ACCELINK(002281) 中国银河·2025-03-05 10:49Investment Rating - The report initiates coverage on the company with a "Buy" rating [5]. Core Views - The company has a comprehensive layout in the optical communication industry chain, with a strong vertical integration capability, which is expected to enhance its market share [9][51]. - The demand for optical modules is anticipated to surge due to advancements in AI algorithms, particularly with the introduction of DeepSeek, which is expected to drive a 56.5% year-on-year increase in high-speed shipments by 2025 [34][39]. - The company is well-positioned to benefit from the rapid growth in domestic computing power infrastructure, with significant investments from major cloud service providers [49][51]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: 60.61 billion CNY - 2024: 75.88 billion CNY (25.20% growth) - 2025: 104.10 billion CNY (37.19% growth) - 2026: 135.18 billion CNY (29.86% growth) [2] - Net profit forecasts are: - 2023: 6.19 billion CNY - 2024: 7.23 billion CNY (16.74% growth) - 2025: 11.61 billion CNY (60.53% growth) - 2026: 15.02 billion CNY (29.42% growth) [2] - The diluted EPS is projected to be: - 2023: 0.78 CNY - 2024: 0.91 CNY - 2025: 1.46 CNY - 2026: 1.89 CNY [2] Company Overview - The company has over 40 years of experience in the optical communication field and has established a vertically integrated platform covering optical chips, devices, and modules [9][51]. - It ranks fifth globally in the optical module industry and has been recognized as one of the top competitive enterprises in China for 18 consecutive years [9][15]. - The company is a key player in the domestic optical communication market, benefiting from strong backing by its controlling shareholder, China Information Communication Technologies Group [11][15]. Market Dynamics - The optical module market is expected to grow significantly, driven by the increasing demand for high-speed data transmission in AI applications and cloud computing [46][51]. - The company is positioned to capture a larger market share as the demand for optical modules continues to rise, particularly in the context of AI-driven infrastructure development [51][54]. - The global optical module market is projected to reach 22.4 billion USD by 2029, with significant contributions from high-speed products [39][46].