Investment Rating - The report gives a "Recommended" rating for the company [10]. Core Viewpoints - The company has developed a three-step strategy to grow into a small giant in the optical module industry, focusing on technology initiation, market expansion, and independent innovation since its establishment in 2011 [1][16]. - The optical module market is expected to grow rapidly, driven by the demand for high bandwidth and low latency in AI training clusters, with a projected annual growth rate of 11% from 2023 to 2029 [25][28]. - The company is making significant progress in the development and mass production of high-speed optical modules, including the recent launch of 800G and 1.6T optical module solutions [2][19]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of optical communication transceiver modules, with a focus on high-speed optical modules [3][10]. Market Development - The global optical module market was valued at 22.4 billion by 2029, indicating a strong growth trajectory [25][28]. - The company is positioned to benefit from the increasing demand for high-speed optical modules, particularly in the context of AI and data centers [25][28]. Financial Forecast - The company is projected to achieve revenues of 847 million, 1.036 billion, and 1.235 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 97 million, 129 million, and 166 million yuan [10][45]. - The expected growth in revenue is primarily driven by a significant increase in orders for high-speed optical modules [36][45].
联特科技：三步走战略，成长为光模块行业小巨头-20250221