ZHONGJI INNOLIGHT(300308) 东吴证券·2025-02-04 02:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released its 2024 earnings forecast, expecting a net profit attributable to shareholders of 4.6 to 5.8 billion yuan, corresponding to a year-on-year increase of 111.6% to 166.8%, with a median of 5.2 billion yuan indicating a year-on-year increase of 139.2% [2] - The company is expected to benefit significantly from the high demand for 800G and 1.6T products in 2025, as well as the accelerated penetration of silicon photonics [4] Summary by Relevant Sections Earnings Forecast and Valuation - The company forecasts total revenue of 24.38 billion yuan for 2024, representing a year-on-year growth of 127.47% [1] - The net profit attributable to shareholders is projected to be 5.283 billion yuan for 2024, with a year-on-year growth of 143.07% [1] Financial Impact Factors - The net profit and non-recurring net profit are affected by several factors, including stock incentive expenses reducing net profit by approximately 190 million yuan, and impairment provisions for inventory and receivables reducing net profit by about 60 million yuan [3] - The company anticipates further improvement in gross margin and net profit margin due to increased shipment volumes and cost efficiencies [3] Market Trends and Product Demand - The demand for 800G optical modules is expected to be fully released in 2025, driven by the growing needs of cloud providers and advancements in computing power [4] - The company is well-positioned to meet mainstream customer demands and is expected to gain structural advantages in material supply due to its deep layout in silicon photonics [4]