ZHONGJI INNOLIGHT(300308) 招商证券·2025-04-24 02:42Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has shown rapid revenue and profit growth, driven by strong demand for 400G and 800G optical modules, with 2024 revenue reaching 23.862 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1][6] - The gross margin has been improving, reaching 33.81% in 2024 and 36.70% in Q1 2025, attributed to a higher proportion of high-end products and cost reductions [6][7] - The company is expected to see significant growth in 800G product shipments in 2025, with 1.6T products gradually ramping up in Q2 and Q3 [1][2] Financial Performance - In 2024, the company achieved a revenue of 23.862 billion yuan and a net profit of 5.171 billion yuan, with Q1 2025 revenue at 6.674 billion yuan and net profit at 1.583 billion yuan, reflecting year-on-year growth of 37.82% [1][6] - The company’s operating cash flow for 2024 was 3.165 billion yuan, a 66.81% increase year-on-year, and for Q1 2025, it was 2.164 billion yuan, up 232.74% [6][7] - The projected net profits for 2025, 2026, and 2027 are 8.277 billion yuan, 10.134 billion yuan, and 11.814 billion yuan, respectively, with corresponding PE ratios of 11.1, 9.1, and 7.8 [6][7] Market Outlook - The domestic market is expected to see increased orders and revenue in 2025, with significant growth in 400G optical module demand and accelerated adoption of 800G modules by customers [2][6] - The overseas market also showed strong performance, with 2024 overseas revenue reaching 20.716 billion yuan, a year-on-year increase of 128.32% [2][6] - Supply-side constraints in optical chips are anticipated to ease as overseas manufacturers expand capacity, and the company plans to increase its silicon photonic module production in Q2 and Q3 of 2025 [2][6]