ACCELINK(002281) Minsheng Securities·2025-04-27 00:23Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company achieved a revenue of 8.272 billion yuan in 2024, representing a year-on-year growth of 36.5%. The net profit attributable to shareholders was 661 million yuan, up 6.8% year-on-year, while the net profit excluding non-recurring items was 630 million yuan, growing by 11.6% [3]. - In Q1 2025, the company reported a revenue of 2.222 billion yuan, a significant increase of 72.1% year-on-year, with a net profit of 150 million yuan, up 95.0% year-on-year, and a net profit excluding non-recurring items of 141 million yuan, growing by 93.8% [3]. - The data communication business saw substantial growth driven by AI demand, with revenue from data and access reaching 5.101 billion yuan in 2024, a year-on-year increase of 91.5%, accounting for 61.7% of total revenue [4]. - The company has launched a restricted stock incentive plan, proposing to grant up to 15.07 million shares, which is 1.90% of the total share capital, to enhance future development momentum [5]. Revenue Breakdown - In 2024, the transmission segment generated revenue of 3.102 billion yuan, a decline of 7.2%, while the data and access segment's revenue was 5.101 billion yuan, reflecting a 91.5% increase [4]. - Domestic revenue was 5.934 billion yuan, up 49.1%, while international revenue reached 2.338 billion yuan, growing by 12.4% [4]. Market Position - The company held a global market share of 5.3% in the optical device sector as of Q4 2023 to Q3 2024, ranking fifth overall. In the data communication, telecom, and access optical device markets, the company ranked fifth, sixth, and third, respectively [4]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 1.104 billion yuan, 1.505 billion yuan, and 1.900 billion yuan, respectively, with corresponding PE ratios of 30, 22, and 18 [6][7].