EOPTOLINK(SZ:300502) KAIYUAN SECURITIES·2025-04-24 01:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown impressive performance with a significant increase in revenue and net profit, driven by the growth in data centers and demand for high-speed optical modules [5][6] - The company is expected to continue its growth trajectory, with revised profit forecasts for 2025 and 2026, and a new forecast for 2027 [5] - The company is focusing on vertical integration around its core business, leading to continuous improvement in gross margins [6] Financial Performance Summary - In 2024, the company achieved revenue of 86.47 billion yuan, a year-on-year increase of 179.15%, and a net profit of 28.38 billion yuan, up 312.26% [5] - For Q1 2025, revenue reached 40.52 billion yuan, a year-on-year increase of 264.13%, with a net profit of 15.73 billion yuan, up 384.54% [5] - The gross margin for 2024 was 44.72%, an increase of 13.73 percentage points year-on-year, while the net margin was 32.82%, up 10.60 percentage points [6] Research and Development Focus - The company has significantly increased its R&D investment, reaching 1.18 billion yuan in Q1 2025, a year-on-year growth of 121.63% [7] - The R&D expense ratio for Q1 2025 was 2.91%, indicating a strong commitment to innovation in high-speed optical modules and related technologies [7] Market Position and Outlook - The company is positioned as a leader in the optical module industry, with ongoing advancements in high-speed products and collaborations with major global internet and telecommunications companies [6][7] - The company is expected to benefit from the continued demand for high-speed optical modules, with profit forecasts for 2025, 2026, and 2027 set at 60.49 billion yuan, 70.61 billion yuan, and 80.82 billion yuan respectively [5]