长盈通（688143）：2024年营收同比增长50%，强链补链赋能长期发展

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company achieved a revenue of 330 million yuan in 2024, representing a year-over-year growth of 50.2%, with a net profit attributable to shareholders of 18 million yuan, up 15.3% year-over-year [1]. - The company plans to acquire a business to extend its main operational chain and expand into the data center optical device sector [1]. - The demand from special customers has recovered, leading to rapid growth in equipment and optical module businesses [3]. Financial Performance - In Q4 2024, the company reported a revenue of 150 million yuan, a year-over-year increase of 71.1%, and a net profit of 22 million yuan, up 70% year-over-year [2]. - The gross margin for 2024 decreased by 7.8 percentage points to 44.6%, primarily due to a decline in the gross margin of new materials [2]. - The company’s operating expenses decreased significantly, with the expense ratio dropping by 14.6 percentage points to 36.5% [4]. Product Performance - Revenue from optical fiber ring devices reached 120 million yuan, up 69.1% year-over-year, driven by increased orders from special customers [3]. - Revenue from special optical fibers was 70 million yuan, showing a slight increase of 0.8% year-over-year, while the gross margin decreased by 2.84 percentage points to 80.2% [3]. - The equipment and other optical devices segment saw revenue growth of 102.5% year-over-year, reaching 50 million yuan [3]. Future Projections - The company forecasts net profits of 76 million yuan, 126 million yuan, and 184 million yuan for 2025, 2026, and 2027, respectively [5][6]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 49x, 30x, and 20x, respectively [5][6].