ACCELINK(002281) 国信证券·2025-04-29 06:41Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][30] Core Views - The company is expected to benefit from the growth in domestic AI computing capabilities, with a projected revenue of 8.272 billion yuan in 2024, representing a year-on-year increase of 36.49%. The net profit attributable to the parent company is forecasted to be 661 million yuan, a 6.82% increase year-on-year [9][4] - In Q1 2025, the company reported a revenue of 2.222 billion yuan, up 72.14% year-on-year, and a net profit of 150 million yuan, reflecting a 95.02% increase year-on-year [9][4] - The company has seen significant growth in its data communication products, with revenues from data and access products reaching 5.1 billion yuan, a 91.5% increase, while transmission products saw a decline of 7.2% to 3.1 billion yuan [15][9] Financial Performance Summary - The company’s gross margin remained stable year-on-year, with a slight increase in the gross margin of data and access products by 4.84 percentage points, while transmission products saw a decrease of 0.77 percentage points [20][2] - The company has maintained good expense control, with sales, management, and R&D expenses increasing by 54.3%, 36.7%, and 27.4% respectively in 2024 [20][2] - The projected net profits for 2025, 2026, and 2027 are 910 million yuan, 1.2 billion yuan, and 1.38 billion yuan respectively, with corresponding P/E ratios of 37, 28, and 24 [4][28] Market Position and Growth Potential - The company has improved its global ranking in data communication optical devices to fifth place, with a market share of 4.7% as of Q3 2024 [15][9] - The domestic and international revenue contributions are 71.7% and 28.3% respectively, with year-on-year increases of 49.1% and 12.4% [15][9] - The company is focused on vertical integration from chip production to subsystem development, leveraging its capabilities in semiconductor materials and manufacturing [3][20]