [6][11].